Ford Motor Company is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln luxury brand.
FORD (F) Daily Chart August 2023
In January 2022 Ford made a high at 25.87 and we called wave I and the market started a wave II correction. Down from this high, the stock developed a zig zag correction ending at 10.90 low and we called wave ((W)). Since then, shares entered in a sideways phase. From Jun 2022 to Oct 2023. In this range, after ((W)) a flat correction took a part building wave ((X)) connector ending at 16.68 high. Market continued lower and we are expecting another (A), (B), (C) correction to complete wave ((Y)) in a blue box. Down from ((X)), wave (A) ended at $10.57 low. Then, a complex structure with a wave B triangle built wave (B) correction finished at 15.43 high. At July high, the price action dropped again and we called an impulse structure to end wave (C) of ((Y)) and wave II in 7.60 – 4.14 blue box area.
FORD (F) Daily Chart December 2023
Ford continued to the downside as expected inclusive breaking 10.90 low pivot. However, it only made 3 swings lower and rally without reaching the blue box area. Therefore, we are considering a double correction structure to complete wave ((Y)) of II. Down again from August 2022 high, we can see 3 swings lower ending wave W at 10.90. Then market bounce in 3 swings higher as a flat correction finishing wave X at 15.42. Then, another 3 swings zig zag correction fell completing wave Y at 9.63 low and also wave (W). The current rally should be wave A of (X) and it needs more time to end the structure. Once wave (X) ended, Ford should see 3 swings more lower to end wave (Y) of ((Y)) of II before rally in a new upside cycle. To confirm this view, market needs to breaks below 9.63 and stays below 15.42 high.
Source: https://elliottwave-forecast.com/stock-market/ford-entered-double-structure-downside/