The Coca-Cola Company (KO) Elliott Wave technical analysis [Video]

KO Elliott Wave Analysis Trading Lounge Daily Chart,

The Coca-Cola Company,  (KO) Daily Chart. 

KO Elliott Wave technical analysis

Function: Counter Trend. 

Mode: Corrective. 

Structure: Flat. 

Position: Wave (iv).   

Direction: Bottom in wave (iv).  

Details: We are looking at a potential wave (iv) bottom, as it currently stands at 0.618 (iv) vs. (ii), and it seems to have found support on top of 68$ repetitively.

 

KO Elliott Wave Analysis Trading Lounge 1H Chart,

 

The Coca-Cola Company, (KO) 1H Chart 

KO Elliott Wave Technical Analysis

Function: Counter Trend. 

Mode: Corrective.

Structure: Flat. 

Position: Wave c of (iv). 

Direction: Bottom in wave (iv).  

Details: Looking for a bottom in wave (iv), as we seem to identify a three wave move within the corrective wave. We also see volume increasing during the final hours of yesterday’s session, suggesting a bottom could be imminent.

Welcome to our latest Elliott Wave analysis for The Coca-Cola Company (KO) as of August 13, 2024. This analysis provides an in-depth look at KO's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 1-hour charts to offer a comprehensive perspective on KO's market behavior.

KO Elliott Wave technical analysis – Daily chart

The analysis suggests that wave (iv) may have found a bottom, as it currently aligns with the 0.618 Fibonacci retracement level relative to wave (ii). The price has shown repeated support around the $68 level, indicating that this area could be a strong support zone. If this bottom holds, we could see a resumption of the uptrend as wave (v) begins to unfold. 

KO Elliott Wave technical analysis – One-hour chart

The 1-hour chart reveals a potential bottom in wave (iv), supported by the formation of a clear three-wave move within the corrective phase. Additionally, there was a noticeable increase in volume during the final hours of yesterday’s session, which often signals that a reversal or a bottom could be imminent. If the bottom is confirmed, this would pave the way for the next impulsive move in wave (v).

Technical analyst: Alessio Barretta.

KO Elliott Wave technical analysis [Video]