Red Devils fans' hope should be up! I am applying Elliott Waves to MANU (Manchester United Football Club) stock price. Fundamentally, things are looking good with new manager José Mourinho and new player signings. It will be interesting to watch if the chart correlates with the clubs performance this season.
Technically speaking, after a series of corrective waves forming the large sideways movement over the last three years, the last couple waves have been clear five wave patterns. The former wave C of (C) five-wave decline fits to complete the larger zigzag correction at two degrees. The latter five wave impulse, suggestive of the new direction of the larger trend, is likely completing its fourth wave, wave ((4)), setting up for a new high.
The leading alternate count is very bullish, suggesting a larger 5 wave impulse will unfold and the current decline is the wave 2 corrective wave. The second alternate implies a larger correction is unfolding and that this is another zigzag within it. However, the next direction would still be up. I am interested in buying at 15.50 and 15.00.
Technically speaking, after a series of corrective waves forming the large sideways movement over the last three years, the last couple waves have been clear five wave patterns. The former wave C of (C) five-wave decline fits to complete the larger zigzag correction at two degrees. The latter five wave impulse, suggestive of the new direction of the larger trend, is likely completing its fourth wave, wave ((4)), setting up for a new high.
The leading alternate count is very bullish, suggesting a larger 5 wave impulse will unfold and the current decline is the wave 2 corrective wave. The second alternate implies a larger correction is unfolding and that this is another zigzag within it. However, the next direction would still be up. I am interested in buying at 15.50 and 15.00.