Luxury fashion giant Tapestry (TPR Stock) should continue higher

Tapestry, Inc. (formerly: Coach, Inc.) is a multinational luxury fashion holding company based in New York City, USA. The parent company owns three brands: Coach New York, Kate Spade New York and Stuart Weitzman. The stock of the company being a component of the S&P500 index can be traded under ticker $TPR at NYSE. Currently, we see cotton turning higher. Also, other soft commodities are moving up. Therefore, Tapestry being a heavy weight in the textile market should be a great opportunity for investors to diversify their portfolio by indirect investement in the rising prices of particularly soft commodities.

Tapestry monthly Elliott Wave analysis 07.03.2021

The Monthly chart below shows the Tapestry shares $TPR traded at NYSE. First, the stock price has developed a leading diagonal higher in blue wave (I) of super cycle degree. It has printed the all- time highs in March of 2012 at 79.70. From the highs, a correction lower in blue wave (II) has unfolded as an Elliott wave double three pattern. It has printed an important bottom in April of 2020 at 10.18. As a matter of fact, the stock price has lost 87% of its value in only 8 years.

From 2020 lows, a new cycle in wave (III) has already started and should extend towards 79.70 highs and beyond. Then, the target for wave (III) will be towards 89.90-139.21 area and even higher.

Tapestry daily Elliott Wave analysis 07.03.2021

The daily chart below shows the early stages of the blue wave (III). From April 2020 lows, $TPR has developed a textbook impulse higher in red wave I. It has ended in May 2021 at 49.66. From the highs, consolidation in wave II might have just started. Investors and traders can be looking to buy the pullback in 3, 7 or 11 swings against 10.18 lows targeting 89.90-139.21 area and even higher in the long run.