ANF should resume rally from extreme areas

Abercrombie & Fitch Co., (ANF) operates as an omnichannel retailer in the United States, Europe, Middle East, Asia & Asia-Pacific & Internationally. The company offers an assortment of apparel, personal care products & accessories for men, women & kids under Abercrombie & Fitch, Abercrombie kids, Hollister & Gilly Hicks brands through stores, various wholesale, franchise, licensing arrangements & e-commerce platform. It comes under “Consumer Cyclical” sector under Apparel Retail & trades at NYSE as “ANF” ticker.

As mentioned in the previous article, ANF expected further upside in (3) of ((3)) of III & remain supported in pullback to extend higher. It favors pullback in IV towards $113.20 – $97.25 area to turn higher in next leg within (III).

ANF – Elliott Wave daily view from 1.08.2024

It placed ((I)) at $85.77 high in October-2007 & ((II)) ended at $7.42 low in March-2020 low. Above there, it favors upside in ((III)) as it broke above ((I)) high. It placed (II) of ((III)) at $14.02 low in September-2022 low & ended III at $140.28 high. It expects one more push higher in V to finish (III) soon, once it finished the IV correction.

ANF – Elliott Wave latest daily view

Within III, it placed ((1)) at $38.20 high, ((2)) at $33.28 low, ((3)) at $122.25 high as extended wave, ((4)) at $113.75 low & finally ((5)) as III at $140.28 high. Currently, it favors pullback in IV correction as 3 swings lower, which expect to end between $113.20 – $97.25 area. Within IV, it ended ((A)) at $114.49 low & ((B)) at $139.11 high. In ((C)) leg, it placed (1) at $119.47 low, (2) at $134.12 high, (3) at $109.56 low & (4) at $118.15 high. Currently, it favors lower in (5) of ((C)) & expect small downside to finish IV between blue box area before resume higher in ((1)) of V. We like to buy the blue box area against 1.618 extension to see at least 3 swing bounce or rally to resume in V of (III).