Toro Company (TTC): Wave 4 Correction in Progress

SUMMARY

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Here is a simple Elliott Wave long term count of Toro Company (TTC). Wave 3 also subdivides well into fives. The decline for wave 4 is likely to be an ABC but also with a pattern. I've often stated that I take profits at wave 3 and 5. This is because, as you can also see in the below chart, the levels between wave 3 and 5 are not too different.

The correction is labeled as red ABC. Wave A is likely complete and a B wave retracement upwards should take place. The MACD is also in oversold state (blue circle) and should also turn up. Wave C could morph into an abcde; thereby generating a downward wedge pattern. The depth of retracement for white wave 4 could be deeper than as labeled; however, compared to wave 2s, wave 4s retrace much less. White wave 5 should take TTC to all time new highs.

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Elliott Wave Counting Tutorial #1
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