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Steinhoff analysis after Elliott waves - The situation remains serious
The stock of Steinhoff Holding moves the minds like no other stock currently. After the accounting irregularities became known, the value is in the fine case and could not catch until today. And the outlook remains tense even after Elliott waves.
In my first Elliott Wave Analysis on Steinhoff International Holding, I had painted a very negative picture. The interim performance could take this view into account. The goal I predicted at the time of 6 cents has not yet been approached, but this step seems only a matter of time.
The steep descent will thus continue for the foreseeable future. Even Elwave is in my opinion today.
The confirmation of the completion of this small wave is still pending. Nevertheless, I expect a slight recovery for the following weeks. Over the course of this small correction, Steinhoff's stock can rise to resistance at € 0.145 ( 0.62 retracement).
This completes wave ( x ) of the complex correction ( abc - x - abcde ). The rally is not much higher. As the time ruler shows, the current low lies exactly at the 0.38 retracement ( June 5 ) and thus has a particularly supportive effect. The following wave ( a ) will again put the stock under considerable pressure, with the textbook target for ( a ) being at the 1.00 retracement ( 0.032 €) .
For the continuation of the correction up to this support speaks in the very strong extent the already completed break of the 0.62retracement at 0.097 € . As the time ruler shows, wave ( a ) will not be completed until well into the second half of the year.
A crash-like performance is therefore not expected. In order to put in a significantly better light, the 0.76 Fibonacci retracementat currently € 0.353 would be overcome by closing price.
Conclusion after Elliott waves
The stock of Steinhoff moves very deeply in the context of a correction . Their conclusion is not expected for the foreseeable future. The currently pending small recovery can be difficult to use. To hedge, you should use the 1.00 retracement ( 0.072 € ).
The fundamental outlook remains difficult to assess. Thus, the stock remains highly speculative.
