Target Corporation (TGT) – Buy Opportunity
Hello Traders! 👋
Today, we’re analyzing Target Corporation (NYSE: TGT) on the weekly timeframe. Using Elliott Wave theory, the chart outlines a potential roadmap for price movements, supported by Fibonacci retracements. Let's dive into the key observations:
Wave Count Analysis:
The chart appears to be completing a corrective ABC structure, with the current price action near the potential end of wave (C).
Wave (C) aligns closely with the 1.618 Fibonacci extension of wave (A), adding confluence to the idea of a reversal zone.
Key Levels:
Immediate Support: $102.65 (stop-loss zone) – A critical Fibonacci confluence area.
Primary Targets:
$155.94 – Near-term recovery target.
$197.06 – Mid-term resistance level at the 1.0 retracement.
$227.17 & $244.77 – Long-term bullish targets at the 1.382 and 1.618 extensions.
Scenario Expectation: 📌 If TGT finds support around $102.65, we anticipate a significant rebound, possibly aligning with broader market sentiment. ⚠️ However, a failure to hold $102.65 could open the door for a move toward the 1.382 Fib ($87.83).
Trading Plan:
Entry Zone: Between $100–$110 for optimal risk/reward.
Stop-Loss: Below $102.65.
Risk/Reward Consideration: Aiming for at least a 3:1 ratio.
This setup combines Fibonacci precision with Elliott Wave principles to provide a structured approach to this trading opportunity. As always, manage your risk and happy trading! 🚀
Today, we’re analyzing Target Corporation (NYSE: TGT) on the weekly timeframe. Using Elliott Wave theory, the chart outlines a potential roadmap for price movements, supported by Fibonacci retracements. Let's dive into the key observations:
Wave Count Analysis:
The chart appears to be completing a corrective ABC structure, with the current price action near the potential end of wave (C).
Wave (C) aligns closely with the 1.618 Fibonacci extension of wave (A), adding confluence to the idea of a reversal zone.
Key Levels:
Immediate Support: $102.65 (stop-loss zone) – A critical Fibonacci confluence area.
Primary Targets:
$155.94 – Near-term recovery target.
$197.06 – Mid-term resistance level at the 1.0 retracement.
$227.17 & $244.77 – Long-term bullish targets at the 1.382 and 1.618 extensions.
Scenario Expectation: 📌 If TGT finds support around $102.65, we anticipate a significant rebound, possibly aligning with broader market sentiment. ⚠️ However, a failure to hold $102.65 could open the door for a move toward the 1.382 Fib ($87.83).
Trading Plan:
Entry Zone: Between $100–$110 for optimal risk/reward.
Stop-Loss: Below $102.65.
Risk/Reward Consideration: Aiming for at least a 3:1 ratio.
This setup combines Fibonacci precision with Elliott Wave principles to provide a structured approach to this trading opportunity. As always, manage your risk and happy trading! 🚀
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