$BAYN : Bayer Should Resume Rally To New Highs Or Recover In 3 Waves Minimum

Bayer Monthly Elliott Wave Analysis 04.26.2020

The monthly chart below shows the Bayer stock $BAYN traded at XETRA. From all-time lows, the stock price has developed an Elliott wave motive wave pattern. The cycle up in blue wave (I) being of super cycle degree has ended by printing its top at all-time highs on April 2015 at 144.13. Within the super cycle in wave (I), the red waves I, III and V of cycle degree are also motive waves. Wave II is an expanded flat and wave IV is an Elliott Wave triangle pattern. Even though the internals of wave IV are falling below 43.55, hence, an overlap occurs with the price territory of the wave I. Nevertheless, the end of the wave IV in subwave ((E)) is proposed ended at 46.95, therefore, no crossing of waves I and IV takes place.

Bayer Weekly Elliott Wave Analysis 04.26.2020

The correction of the super cycle higher in wave (I) from the 04.2015 highs in blue wave (II) lower is shown in detail in the weekly chart below. The decline has unfolded so far as a zigzag pattern, i.e., a 5–3–5 structure. The cycle in red wave a has ended on 05.2016. The decline shows five subwaves with the overlapping waves ((1)) and ((4)) which might be a leading diagonal. The correction higher in red wave b has printed its top on 06.2017. From there, another leg lower in red wave c is demonstrating an impulsive character. The wave ((3)) shows an extension which in turn has an extended 3rd subwave, i.e., blue (3).

Bayer Daily Elliott Wave Analysis 04.26.2020 and Outlook

The daily chart below shows in more detail the sharp fall towards 44.72 on March 2020. There, the stock price has found a bottom within the weekly blue box extension area. Moreover, it has reached the 1.23–1.618 inverse extension of the wave ((4)). From the March lows, the price has bounced breaking both price and RSI channels of the decline in wave ((5)) of c. Therefore, the correction in wave (II) from the 04.2015 highs might be over. While above 44.72, the price of $BAYN should find support. The stock price could be starting right now to a new multi-year rally in the wave ((III)) towards 144.13 and higher or should bounce in 3 waves at least.

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