West Pharmaceutical Services, Inc. (NYSE: WST) is a designer and manufacturer of injectable pharmaceutical packaging and delivery systems. The Elliott Wave structure based on the 2023 daily cycle will be explored in this article.Since the 55% decline from its 2021 peak, WST found a major low in October 2022 before reversing to the upside. Since then, the stock has seen a 100% rally unfold within a clear impulsive 5-wave advance. This initial move, labeled as wave I, established the new bullish daily trend for the stock and will support the price to stay above $206.Following a corrective decline from its August 2023 peak within a 3-wave Zigzag structure, the stock reached the equal legs area of $333 – $314, where wave II can be called completed. It could have started the next leg to the upside. To confirm this path, WST needs to establish a new 5-wave advance from its October 2023 low, and short-term pullbacks need to remain corrective above $310.4. As long as these conditions are met, the stock will be looking to rally above its $415 peak and create a new bullish sequence, which will allow more upside within the daily cycle next year.WST Daily Chart 12.26.2023 ( Zigzag Correction ) 
Alternatively, if the rally from the October low remains corrective within 3 swings and fails to break above $415, then WST could be facing another type of correction within wave II. The stock could see another 3-swing lower part of a larger Double Three structure (WXY) and would need more time to finish the move to the downside in wave II before the next leg higher takes placeWST Daily Chart 12.26.2023 ( Double Three Correction ) 
In conclusion, WST’s daily cycle is expected to remain supported for a new rally to take place above $415 next year. However, the mid-term path could vary depending on the short-term structure taking place, as the risk of another correction lower remains present as long as the stock stays below its August 2023 peak.More By This Author:XLI Elliott Wave: Buying The Dips At The Blue Box AreaCostco Wholesale Continues Upside In Bullish SequenceFord Entered In A Double Three Structure To The Downside
