$SMG: Scotts Miracle-Gro entered long-term buying area

Scotts Miracle-Gro company is a multinational corporation specializing on lawn and garden care products. Founded 1868, headquartered in Marysville, Ohio, U.S. and traded under the ticker $SMG at NYSE, it is a component of the S&P400 index. The company manufactures and sells consumer lawn, garden and pest control products, and soilless indoor gardening equipment. In the U.S., the company manufactures Scotts, Miracle-Gro and Ortho brands.

Scotts Miracle-Gro monthly Elliott Wave analysis 09.18.2022

The monthly chart below shows the Scotts Miracle-Gro shares $SMG traded at New York Stock Exchange. From the all-time lows, the stock price has developed a cycle higher in black wave ((I)) of grand super cycle degree. Hereby, $SMG has printed the all-time highs in April 2021 at 254.34. Within the impulsive advance in wave ((I)), all the blue internal waves (I), (III) and (V) are impulsive waves, too. Even though the extension in wave (III) has taken place, the longest wave, in fact, is the blue wave (V).

From the 2021 highs, a correction lower in wave ((II)) is unfolding as an Elliott wave zigzag pattern being a 5-3-5 structure. Firsty, blue wave (a) has ended in September 2021 at 139.20 lows. Then, a connector in blue wave (b) has found its peak in November 2021 at 180.43. Later, it has broken the 139.20 lows opening up a bearish sequence. Now, blue wave (c) should visit into 65.59-0.00 area. The minimum target has been reached already. Once ended, one should expect a new cycle in black wave ((III)) towards the new all-time highs.

Investors and traders can be looking to buy Scotts Miracle-Gro from below $65.59 targeting towards 254.34 and beyond.