Ares Management Corporation (NYSE: ARES) continues to maintain a bullish Elliott Wave structure on the weekly chart. The stock has completed a cycle-degree wave I, followed by a corrective wave II. The correction appears complete, and ARES has started a strong recovery from the wave II low.
The rally from the wave II low has developed in a series of impulsive subdivisions. This structure suggests that the recovery is not simply a short-term bounce. Instead, it may represent the early stages of a larger bullish sequence. Price action has already shown strong momentum following the wave II low. As long as the larger Elliott Wave structure remains valid, the preferred outlook remains bullish. Based on the Fibonacci projections shown on the chart, wave ((i)) is expected to extend higher toward the $152.86–$181.93 region. The first target is near $152.86, while the higher target sits at $181.93. After reaching this zone, we expect a pullback to develop before the next bullish leg begins. This correction would provide an opportunity for the stock to reset before resuming its larger uptrend.
Following the anticipated pullback, the next bullish sequence could push ARES above the previous all-time high of $190.56, which marked the peak of cycle-degree wave I. A break above $190.56 would confirm continued strength and support the view that the larger bullish cycle is progressing.
The key invalidation level remains $46.90. Holding above this level keeps the bullish Elliott Wave count intact.
Conclusion
ARES remains bullish after completing cycle-degree wave II. Wave ((i)) is expected to target $152.86–$181.93, followed by a pullback. Thereafter, we expect another advance that could break above $190.56 and establish new all-time highs.
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