TRGP : Should Expect Bounce Before Further Downside In Correction

Targa Resources Corp., (TRGP) together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, & develops a portfolio of midstream energy assets in North America. The company operate in two segments, gathering – processing, & logistics – transportation. It is based in Houston, Texas, comes under Energy sector & trades as “TRGP” ticket at NYSE.

TRGP made an all time low of $3.66 during global sell-off during March-2020. Later, it made an impulse sequence, which ended at $81.50 high. Below there, it favors correcting lower in II in double three before upside resumes.

TRGP – Elliott Wave Latest Daily View :

It placed ((1)) at $26.17 high on 6/08/2020 & ((2)) at $13.08 low on 9/24/2020. ((2)) was 0.618 Fibonacci retracement of previous sequence. Above there, it unfolded in third wave extension. It placed ((3)) at $58.18 high on 11/08/2021. It favored ended ((4)) at $47.57 low as 0.236 Fibonacci retracement as shallow connector. Finally, it ended ((5)) at $81.50 high as wave I on 4/21/2022 since March-2020 low. Below there, it favors correcting lower in II & expect a larger double or flat correction before upside resumes.

Below wave I high, it placed ((W)) at $55.56 low as 3 swing correction. While above there, it expecting a corrective bounce as ((X)) connector, which ideally should fail below $81.50 high to resume downside later in ((Y)) leg to finish II correction. Alternatively, it can unfold in flat correction. Later it expect to react higher from the equal leg area in II for at least 3 swing higher or up sequence. In case, it breaks above I high, it might be in wave III as alternate possibility.