SIG : Expect To Pulling Back in II

Signet Jewelers Limited (SIG) engages in the retail sale of diamond jewelry, watches & other products. It is based in Hamilton, Bermuda, comes under Consumer Cyclical sector & trades as “SIG” ticker at NYSE.

SIG made intermediate low at $5.60 during Covid pandemic early last year. Thereafter it started higher high sequence as impulse up, which proposed ended at $111.92 high & below there it favoring correction lower of II.

SIG – Elliott Wave Latest Daily View:

Above 3/23/2020 low of $5.60, it favored ended ((1)) at 17.67 high on 6/05/2020. Below there, it favored ended ((2)) at $9.71 low on 6/26/2020 as 0.618 retracement against ((1)). While dips remain above there, it started third wave extended move & favored ended ((3)) at 83.00 high on 6/25/2021. It placed ((4)) at $60.47 low on 8/5/2021. Finally, it proposed ended ((5)) at $111.92 high on 11/22/2021. While below there it favors correction lower in II red against the cycle from 3/23/2020 low & expect to extend lower towards $63.24 – $41.33 area before it resume higher.

Below $111.92 high, it favored ended impulse ((A)) at 76.66 low & ((B)) at $98.67 high. It placed (1) & (2) at $88.44 high & below there expecting more weakness towards $63.24 to end ((C)) correction in proposed zigzag structure to end II.  It already confirmed lower low sequence calling for more weakness continues. We like to buy it within blue box area for next leg higher or at least 3 swing bounce.