McKesson Corp (MCK): Service Industry is Ready to Turn Over into a Correction

in money •  6 months ago


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As a Technical Analyst, economic weakness is first visible in the underlying instrument's price action. In my case, it's Elliott Waves and Patterns. These usually appear ahead of the fundamental news and events that suddenly wakeup to the reality of a recession. This is why I believe that price is the earliest reflection of sentiment and more upstream to fundamentals.

McKesson Corp. (MCK) is well into its correction and has probably already felt the pinch of the economic slowdown months ago. It's currently in a wave 4 (white) correction which is not complete. Since the correction is not wave 2; the depth of retracement probably won't be so deep; hence the economic slump will be a hiccup and not a full blown crisis. That'll probably come after wave 5.

For now, the corrective sequence is labeled as a wxyxz (red). IF this is correct, then one more Z wave decline could complete the correction for wave 4. The subwaves of white wave 3 can be labeled in various ways; but they would all probably conclude that it's complete. The blue subwaves of white wave 1 is showing completion; and so validates the count. Wave 4 can't overlap with this wave 1.

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.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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Very informal and helpful post.
Thanks for sharing.
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Should we buy in correction

I don't get it.
It fisnished abc and went for deep retracement. But after this it looks like it's moving up in 3 waves instead of 5.


So wxy instead of abc. But I'm wondering how to find abc inside wave Y.

hi bro exelent