Progressive Corporation (NYSE: PGR), a leading American insurer, ranks second in U.S. auto insurance. The stock price surged over the past two years as the company’s growth accelerated. Moreover, PGR looks ready to challenge new all-time highs. This article explores Elliott Wave analysis, highlighting bullish patterns that could attract both investors and traders.
PGR Daily Chart
Elliott Wave Analysis
The daily chart of PGR highlights an impulsive advance, with the recent peak marking wave (III) low at $292.99. The stock then completed a 3-wave pullback in wave (IV), bottoming at $247.98. From there, it resumed its upward trajectory, aiming to establish a new advance in wave I of (V).
However, PGR must break above its March 2025 peak to confirm the higher-high sequence and sustain its bullish trend. This breakout would unlock further upside potential, targeting the $303 – $320 range.
Until that occurs, the possibility of a double three correction in wave (IV) remains. Consequently, we recommend buyers either wait for a wave II pullback in 3, 7, or 11 swings or consider entering long positions if a double correction materializes, targeting the next extreme area at $242 – $214.
Conclusion
The bullish Super Cycle for PGR continues, offering opportunities to buy daily and weekly corrective pullbacks using our Elliott Wave strategy. The ideal entry involves waiting for the stock to complete a 3, 7, or 11 swing sequence from its peak. Moreover, our extreme Blue Box system enhances precision, helping traders identify optimal entry points with clarity and confidence.
Explore our system to gain deeper insights into this methodology.
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