Bank of Montreal (BMO) provides diversified financial services primarily in North America. The company’s personal banking products & services include checking & savings accounts, credit cards, mortgages, financial & investment advice services & commercial banking products & services. It is based in Montreal, Canada, comes under Financial services sector & trades as “BMO” at NYSE.

BMO favors correcting lower in wave II as shown from . It expects to unfold in double correction rather than zigzag expected previously, which missed the equal leg areas. It needs to breaks below $81.57 low to confirm the sequence in ((Y)) leg of II.

BMO – Elliott Wave Latest Weekly View: 

Above March-2020 low, it placed ((1)) at $55.34 high & ((2)) at $43.26 low as 0.618 . Above there, it started third wave extension & ((3)) ended at $106.88 high. It favored ended ((4)) at $95.37 low as shallow correction. It finally ended ((5)) as ending diagonal at $122.77 as ATH on 3/22/2022 as wave I . Below there, it is correcting lower in II as  , which confirms with new low below $81.57 as ((Y)) leg.

BMO – Elliott Wave Latest Daily View: 

Below wave I high, it placed ((W)) at $81.57 low on 10/13/2022. Later, it bounced off in ((X)) connector as 3 swing structure ended at $102.79 high on 2/09/2023. Currently, it favors lower in (A) of ((Y)) leg. It ended 1 of (A) at $82.25 low & favors a bounce in wave 2. Later it should resumes lower in 3 of (A), which confirms, when breaks below wave 1 low. It expects (A) to find support between $77.31 – $71.29 area before a bounce in (B) leg followed by (C) leg down. Buyers expect to enter the market below $61.50 or lower levels in (C) of ((Y)) leg, which should hold above $38.31 low to resume upside either in III or at least 3 swing bounce.

Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session, where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. .

Source:-forecast.com/stock-market/bank-of-montreal-bmo-favors-correcting-lower/

#trading #elliottwave #BMO