MGM Resorts International (MGM) Favors Pullback Before Rally Resumes

MGM Resorts International (MGM), through its subsidiaries owns & operates casino, hotel & entertainment resorts in the US and Macau. The operates through three segments: Las Vegas Strip Resorts, Regional Operations & MGM China. It is based in Las Vegas, Nevada, comes under Consumer Cyclical sector & trades as “MGM” ticker at NYSE, having market cap of 15.69 B as on 28-August, 2023.

MGM made all time low at $1.81 in Mach-2009 low. Above there, it reacted higher, but yet trading below previous all time high of $100.50. Since 2009, It appears nesting & favors pullback in ((2)) of III of (III) against June-2022 low before turning higher in ((3)). Alternatively, if it breaks below June-2022 low, it can do larger correction while ended diagonal at last high since 2009.

MGM – Elliott Wave Weekly Latest View: 

It placed (I) at $38.41 low & (II) at $5.90 low in March-2020 low. Above there, it placed I of (III) at $51.17 high & II at $26.41 low as 3 swing pullback. In wave I, it finished ((1)) at $17.63 high, ((2)) at $11.77 low, ((3)) at $44.40 high as extended wave, ((4)) at $35.72 as flat correction & ((5)) at $51.17 high. Below there, it placed ((A)) of II at $38.11 low, ((B)) at $49.00 high & ((C)) at $26.41 low as II in June-2022 low as zigzag correction.

MGM – Elliott Wave Latest Daily View: 

Above II low, it resumed higher in ((1)) of III & confirms higher high sequence above I high, which ended at $51.35 high. It placed (1) at $36.34 high, (2) at $29.20 low, (3) at 46.23 high, (4) at $38.68 low as flat correction & (5) at $51.35 high. It favors correction in ((2)) in 3 or 7 swings against June-2022 low before upside resumes in ((3)) of III. Currently, it favors bounce in (B) in 3 or 7 swings, while placed (A) at $41.89 low & later resumes downside in (C) to finish ((2)). It expects to resume higher later in ((3)) of III from the extreme areas.