EMN : Expect II Correction Before Next Rally

Eastman Chemical Company (EMN) operates as specialty materials company globally. It serves transportation, personal care, wellness, food, feed, agriculture, building & construction, water treatment, energy, consumables, durables & electronic markets. It is based in Kingsport, Tennessee, comes under Basic Materials sector & trades as “EMN” ticker at NYSE.

EMN made low of $34.44 on 3/18/2020 during global selloff in early 2020. Thereafter, it confirmed higher high sequence & made ATH at $130.47 in weekly time frame. Currently, it favors proposed flat correction in II before upside resumes.

EMN – Elliott Wave Latest Daily View:

It started impulse sequence from 3/18/2020 low & placed ((1)) at $64.19 on 5/01/2020. Below there, it favored ended ((2)) at $57.30 low as shallow correction. While above there, it placed ((3)) at $119.01 high on 3/11/2021 as third wave extension. ((4)) correction finished at $106.11 low on 3/23/2021 as 0.236 retracement against ((3)). While above there, it favored ended ((5)) at $130.47 high on 6/01/2021 as I red impulse & currently, favors II flat correction against March-2020 low.

Below $130.47 high, it placed ((A)) at $98.24 low & proposed ended ((B)) at $129.47 high on 1/19/2022 high. While below there, it favors ((C)) correction within II & confirms only when it breaks below ((A)) low. It favored ended (2) of ((C)) at $124.85 high & below there, it favors (3) lower & expect to extend towards $97.20 – $77.20 area before upside resumes or at least 3 swing bounce.

Source: https://elliottwave-forecast.com/stock-market/emn-expect-ii-correction-before-next-rally/