ASML: Should it be ready for next rally?

ASML Holding N.V., (ASML) develops, produces, markets, sells & services advanced semiconductor equipment systems consisting of lithography, metrology & inspection related systems for memory & logic chipmakers. It operates in Japan, South Korea, Singapore, Taiwan, China, Netherlands, Europe, US & others Asian countries. It is based in Veldhoven, Netherlands, comes under Technology sector & trades as ‘ASML’ ticker at Nasdaq.

ASML ended weekly sequence as impulse wave (I) at $895.93 high & proposed ended (II) at $363.15 low. The correction in wave (II) was the largest correction ever as double three lower ended at $363.15 low. Above there, it favors higher either in (III) or at least a larger 3 swing bounce.

ASML – Elliott Wave latest weekly chart

Since 1995, it is showing higher high sequence, which ended at $895.93 high as wave (I). It placed wave I at $319.22 high & II at $191.25 low. Wave II was 0.382 Fibonacci retracement of previous degree. Above there, it favors ended III at $710.97 high & IV at $664.83 low. Wave IV was shallow correction & resume higher in V. It ended V as (I) at $895.93 high as impulse sequence.

ASML – Elliott Wave latest daily view

Below there, it corrected in wave (II) at $363.15 low in double three correction within blue box areas. It was 0.618 Fibonacci retracement of (I). While above there, it placed (1) at $643.36 & (2) at $529.01 low. Currently, it favors higher in 3 of (3) & expect short term upside to continue as the part of ((1)). It should remain supported in 3, 7 or 11 swings at extreme areas against (2) low in short term sequence.