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EMN – Favors Flat Correction Before Turning Higher

July 4, 2022 By

Eastman Chemical Company (EMN) operates as specialty materials company globally. It serves transportation, personal care, wellness, food, feed, agriculture, building & construction, water treatment, energy, consumables, durables & electronic markets. It is based in Kingsport, Tennessee, US, comes under Basic Materials sector & trades as “EMN” ticker at NYSE.

EMN favors a flat correction since 6/01/2021 high & yet favors further weakness for one more low before, it should resume next leg higher or bounce for a larger 3 swing reaction from the blue box area.

EMN – Elliott Wave Latest Daily View :

It started impulse sequence from 3/18/2020 low & placed ((1)) at $64.19 on 5/01/2020. Below there, it favored ended ((2)) at $57.30 low as 0.236 Fibonacci retracement against ((1)). Then, it placed ((3)) at $119.01 high on 3/11/2021 as third wave extension. It finished ((4)) correction at $106.11 low on 3/23/2021 as 0.236 retracement. Finally, it favored ended ((5)) at $130.47 high on 6/01/2021 as I red impulse. Below there, it favors II flat correction against March-2020 low.

Below $130.47 high, it placed ((A)) at $98.24 low & proposed ended ((B)) at $129.47 high on 1/19/2022. It placed (4) of ((C)) at $93.87 high. Currently, it favors (5) as final leg to finish the correction within $97.20 – $77.20 area before turning higher in the next leg up. It needs to breaks (3) low to confirm the sequence down.

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