$NOKIA : Double Correction in Nokia after Blue Box Bounce

Nokia Monthly Elliott Wave Analysis 09.25.2022

The monthly chart below shows the Nokia shares $NOKIA traded at Nasdaq Nordic OMX Exchange. From the July 2012 lows at 1.30, the stock price has developed a cycle higher in wave I towards 7.86 highs on April 2015. After the primary impulse higher, a double three correction lower in wave II has ended on March 2020 at 2.08.

Nokia Daily Elliott Wave Analysis 09.25.2022

The daily chart below shows the $NOKIA shares price action in more detail. From the March 2020 lows at 2.08, the stock price has advanced in a black wave ((1)) towards January 2022 highs at 5.77. The pattern is a leading diagonal. From the January 2022 top, a decline in larger 7 swings is currently in progress. We saw 7 smaller swings of wave (W) reaching into 4.34–3.72 blue box area. There, a reaction higher in 3 swings of wave (X) has taken place. From the September 2022 high, a new cycle lower in blue wave (Y) might have started. Even though, the March 2022 low has not been broken yet, the RSI reading is already below that of the March. Now, while below 5.20 next blue box area can be reached.

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