Parker-Hannifin Remains in a Strong Long-Term Bullish Elliott Wave Cycle
Parker-Hannifin Corporation (NYSE: PH) continues to exhibit a strong bullish Elliott Wave structure on the monthly chart. Since completing a major blue wave II correction in 2020, the stock has maintained a powerful uptrend, confirming that the larger bullish cycle remains intact. The rally from the 2020 low has unfolded in a clear impulsive sequence and is currently progressing within blue wave (III). Within this larger wave, Parker-Hannifin completed red wave I, followed by a corrective red wave II, an extended red wave III, and a corrective red wave IV. The recent pullback labeled red wave IV now appears complete, and the latest price action suggests the stock has already resumed higher in red wave V, the final leg expected to complete the larger blue wave (III).
The completion of red wave IV keeps the long-term bullish outlook firmly intact. Instead of signaling a trend reversal, the recent pullback appears to have provided another buying opportunity within the ongoing impulsive cycle. With wave IV likely complete, the stock has entered red wave V, which should continue driving prices higher over the coming months. The current Elliott Wave structure suggests the broader trend remains healthy, with higher highs still expected before a larger corrective phase begins.
PH Elliott Wave Forecast and Price Targets
From an Elliott Wave perspective, we continue to favor the upside while price remains above the long-term invalidation level at 85.43. As long as this level holds, the current wave count remains valid, and we do not recommend selling into strength. Using the Fibonacci external retracement levels of wave IV, the first upside objective for wave V comes in at 1,086.48, representing the 1.236 external retracement. If bullish momentum remains strong, the rally could extend toward 1,170.54, the 1.618 external retracement of wave IV. This target zone is where we expect the larger blue wave (III) to complete.
Once blue wave (III) finishes, Parker-Hannifin should enter a larger degree blue wave (IV) correction before resuming its long-term advance in blue wave (V). Until then, we continue to favor buying pullbacks in 3, 7, or 11 swings, which often provide high-probability opportunities to join the prevailing trend.
Conclusion
Parker-Hannifin remains in a strong long-term bullish Elliott Wave cycle, with red wave IV likely complete and wave V already underway. As long as price stays above 85.43, we expect the current advance to continue toward 1,086.48 and potentially 1,170.54, where the larger blue wave (III) is projected to complete before the next corrective phase begins.
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