Olin Corporation (OLN) should continue pullback before rally resumes
|Olin Corporation (OLN) manufactures & distributes chemical products in the US, Europe, Asia Pacific, Latin America & Canada. It operates through three segments: Chlor Alkali products & Vinyals, Epoxy & Winchester. It is based in Clayton, Missouri, comes under Basic Materials sector & trades as “OLN” ticker at NYSE.
OLN made all time high at $67.25 in May-2022 as wave I impulse sequence started from March-2020 low. Below there, it favors pullback in 7 swings correction & expect to remain sideways to lower in II.
OLN – Elliott Wave latest weekly view:
It placed (II) correction at $8.76 low in March-2020 low. Above there, it favors higher in (III). It placed ((1)) of I at $16.57 high & ((2)) at $9.67 low as dip pullback. Above there, it extended higher in third wave extension, which ended as ((3)) at $64.76 high. It corrected lower in ((4)) as double correction at $44.24 low as 0.382 Fibonacci retracement. Finally, it ended ((5)) as diagonal sequence at $67.25 high as I of (III). It favors pullback in II as double correction lower towards extreme areas before turning higher.
Below I high, it reacted lower in ((W)) in 3 swing pullback, which ended at $41.33 low. It bounced off in ((X)) connector, which finished at $64.70 high as 3 swing bounce. Currently, it favors lower in ((Y)) of II, which will confirm below ((W)) low. It placed (A) of ((Y)) at $46.78 low & ((B) at $59.95 high. Below there, it favors lower in 1 of (C) & expect to remain choppy to lower. It expects (C) of ((Y)) to extend lower towards $38.74 – $22.71 area to finish II, where it should find buyers to extend higher or at least can see 3 swing bounce.
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