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Boeing Elliott Wave View: Biggest Pullback Taking Place

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Boeing ticker symbol: $BA is showing an incomplete sequence from March 1, 2019 peak favoring more downside towards $275-$248 target area to the downside. In the chart below, the stock is showing an overlapping price action from September 25, 2019 peak. With each leg down showing sub-division of 3 waves corrective structure. Thus suggesting that the cycle degree y leg lower can be taking place as adouble three structure. Therefore, we are taking a more aggressive view by calling wave ((W)) ended at $320.21 low. Wave ((X)) bounce ended at $343.73 high. While wave ((Y)) is in progress as a lesser degreeElliott wave zigzag structure.

Near-term, while bounces fail below $343.73 high the stock is expected to see another push lower towards $299.79-$289.25 area. To end the wave (A) lower in 5 wave structure. Then the stock is expected to do a bounce in wave (B) to correct the cycle from January 7, 2020 peak ( $343.73) in 3 or 7 swings. Before more downside towards $275- $248 area can resume again. We dont recommend buying the stock at this stage. And prefer selling the bounces in 3 or 7 swings at the extreme areas as far as the pivot from $343.73 high stays intact.

Alternatively, if the pivot from $343.73 high gives up during the next bounce. Then, theres a possibility that stock could do a bigger bounce against September 25, 2019 peak. In which case, the decline from September 25, 2019 peak to the lows would become 5 wavesLeading diagonal structurein wave ((A)) lower. And, we may do a bigger wave ((B)) bounce in 7 or 11 swings before resuming the ((C)) leg lower. However, in any case, more downside is expected to take place either against $343.73 high or against $391 high seen on September 25, 2019 peak.

Boeing 4 Hour Elliott Wave Chart

Boeing Elliott Wave View: Biggest Pullback Taking Place

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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