Elliott Wave View: NWSA Pullback should supported

News Corporation ( NWSA ) is a Media & Information Services company focuses on creating & distributing content worldwide. It operates in different segments like Digital estate services, subscription based video services, Dow Jones services, book publishing, news media & others. It trades under NWSA ticker at Nasdaq.

NWSA Daily Elliott Wave View from April-2020 Low:

Since 2013 in daily, NWSA made all time low during Covid pandemic sell off at $7.90 on 4/02/2020. It started the impulse sequence from April-2020 low & ended ((3)) at $27.97 high on 5/10/2021. While below there it proposed finished ((4)) at $21.61 low on 9/20/2021 & above that level it expect to extend higher in ((5)) for new high above ((3)).

In Primary view, it started impulse as wave ((1)) from 4/02/2020 low & ended at $15.90 on 9/18/2020 high. The ((2)) wave was 0.382 retracement of previous degree as shallow correction. While above $12.79 low as ((2)), it favored ended ((3)) at $27.97 high on 5/10/2021 with internal (3) wave extension. The ((4)) proposed ended at $21.61 low on 9/20/2021 as 0.382 retracement of previous degree. Above $21.61 low, it expect to extend higher in ((5)) towards $29.51- $31.96 area before any larger pullback against April-2020 low starts.

Alternatively, it finished the impulse sequence from April-2020 low to May-2021 high as I red. And it can see larger pullback in wave II as double correction. The alternate view is presented in below chart. According to which, it favored ended ((W)) at $21.61 low on 9/20/2021. And above there ((X)) expect to extend higher in 3 swings, which should end near $26.07 or slightly higher. Thereafter the next leg lower will start as ((Y)) in double correction. So in both cases, we expect it to extend higher in short term above $26 before the decision time comes.