Coca-Cola Co (NYSE: KO) started a new bullish cycle in October 2023. As discussed in our previous article, the stock rebounded from our blue box zone after completing a double-three corrective structure. The impulsive rally suggested the start of wave III to the upside and this year KO managed to break above 2022 towards new all-time highs.
KO daily chart 12.2.2023
The stock is currently showing 3 swings higher from the 2020 low and is therefore considered as an incomplete bullish sequence looking to make a 5-wave advance. It is currently trading within wave ((3)) of III and will look to finish the rally from 2023 before initiating a 3-wave pullback in wave IV.
KO still has a weekly upside target in the equal-leg area of $82.5 – $89.8. Buyers will continue to buy the stock during 3, 7 or 11-wave pullbacks until it hits the target or the cycle from 2020 ends.
KO weekly chart 19.9.2024
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
