Coca-Cola is attacking all-time highs
Coca-Cola (KO) is basically one of the most famous drink brands in the world. It started in the late 1800s in the U.S., and over time, it turned into a huge global company. They’re known for their classic Coke, but they also make tons of other drinks—juices, waters, teas, and even energy drinks.
From an Elliott wave perspective, we can see it trading in a new five-wave impulse within wave C of V of a larger ending diagonal / wedge pattern towards new all-time highs, so more upside can be seen within subwave (3). In the meantime, just watch out for a subwave (4) pullback before a bullish continuation for the final subwave (5) of C of V.
After that gap up, Coca-Cola filled that gap as expected and then turned higher and broke above 71.77 resistance. So the wave structure remains bullish, and we could still see a push to new highs, as wave C — possibly the final leg of an ending diagonal — may target the 76–78 area. So latest retracement toward 68 might have been just a temporary setback; ideally, wave two and the bulls are now ready for new highs. We remain bullish as long as the price stays above 66.
Highlights:
Trend: Bullish (wave C continuation in w. 5).
Support: 71, 68, 66.
Resistance: 74, 78.
Note: Bullish above 66, watching for wave C resumption towards new highs.
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
