Ammo Incorporated (POWW Stock) shows high upside potential
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.
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Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
