Is HON ready for next big move?

Honeywell International Inc., (HON) engages in the aerospace technologies, building automation, energy & sustainable solutions & industrial automation businesses in the United States, Europe & internationally. It is based in Charlotte, comes under Industrials sector & trades as “HON” ticker at Nasdaq. It is having 130.919 B$ market cap as on 11-March, 2024.

As showing in the previous article from last year, HON favors upside in (3) of ((3)) of III, while dips remain above $189.66 low. It needs to break above $236.86 high to confirm the next bullish sequence.

HON – Elliott Wave weekly view from 2.13.2023

It ended (II) at $101.08 low in weekly sequence in March-2020. Above there, it favors upside in ((3)) of III as impulse sequence, while dips remain above ((2)) low. Within wave I, it placed ((1)) at $147.87 high, ((2)) at $117.11 low, ((3)) at $234.02 high as extended wave, ((4)) at $211.96 low & ((5)) as I at $236.86 high. It placed II at $166.63 low as 0.5 Fibonacci retracement of I as 3 swing pullback. Within III, it placed ((1)) at $220.96 high & ((2)) at $174.88 low as zigzag correction ended in October-2023 low.

HON – Elliott Wave latest weekly view

Since ((2)) low, it favored ended (1) of ((3)) at $210.60 high. It placed 1 of (1) at $199.13 high, 2 at $193.01 low, 3 at $205.45 high, 4 at $202.84 low & 5 of (1) at $210.60 high. It corrected in 2 as 0.618 Fibonacci retracement, ended at $189.66 low as 3 swing zigzag correction. Above 2 low, it placed ((i)) of 3 at $203.91 high as diagonal sequence. Currently, it favors ((ii)) correction in 3 or 7 swings before resume upside in ((iii)) of 1 of (3). It needs to break above (1) high to confirm the upside to be (3) as bullish sequence. Until then it can even extend (2) correction, if breaks below $189.66 low before turning higher.

HON – Elliott Wave latest daily