HON (Honeywell): Impulsive sequence favors upside
Honeywell International Inc., (HON) operates as a diversified technology & manufacturing company operating globally. It is working in different segments like Aerospace segment, Building technology segment, Performance materials & technologies segment, Safety & productivity solutions segment etc. It is based in Charlotte, NC, comes under Industrials sector & trades as “HON” ticker at Nasdaq.
HON made low of $101.08 on 3/23/2020 during global sell-off. Above there, it confirms higher high sequence as impulse wave I ended at $236.86 high. It finished zigzag correction in wave II at $166.63 low in blue box area. Currently, it favors higher in III & needs to breaks above I high, to confirm the sequence.
HON – Elliott Wave latest weekly view
It ended ((1)) at $147.87 high & ((2)) at $117.11 low. ((2)) was 0.618 Fibonacci retracement of first leg. Above there, it started third wave extension. It favored ended ((3)) at $234.02 high & ((4)) at $211.96 low. ((4)) was 0.236 Fibonacci retracement of third leg. Finally, it placed ((5)) at $236.86 high as wave I on 8/02/2021 high. Below there, it favored ended zigzag wave II on 9/30/2022 low. It placed ((A)) at $198.10 low & ((B)) at $221.89 high. Finally, it ended ((C)) leg as diagonal in blue box area at $166.63 low as wave II.
HON – Elliott Wave latest daily view
Above wave II low, it favored ended ((1)) at $220.96 high & correcting in (C) of ((2)) before upside resumes. It ended (1) at $179.77 high & (2) at $169.22 low. While above there, it favored ended (3) at $216.23 high & (4) at $212.02 low. It placed (5) at $220.96 high as ((1)). Below there, it favors correcting ((2)) before upside resumes. It placed (A) at $204.06 low & (B) at $217.22 high. Currently, it favors lower in 5 of (C) & expect downside below wave 3 low. It expects (C) to finish between $200.53 – $190.13 area before upside resumes in ((3)) or at least can see 3 swing bounce. Buyers from blue box area should remain long for further upside.