Wells Fargo and Company (WFC): Expects sideways to lower in correction

Wells Fargo & Company (WFC) as diversified financial services company, provides banking, investment, mortgage, consumer & commercial finance products & services in the US & internationally. It operates through four segments, consumer banking & lending, commercial banking, corporate & investment banking & wealth & investment management. It is based in San Francisco, CA, comes under Financial services sector & trades as “WFC” ticker at NYSE.

WFC showing impulse up since October – 2020 low as wave I, which ended at $60.30 high. Below there, it expects weakness to continue in proposed double three correction in wave II before turning higher.

WFC – Elliott Wave latest daily view

It made the low of $20.76 on October – 2020 & above there it ended I at $60.30 high on 2/10/2022. Below there, it started correcting lower in II & expects further weakness to continue. It favored ended (A) of ((W)) at $40.73 low. Above there, it bounced off in (B) wave, which ended at $46.27 high. Finally, below there it ended (C) at $36.54 low as truncated wave & finished ((W)) on 6/16/2022 low. Above there, it proposed ended ((X)) in 3 swing bounce at $48.36 high as 0.5 Fibonacci retracement against ((W)) leg.

Below ((X)) leg, it expects weakness to continue, which confirms below $36.54 low as ((Y)) leg. It ended 1 red of (A) at $40.02 low & bouncing in wave 2, which expects to fail below ((X)) high to see further downside. It expects (A) to extend lower towards $33.91 – $30.42 area before a bounce in (B) leg. Later, it should resume lower in (C) leg towards $24.79 or lower levels to finish wave II before turning higher. Until it breaks below $36.54 low, it still can extend ((X)) wave either in double or flat correction before turning lower. Alternatively, if it breaks above $60.30 high, it confirms the next sequence higher in III red.