Building An Impulse In P&G After Complete Wave II
Since the crash of March 2020, all stocks have tried to recover what they lost and P&G was no exception. P&G did not only recover the lost, but It also reached historic highs Now, we are going to try to build an impulse from wave II when it is completed with a target around to $167.14 – $173.32.
P&G Daily Chart
As we see in the daily chart, P&G built an impulse (1), (2), (3), (4), and (5) that we call I in red and it ended at 146.92. Since November, the stock has dropped only. We see 3 swings down (A), (B), and (C) as wave ((W)) and then a wave ((X)) as a corrective structure. We are looking for 3 more swings down to complete wave ((Y)) and II as a double correction in $114.52 – $128.68 area, it could be lower, but for now is the ideal one. From here, we expect to continue the rally to a new high in an impulse structure. (If you want to learn more about Elliott Wave Theory, please follow this link: Elliott Wave Theory).
P&G 30 Minutes Chart
In the 30 minutes chart, we are ending a triple correction as wave (A). We are in the last 3 waves of Z where wave ((A)) finished at 127.42 and we did a triangle as wave ((B)) at 129.96. Now, we are looking a little lower to complete the cycle in 123.90 – 125.37 area. After that we should rally at least to 133.50 dollars as wave (B).
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.