Eli Lilly & Company (LLY) remains supported in bullish sequence

Eli Lilly & Company (LLY) discovers, develops & markets human pharmaceuticals worldwide. It is based in Indianapolis, Indiana, US, comes under Healthcare sector & trades as “LLY” ticker at NYSE.

As shown from previous article, LLY favors higher in ((3)) of III as the part of impulse sequence & expect to extend towards 584 or higher levels before it may correct lower in ((4)).

LLY – Elliott Wave view from 7.09.2023

In Weekly sequence, it finished (I) at $92.85 high in September-2015 & (II) at $64.18 low in November-2016. Above there, it favors higher in (III) of ((III)), in which it placed I at $132.13 high & II at $101.36 low. It favors higher in third wave extension in III red & expect more upside towards 584 or higher levels. It placed ((1)) at $375.25 high & ((2)) at $309.20 low. Within ((1)), it finished (1) at $170.75 as diagonal structure & (2) at $129.21 low as 0.618 Fibonacci retracement. It placed (3) at $335.33 high, (4) at $296.32 low & (5) at $375.25 high as ((1)).

LLY – Elliott Wave latest weekly view

Above ((2)) low, it placed (1) of ((3)) at $469.87 high & (2) correction at $434.34 low. Currently, it favors higher in third swing of (3) of ((3)) & expect further upside before it may pullback in fourth swing followed by final push higher to finish (3). We like to buy the short-term pullback in 3, 7 or 11 swings at extreme areas for further upside in ((3)) of III.