We discussed Visa (V) back on April 21, when the stock was testing key support around the 293–300 area and we were looking for bullish confirmation. Since then, the setup has developed nicely, with Visa making an almost perfect retracement from the 2025 highs. CHECK IT HERE
The decline was clearly a three-wave move, taking price right back into the 293–300 area, where we were looking for the gap from last year and the completion of an A-B-C correction at the lower end of that pullback.
So far, we can see a series of higher swing lows from that area, including a break above the corrective channel resistance near 345. This provides another confirmation that the bulls are back and that wave five is in full progress. Wave five has already reached new highs, but since we need five waves to the upside, more gains can be expected after the current pause.
Support for subwave 4 is at 357, with invalidation at 342.
Highlights:
Bullish impulse in wave five
Buyers may wait for support around 357 during wave four
The bullish count is invalidated if 342 breaks
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