AIZ : Expect Double Correction Lower Before Upside Resumes

Assurant Inc., (AIZ) together with its subsidiaries, provides lifestyle & housing solutions that support, protect & connect consumer purchases in North America, Latin America, Europe & Asia Pacific. The company operates through two segments: Global lifestyle & Global housing. It is based in New York, Comes under Financial services sector & trades under “AIZ” ticker at NYSE.

AIZ seen the biggest correction since 2009 low at $76.27 during March-2020 global sell-off. But after that, it made an ATH at $194.12 as impulse sequence. While below there, it favors correcting lower against March-2020 low in proposed double correction.

AIZ – Elliott Wave Latest Daily View: 

Since March-2020 low, it placed ((1)) at $114.74 high on 4/09/2020. Below there, it ended ((2)) correction at $83.89 low on 5/14/2020 as 0.764 Fibonacci retracement of ((1)). Later it extends ((3)) higher & ended at $172.22 high. Below there, it favored ended ((4)) at $144.18 low on 1/24/2022. Finally, it placed ((5)) at $194.12 high on 4/21/2022 high as wave I impulse sequence. Below there, it favors correcting lower in wave II as double correction.

Below $194.12 high, it placed ((W)) at $149.50 low on 8/04/2022 & ((X)) at $172.99 high on 8/17/2022. It already breaks below ((W)) low, calling for more downside continue in ((Y)) leg. Currently, it favors lower in (A) leg & expect two more lows before a bounce in (B) leg followed by further weakness in (C). Ideally ((Y)) leg, expect to extend towards $127.93 – $100.15 area to finish II correction before upside resumes. We like to buy the dips towards blue box area for upside or at least larger 3 swing bounce.