Is WFC Setting Up For A Major Rally?

Wells Fargo & Company (WFC) provides diversified banking, investment, mortgage, consumer & commercial finance products & services in United States & globally. It operates through four segments; Consumer banking & lending, Commercial banking, Corporate & Investment banking & Wealth management. It comes under Financial services sector & trades as “WFC” ticker at NYSE.

WFC is trading in bullish Elliott wave sequence from October-2020 low. It favors rally in ((3)) of III against 4.07.2025 low. Further rally above February-2025 high will confirm more upside.

WFC - Elliott Wave Latest Weekly View: 

Above October-2020 low of (II) at $20.76, it rallies in bullish (III) sequence as proposed nest. It placed I of (III) at $60.30 high in February-2022. Within I, it ended ((1)) at $35.10 high, ((2)) at $29.68 low, ((3)) at $48.13 high, ((4)) at $41.47 low & ((5)) as diagonal at $60.30 high. It placed ((A)) of II at $36.54 low, ((B)) at $48.84 high & ((C)) as truncation at $35.25 low ended in March-2023. Above II low, it placed ((1)) of III at $81.50 high in February-2025 & proposed ended ((2)) at $58.42 low. Within ((1)), it ended (1) at $47.24 high, (2) at $38.38 low, (3) at $62.55 high, (4) at $50.15 low & (5) at $81.50 high.

It corrected lower in zigzag structure in ((2)), ended at $58.42 low on 4.07.2025. Within ((2)), it placed (A) at $65.52 low, (B) at $75.38 high & (C) at $58.42 low in extreme area. Currently, it favors rally in nine swings in (1) from 4.07.2025 low & expects upside before next pullback. Above 4.07.2025 low, it should see major rally in ((3)) of III, which confirm above $81.50 high. The next rally should erase the momentum divergence against ((1)) to confirm the nest.

Few alternates possible as well. (1) If the high comes with momentum divergence above February-2025 & fail below 4.07.2025 low. Then it can be diagonal in I from October-2020 low before pullback. (2) If it breaks below $58.42 low, it can do double in ((2)) against March-2023 low before resume higher. We like to buy the pullback in 3, 7 or 11 swings if breaks above February-2025 high or if doing a double in ((2)).

Source: https://elliottwave-forecast.com/stock-market/wells-fargo-wfc-setting-major-rally/