Walmart: On Track for Further Declines

Walmart shares have recently continued their planned sell-off, further extending magenta wave (C). Although the stock has traded in a narrow sideways range since last Wednesday, a further decline appears likely in the near term. The downward move is expected to bottom out at the low of green wave [4], within the corresponding Target Zone between $80.18 and $72.42. There is still a 39% chance of a short-term breakout above resistance at $105.68, which would mark a new corrective high.