FORD (F) is still not ready to resume the rally

Ford Motor Company is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln luxury brand.

FORD (F) daily chart August 2023

One year ago, we called that Ford (F) needed more downside as price action stays below 16.68 high to complete a wave II correction around 7.60 – 4.14 area. In January 2022 Ford made a high at 25.87 and we called wave I and the market started a wave II correction. Down from this high, the stock developed a zig zag correction ending at 10.90 low and we called wave ((W)). Since then, shares entered in a sideways phase. In this range, after ((W)) a flat correction took a part building wave ((X)) connector ending at 16.68 high.

FORD (F) daily chart April 2024

The Market continued lower and we are expecting a double correction (W), (X), (Y) to complete wave ((Y)). Down from August 2022 high, we can see 3 swings lower ending wave W at 10.90. The market bounce in 3 swings higher as a flat correction finishing wave X at 15.42 high. Then, another 3 swings zig zag correction fell completing wave Y at 9.63 low and also wave (W). A new rally started from wave (W) low to develop a structure of 3 swings as wave (X). (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

FORD (F) daily chart August 2024

First leg higher ended wave A of (X) at 13.95 high and wave B pullback finished at 11.48. wave C ended at 14.85 high and also the connector (X) in higher degree. From this price, Ford has continued to the downside in wave (Y) of ((Y)) of II to complete the whole correction from January 2022 high. This wave (Y), we are calling as double correction W, X, Y. The market broke the last low of wave (W) ending wave ((a)) of W at 9.49 low. We are expecting 3 swings higher in wave ((b)) to fail below 14.85 high to continue lower. If market breaks above 14.85, the wave II correction could be completed and we are going to look for buying opportunities only.

Share: Feed news

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.