Our Elliott Wave analysis of Avery Dennison Corp. (AVY) reveals a trending pattern with an impulsive mode and motive structure. Currently positioned in wave {iii} of 5, AVY is showing signs of an upward trend within this wave sequence. The target level for the upward movement into wave 5 is at $250, which also serves as the invalidation level. Traders should closely monitor this level for potential wave completion and validation of the current wave structure.
Moving on to the 4-hour chart, AVY continues to exhibit an impulsive trend mode in wave (ii) of {iii}. Traders should keep an eye out for the unfolding of minute wave {iii}, as failure to do so could indicate a potential top in place or the formation of an ending diagonal in wave 5. This scenario should be monitored for confirmation or invalidation to adjust trading strategies accordingly.
Our analysis utilizes the Elliott Wave Theory to provide insights into AVY’s price movements, helping traders identify potential opportunities based on current trends and market structure. By analyzing both the daily and 4-hour charts, we aim to offer a comprehensive perspective on AVY’s market behavior, allowing traders to make informed decisions when trading this asset.
In conclusion, AVY’s Elliott Wave analysis suggests an upward movement in wave {iii} of 5, with a target level at $250 as the invalidation point. Traders should pay attention to the unfolding of minute wave {iii} on the 4-hour chart to confirm or invalidate potential scenarios of a top formation or an ending diagonal in wave 5. By staying informed and adapting trading strategies accordingly, traders can capitalize on opportunities presented by AVY’s market behavior.
