PulteGroup, Inc. (NYSE: PHM), a leading homebuilder in the United States, has been at the forefront of the booming real estate market. With a strong track record and a solid reputation, PulteGroup has positioned itself as a key player in the industry. In this article, we will delve into the bullish case for PHM, exploring the Elliott Wave structure that have contributed to its success and examining the potential for further growth.
PHM Weekly Elliott Wave Chart
Since 2020 crash, PHM established a new strong bullish trend within wave I at 5/10/2021 peak $63 followed by wave II at 6/17/2022 low $35. up from there, the stock traded into new all time highs in April 2023. The move higher in wave III created a bullish sequence within the cycle from 2020 and consequently PHM will aim for equal legs area at $81 – $110.
The stock is trading within a wave (III) which is usually the strongest wave within a multiyear cycle and therefore it can keep extending within the current nest structure. Investors and trades will be looking for daily correction to buy the pullbacks in3 , 7 or 11 swings.
In conclusion, PulteGroup stands as a testament to its resilient performance and strong market presence. With a solid track record of success and a bullish wave structure in play, the stock has the potential for further growth and value appreciation.