Last week while the world was coming to an end, PG held its head above the water. We see that as a bullish sign. So we took a look at the chart and PG still sports a compelling story using the Elliott Wave Principle. First it appears the decline from 94 was only 3 waves down a counter trend move while the current advance from recent low @ 65 sure looks impulsive.
Thus, regardless if current advance is the real beginning of the next major rally of only part of more complex corrective move ( bullish triangle ? ) before that rally emerges, for now on and as long 65 holds we are bullish PG
For the very short term I would expect a bit more weakness towards 71-73 as the small correction ( wave ( 2 ) ) seem to be short in time. Earning report is due on Tuesday and that might generate some sparks.
Thus, regardless if current advance is the real beginning of the next major rally of only part of more complex corrective move ( bullish triangle ? ) before that rally emerges, for now on and as long 65 holds we are bullish PG
For the very short term I would expect a bit more weakness towards 71-73 as the small correction ( wave ( 2 ) ) seem to be short in time. Earning report is due on Tuesday and that might generate some sparks.
