SCHW: Correcting lower before next cycle up

The Charles Schwab Corporation (SCHW), together with its subsidiaries, provides wealth management, securities brokerage, banking, asset management, custody & financial advisory services. The company operates through, investor services & Advisor services segments. It is based in Texas, comes under Financial services sector & trades as “SCHW” ticker as NYSE.

Since 2011 low, SCHW gave the biggest correction in March-2020 & made a low of $28.00. Thereafter, it made an all time high of $96.24 as impulse sequence ended on 2/09/2022. While below, there it correcting lower against the cycle form March-2020 low.

SCHW – Elliott Wave latest daily view

It started impulse sequence from $28.00 low on 3/16/2020. It ended ((1)) at $39.09 high on 4/29/2020 & ((2)) as flat correction at $31.63 low as 0.618 retracement against previous cycle. Above there, it started third wave extension & favored ended at $76.37 high on 6/04/2021 as around 2.618 extension of ((1)). It corrected in ((4)) at $65.73 low on 7/20/2021. Finally, it placed ((5)) as wave I red at all time high at $96.24 on 2/09/2022. Currently, it favors correcting lower against the cycle from March-2020 low.

It placed ((A)) at $74.63 low & ((B)) at $93.16 high. While below there, it favors ((C)) leg down as the part of zigzag structure in wave II. Currently, it appears ended (3) at 63.34 low & favors a corrective bounce of (4) of ((C)) followed by one more leg down in (5) to finish the corrective sequence. We like to buy the dips in proposed blue box area between $71.58 – $58.19 for the next leg higher or at least a 3 swing reaction higher.