The Middleby Corporation (MIDD) designs, manufactures, markets, distributes & services a range of food services, food processing & residential kitchen equipment in the US, Canada, Asia, Europe, Middle East & Latin America. It is based in Elgin, Illinois, comes under Industrials sector & trades as “MIDD” ticker at Nasdaq.
Since February-2017, MIDD made finished larger correction at $41.73 low in early-2020 during global sell-off. After that it made ATH at $201.34 in February-2022 as impulse sequence started from $41.73 low. Currently, it favors correcting the cycle up from March-2020 low before resumes upside.
It favored ended ((1)) at 108.26 high on 8/11/2020 started from $41.73 low on 3/23/2020. It placed ((2)) at $85.92 low as shallow correction against ((1)). While above there, it started third wave extension & favored ended ((3)) at $196.49 high on 8/05/2021 as 1.618 Fibonacci extension against ((1)). It placed ((4)) at $166.31 low as 0.236 fib retracement against ((3)). Finally, it favored ended ((5)) as ending diagonal at $201.34 high on 2/09/2022 as I red. While below there, it favors II correction as proposed zigzag structure before resumes higher.
Below $201.34 high, it placed ((A)) at $162.76 low & ((B)) at $175.34 high. While bounce fails below ((B)) high, it favors ((C)) of zigzag down towards $136.57 – $112.55 area to end II correction before upside resumes. It proposed ended (4) of ((C)) at $157.04 high. While below there, it expect further weakness towards blue box area before in (5). Alternatively, above $157.04 high, it can extend (4) before turning lower in (5). We like to buy the blue box area later for next leg higher or at least 3 swing bounce thereafter.