While SP500 remained at all time high region in sideways range, most of the traders remained bullish on single US stocks, and one good example which we explore today is Ford. Ford was nearing a major resistance zone at 14.84 where we were anticipating completion of Ending Diagonal. Lo and behold, we have been in sync with market – and today Ford is down 14% from our projected resistance
Below we offer you our update on Ford, which was send out in February – “upside could become limited in the coming week, especially if this move is forming a wedge in wave five. Resistance near 14.80 to 15.00”
We have recently updated our latest wave count on Ford – where we believe that the corrective phase has just begun, while we may see some upside in the near term. Below we offer you yesterday’s update, 3rd of March:
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Ford is reversing lower, as we warned in previous updates when price was forming an ending diagonal in wave five into the 14–15 area, right at resistance that dates back to July 2024. After
earnings and renewed concerns around emissions and regulatory pressure in the US, we have seen an aggressive selloff of more than 13% from the recent highs.
Price now appears to be stepping into a new A-B-C correction that could extend toward the 11–12 area, where we see potential support on a deeper pullback. After this corrective phase is completed, we would turn constructive and bullish again. For now, however, it looks like the stock is still in the middle of that corrective process.
Highlights:
• Resistance 14–15 area, prior ending diagonal top
• Support zone 11–12, potential buying opportunity after A-B-C completion
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