Extra Space Storage Inc (EXR) is a self-administered & self-managed REIT. The company owned &/or operated 1,906 self-storage stores in 40 states. The company offers customers a wide selection of conveniently located & secure storage units across the country, including boat storage, RV storage & business storage. It is based in Salt Lake City, Utah, comes under Real Estate sector & trades as “EXR” ticker as NYSE.
As mentioned in the previous article, EXR made all time high at $228.84 in the impulse sequence started from March-2020 low. Below there, it favors correcting lower in double correction in wave II & confirms below 156.70 low of proposed ((W)).
It placed ((1)) at $105.02 high & ((2)) at $80.86 low. ((2)) was 0.764 Fibonacci retracement against ((1)). Above there, it started third wave extension of third wave extension. It finished ((3)) at $194.67 high on 9/08/2021. While below there, it placed ((4)) at $165.97 low as 0.236 retracement against ((3)). Finally, it favored ended ((5)) at $228.84 high on 12/31/2021 as wave I.
Below $228.84 high, it placed ((W)) at 156.70 low. Above that level, it favored ended ((X)) at $216.52 high on 8/18/2022. Currently, it favors (A) of ((Y)) leg down & expect small downside before a bounce in (B) leg. ((Y)) will confirms, when breaks below ((W)) low. Ideally, it expect ((Y)) leg to extend lower towards $144.30 – $99.57 area to finish II correction before upside resumes. We like to buy the dips towards blue box area, when reached. As expected from the last updates back on 5/29/2022, it was bounced off from the blue box area.
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