MGM Resorts (MGM) Expects Pullback Before Resumes Rally
MGM Resorts International (MGM) , through its subsidiaries, owns & operates casino, hotel & entertainment resorts in the US and internationally. The operates through three segments: Las Vegas Strip Resorts, Regional Operations & MGM China. It is based in Las Vegas, Nevada, comes under Consumer Cyclical sector & trades as “MGM” ticker at NYSE, having market cap of 14.1 B$ as on 18-March, 2024.
As mentioned in the previous article, MGM expected to pullback in ((2)), which ended at $34.12 low as zigzag correction. Above there, it favors upside as the part of ((3)) of III, which confirms above $51.35 high.
MGM - Elliott Wave Daily View From 8.28.2023:
In Weekly sequence, it ended (II) at $5.90 low in March-2020 & II of (III) at $26.41 low in June-2022. It already confirmed higher high above I high, favoring upside to be ((3)) of III of (III). Within ((1)) of III sequence, it placed (1) at $36.34 high, (2) at $29.20 low, (3) at $46.23 high, (4) at $38.68 low & finally ended (5) at $51.35 high. It corrected ((2)) in zigzag correction, ended at $34.12 low in October-2023. It placed (A) at $41.89 low, (B) at $44.79 high & (C) at $34.12 low within the blue box area. Any buyers from the area was able to create a risk-free long position as it was extended higher in (1) of ((3)).
MGM - Elliott Wave Latest Daily View:
Within ((3)), it ended (1) at $47.53 high & favors pullback in (2) in 3 or 7 swings pullback. It ended 1 of (1) at $40.68 high, 2 at $37.15 low, 3 at $45.91 high, 4 at $41.27 low & 5 at $47.53 high. It placed A of (2) at $41.25 low & expect a bounce in B wave before turning lower in C of (2). As long as it stays above $34.12 low of (2), it expects to extend higher in (3) of ((3)), which confirms above $51.35 high. Alternatively, if it breaks below $34.12 low, it can do larger double correction in ((2)) against $26.41 low before turning higher, which may provide another long opportunity.
MGM - Elliott Wave Latest Weekly View:
Source: https://elliottwave-forecast.com/stock-market/mgm-resorts-expects-pullback-resumes-rally/
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
