WMT Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

WMT Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {v}.

Direction: Upside in wave {v}.

Details: Assumption remains that wave {iv} has bottomed. However, due to the prolonged corrective action, there’s also a possibility that wave (ii) is still unfolding within wave {iv} as a flat correction.

Walmart Inc. (WMT) is currently showing signs of a possible shift into wave {v} on the daily timeframe, contingent upon confirmation that wave {iv} has ended. Despite the bullish assumption, the extended correction introduces an alternative count, suggesting the market might still be developing wave {iv} as a flat within wave (ii).

The structure remains constructive, but bullish confirmation is required before confirming the continuation of the upward trend.

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave c of (ii).

Direction: Bottoming in wave cDetails: Expecting continued downside toward wave c completion. Equality of wave c versus wave a projects a target at $92.

The 1-hour chart shows WMT likely finishing wave c of (ii) within a flat corrective pattern. The projected support level is around $92, aligning with wave c equaling wave a in length.

A bounce from $92 would indicate the correction is ending and wave {v} may soon begin. Until such movement occurs, traders should exercise caution, monitoring for signs of stabilization or reversal before entering new long positions.

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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