Elliott Wave Forecast Team
ElliottWave-Forecast.com
Goodyear Tire and Rubber Company is a multinational tire manufacturing company based in Akron, Ohio, USA. The stock being a component of the S&P MidCap 400 index can be traded under ticker $GT at NASDAQ. As a matter of fact, Goodyear manufactures tires for automobiles, commercial trucks, light trucks, motorcycles, SUVs, race cars, airplanes, farm equipment and heavy earth-moving machinery. Currently, we can see commodities like oil, rubber, cotton turning higher against weakening US dollar. Hereby, Goodyear being one of the top four tire manufacturers worldwide should be a great opportunity for investors to diversify their portfolio by indirect investment in the rising commodity prices.
Goodyear Quarterly Elliott Wave Analysis 07.17.2021
The Quartely chart below shows the Goodyear shares $GT traded at NASDAQ. First, the stock price has developed a leading diagonal higher in black wave ((I)) of a grand super cycle degree. It has printed the all-time highs in the first quarter of 1998 at 76.75. From the highs, a correction lower in black wave ((II)) has unfolded as an Elliott wave zigzag pattern with a truncated (c) wave. Frequently, lack of space to the downside makes many stocks truncate in the last swing without reaching the usual extension of 100%. Goodyear has printed an important bottom on the first quarter of 2009 at 3.17. As a matter of fact, the stock price has lost 96% of its value within 11 years.
From 2009 lows, a new cycle in wave ((III)) has already started and should extend towards 76.75 highs and beyond. Then, the target for wave ((III)) will be towards 80.05-127.53 area and even higher.
In shorter cycles, from 2009 lows a cycle higher in blue wave (I) has ended in the last quarter of 2015 at 35.30. From the highs, a correction lower in blue wave (II) has developed an expanded flat pattern. It has found a bottom in March 2020 at 4.09. From there, a new cycle in blue wave (III) of black wave wave ((III)) has started and should extend higher.
-637623285746608492.jpg)
Goodyear Daily Elliott Wave Analysis 07.17.2021
The daily chart below shows in more detail the first stages of the advance higher in blue wave (III). From the March 2020 lows, red wave I has developed so far waves ((1))-((3)). From the June 2021 highs, a correction lower in wave ((4)) is currently in progress. Now, it should find support in 7 or 11 swings above 5.73 lows. Currently, while below 17.83, a double three correction may reach into 13.81-11.33 blue box area. From there, a rally to new highs within wave ((5)) of red wave I or a bounce in 3 waves as minimum should take place.
Medium-term, investors and traders can be looking to buy $GT in a pullback in red wave II against 4.09 lows in 3, 7 or 11 swings targeting 80.05-127.53 area in a long run.
-637623286118059584.jpg)
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.
Recommended content
Editors’ Picks
EUR/USD advances to multi-day highs around 1.0860
EUR/USD is surging ahead, rapidly recovering and approaching multi-day highs around 1.0860. This boost comes on the heels of news that the EU might roll out countermeasures to soften the blow of Trump’s impending reciprocal tariffs.
GBP/USD flirts with tops near 1.2970 ahead of Trump's tariffs
GBP/USD is accelerating, challenging weekly highs near 1.2970 as a renewed, sharp drop in the Greenback sets the stage for the US 'reciprocal tariffs' announcement on "Liberation Day" at 20:00 GMT.
Gold looks consolidative near $3,120 ahead of Trump's “Liberation Day”
Gold is regaining momentum, climbing above $3,120 after a slight pullback from Tuesday’s near-record high of $3,150. Retreating US yields are bolstering XAU/USD, ahead of President Trump's official announcement of the reciprocal tariff measures later this Wednesday.
Trump Tariffs: Everything you need to know on “Liberation Day” Premium
The global trading system is about to be upended, but to what extent? Will markets have clarity or is it merely another phase in ongoing trade wars? Some answers are due on Wednesday at 20:00 GMT. Here is preview of the five critical things to watch.
Is the US economy headed for a recession?
Leading economists say a recession is more likely than originally expected. With new tariffs set to be launched on April 2, investors and economists are growing more concerned about an economic slowdown or recession.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.