Details: Looking for a bottom in wave 2 soon, as we seem to be in an Intermediate wave (5) and have broken into ATH with the upside in wave 1 of (5).

AVY Elliott Wave technical analysis

Function: Counter trend.

Mode: Corrective.

Structure: Flat.

Position: Wave {c} of 2.

Direction: Bottom in wave {c}.

Details: Looking for a bottom in {c}, as we have enter the aread between equality and 1.618 {c} vs. {a} which is where we would expect at least a bounce, in addition volume seems to be supporting a potential turn.

Welcome to our latest Elliott Wave analysis for Avery Dennison Corp. (AVY). This analysis provides an in-depth look at AVY's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on AVY's market behavior.

AVY Elliott Wave daily chart

The daily chart shows that AVY is approaching the bottom of wave 2 within an Intermediate wave (5). The price action indicates that wave 1 of (5) has already broken into an all-time high (ATH), which suggests strong bullish momentum. We are now looking for wave 2 to find its bottom soon, which would set the stage for the continuation of the upward trend in wave 3 of (5).

AVY Elliott Wave four hour chart

The 4-hour chart provides a closer look at wave {c} of 2, where the price has entered the area between equality and 1.618 times the length of wave {a}. This is a common target area for wave {c}, and the increased volume suggests a potential turn is near. Traders should watch for signs of a bottom formation in this area, which could lead to a significant bounce and the resumption of the overall uptrend.

AVY Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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