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Elliott Wave Analysis: Walmart Ready To Top?

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Nov 27 2019

Hello traders and investors. In this article we want to warn you about the potential top formation on Walmart.

We are tracking many markets across the globe such as bonds, treasuries, FX, Commodities, Indicies, single Stocks and even cryptocurrencies. So, we try to understand how they are moving and how they are correlated. Many markets are currently trading at the key levels, especially stock market for example, such as S&P500, which (despite current rise) may see limited upside and potential resistance soon that can lead into a correction. In such cases we are always scanning single stocks and try to find some interesting and similar developments that can give us even more evidences and confidence about the outlook.

Well, at this point we found very nice and clear patterns on Walmart. What is interesting, is that no matter which time frame you are looking at, we see EW pattern in late stages of a current rise based on two different counts.

On the first count we are looking at the ending diagonal, currently with three sub-waves up in V, so resistance can be important here around upper red trendline.

COUNT 1:

 
Another, different view, which also suggests limited upside is on the weekly chart, that show possible five wave rise, now with fifth wave out of a triangle. So again, upside can be limited since we know that moves out of a triangle are final in a higher degree trend. That been said, we would not be surprised by a pullback, if not an impulsive turn.

COUNT 2:



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