Bank of Montreal (BMO) favors correcting lower

Bank of Montreal (BMO) provides diversified financial services primarily in North America. The company’s personal banking products & services include checking & savings accounts, credit cards, mortgages, financial & investment advice services & commercial banking products & services. It is based in Montreal, Canada, comes under Financial services sector & trades as “BMO” at NYSE.

BMO favors correcting lower in wave II as shown from Previous article. It expects to unfold in double correction rather than zigzag expected previously, which missed the equal leg areas. It needs to breaks below $81.57 low to confirm the sequence in ((Y)) leg of II.

BMO – Elliott Wave latest weekly view

Above March-2020 low, it placed ((1)) at $55.34 high & ((2)) at $43.26 low as 0.618 Fibonacci retracement. Above there, it started third wave extension & ((3)) ended at $106.88 high. It favored ended ((4)) at $95.37 low as shallow correction. It finally ended ((5)) as ending diagonal at $122.77 as ATH on 3/22/2022 as wave I impulse. Below there, it is correcting lower in II as double correction, which confirms with new low below $81.57 as ((Y)) leg.

BMO – Elliott Wave latest daily view

Below wave I high, it placed ((W)) at $81.57 low on 10/13/2022. Later, it bounced off in ((X)) connector as 3 swing structure ended at $102.79 high on 2/09/2023. Currently, it favors lower in (A) of ((Y)) leg. It ended 1 of (A) at $82.25 low & favors a bounce in wave 2. Later it should resumes lower in 3 of (A), which confirms, when breaks below wave 1 low. It expects (A) to find support between $77.31 – $71.29 area before a bounce in (B) leg followed by (C) leg down. Buyers expect to enter the market below $61.50 or lower levels in (C) of ((Y)) leg, which should hold above $38.31 low to resume upside either in III or at least 3 swing bounce.