However, the view of the bottom line forces the stock price into a truncation. Hereby, we observe a situation where the price extends lower in a Elliott Wave double three pattern of multiple cycle degrees. The weekly technical structure of the Carrefour stock price is a good example of a market correction struggling with the lack of space. Once the important bottom is in place, Total may extend towards 65 and higher along with oil prices and world indices. Only then, investors may enter the market.
As a prerequisite for more upside, however, observation of two swings lower is mandatory. Investors should consider buying from the blue box area at 22.65-14.79. Until all necessary swings are in place, the stock should find pressure from sellers.
Therefore, the stock should see two new lows towards 20-15. In fact, these are required to resolve the two nests below the peak on 09.2018. While below 36-38, Total may extend lower in series of waves (4)-(5) of intermediary degree and ((4))-((5)) of primary degree. As a matter of fact, blue boxes are high frequency areas where prices should resume the rally or to provide a 3 waves bounce at least. From there, immediate reaction higher has been observed. As a consequence, a sharp fall in (3) of ((3)) has brought the prices to the equal legs extension area towards 22.65-14.79. From 09.2018 highs, the stock price has demonstrated two nests lower in waves ((1))-((2)) of primary degree and (1)-(2) of intermediary degree. Choppy patterns form frequently a connector wave, the middle part, within a zigzag.įinally, the market was ready to extend lower in another leg down to end correction of the grand super cycle. From 09.2011 lows, the rise towards the 09.2018 highs is overlapping and can be a double three pattern of wave b. Consequently, we denote the first leg down as a red wave a. This is a sign that the correction lower is unfolding as an Elliott Wave Zigzag pattern. The decline from 07.2007 highs to the 09.2011 lows is sharp and shows a 5 wave form.
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