$UHRN : Buying Swatch Group in a Zigzag Pullback

In the initial article from March 2021, we have called for a new cycle up. We were right. Then, we saw a pullback reseting part of the rise from March 2020 lows. In the second article from May 2022, we have analyzed the consolidation pattern and provided a buying area for medium- and long-term investors. Indeed, the stock has bounced from 40.95-29.82 area. We were right again. In the last article from January 2023, we were calling for next bullish cycle. That time, we saw a bounce, but it has failed. Now, the market is doing a zigzag lower providing with next buying opportunity. In the current blog, we provide an update including buying area and price targets.

Swatch Monthly Elliott Wave Analysis 03.21.2024

The monthly chart below shows the Swatch stock $UHRN traded at Six Swiss. From the all-time lows, the stock price has developed a cycle higher in wave ((I)) of a grand super cycle degree. Swatch has printed the all-time highs in April 2014 at 108.00.  Without any doubt, the advance is a textbook quality impulsive move up in 5 waves. Also, the subdivisions are motive waves, too. From April 2014 highs, a correction lower in wave ((II)) has unfolded as a double three pattern being 3-3-3 structure. It has reached the equal legs extension area towards 31.74-17.66. From that area, a strong reaction higher can be seen. Hereby, Swatch might be in the first stages of a new cycle in black wave ((III)) higher. While above 28.56, Swatch should extend towards the new all-time highs targeting the 135.96-202.34 area and even higher.