PNC Financial (PNC): Is this Vertical Move Sustainable?

SUMMARY

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A chart like the one for PNC Financial (PNC) as shown below often confounds newbie Ellioticians. While one can count the impulse waves (blue); what and exactly how are the rest of the price moves accounted for? There are two ways to go about and resolve such conundrums. The first is to self teach and the second is to acquire 1:1 coaching. And that is something I provide and even stay home Moms' have learned how to progress through proficient Elliott Wave counting, then Chart Pattern recognition and futre price pathway projection.

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I've always said that there more than one way to Elliott Wave label. I'm sure my learned colleague, Hive account@ew-and-patterns will concur to this subjective feature of EW technique. It isn't perfect, but then again show me what in this world of constant change as to what is. Having said that, my count shows that the first blue wave are the subwaves of a higher degree purple wave 1 while the next white subwaves are for purple wave 3. Purple wave 2 was a sharp and simple wave 2 down and currently, price is likely about to undergo purple wave 4. The subwaves of this I've labeled as ABC (red); however, it can morph it to any other sequence. This is why trading corrective waves is so difficult and IMHO, is best to buy at the terminal ends. For PNC, I believe once the purple wave 4 completes, the bears will have to contend with wave 5 which could reach $202.63 or higher.

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Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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