Whirlpool Corporation (WHR) Stock Chart Analysis
A member request came through the Idea Chamber last week for WHR. This Whirlpool Corporation (WHR) stock chart analysis will start by focusing on the long-term trend. I will then use shorter-term charts to monitor and for confirmation of the longer-term trend identified.
This heavy load of analysis will run through a spin cycle of short and long-term charts. An emphasis on Elliott waves is used in the long-term analysis. Let's get started! After all, the request was made last week.
WHR - 20 Year Monthly Chart
This first chart in this Whirlpool Corporation (WHR) stock chart analysis is a 20 year monthly candlestick chart. I like to start with the longest amount of history that the Think or Swim platform provides. In this particular case for Whirlpool Corporation, I think this analysis is very beneficial.
This long-term chart is broken down with an Elliott Wave analysis. I've identified the largest Bullish Impulse wave pattern I could on this chart. Wave 1 of the Bullish Impulse wave pattern began in March 2009. It completed the wave pattern in February 2015 when it reached a high of $217.11; this completed Wave 5 of the Bullish Impulse wave pattern.
After Waves 1-5 of a Bullish Impulse wave pattern, Waves A-C of a corrective wave pattern typically develop. The gray shaded box represents the most likely target area for Wave C to complete. WHR is very near completing a bullish 8 wave cycle from an Elliott wave perspective. Wave C typically completes near or around the area of the top of Wave 1, right where I've placed the gray shaded box.
One of the main things to monitor for a reversal area in the gray shaded box is the…...
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I discuss the probable ending point for Whirlpool's pullback as well as the tools to use to confirm the pullback is over.
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