Toll Brothers (TOL) Should Pull Back Soon Providing Another Opportunity
Toll Brothers, Inc., (TOL) designs, builds, markets, sells & arranges finance for the range of detached & attached homes in Luxury residential communities in the United States. It also owns & operates architectural, engineering, mortgage, title, land development, insurance, smart home technology, landscaping, lumber distribution, house component assembly & manufacturing operations. It is headquartered in Fort Washington, comes under Consumer Cyclical sector & trades as “TOL” ticker at NYSE.
TOL favors upside in I of (III) & expects small upside in ((5)) before starts correcting in II sequence against October-2022 low. We like to buy the next pullback of II in 3, 7 or 11 swings at extreme areas.
TOL - Elliott Wave Latest Daily View:
It ended (II) correction at $39.53 low against March-2020 low & favors impulse sequence in I of (III). It ended ((1)) of I at $84.57 high & ((2)) pullback at $68.08 low as 0.382 Fibonacci retracement of ((1)). Within ((1)), it placed (1) at $62.61 high, (2) at $55.44 low, (3) at $83.72 high, (4) at $74.26 low & (5) at $84.57 high as ((1)). It ended ((3)) at $135.37 high & ((4)) at $108.86 low as 0.382 Fib retracement of ((3)). Within ((3)), it placed (1) at $105.91 high, (2) at $95.46 low, (3) at $130.63 high, (4) at $111.27 low & (5) at $135.37 high as ((3)).
Above ((4)) low, it already broke above ((3)) high, confirmed upside to be ((5)) of I. It expects ((5)) to extend towards $141.66 – $151.84 area to finish I before correcting lower in II. It expects further upside, which confirms above $137.20 high. In that case, it expects at least two more highs to finish ((5)). Alternatively, if it breaks the price trendline, then it should be in II correction, while placed I at last high. In either the case, we only like to buy the pullback in 3, 7 or 11 swings in II correction. We do not like selling it in any pullback shown by dotted line. If it extends higher & erase the daily momentum divergence, then it can be nest structure in (III).
Source: https://elliottwave-forecast.com/stock-market/tol-pull-back-providing-another-opportunity/
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