OKE : Should Expect More Weakness After A Corrective Bounce
ONEOK, Inc., (OKE) together with its subsidiaries, engages in gathering, processing, storage & transportation of natural gas in the United States. It operates through Natural gas gathering & processing, Natural gas liquids & Natural gas pipelines segments. The company has headquartered in Tulsa, Oklahoma, comes under Energy sector and trades as “OKE” ticker at NYSE.
OKE has ATH at $78.48 in February-2020 & later dropped to $12.16 low during global selloff in 2020. It has finished impulse at $75.07 high as wave I & below there, it favors correction in II in 3 or 7 swings.
OKE - Elliott Wave Latest Daily View :
Since March-2020 low, it has ended ((1)) at $48.36 high on 6/08/2020 low. Below there, it placed ((2)) at $23.28 low on 9/24/2020 as 0.618 Fibonacci retracement. It ended ((3)) at $66.78 high on 10/26/2021. It placed ((4)) at $55.55 low as 0.236 Fibonacci retracement. Finally, it ended ((5)) at $75.07 high on 4/21/2022 as wave I impulse sequence from March-2020 low. Below there, it correcting lower in wave II, which expect to unfold in double correction.
Below $75.07 high, it ended ((W)) at $52.19 low, which unfolded as zigzag correction. While above there, it expect to extend higher in ((X)) leg in double three structure, where (W) is in progress. Soon, it expect to start pulling back in (X) leg followed by one more leg higher in (Y) to finish ((X)) connector. Later, it expect resume downside in ((Y)) leg to finish II correction towards equal leg areas before upside resumes. Alternatively, it can do flat correction in wave II before turning down.