KO Elliott Wave technical analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Minute wave {c} of 2.
Direction Bottom in wave {c}.
Details: With yesterday’s session we’ve had a spike in volume on the bull side, which could make us start thinking the correction is either completed, or soon to be. We have almost reached 1.618 {c} vs. {a}., but more importantly we have reached the base of the leading diagonal in wave 1, where many times support is found.
KO Elliott Wave technical analysis – Daily chart
The Elliott Wave analysis on the daily chart of Coca-Cola shows a corrective phase within a flat structure, identified as minute wave {c} of 2. This phase is categorized under a counter trend function, suggesting that the ongoing correction is approaching completion. The recent trading session marked a significant increase in volume on the bullish side, hinting at a nearing end to the correction. Technically, the price has approached the critical 1.618 Fibonacci extension of wave {c} relative to {a}, reaching a key support level at the base of the leading diagonal from wave 1—a typical zone for finding support.
KO Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave (v) of {c}.
Direction: Bottom in wave (v).
Details: Here on the intraday chart it’s easier to see the five wave move in wave {c} which seems to have unfolded nicely. Looking for a clear sign of a bottom in place.
KO Elliott Wave technical analysis – Four-hour chart
On the 4-hour chart, Coca-Cola’s stock exhibits a detailed structure of the corrective phase, clearly depicting wave (v) of {c}. This finer resolution allows for a clearer visualization of the complete five-wave move within wave {c}, indicating the likelihood of a bottom formation. Analysts are keenly observing for definitive signs that confirm the bottom is firmly in place, signaling potential bullish reversals.
The Coca-Cola Company (KO) Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
AUD/USD remains vulnerable near multi-month low after Aussie data
AUD/USD reacts little to better-than-expected Australian Goods Trade Balance data and hangs near a multi-month low touched on Wednesday amid rising bets for an early RBA rate cut. Furthermore, China's economic woes, US-China trade war fears and geopolitical risk undermine the risk-sensitive Aussie.
USD/JPY retreats further from the weekly top, slides below mid-150.00s
USD/JPY struggles to build on the previous day's strong move up to the weekly top and trades with a mild negative bias during the Asian session on Thursday. Bets for a December BoJ rate hike and the overnight sharp fall in the US bond yields lend some support to the lower-yielding JPY.
Gold price lacks firm near-term direction and is stuck in a familiar range
Gold price extends its sideways consolidative price move in a familiar range, awaiting a fresh catalyst before the next leg of a directional move. Geopolitical tensions, trade war fears and the overnight decline in the US bond yields offer support to the safe-haven XAU/USD.
Ripple's XRP could see a price rebound despite retail activity decline, RLUSD launch delay
XRP traded near $2.4 on Wednesday as Ripple Labs clarified that its RLUSD stablecoin will not debut on exchanges despite a rumored launch among crypto community members. Amid a sharp decline in XRP's price, on-chain data shows the remittance-based token still has the potential to resume its rally.
Four out of G10
In most cases, the G10 central bank stories for December are starting to converge on a single outcome. Here is the state of play: Fed: My interpretation of Waller’s speech this week is that his prior probability for a December cut was around 75% before the data.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.