WMT Elliott Wave technical analysis [Video]
|WMT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {v}.
Direction: Upside in wave {v}.
Details: Assumption remains that wave {iv} has bottomed. However, due to the prolonged corrective action, there’s also a possibility that wave (ii) is still unfolding within wave {iv} as a flat correction.
Walmart Inc. (WMT) is currently showing signs of a possible shift into wave {v} on the daily timeframe, contingent upon confirmation that wave {iv} has ended. Despite the bullish assumption, the extended correction introduces an alternative count, suggesting the market might still be developing wave {iv} as a flat within wave (ii).
The structure remains constructive, but bullish confirmation is required before confirming the continuation of the upward trend.
Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave c of (ii).
Direction: Bottoming in wave cDetails: Expecting continued downside toward wave c completion. Equality of wave c versus wave a projects a target at $92.
The 1-hour chart shows WMT likely finishing wave c of (ii) within a flat corrective pattern. The projected support level is around $92, aligning with wave c equaling wave a in length.
A bounce from $92 would indicate the correction is ending and wave {v} may soon begin. Until such movement occurs, traders should exercise caution, monitoring for signs of stabilization or reversal before entering new long positions.
WMT Elliott Wave technical analysis [Video]
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