Avery Dennison Corp. (AVY) Elliott Wave technical analysis [Video]
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Avery Dennison Corp. (AVY) - Elliott Wave technical analysis
Daily chart analysis
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Function: Counter-Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave 2 of (5).
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Direction: Potential bottom in wave 2.
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Details: As the stock has surpassed the equality of {c} vs {a}, it is now approaching it again with increasing volume. A potential bottom could be in place, particularly if the stock moves back above the key $200 level.
Avery Dennison Corp. (AVY) - Elliott Wave technical analysis
One-hour chart analysis
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Function: Counter-Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave (iii) of {i}.
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Direction: Upside expected in wave {i}.
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Details: The potential for an upside resumption is strong, with expectations of a sharp advance in the coming days. A support test above Trading Level 2 at $200 would provide additional confidence in the uptrend.
Summary
The analysis of Avery Dennison Corp. (AVY) includes both daily and 1-hour charts, leveraging Elliott Wave Theory to provide insight into market trends and potential price movements. The daily chart suggests a possible bottom formation, while the 1-hour chart anticipates further upside, contingent upon holding above key support levels.
Avery Dennison Corp. (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.
