SUMMARY
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Here is a simple Elliott Wave long term count of Toro Company (TTC). Wave 3 also subdivides well into fives. The decline for wave 4 is likely to be an ABC but also with a pattern. I've often stated that I take profits at wave 3 and 5. This is because, as you can also see in the below chart, the levels between wave 3 and 5 are not too different.
The correction is labeled as red ABC. Wave A is likely complete and a B wave retracement upwards should take place. The MACD is also in oversold state (blue circle) and should also turn up. Wave C could morph into an abcde; thereby generating a downward wedge pattern. The depth of retracement for white wave 4 could be deeper than as labeled; however, compared to wave 2s, wave 4s retrace much less. White wave 5 should take TTC to all time new highs.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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