Eli Lilly & Company Should Continue Bullish Rally

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Eli Lilly & Company (LLY) discovers, develops & markets human pharmaceuticals worldwide. It is having around 742 B$ market cap as of 16 February 2024. It is based in Indianapolis, Indiana, US, comes under the Healthcare sector & trades as an “LLY” ticket at NYSE.

LLY reacts higher as expected from the previous article, favoring further upside in ((3)) of III in impulse sequence. It favors the upside in 3 of (3) & remains supported in 3, 7, or 11 swings pullback to resume rally in extended wave ((3)).

LLY – Elliott Wave Weekly View From 8.14.2023:

In the Weekly sequence, it finished II of (III) at a $101.36 low in October 2019. It favors higher in third wave extension in III & favors upside in (3) of ((3)) of III towards $869.47 or higher levels. It placed ((1)) at $375.25 high in December-2022 & ((2)) at $309.20 low in March-2023. Within ((1)), it finished (1) at $170.75 as a diagonal structure & (2) at $129.21 low as 0.618 Fibonacci retracement. It placed (3) at $335.33 high, (4) at $296.32 low & (5) at $375.25 high.

LLY – Elliott Wave Latest Weekly View: 

Above ((2)) low, it ended (1) of ((3)) at $629.97 high & (2) at $547.61 low as 0.236 Fibonacci retracement. Within (1), it placed 1 at $469.87 high, 2 at $434.34 low, 3 at $601.84 high, 4 at $516.57 low & 5 as (1) at $629.97 high. It broke above (1) in January 2024, confirmed upside to be (3) of ((3)). It expects (3) of ((3)) to extend towards $869.47 or higher levels before correcting in (4). We like to buy the pullback in 3, 7, or 11 swings at extreme areas when reached.

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