Wells Fargo & Company (WFC) : Expects Sideways To Lower In Correction

Wells Fargo & Company (WFC) as diversified financial services company, provides banking, investment, mortgage, consumer & commercial finance products & services in the US & internationally. It operates through four segments, consumer banking & lending, commercial banking, corporate & investment banking & wealth & investment management. It is based in San Francisco, CA, comes under Financial services sector & trades as “WFC” ticker at NYSE.

WFC showing impulse up since October – 2020 low as wave I, which ended at $60.30 high. Below there, it expects weakness to continue in proposed double three correction in wave II before turning higher.

WFC – Elliott Wave Latest Daily View :

Wells Fargo & Company (WFC) : Expects Sideways To Lower In Correction

It made the low of $20.76 on October – 2020 & above there it ended I at $60.30 high on 2/10/2022. Below there, it started correcting lower in II & expects further weakness to continue. It favored ended (A) of ((W)) at $40.73 low. Above there, it bounced off in (B) wave, which ended at $46.27 high. Finally, below there it ended (C) at $36.54 low as truncated wave & finished ((W)) on 6/16/2022 low. Above there, it proposed ended ((X)) in 3 swing bounce at $48.36 high as 0.5 Fibonacci retracement against ((W)) leg.

Below ((X)) leg, it expects weakness to continue, which confirms below $36.54 low as ((Y)) leg. It ended 1 red of (A) at $40.02 low & bouncing in wave 2, which expects to fail below ((X)) high to see further downside. It expects (A) to extend lower towards $33.91 – $30.42 area before a bounce in (B) leg. Later, it should resume lower in (C) leg towards $24.79 or lower levels to finish wave II before turning higher. Until it breaks below $36.54 low, it still can extend ((X)) wave either in double or flat correction before turning lower. Alternatively, if it breaks above $60.30 high, it confirms the next sequence higher in III red.

Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment.

Disclaimer. No Investment Advice Provided.
Privacy of Site | © 2024 All rights reserved.
Need help? Contact us!