Details: A three-wave move in wave {iv} may be complete. There is still a possibility of a five-wave decline or a complex (B) wave forming. Confirmation of wave {iv} completion is needed to re-establish a bullish bias.

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (i) of {v}.

Direction: Upside into wave (I).

Details: A five-wave impulsive structure appears to be near completion. A confirmed break above the $100 Trading Level is required to turn bullish with greater confidence.

Technical Analyst: Alessio Barretta.

WMT Elliott Wave 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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