Toll Brothers (TOL) favors pullback before rally

Elliott Wave Forecast Team ElliottWave-Forecast.com

Toll Brothers, Inc., (TOL) designs, builds, markets, sells & arranges finance for the range of detached & attached homes in Luxury residential communities in the United States. It also owns & operates architectural, engineering, mortgage, title, land development, insurance, smart home technology, landscaping, lumber distribution, house component assembly & manufacturing operations. It comes under Consumer Cyclical sector & trades as “TOL” ticker at NYSE.

As discussed in previous article, TOL favored upside in ((5)) from July-2024 low, which ended at $169.52 high. Below there, it favors corrective pullback in IV against October-2022 low before rally resumes in V of (III).

TOL – Elliott Wave latest daily view

In weekly, it ended (II) flat correction at $13.28 low in March-2020 low & resume higher in (III). Within (III), it placed I at $75.61 high in December-2021 & II at $39.53 low in October-2022 low. In III sequence, it placed ((1)) at $84.57 high, ((2)) at $68.08 low, ((3)) at $135.37 high, ((4)) at $108.86 low & ((5)) at $169.53 high ended at 0.618 Fibonacci extension. Within ((5)), it placed (1) at $146.75 high, (2) at $123.01 low, (3) at $160.12 high, (4) at $137.83 low & (5) as III at $169.52 high.

TOL – Elliott Wave view from 7.22.2024

Below $169.52 high, it favors zigzag pullback in IV against October-2022 low. It appears ended ((A)) at $120.77 low & favors bounce in ((B)) towards $139.45 – $150.96 area. If it extends below $120.77 low, it still be the part of ((A)) before bounce in ((B)). Once it ends ((B)) in 3, 7 or 11 swings, it favors lower in ((C)) to finish IV, which provides next buying opportunity for at least 3 swing bounce or continuation. Alternately, the current pullback can be (IV) correction against March-2020 low & remain supported in pullback.

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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