UNFI : Favors Sideways To Lower Before Rally Resumes

United Natural Foods Inc., (UNFI) together with its subsidiaries, distributes natural, organic, specialty, produce & conventional grocery & non-food products in the US & Canada. It operates in two segments, wholesale & retail. It is based Providence, Rhode Island, US, comes under Consumer Defensive sector & trades as “UNFI” ticker at NYSE.

As mentioned in previous article, UNFI ended I at $57.89 high as impulse sequence & favors corrective pullback in II towards $23.66 – $8.63 area before turning higher. It placed ((B)) at $47.88 high as flat connector & favors lower in ((C)) of II before upside resumes.

UNFI – Elliott Wave Monthly View From 6.16.2022: 

It started impulse up from December-1999 low & favored ended (I) at $83.91 high. Later, it corrected in zigzag structure & ended it at $5.00 low as (II) correction. Above there, it against started trading higher in impulse sequence. Within (I), it placed I at $38.40 high & II at $12.83 low. While above there, it favored ended III at $79.64 high as third wave extension & placed IV at $58.04 low. Finally, it ended V at $83.91 high as (I). Below there, it placed (II) at $5.00 as zigzag correction before it resumes upside in I.

UNFI – Elliott Wave Latest Monthly View: 

Above (II) low, it placed ((1)) at $23.38 high & ((2)) at $14.23 low. It favored ended ((3)) at $42.40 high & ((4)) at 30.61 low. Finally, it ended ((5)) at $57.89 high as wave I of (III). Below there, it placed ((A)) at $33.63 low & ((B)) at $47.88 high as running flat correction. Currently, it favors lower in ((C)) leg towards $23.66 – $8.63 area to finish wave II before turning higher in III of (III).

UNFI – Elliott Wave Latest Weekly View: 

Short term, it favors a corrective bounce in (4) of ((C)) followed by weakness in (5) within blue box area. Buyers expect to enter the market within blue box area for further upside or at least larger 3 swing larger bounce.

UNFI – Elliott Wave Latest Daily View: 

Source: https://elliottwave-forecast.com/stock-market/unfi-favors-sideways-lower-rally-resumes/