Monster Beverage Corp.(MNST:NASDAQ) Elliott Wave Technical Analysis 18 July 23

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Monster Beverage Corp., Elliott Wave Technical Analysis

Monster Beverage Corp., (MNST:NASDAQ): Daily Chart, 18 July 23

MNST Stock Market Analysis: I reviewed the count as it started to look odd despite not having broken any rule. At this point it looks like we are still within minor wave 3 as what seems to be wave {iv} looks like a corrective move.  

MNST Elliott Wave Count: Wave {v} of 3.

MNST Technical Indicators: Above all averages.

MNST Trading Strategy: Looking for longs into wave {v}.

TradingLounge Analyst: Alessio Barretta
 

 

 

 

Monster Beverage Corp., MNST: 4-hour Chart, 18 July 23

Monster Beverage Corp., Elliott Wave Technical Analysis
MNST Stock Market Analysis: I wanted to highlight all the confluence we have. There’s equality of (c) vs. (a), the 38.2% retracement of wave {iv}, and we found support on the Elliott channel. As wave {iii} was just a few dollars longer than {i}, we can expect {v} to be extended and therefore reach target at 73$

MNST Elliott Wave count:  Wave (i) of {v}.

MNST Technical Indicators: Above all averages

MNST Trading Strategy: Looking for longs, ideally we first break wave (b) and then look for a three wave reaction to place longs.