Procter&Gamble lost almost 4$ of its share price, declining from 83 to 79.10 during the last two months. If we take a look at the wave structure, we will see a clear five-wave impulse, so according to the Elliott Wave Principle, we should now expect a three-wave rally. Our bullish expectations are further confirmed by the RSI indicator, which shows a divergence between waves 3 and 5. Moreover, if we examine wave five alone, we will find out that it is in the shape of an ending diagonal.
In conclusion, we have three reasons to believe, that it is time for Procter&Gamble to make a corrective recovery, before prices regain negative bias in wave (3)/C to the downside.
