Colgate-Palmolive (CL): Good Time to Play the B wave Bounce?

SUMMARY

Colgate-Palmolive (CL) has not reached its wave 5 peak but rather I believe it's a wave 3 topping process. This means that the bull impulse run is not complete. It has already initiated white wave 4 which should decline 38% of the prior wave 3 run. This way, it wouldn't overlap with white wav 1.

Since white wave 2 was a triangle so complex sequenced; per rule of alternation, white 4 should be simple such as an ABC. Since the subwaves of white 3 confirm the higher degree of trend labels, the red ABC will be the subwaves of white 4 which could also pattern out a downward wedge. Can you discern the pattern? White wave 5 will take CL to never seen price levels.

The MACD is heavily oversold (blue circle). For swing traders, a play for the red B wave bounce could be highly profitable. It won't be a few days to weeks but months from a holding perspective.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

--