HPQ Favors Further Weakness In Zigzag Correction

HP Inc., (HPQ) provides personal computing & other access devices, imaging & printing products, & related technologies, solutions & services in the United States & internationally. The company operates through three segments: Personal systems, Printing & Corporate Investments. It is based in Palo Alto, California, comes under Technology sector & trades as “HPQ” ticker at NYSE.

HPQ favors correction lower since April-2022 high & expect to remain sideways to lower below $33.90 high in zigzag sequence. It needs to break below $24.07 low of October-2022 to confirm the next move lower.

HPQ – Elliott Wave Latest Daily View: 

It made the all time high of $41.47 in April-2022 & starts correcting lower in zigzag correction. It placed a of (II) at $24.07 low in October-2022 low, in which it placed ((1)) of at $30.01 low, ((2)) at $35.32 high, ((3)) at 24.73 low, ((4)) at 27.04 high & ((5)) as a of (II) at $24.07 low. Later, it bounced off in b connector, which ended at $33.90 high as double correction. It placed ((W)) at $31.09 high, ((X)) at $26.09 low & ((Y)) at $33.90 high. Below there, it favors lower in c of (II), which will confirm when it breaks below $24.07 low.

Below b high, it placed ((1)) of c at $25.22 low. Within ((1)), it placed (1) at $32.23 low, (2) at $33.50 high, (3) at $27.85 low, (4) at $30.66 high & finally (5) as extended move at 25.22 low. Currently, it favors bounce in C of (W) of ((2)) & soon expect to fail in (X) connector with small upside follow by another push higher in (Y) to finish ((2)). It expects ((2)) to fail below b high of $33.90 to turn lower in ((3)) of c & remain choppy to lower. It expects c of (II) to extend lower towards $16.47 or lower levels to finish (II) correction before turning higher.

Source: https://elliottwave-forecast.com/stock-market/hpq-favors-weakness-zigzag-correction/