MGM Resorts (MGM) expects pullback before resumes rally

MGM Resorts International (MGM), through its subsidiaries, owns & operates casino, hotel & entertainment resorts in the US and internationally. The operates through three segments: Las Vegas Strip Resorts, Regional Operations & MGM China. It is based in Las Vegas, Nevada, comes under Consumer Cyclical sector & trades as “MGM” ticker at NYSE, having market cap of 14.1 B$ as on 18-March, 2024.

As mentioned in the previous article, MGM expected to pullback in ((2)), which ended at $34.12 low as zigzag correction. Above there, it favors upside as the part of ((3)) of III, which confirms above $51.35 high.

MGM – Elliott Wave daily view from 8.28.2023

In Weekly sequence, it ended (II) at $5.90 low in March-2020 & II of (III) at $26.41 low in June-2022. It already confirmed higher high above I high, favoring upside to be ((3)) of III of (III). Within ((1)) of III sequence, it placed (1) at $36.34 high, (2) at $29.20 low, (3) at $46.23 high, (4) at $38.68 low & finally ended (5) at $51.35 high. It corrected ((2)) in zigzag correction, ended at $34.12 low in October-2023. It placed (A) at $41.89 low, (B) at $44.79 high & (C) at $34.12 low within the blue box area. Any buyers from the area was able to create a risk-free long position as it was extended higher in (1) of ((3)).

MGM – Elliott Wave latest daily view 

Within ((3)), it ended (1) at $47.53 high & favors pullback in (2) in 3 or 7 swings pullback. It ended 1 of (1) at $40.68 high, 2 at $37.15 low, 3 at $45.91 high, 4 at $41.27 low & 5 at $47.53 high. It placed A of (2) at $41.25 low & expect a bounce in B wave before turning lower in C of (2). As long as it stays above $34.12 low of (2), it expects to extend higher in (3) of ((3)), which confirms above $51.35 high. Alternatively, if it breaks below $34.12 low, it can do larger double correction in ((2)) against $26.41 low before turning higher, which may provide another long opportunity.

MGM – Elliott Wave latest weekly view