This is one of the biggest opportunities in the stock market Under Armou r has corrected sharply in recent years and is currently trading at very low prices—which presents an excellent opportunity for long-term investors.
In the following I will walk you through the Elliott Wave structure and explain why we think this stock is such a good opportunity
Higher Timeframe:
Here we can see the initial impulse and the subsequent correction, which we now consider to be potentially complete. We completed the first wave I in September 2015, and the subsequent correction lasted over a decade—unfolding as a complex wxyz correction, the structure of which we can examine more closely on lower time frames.
Based on the assumption of the first “one-two,” we can also determine an initial target zone on a multi-year timeframe. This would range between $87.45 and $139.11, representing a minimum percentage target of 1240%.
Lower Timeframe:
Here, we can now take a closer look at the composition of wxyz. The last wave z formed within another wxyz pattern (red count), with the last z itself forming within an ABC pattern (light blue).
We now consider this correction pattern to be complete and are seeing the first signs of an emerging impulse (green count). We have likely already seen waves 1 and 2 and are therefore in wave 3, which already offers good profit potential on short-term time frames.
What are your thoughts about this stock?
