Toronto-Dominion Bank (TD): Favors Weakness To Continue
Toronto-Dominion Bank (TD): Favors Weakness To Continue
March 21, 2023 By EWFRaj
The Toronto-Dominion Bank (TD), together with its subsidiaries, provides various financial products & services in Canada, US & internationally. It operates through three segments: Canadian retail, US retail & Wholesale banking. It is based in Toronto, Canada, comes under Financial services sector & trades as “TD” ticker at NYSE.
TD ended wave I as impulse sequence at $86.02 high & below there, it correcting lower in zigzag sequence in II. It confirmed the lower low sequence in daily, expecting weakness in ((C)) leg of II.
TD – Elliott Wave Latest Weekly View:
From March-2020 low of $33.74, it started impulse sequence higher. It ended ((1)) at $51.34 high on 8/27/2020. Below there, it favored ended ((2)) at $42.90 low as 0.5 Fibonacci retracement against ((1)). It ended ((3)) at $73.85 high on 5/27/2021 as third wave extended sequence. It placed ((4)) at $62.81 low on 9/20/2021 as 0.382 Fibonacci retracement. Finally, it ended ((5)) at $86.02 as wave I impulse sequence from March-2020 low. While below there, it favors lower in II correction in zigzag sequence.
TD – Elliott Wave Latest Daily View:
Below $86.02 high, it placed ((A)) as diagonal at $57.27 low on 10/13/2022. While above there, it finished ((B)) as 3 swing corrective bounce at $70.67 high on 2/14/2023. It already breaks below ((A)) low, calling for weakness in ((C)) leg in II towards $41.94 – $35.15 area & should hold above $33.74 low to see at least 3 swing bounce or may resumes higher in III, which confirms above wave I high. It favors lower in (1) of ((C)) & expect a bounce soon in (2). (2) should fail in 3, 7 or 11 swings against ((B)) high to see short term weakness to continue.
Source:https://elliottwave-forecast.com/stock-market/torontotd-favors-weakness-continue/
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