COF: Expect short term weakness before resumes upside

Capital One Financial Corporation., (COF) operates as the financial services holding company for the Capital One Bank & National Association. Capital One & National Association provides various financial products & services in the US, Canada and UK. It operates through three segments, credit card, consumer banking & commercial banking. It comes under Financial services sector and trades as “COF” ticker at NYSE.

COF made intermediate low of $38.00 on 3/18/2020 during global sell off in early 2020. Later, it made all time high at $177.95 on 8/13/2021 in impulse sequence. Below there, it favors correcting lower in double three in II correction before upside resumes.

COF – Elliott Wave latest daily view

It placed ((1)) at $85.22 high on 6/05/2022 as diagonal structure. Below there, it favored ended ((2)) at $57.30 low as 0.618 Fibonacci retracement against ((1)). Later, it favors higher in third wave extension of third wave extension & placed ((3)) at $168.00 high. ((4)) was a shallow correction ended at $147.52 low on 6/18/2021. Finally, it favored ended ((5)) at $177.95 on 8/13/2021 as wave I. Below there, it favors lower in II correction in double three structure.

It placed ((W)) at $136.52 low & ((X)) at $162.40 high. Below there, it favors lower in ((Y)) leg as double correction. It placed (X) at 144.73 high & favors (Y) of ((Y)) lower between $120.80 – $94.92 area to finish II correction before upside resumes in III or at least 3 swing larger bounce. We like to buy the dips within blue box area for next leg higher.