Legal & General Group PLC (LGEN - LSE) is in WXY down cycle, where X wave is in triangle. Y wave down started, but wait for triangle break down as confirmation for Y down wave to trade.
Legal & General is in a solid uptrend over the 10 year timeframe.
Since the lows of 2007-2009 it has increased 1000%
Currently holding a key macro support line and coming down to test the 30RSI.
The last time it broke lower oversold was during the 2009 crash.
Legal & General is currently trading above major resistance. The break of this level suggests that the medium to long term outlook is positive from here. We will wait to see if this break can hold on the weekly chart before committing longer term. In the short term the momentum is strong and further gains could be seen. Gap resistance around 267p and the 78.6%...
It's getting increasingly tricky to put money in stocks these days but this analysis might suggest that there is still some upside in this dividend favourite from the UK stock markets. I am less confident with the count on the weekly chart as wave 5 might have completed already but still believe there id upside in the short term at least.
