Details: We are looking for a five wave move into Minute {v}, considering {iii} was near equality of {i}, we could expect an extension in wave {v}. We also just surpassed 0.618 {v} vs. {iii}, with equality being the next target at 72$.

WMT Elliott Wave technical analysis – Daily chart

We are looking for a continuation of the five-wave move into Minute wave {v}. Given that wave {iii} was near the equality of wave {i}, there is an expectation for an extension in wave {v}. The recent surpassing of the 0.618 projection of {v} compared to {iii} suggests that the next target is the equality projection, which is approximately at 72$. This level could act as a significant resistance, and a potential completion point for wave {v}.

WMT Elliott Wave technical analysis – Four-hour chart

The analysis indicates that wave (iv) is currently unfolding, and there is an increase in volume during upward movements within wave (iv), confirming that we are in a corrective phase. This suggests a consolidation or pullback phase before resuming the final leg up in wave {v}. The end of wave (iv) will set the stage for the last impulse to complete the entire wave {v} structure.

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave (iv) of {v}.

Direction: Bottom in wave (iv).

Details: We see volume increasing on the moves up of wave (iv) which gives us additional confirmation we are in a corrective phase.

This Elliott Wave analysis for Walmart Inc. (WMT), examines the current market structure and potential future movements using Elliott Wave principles. The analysis provides insights from both the daily and 4-hour charts to offer a detailed understanding of WMT's price action and anticipated trends.

Walmart Inc. (WMT) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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