More than six months ago we published an article about Carrefour (PARIS:CARR) , called “Carrefour SA, nearing the top”, saying that “while some may perceive 30 euro as a buying entry point, we think that the better decision is to get rid of those shares or go short on them”. The reason for this statement was our Elliott Wave analysis, based on the following chart.
According to the theory, trends move in five-wave sequences. That is why we were expecting a new top around 30 euro per share. But after every five waves there should be a three-wave correction in the opposite direction. That is why we did not fancy buying Carrefour stock. The next chart shows how prices have been developing during the last six months.
As visible, prices topped at 29.55 and began the decline we have been waiting for, leading Carrefour close to 24.30 so far. What we have now is a clear 5-3 Elliott Wave cycle, which means that we should expect the uptrend to resume soon. The corrective wave (2)/B may extend lower, of course, but as long as the 13 euro mark holds, we will be looking for a major bottom.
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Future Looks Bright For Carrefour
Published 10/01/2014, 07:12 AM
Updated 07/09/2023, 06:31 AM
Future Looks Bright For Carrefour
Latest comments
wrong analyse carrefour value le round 5
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