Elliott Wave Analysis of Norfolk Southern Corp (NSC)

Since Donald Trump was elected as POTUS we have seen what the media is calling the “Trump rally” or “Trump effect”. No matter how you describe it, the facts are that rail road stocks have been a tear recently, once such stock that I am tracking is Norfolk Southern Corp (NSC).

This has a great looking pattern and I suspected its working an impulse wave, so we want to see 5 waves from the Feb 2016 lows before we turn bearish, although I do think its close to end wave 3, so some caution from the bulls is needed. Ideally a minor new high is seen followed a swift reversal back under 116.76, that should favor more weakness and suggest a correction for wave 4 is underway. A large 3 wave pullback towards 105.00 – 107.00 is a good area to end wave 4 and find buyers again to setup for a rally back to new all time highs for wave 5.

So if you own this stock it maybe prudent to put protective stops at 116.76. Overall I still favor more upside whilst its above 95.00 and favor a pullback in 3 waves to around 105.00 is likely a large 4th wave of an impulse wave that started from the Feb 2016 lows

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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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Elliott Wave Analysis of Norfolk Southern Corp (NSC)

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