Brookfield Asset Management (BAM Stock): Expect more downside before next rally resumes

Elliott Wave Forecast Team ElliottWave-Forecast.com

Brookfield Asset Management (BAM) is an alternative asset manager & REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure & venture capital & private equity assets. It manages a range of public & private investment products & services for institutional & retail clients. It based in Toronto, Canada, comes under Financial services sector & trades as “BAM” ticker at NYSE.

As discussed in last article, BAM turned lower in ((C)) of II after ending ((B)) at $59.16 high. Currently, it favors further weakness in (5) of ((C)) towards $46.62- $38.87 area to finish II correction before next rally resumes.

BAM: Elliott Wave analysis from 4/05/2022

During global sell-off in March-2020, it made an intermediate low of $21.57 on 3/23/2020. While above there, it placed ((1)) at $37.73 high on 6/08/2020 and ((2)) at $29.09 low on 10/30/2020. ((2)) was 0.5 Fibonacci retracement against ((1)). Above there, it favors higher in third wave extension & finished ((3)) at $62.20 high on 11/08/2021. ((4)) favored ended at $50.87 low on 1/24/2022 as slightly above 0.382 retracement of ((3)). Finally, it favored ended ((5)) at $62.47 as minor high to end I red as impulse sequence started from March-2020 low.

BAM: Elliott Wave latest daily view

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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