KO Elliott Wave Analysis Trading LoungeThe Coca-Cola Company, (KO) Daily ChartKO Elliott Wave Technical AnalysisFUNCTION: Counter TrendMODE: CorrectiveSTRUCTURE: ComplexPOSITION: Wave {iv}.DIRECTION: Bottom in wave {iv}.DETAILS: We are witnessing a correction that has been lasting a little over one month now, in what appears to be a wave {iv} after a sharp impulsive move in wave {iii}. The Coca-Cola Company, (KO) 1H ChartKO Elliott Wave Technical AnalysisFUNCTION: Counter TrendMODE: CorrectiveSTRUCTURE: ComplexPOSITION: Wave (z) of {iv}.DIRECTION: Downside in wave (z).DETAILS: Here’s a close-up on the corrective nature of wave {iv}. As the most recent move up appears to be a three wave move, there is evidence to believe we are still correcting, therefore this complex scenario is the best wave count at the moment. In this Elliott Wave analysis, we will review the trend structure of The Coca-Cola Company, (KO) using both the daily and 1-hour charts to assess the current wave position and potential price movements.* KO Elliott Wave Technical Analysis – Daily Chart*On the daily chart, Coca-Cola (KO) is currently undergoing a wave {iv} correction, which has lasted just over a month. This correction follows a strong impulsive move upward in wave {iii}. The structure appears complex, which is typical for a wave {iv}, and we expect that the correction is approaching completion, preparing for a final move higher in wave {v} once the correction completes.* KO Elliott Wave Technical Analysis – 1H Chart*On the 1-hour chart, the market is in wave (z) of {iv}, suggesting a continuation of the complex correction. The most recent upward movement appears to be corrective in nature, consisting of three waves, indicating that the corrective phase is still unfolding. The complex corrective structure (likely a double or triple combination) implies that further downside could occur before the completion of wave {iv}, after which the market should resume the uptrend in wave {v}.More By This Author:Elliott Wave Technical Analysis: Australian Dollar/U.S. Dollar – Tuesday, Oct. 22
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