Morgan Stanley (MS) Favors Short Term Weakness

Morgan Stanley (MS), a financial holding company provides various financial products & services to corporations, governments, financial institutions & Individuals in the Americas, Europe, Middle East, Africa & Asia. It operates through Institutional Securities, Wealth Management & Investment management services. It is based in New York, US, comes under Financial services sector & trades as “MS” ticker at NYSE.

Since 2008 low, MS confirmed higher high sequence, calling for further upside to continue once the current pullback finishes. It ended impulse sequence in wave I at $109.73 high & favors pullback in wave II in 7 or 11 swings against March-2020 low before turning higher.

MS – Elliott Wave Latest Weekly View:

It showing higher high sequence from October-2008 low. It favored ended (I) at $59.38 high & (II) at $27.20 low. Above there, it placed ((1)) of I at $54.38 high & ((2)) at $45.86 low. Thereafter, it extended higher in third wave extension, which ended as ((3)) at $105.95 high. Wave ((4)) was shallow correction as flat, which ended at $92.94 low as 0.236 Fibonacci retracement of previous leg. Finally, it ended ((5)) as wave I at $109.73 high before pullback starts.

MS – Elliott Wave Latest Daily View: 

Below wave I high, it placed ((W)) of II at $72.05 low on 7/14/2022 & ((X)) connector at $100.99 high on 2/14/2023. It expects ((Y)) leg down in wave II correction, which will confirm below ((W)) low. In that case, it expects weakness towards weekly blue box area between $63.21 – $39.86, where buyers expect to enter the market. Currently, it favors lower in 1 of (A) & expect weakness to continue before a bounce in (B) of ((Y)) leg. Alternatively, if it breaks above $109.73 high, then it should be in III higher, while placed II at $72.05 low.