PepsiCo: Approaching the Target ZonePepsi shares have traded mostly sideways within a broader range over the past two weeks. Our primary outlook is that the ongoing magenta wave (B) will continue to move lower, eventually bottoming within the similarly colored long Target Zone between $136.05 and $131.06. From that point, we expect the broader upward trend to resume. However, a sustained move below the $127.60 support level would trigger our alternative scenario (probability: 32%). In this case, the larger beige wave alt.a would remain incomplete, suggesting the correction phase could be deeper and longer than projected in the primary scenario.
