ADNT : Should Pullback Before Resume Rally

Adient Plc (ADNT) designs, develops, manufactures & markets a wide range of seating systems & components for passenger cars, commercial vehicles & light trucks & serves globally. The company is based in Dublin, Ireland. It comes under Consumer Cyclicals sector as Auto Parts Industry & trades under “ADNT” ticker at NYSE.

Since October-2016, ADNT made an ATH at $86.42 & ATL at $5.90 during global market sell-off in early 2020. Thereafter, it favored ended impulse cycle at 6/04/2021 high against the cycle started from 3/18/2020 low. While below there, it started correcting lower in proposed zigzag correction.

ADNT – Elliott Wave Latest Daily View: 

During global sell off in early 2020, it made $5.90 as ATL on 3/18/2020. Above there, it favored ended ((1)) at $22.57 high on 6/08/2020 & placed ((2)) at $15.00 low on 8/07/2020 low. ((2)) was shallow correction slightly past below 0.382 of ((1)). While above ((2)) low, it favored ended ((3)) at $38.26 high on 1/07/2021 & placed ((4)) at $30.47 low on 1/27/2021. The final leg ((5)) was ending diagonal & favored ended at $53.16 high on 6/04/2021 as I red impulse. Below there, it favors II correction in proposed zigzag structure.

Below $53.16 high, it started correcting lower against the cycle from March-2020 low. It favored ended ((A)) at $34.56 low on 8/05/2021 & proposed ended ((B)) as double correction at $50.96 high on 1/13/2022. While below $50.96 high, it placed (3) at $30.53 low & currently favoring (4) correction, before it starts (5) of ((C)) lower to end II correction between 32.43 – 20.94 area before it resumes next leg higher. Alternatively, it might ended II as double correction at $30.53 low & can see more upside, while dips remain above that level. III red will confirm, when it breaks above I red high of $53.16.

ADNT – Alternate Elliott Wave View: