Elliott Wave View: NWSA Should Favor Double Correction Lower

News Corporation (NWSA) is a Media & Information Services company focuses on creating & distributing content worldwide. It operates in different segments like Digital estate services, subscription-based video services, Dow Jones services, book publishing, news media & others. It trades under NWSA ticker at Nasdaq & comes under Communication services sector.

Since 2013 in daily, NWSA made ATL at $7.90 on 4/02/2020 during global sell-off. Thereafter it made higher high sequence, which favored ended as I on 5/10/2021 high shown in previous blogĀ as possible alt view. Actually, it bounced in 3 swings higher as ((X)) started from $21.61 low of ((W)), which failed to make new high & breaks the low, calls for double correction lower in ((Y)) of II.

NWSA – Elliott Wave View from 10/19/2021:

It favored ended ((1)) at $15.90 high of 9/18/2020 in the cycle started from 4/02/2020 low. Below there it placed ((2)) at $12.79 low on 10/29/2020 as 0.382 retracement against previous cycle. It favored ended ((3)) at $27.68 high on 3/19/2021 & placed ((4)) at $25.22 low as shallow correction. Finally, it ended ((5)) barely as new high at $27.97 on 5/10/2021 & started correcting lower against the cycle from April-2020 low. It expects to do double correction lower towards $19.50 – $15.56 area before it resumes the next leg higher.

NWSA – Elliott Wave Latest Daily View:

Below $27.97 high of I, it favored ended ((W)) at $21.61 low & ((X)) at $25.86 high on 5/11/2021. It placed (A) at $21.09 low & favors higher in (B) as expanded flat correction. While bounce fails below $25.86 high, it expect to extend lower in (C) of ((Y)) towards equal leg area $19.50 – $15.56. When it finished II in equal leg area, it expect to find support there for next leg higher or at least 3 swing bounce.

NWSA – Alternate Elliott Wave View:

Alternatively, it is possible that (A) ended at $20.58 low & currently favors higher in (B), which expect two more highs before turning lower in (C) of ((Y)) towards equal leg area to end II. In both cases we expect at least one or more highs within (B) wave before it resumes lower.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-nwsa-favor-double-correction/