KO Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Complex.
Position: Wave {iv}.
Direction: Bottom in wave {iv}.
Details: We are witnessing a correction that has been lasting a little over one month now, in what appears to be a wave {iv} after a sharp impulsive move in wave {iii}.
KO Elliott Wave technical analysis – Daily chart
On the daily chart, Coca-Cola (KO) is currently undergoing a wave {iv} correction, which has lasted just over a month. This correction follows a strong impulsive move upward in wave {iii}. The structure appears complex, which is typical for a wave {iv}, and we expect that the correction is approaching completion, preparing for a final move higher in wave {v} once the correction completes.
KO Elliott Wave technical analysis
Function: Counter Trend
Mode: Corrective
Structure: Complex
Position: Wave (z) of {iv}.
Direction: Downside in wave (z).
Details: Here’s a close-up on the corrective nature of wave {iv}. As the most recent move up appears to be a three wave move, there is evidence to believe we are still correcting, therefore this complex scenario is the best wave count at the moment.
KO Elliott Wave technical analysis – One-hour chart
On the 1-hour chart, the market is in wave (z) of {iv}, suggesting a continuation of the complex correction. The most recent upward movement appears to be corrective in nature, consisting of three waves, indicating that the corrective phase is still unfolding. The complex corrective structure (likely a double or triple combination) implies that further downside could occur before the completion of wave {iv}, after which the market should resume the uptrend in wave {v}.
.png.00caba0dee6bf5f13262e9eda0b69866.png)
In this Elliott Wave analysis, we will review the trend structure of The Coca-Cola Company, (KO) using both the daily and 1-hour charts to assess the current wave position and potential price movements.
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
EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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.