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$LMT : Pullbacks in Lockheed Martin Remain Supported

Lockheed Martin is one of the the largest defense, arms and aerospace companies based in the United States and the world. It employs approximately 110’000 people worldwide. The company operates mainly on four business segments, i.e., Aeronautics, Missiles & Fire control, Rotary & Mission system and Space systems. It’s the world’s largest defense contractor based on revenues in the fiscal year of 2014. Headquartered in Bethesda, Maryland, USA,  Lockheed Martin is a part of S&P100 and S&P500 indices. One can trade it under the ticker $LMT at NYSE.

In the , we have presented the impulsive structure of $LMT. Our anticipation was an extension towards 391-437 area. Then, a pullback in wave ((IV)) before higher again. We were right. Later, in , we expected the pullback to find support from 299-266 area. It has ended with truncation and $LMT broke to new all-time highs. Now, we present an updated view, discuss wave structure and next buying opportunities..

Lockheed Martin Monthly Elliott Wave Analysis 10.18.2023

The monthly chart below shows the Lockheed Martin stock $LMT traded at NYSE. From the all-time lows, the stock price has developed cycles higher in black waves ((I))-((II)-((III)) of grand super cycle degree towards the peak on February 2020 at 442.53. Hereby, the wave ((III)) shows an extension beyond 2.618 as related to the wave ((I)) (not shown). Moreover, wave ((III)) shows an extended subwave (III) on its own. From the February 2020 highs, a correction lower in black wave ((IV)) has found its bottom in March 2020 at 266.11 low. From there, a new cycle within wave ((V)) is in progress. It has been confirmed by breaking to new all-time highs. The target for wave ((V)) will be 484-551 area. The minimum level has been reached. Therefore, one should not be too agressive. But still, there are no signs of the market’s top. Pullbacks in $LMT should remain supported.

-forecast.com/stock-market/lockheed-martin-remains-supported/