MSFT Overall Trend and Elliott Wave Analysis

Between 8/3/22 and 8/4/22, MSFT broke and held above it’s daily, weekly, and monthly pivot points after breaking out out of a falling wedge that bounced off of a major demand zone between the prices of $235.04 and $242.38 that was formed back on 5/12/21 - 6/3/21.

Currently I am watching MSFT for a reject at the resistance zone between $151-$153 (Note that this resistance zone is located between the 50% and 61.8% fibonacci level marked from the high of $267.58 and the low of $232.77), followed by a GAP fill below at $241-$245 to form a higher low before heading higher to retest the resistance zone. (Hopefully breaking through to fill the next GAP up between $260-$265. This GAP is also located at the 50% fibonacci level marked from the high of $293.56 and the low of $232.77.)

This next move up from the falling wedge marks the end of wave 1 of overall correction wave C and the beginning of wave 2 of overall correction wave C. After filling the middle GAP between $260-$265, I am anticipating for MSFT to reject from an overall downtrend line (Dotted white lines), to complete wave 2 and make its way back to the downside to begin the completion of wave 3 or overall correction wave C.

The above analysis is for reference purposes. Plan day trades or swing trades according to levels, trends, and waves.

SN: Check MACD, Stochastic, and RSI indicators for added confirmation on these moves.