$ADS: German Adidas Stepped Down in 11 Swings into Big Buy

Adidas is a German multinational corporation designing and manufacturing shoes, clothing and accessories. Created in 1934 by Adolf Dassler and headquartered in Herzogenaurach, Germany, the company is the largest sportswear manufacturer in Europe. Adidas is a part of both DAX40 and of SX5E indices. From the all-time lows, Adidas has been showing a strong bullish behavior. In particular, from the 2008 lows it has gained more than 10x in value. In the initial article from January 2021, we were calling for a new cycle up. We were right, Adidas has printed a new all-time high at 336.25. Later on, in December 2021, we were calling for medium term pullback in 7 swings to find support from 220.76–171.54 area. Indeed, from the bluebox area, the market has bounced in 3 swings. Then, however, stock price decided to step in 11 swings lower. The number and the magnitude of the swings turn the overall correction into a next degree. As a matter of fact, Adidas is correcting in 11 swings against all-time lows providing a big buying opportunity. In this blog, we provide an update.

Adidas Monthly Elliott Wave Analysis 11.27.2022

From the March 2020 lows, a new cycle in wave (V) has printed the all-time high in August 2021 at 336.25. In fact, the cycle in wave ((I)) of grand super cycle degree has ended. From the August 2021 highs, a correction in wave ((II)) is in progress or might have ended already. Then, a new larger cycle in black wave ((III)) should take place. Therefore, investors can be using that major pullback in black wave ((II)) as a buying opportunity expecting more upside towards 336.25 and higher.

Adidas Daily Elliott Wave Analysis 11.27.2022

Investors and traders can be using 141.22–92.00 bluebox area as a buying opportunity in $ADS targeting 429.50–637.60 area and even higher in the long run.

Source: https://elliottwave-forecast.com/stock-market/adidas-stepped-11-swings-big-buy/

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