Elliott Wave View: NWSA Should Favor Double Correction Lower
News Corporation (NWSA) is a Media & Information Services company focuses on creating & distributing content worldwide. It operates in different segments like Digital estate services, subscription-based video services, Dow Jones services, book publishing, news media & others. It trades under NWSA ticker at Nasdaq & comes under Communication services sector.
Since 2013 in daily, NWSA made ATL at $7.90 on 4/02/2020 during global sell-off. Thereafter it made higher high sequence, which favored ended as I on 5/10/2021 high shown in previous blog as possible alt view. Actually, it bounced in 3 swings higher as ((X)) started from $21.61 low of ((W)), which failed to make new high & breaks the low, calls for double correction lower in ((Y)) of II.
NWSA — Elliott Wave View from 10/19/2021:
It favored ended ((1)) at $15.90 high of 9/18/2020 in the cycle started from 4/02/2020 low. Below there it placed ((2)) at $12.79 low on 10/29/2020 as 0.382 retracement against previous cycle. It favored ended ((3)) at $27.68 high on 3/19/2021 & placed ((4)) at $25.22 low as shallow correction. Finally, it ended ((5)) barely as new high at $27.97 on 5/10/2021 & started correcting lower against the cycle from April-2020 low. It expects to do double correction lower towards $19.50 — $15.56 area before it resumes the next leg higher.
NWSA — Elliott Wave Latest Daily View:
Below $27.97 high of I, it favored ended ((W)) at $21.61 low & ((X)) at $25.86 high on 5/11/2021. It placed (A) at $21.09 low & favors higher in (B) as expanded flat correction. While bounce fails below $25.86 high, it expect to extend lower in © of ((Y)) towards equal leg area $19.50 — $15.56. When it finished II in equal leg area, it expect to find support there for next leg higher or at least 3 swing bounce.
NWSA — Alternate Elliott Wave View:
Alternatively, it is possible that (A) ended at $20.58 low & currently favors higher in (B), which expect two more highs before turning lower in © of ((Y)) towards equal leg area to end II. In both cases we expect at least one or more highs within (B) wave before it resumes lower.