BA – Boeing Co.

Updated May 29, 2019

It has almost been two months since I last updated on Boeing and the blow off top I warned about came and went. Back then I though price would be in major-b of primary-IV. But it looks like major-a is still developing. See daily chart below

In Mid-April I sent a chart to one of my Premium Members with the doted red arrows outlining the anticipated path forward for BA. Well, so far so good and I expect another leg down to complete either all of major-a or only wave-iii of major-a. For now I prefer the former since IMHO corrections mostly move in three’s (ABC’s) and not five waves. A move back above green horizontal support will however strongly suggest major-b back to around $390, possible as high as $415 is underway. A move below the May low targets low $300s, possible even support at $290.

Anticipated path in April
Actual path

Bottom line: I still anticipate more downside, even a larger bounce will most likely not be enough to stem the selling. Such a bounce, from current levels should reach $415-$390, but a break below $330 from current levels targets $315-285.