Elliott Wave Analysis of Ensco Plc (ESV)

I highlighted this stock early in Jan 2017 as a potential setup to buy after it completed a 5 wave advance. Fast forward and not only has it put in a 5 wave advance from the Jan 2017 lows, it has also pulled back like we wanted, however I would like to see a bit more downside towards 8.00 – 9.50 and a 7 swing decline from the Jan 2017 lows, that would offer a potential bullish setup.

Before

After

The key to this bullish setup is seeing a 7 swing move as we can label that as a double zigzag. Anything other than that, or if the next decline sees a move under 8.00 would potentially argue for an alternative idea that I am tracking that could suggest new lows again under 6.50. Although for now I am favoring this double zigzag idea for wave 2.

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Disclaimer

The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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Data Collected to Manage Your Membership

At checkout, we will collect your name, email address, username, and password. This information is used to setup your account for our site. If you are redirected to an offsite payment gateway to complete your payment, we may store this information in a temporary session variable to setup your account when you return to our site.

At checkout, we may also collect your billing address and phone number. This information is used to confirm your credit card. The billing address and phone number are saved by our site to prepopulate the checkout form for future purchases and so we can get in touch with you if needed to discuss your order.

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Elliott Wave Analysis of Ensco Plc (ESV)

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