I believe that many of you are interested in individual stocks in the US markets. Going forward, I will try and post my analysis of some of the Dow Jones Industrial Average or Dow 30 top movers. It could be a stock that moved up, or moved down aggressively. The idea is not only to give you a handle on how a technical trader will use Elliott Wave Analysis to trade the Dow 30 stock, but also to let you know what I think is the likely target in the near term.
The first stock we will look at is Alexander and Baldwin Inc, a stock that went up by a dollar and ninety six or 4.07% on 1st July. This stock was the top mover last Friday among the stocks that make up the Dow Jones Composite Average. (I know I said Dow 30 , but too late, I spent too much time on this stock already, so we will leave it as it is :)-
The chart of Alexander and Baldwin Inc clearly shows an extending third wave. Thus, from an Elliott Wave perspective, we should continue to trade this stock from the long side, and look for it to eventually reach $55.50 or higher.
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5 Comments
Thank you
I read your writings and analysis
I really learn you every day
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Hi Majed, thank you for taking time to write. Good luck!
Wave 4 has re-traced in 5 waves. Does that mean the correction in Wave 4 isn’t fully complete, forming a more complex Wave 4 correction.
Hi Ganesh, that particular wave was a challenge for me too. I’m trying to think of it as a double zigzag, and honestly, one should not be ‘trying’ to fit a move to suit his count. Let us see.
Though I don’t trade stocks, but I like to see your charts. I am browsing your blog like everyday. Thank you Ramki!