Elliott Wave Technical Analysis: Honeywell International Inc. - Wednesday, Oct. 26

By Peter Mathers of Trading Lounge

Elliott Wave Analyst - tradinglounge • Oct 26, 2022 at 10:49 AM EDT

Trading strategy: Looking to place long on every three wave pullback starting from the potential upcoming wave (iv).

red and blue light streaks

Photo by Maxim Hopman on Unsplash

Honeywell International Inc., (Nasdaq: HON): Daily Chart, October 26, 2022,

HON Stock Market Analysis: There is a possibility we have a significant bottom in the place shown. The alternate would be we just completed wave 1 of (C).

HON Elliott Wave count: Wave 3 of (1)

HON Technical Indicators: We are now touching the 200EMA with strong upside momentum.

HON Trading Strategy: Concerning long-term positions, it’s better to wait for a break of wave (B)to invalidate the bearish alternate.

Analyst: Alessio Barretta

Honeywell International Inc., HON: 4-hour Chart, October 26, 2022

Honeywell International Inc., Elliott Wave Technical Analysis

HON Stock Market Analysis: Looking for a nest within wave 3 which should take us higher. We are close to 1.618 3 vs 1 as shown, however, if the count is unfolding as labeled we could easily expect to reach 2.618.

HON Elliott Wave count: Wave (iii) of {iii}.

HON Technical Indicators: Above all EMAs

HON Trading Strategy: Looking to place long on every three wave pullback starting from the potential upcoming wave (iv).

More By This Author:

Elliott Wave Analysis: US Indices - Wednesday, Oct. 26
Elliott Wave Technical Analysis: PepsiCo Inc. - Tuesday, Oct. 25
Cardano (ADAUSD) Elliott Wave Technical Analysis 25 October 2022

Disclosure:

As with any trading or investment opportunity there is a risk of making losses especially in day trading or investments that Trading Lounge expresses opinions on. Note: Historical trading results are no guarantee of future returns. Some investments are inherently more risky than others. At worst, you could lose your entire investment and more TradingLounge™ uses a range of technical analysis tools, such as Elliott Wave, software and basic fundamental analysis as well as economic forecasts aimed at minimising the potential for loss. The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without taking into account your particular 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, tradinglounge takes no responsibility whatsoever for your trading profits or losses. 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 in light of your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in Indices Stocks shares Forex CFDs Options Spread Betting derivatives of any kind / products is appropriate for you in light of your financial trading circumstances.

STOCKS IN THIS ARTICLE

Comments

Back to all articles