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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 175734, member: 40858"] In today’s article, we’ll be taking a look at the current Elliott Wave Structure for the world’s largest retailer Walmart (NYSE: WMT). Since August 2019, WMT rallied within an impulsive 5 waves advance which took the stock to new all time highs before the cycle ends on November at $125.69. Down from there, it started a correcting lower that unfolded in 3 waves move as a Zigzag Structure which reached the equal legs area at $113.7 - $108.6. The blue boxes presented in the chart is a High-frequency area where the instrument is likely to end cycle and make a turn in favor of the main trend which is in the case of Walmart to the upside. Therefore, we are expecting the stock to start another bullish cycle aiming for a break to new all time highs with a target round $134 - $140 area. [B]Walmart WMT 4H Chart ( Zigzag Structure )[/B] [URL='https://elliottwave-forecast.com/wp-content/uploads/2020/01/WMT-4H-01.15.2020.png'][IMG alt="Walmart WMT 4H 01.15.2020"]https://elliottwave-forecast.com/wp-content/uploads/2020/01/WMT-4H-01.15.2020-1024x503.png[/IMG][/URL] However, if Walmart only bounces in 3 waves from the blue box area and fails to break above November 2019 peak, then the stock will have the possibility of doing a larger correction lower which can unfold as a 7 swings move within a Double Three structure. After ending the correction, the stock is still expected to find buyers again as the main daily cycle from 2015 & 2018 lows remain in progress showing an incomplete sequence. Consequently, the stock should remain bullish and keep finding buyers after 3 , 7 or 11 swing pullbacks. [B]Walmart WMT 4H Chart ( Double Three Structure )[/B] [URL='https://elliottwave-forecast.com/wp-content/uploads/2020/01/WMT-4H-Alt-01.15.2020.png'][IMG alt="Walmart WMT 4H Alt 01.15.2020"]https://elliottwave-forecast.com/wp-content/uploads/2020/01/WMT-4H-Alt-01.15.2020-1024x503.png[/IMG][/URL] [/QUOTE]
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