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Procter & Gamble Wave Analysis – 20 February, 2019

  • Procter & Gamble reversed from support area
  • Likely to rise to 128.00

Procter & Gamble recently reversed up sharply from the support area lying between the key support level 123.40 (low of the previous correction from January), lower daily Bollinger Band, 38.2% Fibonacci retracement of the previous upward impulse from October and the support trendline from last year.

The upward reversal from this resistance area created the daily reversal pattern Morning Star – which started the active impulse wave 3.

Procter & Gamble is likely to rise further toward the next resistance level 128.00 (top of the previous short-term impulse wave 1).

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