OKE : Expect Double Correction before Upside Resumes

ONEOK, Inc., (OKE) together with its subsidiaries, engages in gathering, processing, storage & transportation of natural gas in the United States. It operates through Natural gas gathering & processing, Natural gas liquids & Natural gas pipelines segments. The company is headquartered in Tulsa, Oklahoma, comes under Energy sector and trades as “OKE” ticket at NYSE.

As discussed in previous blog, below $75.07 high of wave I, it was expected a bounce in connector ((X)) before turning down in ((Y)) leg. Currently, it favors lower in ((Y)) leg in wave II as the part of proposed double three correction.

OKE – Elliott Wave Latest Weekly View :

Since March-2020 low, it has ended ((1)) at $48.36 high on 6/08/2020 low. Below there, it placed ((2)) at $23.28 low on 9/24/2020 as 0.618 Fibonacci retracement of ((1)). It ended ((3)) at $66.78 high on 10/26/2021. It placed ((4)) at $55.55 low as 0.236 Fibonacci retracement. Finally, it ended ((5)) as diagonal at $75.07 high on 4/21/2022 high as wave I impulse sequence from March-2020 low. Below there, it correcting lower in II correction, which expect to unfold in double correction.

OKE – Elliott Wave Latest Daily View : 

Below $75.07 high, it ended ((W)) at $52.19 low & ((X)) at $66.86 high. While below there, it favors lower in ((Y)) leg as it already breaks below ((W)) low. Currently, it favors lower in 5 of (A) & expect one more low below wave 3 before a bounce in (B) leg. Later it expect (C) to extend lower towards $43.88 – $29.68 area to finish the correction in II before upside resumes. Alternatively, it might ended (W) of ((Y)) leg & bouncing higher in (X) connector followed by (Y) towards blue box area. In any of the case, we like to buy the dips towards blue box area for wave III higher or at least larger 3 swing bounce.

OKE – Elliott wave View from 7/31/2022 :

Source: https://elliottwave-forecast.com/stock-market/oke-expect-double-correction-upside-resumes/