SCHW : Correcting Lower Before Next Cycle Up

The Charles Schwab Corporation (SCHW), together with its subsidiaries, provides wealth management, securities brokerage, banking, asset management, custody & financial advisory services. The company operates through, investor services & Advisor services segments. It is based in Texas, comes under Financial services sector & trades as “SCHW” ticker as NYSE.

Since 2011 low, SCHW gave the biggest correction in March-2020 & made a low of $28.00. Thereafter, it made an all time high of $96.24 as impulse sequence ended on 2/09/2022. While below, there it correcting lower against the cycle form March-2020 low.

SCHW — Elliott Wave Latest Daily View :

It started impulse sequence from $28.00 low on 3/16/2020. It ended ((1)) at $39.09 high on 4/29/2020 & ((2)) as flat correction at $31.63 low as 0.618 retracement against previous cycle. Above there, it started third wave extension & favored ended at $76.37 high on 6/04/2021 as around 2.618 extension of ((1)). It corrected in ((4)) at $65.73 low on 7/20/2021. Finally, it placed ((5)) as wave I red at all time high at $96.24 on 2/09/2022. Currently, it favors correcting lower against the cycle from March-2020 low.

It placed ((A)) at $74.63 low & ((B)) at $93.16 high. While below there, it favors (©) leg down as the part of zigzag structure in wave II. Currently, it appears ended (3) at 63.34 low & favors a corrective bounce of (4) of (©) followed by one more leg down in (5) to finish the corrective sequence. We like to buy the dips in proposed blue box area between $71.58 — $58.19 for the next leg higher or at least a 3 swing reaction higher.

Source: https://elliottwave-forecast.com/stock-market/schw-correcting-lower-next-cycle/