SUMMARY
Illinois Tool Work (ITW) has more to go in its bull run but has to first take wave 4 breather. This correction could take a few years...yes, years. This is a weekly chart so a higher degree of trend in Elliott Waves. Still, it doesn't mean there won't be sizable bounces to profit from.
The white wave 4 correction is shown as an ABC which could retrace even more than labeled. The pattern is shown as a downward wedge. Once complete, white Wave 5 should bring in new all time highs; but that's a few years into the future.
The MACD is deeply oversold so a bounce is likely and that should coincide with the red B wave. IF so, it could still represent a significant profit potential. Drill down to the daily or subdaily to catch the terminal end of red A wave for entry.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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