Morgan Stanley (MS) Favors Correcting Lower

Morgan Stanley (MS), a financial holding company provides various financial products & services to corporations, governments, financial institutions & Individuals in the Americas, Europe, Middle East, Africa & Asia. It operates through Institutional Securities, Wealth Management & Investment management services. It is based in New York, US, comes under Financial services sector & trades as “MS” ticker at NYSE.

As mentioned in previous article, MS favors correcting lower in ((Y)) of II. Short term, it expects weakness in (A), while bounce fails below ((X)) high.

Since October-2008 low, it ended (I) at $59.38 high & (II) at $27.20 low. Above there, it placed I as impulse at $109.73 high & favors pullback in II in double correction. Below wave I high, it placed ((W)) at $72.05 low on 7/14/2022. ((W)) was 3 swing sequence. While above there, it bounced off in ((X)) leg as 3 swing sequence ended at $100.99 high on 2/14/2023 high. Below ((X)) high, it favors lower in ((Y)) leg, which confirms, when breaks below ((W)) low & extend lower towards $63.21 - $39.86 area as weekly blue box to finish II correction before turning higher.

MS - Elliott Wave Latest Weekly View: 

Below ((X)) high, it placed 1 of (A) at $81.72 low & favors a corrective bounce in wave 2, which soon expect to fail in 3 or 7 swings to resume downside in 3 of (A). (A) leg expect to extend towards $77.59 - $72.06 area before a bounce in (B) leg. Wave (B) expect to fail in 3, 7 or 11 swings against ((X)) high to resume lower in (C) towards weekly extreme areas to finish the correction. Buyers expect to enter the market at blue box area in II, when reached for at least 3 swing bounce or further upside in III of (III).

MS - Elliott Wave Latest Daily View: 

Source: https://elliottwave-forecast.c...