Brookfield Asset Management (BAM) is an alternative asset manager & REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure & venture capital & private equity assets. It manages a range of public & private investment products & services for institutional & retail clients. It based in Toronto, Canada, comes under Financial services sector & trades as “BAM” ticker at NYSE.
As discussed in last article, BAM turned lower in ((C)) of II after ending ((B)) at $59.16 high. Currently, it favors further weakness in (5) of ((C)) towards $46.62- $38.87 area to finish II correction before next rally resumes.
BAM : Elliott wave analysis from 4/05/2022 : ![BAM : Expect More Downside Before Next Rally Resumes](data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%201024%20504%22%3E%3C/svg%3E)
During global sell-off in March-2020, it made an intermediate low of $21.57 on 3/23/2020. While above there, it placed ((1)) at $37.73 high on 6/08/2020 and ((2)) at $29.09 low on 10/30/2020. ((2)) was 0.5 Fibonacci retracement against ((1)). Above there, it favors higher in third wave extension & finished ((3)) at $62.20 high on 11/08/2021. ((4)) favored ended at $50.87 low on 1/24/2022 as slightly above 0.382 retracement of ((3)). Finally, it favored ended ((5)) at $62.47 as minor high to end I red as impulse sequence started from March-2020 low.
BAM : Elliott wave Latest Daily view : ![BAM : Expect More Downside Before Next Rally Resumes](data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%201024%20504%22%3E%3C/svg%3E)
Below $62.47 high, it favors II correction lower as zigzag. It placed ((A)) at $50.05 low & ((B)) at $59.16 high. While below there, it expect to extend lower in ((C)) towards $46.62- $38.87 area to finish II correction. Short term, it proposed ended (4) of ((C)) at $49.41 high & below there, it favors (5) of ((C)) lower. It expect at least one more low below (3) low to finish the correction of II. We like to buy the dips in blue box area for next leg higher or at least for 3 swing reaction upside.
Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $9.99.
Back