WMT Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

WMT Elliott Wave technical analysis

Function: Counter-Trend.
Mode: Corrective.
Structure: ZigZag.
Position: Minute Wave {iv}.
Direction: Bottom in wave {iv}.

Details:

Walmart (WMT) is in the final stages of a corrective Minute Wave {iv}, forming a ZigZag pattern. The stock is approaching a potential bottom near $88, where a bounce off the lower boundary of a temporary parallel channel is expected. This could mark the end of wave {iv}, signaling a potential reversal and continuation of the larger trend.

WMT Elliott Wave technical analysis

Function: Counter-Trend.
Mode: Corrective.
Structure: ZigZag.
Position: Minute Wave {iv}.
Direction: Bottom in wave {iv}.

Details:

On the 1-hour chart, WMT's corrective wave (c) of Minute Wave {iv} suggests that further downside is likely before the bottom is reached. The subdivision within wave (c) indicates that more downside is necessary to complete the correction, aligning with the expected bottom around $88, before a potential reversal into wave {v}.

This Elliott Wave Analysis evaluates both daily and 1-hour charts to assess WMT’s market trend and anticipate future price movements based on Elliott Wave Theory.

Technical analyst: Alessio Barretta.

WMT Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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