Adient Plc. Should Pullback Before Resume Rally

black and white boat on lake during daytime

Photo by Vasim Memon on Unsplash

Adient Plc (ADNT) designs, develops, manufactures & markets a wide range of seating systems & components for passenger cars, commercial vehicles & light trucks & serves globally. The company is based in Dublin, Ireland. It comes under Consumer Cyclicals sector as Auto Parts Industry & trades under “ADNT” ticker at NYSE.

Since October-2016, ADNT made an ATH at $86.42 & ATL at $5.90 during global market sell-off in early 2020. Thereafter, it favored ended impulse cycle at 6/04/2021 high against the cycle started from 3/18/2020 low. While below there, it started correcting lower in proposed zigzag correction.

ADNT – Elliott Wave Latest Daily View: 

(Click on image to enlarge)

During global sell off in early 2020, it made $5.90 as ATL on 3/18/2020. Above there, it favored ended ((1)) at $22.57 high on 6/08/2020 & placed ((2)) at $15.00 low on 8/07/2020 low. ((2)) was shallow correction slightly past below 0.382 of ((1)). While above ((2)) low, it favored ended ((3)) at $38.26 high on 1/07/2021 & placed ((4)) at $30.47 low on 1/27/2021. The final leg ((5)) was ending diagonal & favored ended at $53.16 high on 6/04/2021 as I red impulse. Below there, it favors II correction in proposed zigzag structure.

Below $53.16 high, it started correcting lower against the cycle from March-2020 low. It favored ended ((A)) at $34.56 low on 8/05/2021 & proposed ended ((B)) as double correction at $50.96 high on 1/13/2022. While below $50.96 high, it placed (3) at $30.53 low & currently favoring (4) correction, before it starts (5) of ((C)) lower to end II correction between 32.43 – 20.94 area before it resumes next leg higher. Alternatively, it might ended II as double correction at $30.53 low & can see more upside, while dips remain above that level. III red will confirm, when it breaks above I red high of $53.16.

(Click on image to enlarge)

ADNT – Alternate Elliott Wave View: 

Disclaimer: Futures, options, and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.