Will TD Bank ($TD) React Lower from our Blue Box Area?

Hello Traders! Today, we will look at the shorter cycles of Toronto-Dominion Bank ($TD) and explain why the stock should soon reach a Blue Box area and react lower. First of all, This is how we saw it in March 2023 expecting a bounce to take place before lower again.

$TD 4H Elliott Wave Analysis May 8th 2023:


The bounce in blue (2) is unfolding in a Zigzag (ABC) structure to correct the cycle against Feb 2023 peak. The first swing in red A unfolded in 5 waves from 3.24.2023 low which is an impulsive count. Corrections run in 3, 7 or 11 swings so the 5 waves higher gave a signal that we are going to remain supported against 3.24.2023 at $55.43. The stock pulled back to correct the cycle against 3.24.2023 and ended B. From there, the stock found buyers and made a new high above A. That opened more upside towards the Blue Box area ($64.88 – 69.02) where sellers should be waiting to appear to resume the downside.

Source: https://elliottwave-forecast.com/video-blog/will-td-bank-td-react-lower-blue-box-area/