EWBC : Pulling Back Before Next Rally

East West Bancorp Inc, (EWBC) operates as the bank holding company for East West Bank that provides a range of personal a& commercial banking services to businesses & individuals. It operates through three segments, Consumer & Business banking, Commercial banking & other. It is based in Pasadena, CA, comes under Financial services sector & trades as “EWBC” ticker at Nasdaq.

During the global selloff in early 2020, EWBC made an intermediate low at $22.55. Above there, it confirms higher high sequence as the part of impulse, which favored ended at $93.51 high. Currently, it favors correction lower against the cycle up from April-2020 low.

EWBC : Elliott Wave Latest Daily View: 

Above $22.55 low, it started impulse sequence higher. It favored ended ((1)) at $43.10 high on 6/08/2020 & placed ((2)) at $30.49 low as 0.618 retracement of ((1)). While above there, it started third wave extension & placed ((3)) at $82.53 high on 3/18/2021. ((4)) favored ended at $65.87 low as zigzag correction, which ended slightly below 0.236 retracement of ((3)). Finally, it favored ended ((5)) of the impulse sequence at $93.51 high on 2/16/2022 as I red. While below there, currently, it proposed doing double correction in II, which will confirm when it breaks below ((W)) low.

Below, $93.51 high, it placed ((W)) at $69.74 low & proposed ended ((X)) at $85.32 high. While below, ((X)) high, it favors further weakness as the part of ((Y)) leg towards $61.59 – $46.86 area to end II correction. ((Y)) will be confirmed when it breaks below ((W)) low. Currently, it appears within 1 red of (A) & expect more downside before it can see the bounce of (B), which ideally should fail below $85.32 high to extend lower in (C) of ((Y)) leg. We like to buy the equal leg area for the next leg higher or at least 3 swing bounce thereafter.

Source: https://elliottwave-forecast.com/stock-market/ewbc-pulling-back-before-next-rally/