Ammo Incorporated (POWW Stock) shows high upside potential

Elliott Wave Forecast Team ElliottWave-Forecast.com

Ammo Incorporated is an U.S. American defense company producing high-quality ammunition. The company owns STREAK (R), HyperClean and military ammunition technologies. Headquartered in Scottsdale, Arizona, USA, Ammo can be traded under the ticker $POWW at Nasdaq.

Ammo monthly Elliott Wave analysis 10.04.2021

The monthly chart below shows the Ammo stock $POWW traded at Nasdaq. From the all-time lows, the stock price has developed a cycle higher in black wave ((I)) of grand super cycle degree towards the all-time highs on February 1998 at 195.31. From the highs, a correction lower in black wave ((II)) has unfolded as an Elliott wave zigzag pattern. It has printed an important bottom in September 2003 at 0.03. Within 5 years and half, the stock price went almost to zero. From the lows, a new cycle in wave ((III)) has already started and should extend towards 195.31 highs and even higher.

Within wave ((III)), one can see the initial cycle in wave I. Hereby, red wave I of blue wave (I) has ended at 10.37 highs.

Ammo daily Elliott Wave analysis 10.04.2021

The daily chart below shows in more detail the last stages of the advance higher in wave I and the pullback in wave II. The wave I has ended in June 2021 at 10.37 highs. From there, a pullback in wave II is taking place and should find support in 3, 7, 11 swings above 0.03 lows.

While below 7.93, investors and traders can be looking to buy $POWW from 4.18-1.86 area expecting acceleration higher.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.