HRL: Deep Correction, Bigger Opportunity? Elliott Wave Analysis

HRL has completed a deep Wave (2) correction, retracing beyond the 61.8% Fibonacci level. Our preferred view is that a new impulse has begun, with Wave 1 currently developing. A pullback toward the 600 area may occur before the next bullish leg. Breakout above 719 confirms strength, while 545 remains the invalidation and stop-loss level.

Signal: bullish

Current Elliott Wave count: Wave 2

HRL – Elliott Wave Update HRL has undergone a sharp and extended Wave (2) correction, retracing well beyond the 61.8% Fibonacci retracement, indicating a deep corrective phase. Our preferred view is that Wave (2) has now completed, and the stock is beginning the early stages of a new impulsive advance. At present, we believe price is developing Wave 1 of a larger Wave 3. Before the major 3rd wave unfolds, this initial Wave 1 is expected to complete, followed by a corrective pullback. We are watching for a retracement toward the 600 area, where Wave 2 of the new impulse could form before the stock resumes its stronger Wave 3 of Wave 1 advance. Alternative Count: The current rise could instead represent an X-wave within the larger complex Wave (2) correction. Under this scenario, another corrective leg could follow, potentially extending the retracement toward the 78.6% Fibonacci level before the broader uptrend resumes. Key Levels: * Breakout confirmation: Above 719 for a cleaner bullish outlook. * Invalidation / Stop Loss: 545.

HRL – Elliott Wave Update HRL has undergone a sharp and extended Wave (2) correction, retracing well beyond the 61.8% Fibonacci retracement, indicating a deep corrective phase. Our preferred view is that Wave (2) has now completed, and the stock is beginning the early stages of a new impulsive advance. At present, we believe price is developing Wave 1 of a larger Wave 3. Before the major 3rd wave unfolds, this initial Wave 1 is expected to complete, followed by a corrective pullback. We are watching for a retracement toward the 600 area, where Wave 2 of the new impulse could form before the stock resumes its stronger Wave 3 of Wave 1 advance. Alternative Count: The current rise could instead represent an X-wave within the larger complex Wave (2) correction. Under this scenario, another corrective leg could follow, potentially extending the retracement toward the 78.6% Fibonacci level before the broader uptrend resumes. Key Levels: * Breakout confirmation: Above 719 for a cleaner bullish outlook. * Invalidation / Stop Loss: 545.
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