AWK reported after the markets 30 Oct and had beat on EPS , which could be the catalyst for a move 31 October as conference call is due before the US markets open. We have used our Elliott Wave Indicator Suite for the TradingView platform to carry out this analysis.
plays are notoriously difficult swing trading opportunities so we like the back up of before entering a trade. Using our Indicator Suite we can see the wave 4 has pulled back into our green probability pull zone, which represents an 85% probability of our automated 5th wave target zone (blue zone on chart) being hit. Our criteria for our and special False Breakout indicators have also been met.
So if we get an expected reaction to today we will look for a conservative entry above the recent at $126.02 with the Stop loss at $118.57, just below the wave 4 . This gives a 1:1 Risk to Reward to our 5th Wave Target zone with an initial target price of $134.
Earnings Play using our Elliott Wave Indicator Suite for TradingView