Gartner Inc. (IT) Elliott Wave analysis: Wave IV correction targets key support zone
Gartner Inc. enters a corrective wave IV, targeting key Fibonacci support before resuming its bullish Elliott Wave V trend.
Gartner Inc. (NYSE: IT) has delivered an impressive multi-decade bullish cycle, advancing from the lows near $5 in 2002 to above $700 before the current pullback. The Elliott Wave count suggests that the stock recently completed wave III of a higher-degree impulse and is now entering a corrective wave IV. This phase is expected to retrace part of the prior rally before the next bullish leg, wave V, resumes.
The ongoing correction appears to be unfolding as a three-wave structure, labeled ((A))-((B))-((C)) of wave IV. Prices have already broken lower from the peak, suggesting that wave ((A)) is in progress. After a potential bounce in wave ((B)), a final decline in wave ((C)) is expected, which should complete the larger degree wave IV.
Key Fibonacci retracement levels between $189.12 (23.6%) and $93.96 (38.2%) mark the ideal support area for wave IV. This zone is highlighted as the blue box on the chart, where buyers may step in for the next bullish cycle. According to Elliott Wave guidelines, wave IV expected to find support near the 23.6%–38.2% retracement of wave III, making this zone critical for investors to watch.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
