Bank of Montreal (BMO) Continues Weakness In Correction

Bank of Montreal (BMO) provides diversified financial services primarily in North America. The company’s personal banking products & services include checking & savings accounts, credit cards, mortgages, financial & investment advice services & commercial banking products & services. It is based in Montreal, Canada, comes under Financial services sector & trades as “BMO” at NYSE.

As shown from previous article published on 4.09.2023, BMO favored lower in ((Y)) of II below $102.79 high. It reacted lower & confirms lower low below ((W)) favoring short term weakness in ((Y)) of II.

BMO – Elliott Wave View From 4.09.2023: 

Above March-2020 low of (II), it ended impulse up sequence wave I at $122.77 high having third wave extension. Below there, it favors pullback in II as double three correction lower towards $61.50 or lower levels. It expects wave II to remain above $38.31 low of (II) to turn higher in III of (III). Below I high, it placed ((W)) at $81.57 low as 3 swing pullback. It placed (A) of ((W)) at $90.44 low, (B) at $105.40 high & (C) as ((W)) at $81.57 low. It bounced off in ((X)) connector in 3 swing & ended at $102.79 high & confirmed lower low sequence below ((W)), favoring downside in ((Y)) of II.

BMO – Elliott Wave Latest Daily View: 

Below ((X)) high, it placed (A) at $82.25 low & (B) at $94.46 high as double correction bounce. Currently, it favors bounce in ((iv)) of 1 of (C) & expect bounce to fail below ((ii)) high of $89.09 to trade lower in ((v)) to finish 1. As long as price fail below (B) high, it expect to remain choppy to lower & extend towards $61.50 – $51.73 area & ideally hold above $38.31 to finish II. It favors ((Y)) to unfold in 3 swings lower towards blue box area, where buyers expect to enter the market.

BMO – Elliott Wave Latest Weekly View: