To The Moon

CMG Continues to Impress Investors with Bullish Outlook April 11, 2023 By EWFAyoub Chipotle Mexican Grill (NYSE: CMG) is a fast-casual restaurant chain that has caught the eye of investors due to its strong performance in recent years. Since the market bottomed out in February 2018, the stock has displayed an impressive bullish trend. This article will analyze CMG’s stock using Elliott Wave technical analysis and explore potential outcomes for investors to consider, offering valuable insights into the mid-term trend. Since breaking above the 2015 peak, CMG has established an impulsive structure and traded within a super cycle wave structure. In a previous article, we noted that CMG needed to hold the 2018 & 2020 lows to continue its advance. Wave (IV) formed a major higher low at $1196.28, which now serves as a key level of invalidation for mid-term investors. The rally coming off June 2022 low made a 5 waves advance in wave I, followed by 3 waves pullback in wave II marking January 2023 low. Up from there, CMG established a short term bullish sequence supporting the stock toward 1850 – 1900 area. The rally higher in wave III can be subdivided into an internal 5 waves in the Daily cycle. CMG Elliott Wave Weekly Chart CMG Weekly Elliott Wave Chart The expected move in CMG is clearly aiming for new all time highs but without actually making new highs, there will always be a possibility of a double three correction that could take place in wave (IV) before new highs happens. Chipotle Mexican Grill’s strong financial results and bullish technical structure suggest the company is well-positioned for future growth and potential gains. With revenue, net income, and earnings per share all increasing significantly from the previous year, the company’s success in the fast-casual restaurant industry is evident. Elliott Wave Forecast Trial Source:https://elliottwave-forecast.com/stock-market/cmg-bullish-outlook/