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26.10.202307:30 Forex Analysis & Reviews: Elliott wave analysis of Microsoft for October 26, 2023

Exchange Rates 26.10.2023 analysis

Microsoft is in the final leg of a five-wave rally. We are looking for a rally towards the 386 - 404 area to complete wave 5 and set the stage for a larger corrective decline that will target the bottom of wave 4 near 282 and maybe closer to 213.50.

In the short term, we see support near 333 with key support at 324. The latter can not be broken as we will shift our focus towards 293 before renewed strength should be expected. The odds for a break below key support at 324 seem very low, but nonetheless still a possibility.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2024
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