In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Microsoft ticker symbol: MSFT. We presented to members at the elliottwave-forecast. In which, the rally from the 06 January 2023 low unfolded as an impulse structure & showed a higher high sequence favoring more upside to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Microsoft 1-Hour Elliott Wave Chart From 2/06/2023
Here’s the 1hr Elliott wave chart from the 2/06/2023 Midday update. In which, the short-term cycle from the 1/31/2023 low ended in wave (iii) at $265.15 high. Down from there, the stock made a short-term pullback in wave (iv) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where lesser degree wave a ended at $258.06 low. Wave b bounce ended at $264.60 high. And wave c managed to reach the blue box area at $257.41- $252.95 equal legs area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
Microsoft Latest 1-Hour Elliott Wave Chart From 2/07/2022
Above is the 1hr Elliott wave Chart from the 2/07/2023 Pre-market update. We can see the stock is showing a strong reaction higher right after ending the zigzag correction within the blue box area. This allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $265.15 high would still be needed to confirm the next extension higher. Ideally towards the $267.60- $271.53 area which is the minimum extension target for wave (v).
Source: https://elliottwave-forecast.com/stock-market/microsoft-higher-high-sequence/