Coca-Cola Co (NYSE: KO) started a new bullish cycle on October 2023. As discussed in our previous article, the stock rallied from our blue box area after ending a corrective double three structure. The impulsive rally suggested the start of wave III to the upside and this year KO managed to break above 2022 into new all time highs.
KO Daily Chart 12.2.2023
The stock is currently showing 3 swings up from 2020 low and consequence it’s considered as an incomplete bullish sequence looking to do a 5 waves advance. It’s currently trading within wave ((3)) of III and it will be looking to end rally from 2023 before starting 3 waves pullback in wave IV.
KO still has a weekly target to the upside at equal legs area $82.5 – $89.8. Buyers will continue to buy the stock during pullbacks in 3, 7 or 11 swings until it reaches the target or the cycle from 2020 ends.
KO Weekly Chart 9.19.2024
Source: https://elliottwave-forecast.com/stock-market/coca-cola-ko-weekly-bullish-sequence/