Mastercard (MA) should continue rally in a bullish sequence

Elliott Wave Forecast Team ElliottWave-Forecast.com

Mastercard Incorporated (MA), provides transaction processing & other payment-related products & services in the United states & internationally. The company offers payment related products to integrated products & value-added services for account holders, merchants, financial institutions, digital partners, businesses, governments & other organizations. It is headquartered in New York, comes under Financial Services sector & trades as “MA” ticker at NYSE.

As expected from the previous article, MA broke to new high in weekly sequence as the part of (3) of ((3)) of I. It should remain supported in 3, 7 or 11 swings pullback to see further upside in I of (III).

MA – Elliott Wave latest weekly view

It ended (I) at $401.50 high as impulse sequence from the all-time lows in April-2021 high. Below there, it placed (II) correction as double three structure at $276.87 low. Within (II) correction, it placed w at $306 low in November-2021 & x connector at $399.92 high in January-2022. Finally, it ended y of (II) at $276.87 low in October-2022 low. Above there, it already broke above (I) high, favoring upside in I of (III).

MA – Elliott Wave view from 7.03.2023

It placed ((2)) of I at $340.21 low & (2) of ((3)) at $359.77 low. It ended (3) at $490 high as 1.618 Fibonacci extension & appears ended (4) at $452.58 low. Above that, it favors upside in (5) of ((3)), which confirms above $490 high & can extend towards $499.4 – $514 area to finish ((3)) of I. Alternatively, if it breaks below $452.58 low, it can extend (4) correction before turning higher. We like to buy the pullback in 3, 7 or 11 swings at extreme areas, when reached.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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