Hello Traders! Today, we will look at the shorter cycles of Toronto-Dominion Bank ($TD) and explain why the stock should soon reach a Blue Box area and react lower. First of all, This is how we saw it in March 2023 expecting a bounce to take place before lower again.
$TD 4H Elliott Wave Analysis May 8th 2023:
The bounce in blue (2) is unfolding in a Zigzag (ABC) structure to correct the cycle against Feb 2023 peak. The first swing in red A unfolded in 5 waves from 3.24.2023 low which is an impulsive count. Corrections run in 3, 7 or 11 swings so the 5 waves higher gave a signal that we are going to remain supported against 3.24.2023 at $55.43. The stock pulled back to correct the cycle against 3.24.2023 and ended B. From there, the stock found buyers and made a new high above A. That opened more upside towards the Blue Box area ($64.88 - 69.02) where sellers should be waiting to appear to resume the downside.
Peringatan: Pendapat yang disampaikan sepenuhnya merupakan milik penulis dan tidak mencerminkan posisi resmi Followme. Followme tidak bertanggung jawab atas keakuratan, kelengkapan, atau keandalan informasi yang disediakan, serta tidak bertanggung jawab atas tindakan apa pun yang diambil berdasarkan konten ini, kecuali dinyatakan secara tertulis.
Tinggalkan pesan Anda sekarang