Based in Chicago, Illinois, The Boeing Company is a supplier of commercial jet aircraft for passenger and cargo needs to several airline companies around the world, including United Airlines, American Airlines, and Southwest Airlines. The recent uptick of new virus strain Omicron has again affected international travel with more stringent testing and travel rules by many countries. Low production numbers together with the decline in air travel demand weighed on Boeing’s finances during the pandemic. Below is the technical outlook of the stock using Elliott Wave.
Boeing (BA) Daily Elliott Wav Chart
Boeing Co (BA) shows a 5 swing bearish sequence from March 15, 2021 high. The decline from there is unfolding as a double three (double zigzag) Elliott Wave structure. Down from March 15, 2021 peak, wave (A) ended at 219.07, and wave (B) ended at 258.40. Stock then extended lower in wave (C) towards 204.80 and this completed wave ((W)). Rally in wave ((X)) then ended at 241.15. Wave ((Y)) is in progress as a zigzag structure where wave (A) ended at 190.04. Wave (B) is proposed complete at 218.93. While the stock continues to stay below the descending trend line from March 15 peak, further downside is expected to reach 121.9 – 167.4 where buyers should be seen for at least 3 waves rally.