Elliott Wave View: TROX Should Expect Pullback

Tronox Holdings Plc (TROX) operates as vertically integrated manufacturer of TiO2 pigment in North America, South & Central America, Europe, Middle East, Africa & Acia Pacific. The company operates Titanium bearing minerals & mines & beneficiation & smelting operations. It comes under Basic Materials sector as Chemical industry type & trades as TROX ticker at NYSE.

TROX – Elliott Wave Latest Daily View:

Since December-2010, TROX made ATH at $38.00 in May-2012, while ATL at $3.65 in January-2016. It trades as sideways price action since 2010. In Covid pandemic early last year, it made a low of $3.97 on 4/03/2020. Thereafter it made an impulse up cycle, which proposed ended on 10/25/2021 & starts correcting lower.

Since 4/03/2020 low, it favored ended ((1)) at $7.49 on 4/29/2020 high. While below there, it placed ((2)) at $5.68 low on 5/15/2020 low as 0.5 retracement against previous cycle. Thereafter it started ((3)) wave as third wave extension of third wave extension & ended at $24.81 high on 6/02/2021. It placed ((4)) at $17.01 low on 8/03/2021 as 0.382 retracement against previous cycle. Finally, it ended ((5)) at $26.33 high on 10/25/2021 as red I against the cycle from April-2020 low & started correcting lower as II.

Below, short term high of $26.33, it favored ended ((A)) at $21.00 low on 12/20/2021. While above $21.00 low, it favors higher in ((B)) to correct the cycle from 10/25/2021 high in 3 or 7 swings before turning lower. Ideally ((B)) should fail below $26.33 high to extend further lower in equal leg area in ((C)) before start the next leg higher or at least 3 swings bounce. Once ((B)) ends, we can project the extension area for ((C)) to finish wave II before it start the next leg higher.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-trox-expect-pullback/