P&G Is In Ranging Mode July Could Be The Rally Month

Since the crash of March 2020, all stocks have tried to recover what they lost and P&G was no exception. P&G did not only recover the lost, but It also reached historic highs. Now, we are going to try to build an impulse from wave II with a first target to $154.00 next $167.50 and $174.00, depending how the structure is developing.

P&G Old Daily Chart

 As we see in the daily chart, P&G built an impulse ((1)), ((2)), ((3)), ((4)), and ((5)) that we call I in red and it ended at 146.92. Then, the stock dropped in 7 swings down ((W)), ((X)) and ((Y)) forming a double correction as wave II. This wave II bounced from 121.54 dollars missing our ideal level for a few cents at 120.68. (If you want to learn more about Elliott Wave Theory, please follow this link: Elliott Wave Theory).

P&G Daily Chart

P&G rallied, and it completed wave ((1)) at 138.63 dollars. Also, we have seen a pullback that bounced at 130.19 dollars, Fibonacci 50% retracement, ending for us the wave ((2)). Last month, the stock has been in ranging mode. Wave (1) ends at 139.18 and wave (2) made a double correction to complete at 131.93. As we stay above this level, we should continue higher to build a new impulse as wave ((3)) as you could see in the chart above. Short term we are expecting a small pullback, at the beginning of the week, to correct wave 1 before continuer higher.

Source: https://elliottwave-forecast.com/stock-market/pg-ranging-mode-july-rally-month/