ULTA Beauty (ULTA) should remain sideways

ULTA Beauty, Inc., (ULTA) operates as specialty beauty retailer in the United States. It offers branded & private label beauty products, including cosmetics, fragrance, haircare, skincare, bath & body products, professional hair products, salon styling tools through stores, shop-in-shops, e-commerce websites & mobile applications. It is based in Bolingbrook, IL, comes under Consumer Cyclical sector & trades as “ULTA” ticker as Nasdaq.

ULTA ended impulse sequence as ((I)) in weekly at $574.76 high in March-2024. Below there, it favors pullback in ((II)) as double correction & remain choppy to lower for few months.

ULTA – Elliott Wave latest weekly view 

In weekly, it placed (I) of ((I)) at $368.83 high in July-2019 & (II) as zigzag correction at $124.05 low in March-2020. Later, it ended (III) at $556.60 high in May-2023 & (IV) at $368.02 low as around 0.382 Fibonacci retracement of (III) in October-2023. Finally, it ended impulse (V) as impulse ((I)) at $574.76 high as diagonal in weekly. Below there, it favors correction in ((II)) against all time low & expect choppiness before another push lower. Below $574.76 high, it ended (w) of ((II)) at $318.17 low in August-2024. Within (W), it placed a at $375.31 low, b at $421.21 high & c at $318.17 as (w) in double correction.

It is relatively underperforming the US market & so expect another push lower in coming months after (x) ends. Currently, it favors pullback in x against August-2024 low, while placed w at $412 high before resume higher in y. Once it ends (x) in few weeks, it should resume lower in (y) towards 1.0 – 1.618 Fibonacci extension to finish ((II)), where it should see at least 3 swing bounce. We like to buy the next extreme areas in (y) of ((II)). Alternatively, it can be a flat correction in (IV) ended at $318.17 low & resume higher in (V), which later confirms with new high. So, do not like selling it in any pullback.