The Elliott Wave
structure of Boeing
from the 158.83 high on February 20, 2015 is clearly not an impulse wave which means it must be viewed in the context of a correction. The structure also counts very nicely as a Double Three labeled WXY. Notice how MACD
show momentum divergence from wave W to Y into the 200-day moving average and bounced from there. The rally from here IS impulsive which means the trend remains up. The bigger picture suggests this WXY is a 4th wave and we should be headed for new highs above 158.83 in a 5th wave. Invalidation of this idea is at the wave Y low of 138.44.