Citigroup (NYSE: C) is currently up $34 year-to-date and the stock is still aiming for further gains before year-end as the financial sector continues the recovery from last year correction.
The recent impulsive rally from 10.03.2019 low allowed the stock to break above September 2019 peak which opened a bullish sequence from August low and aiming for a target higher at equal legs area $75 – $77. The short term pullbacks are expected to find buyers in 3 or 7 swings against $64.7 low for the stock to continue higher within a bullish nest. An impulsive 5 waves move can have an extended 3rd wave which can be reflected on Citigroup move if the stock exceeds 1.618 Fib extension area $81.
Citigroup 4H Chart
The move to the upside will trigger a chain of a higher high sequence which will eventually takes the previous peak of July 2019 and January 2018 as the next target will be around 100% Fibonacci extension $85 – $91. A break above 2018 peak is the key for the stock to open further continuation within cycle from 2016 low as bulls will take control again.
Citigroup Weekly Chart
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