Procter and Gamble (PG Stock) should continue rally to complete the cycle from 2020

Since the crash of March 2020, all stocks have tried to recover what they lost and PG was no exception. PG did not only recover from the loss, but it also reached historic highs. We tried to build an impulse from wave II with the first target of $154.00, but market movements of last months have shown the impulse from wave II ended at 147.23 as wave III and PG appear to have entered in an ending diagonal structure from March 2020 low.

PG February daily chart

As we see in the daily chart, PG built an impulse ((1)), ((2)), ((3)), ((4)), and ((5)) that we call me in red and it ended at 146.92. Then, we saw the stock with an incomplete bearish sequence and we called 2 swings more down (B) and (C) in blue to finish wave ((Y)) forming a double correction as wave II.

PG July daily chart

The market dropped and wave II bounced from 121.54 dollars missing our ideal level for a few cents at 120.68.

PG September daily chart

P&G rallied, and it completed wave ((1)) at 138.63 dollars. Also, we have seen a pullback that bounced at 130.19 dollars, Fibonacci 50% retracement, ending for us the wave ((2)). Wave (1) of ((3)) ends at 139.18 and wave (2) of ((3)) made a double correction to complete at 131.93. Wave (3) of ((3)) ended at 145.97 and wave (4) of ((3)) pullback completed at 141.47. At this moment, we were calling one more high to 147.19 – 149.97 area to complete wave the whole wave ((3)). The stock hit the area at 147.23, but the pullback as wave ((4)) was to dip to consider a wave ((4)) and we rebuilt the count from wave II ending the impulse at 147.23 as wave III. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).

Elliott Wave theory motive wave structure

PG daily chart

At last, wave III was finished. Wave ((1)) of III ended at 139.18, wave ((2)) ended at 131.93. Wave ((3)) completed at 145.98 with an ending diagonal as wave (5). Wave ((4)) correction finished at 141.47 and the last push to 147.23 as we know. Then we have a deep pullback as a double correction completed wave IV at 137.60 and that is why it is better to consider that the structure from March low is an ending diagonal.

Actually, wave V already ended with 2 swings. Wave ((1)) at 144.87 and wave ((2)) at 138.80. Wave ((3)) almost should be done; therefore, we are near a pullback as wave ((4)) before the rally to complete wave fifth. This rally could end in 149.56 – 153.26 at first view and we could expect a nice correction from those levels.

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.