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Procter & Gamble (NYSE: PG) Next Investment Opportunity

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Procter & Gamble (NYSE: PG) continues to capture investor attention following our previous video blog that illuminated a promising bullish trajectory for the company. Building upon those insights, this article delves deeper into PG’s mid-term prospects. By examining two Elliott Wave potential scenarios that could shape its near future, we aim to offer readers a comprehensive view of potential investment opportunities.

Since October 2022, the ongoing rally forms a 5-wave structure, creating a Leading Diagonal with overlapping patterns. Investors should view the current correction as a potential opportunity, as per Elliott Wave Theory. A 5-wave advance typically precedes a corrective structure, followed by another 5-wave trend.

At Elliott Wave Forecast, our consistent advice is to seek corrective structures in 3, 7, or 11 swings. The initial pullback, typically within the first 3 swings, will ideally form a ZigZag structure based on the recent decline from the August 10th peak. Potential support lies at the equal legs area of $147.2 – $142.6, a zone where buyers are likely to step in, either for the stock’s trend resumption or a minimum 3-wave bounce.

PG ZigZag Correction 8.25.2023

PG Daily Zigzag Correction

However, if the reaction from the mentioned area fails to breach new highs, the stock is likely to undergo a 7-swing correction, forming a double three structure. In such a scenario, PG would target levels near the 50% – 61.8% Fibonacci retracement zone at $140 – $135. This area could attract buyers for a potential upward reaction.

PG Double Three Correction 8.25.2023

In conclusion, the structure of Procter & Gamble within its daily cycle is poised to sustain its foundation above the crucial threshold of $122. As the stock progresses, astute investors are encouraged to exercise patience and monitor for the emergence of the subsequent extreme area during the ongoing corrective pullback. This strategic approach could potentially provide an advantageous vantage point for an upward response, as the stock gears up to recommence its bullish trajectory, setting its sights on the pursuit of new all-time highs.

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Procter & Gamble (NYSE: PG) Poised for Growth as Demand Soars!

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Procter & Gamble Co (NYSE: PG), a household name in consumer goods, has been a staple in many homes for generations. From Crest toothpaste to Tide laundry detergent, P&G’s products are ubiquitous and trusted by millions. But as the company faces increasing competition and changing consumer preferences, can it continue to deliver for its investors? This article dives into the Elliott Wave analysis of P&G, revealing potential bullish patterns that may excite both long-term investors and short-term traders. Let’s take a closer look at what the future may hold for this iconic company.

PG Daily Elliott Wave Chart

PG Daily Elliott Wave Chart

PG experienced a decline in 2022, which is believed to be a wave II correction that concluded at $122.18 in October of that year. After the correction, PG rallied higher in wave ((1)), followed by a correction in wave ((2)) before starting another cycle higher in wave ((3)). Recently, the stock broke above January 2023 peak creating a bullish sequence of 2022 low and supporting the stock toward weekly target at $168. However, the daily cycle has reached an extreme area at 155.9 – 160.7, which could create a 3 waves pullback to correct the rally since March 2023 low. This correction lower could present a daily buying opportunity as long as it remains above $135.38 low. Investors can look for continuation towards a new all-time high from there.

The following video provides an overview of PG, including its wave structure for the current rally and next correction. Additionally, it presents a mid-term overview and potential investment opportunity based on the stock’s price action. Moreover, the video explains a stronger bullish scenario that could potentially lead to new all-time highs and a bearish scenario that may emerge if the stock falls below its 2023 low. These scenarios offer valuable insights for investors given recent market developments. (Click Play to Open the Video)