BAM : Expect More Downside Before Next Rally Resumes

Brookfield Asset Management (BAM) is an alternative asset manager & REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure & venture capital & private equity assets. It manages a range of public & private investment products & services for institutional & retail clients. It based in Toronto, Canada, comes under Financial services sector & trades as “BAM” ticker at NYSE.

As discussed in last article, BAM turned lower in ((C)) of II after ending ((B)) at $59.16 high. Currently, it favors further weakness in (5) of ((C)) towards $46.62- $38.87 area to finish II correction before next rally resumes.

BAM : Elliott wave analysis from 4/05/2022 : 

During global sell-off in March-2020, it made an intermediate low of $21.57 on 3/23/2020. While above there, it placed ((1)) at $37.73 high on 6/08/2020 and ((2)) at $29.09 low on 10/30/2020. ((2)) was 0.5 Fibonacci retracement against ((1)). Above there, it favors higher in third wave extension & finished ((3)) at $62.20 high on 11/08/2021. ((4)) favored ended at $50.87 low on 1/24/2022 as slightly above 0.382 retracement of ((3)). Finally, it favored ended ((5)) at $62.47 as minor high to end I red as impulse sequence started from March-2020 low.

BAM : Elliott wave Latest Daily view : 

Below $62.47 high, it favors II correction lower as zigzag. It placed ((A)) at $50.05 low & ((B)) at $59.16 high. While below there, it expect to extend lower in ((C)) towards $46.62- $38.87 area to finish II correction. Short term, it proposed ended (4) of ((C)) at $49.41 high & below there, it favors (5) of ((C)) lower. It expect at least one more low below (3) low to finish the correction of II. We like to buy the dips in blue box area for next leg higher or at least for 3 swing reaction upside.