Illinois Tool Work (ITW): Expect a Sizable Bounce for Profit

SUMMARY

Illinois Tool Work (ITW) has more to go in its bull run but has to first take wave 4 breather. This correction could take a few years...yes, years. This is a weekly chart so a higher degree of trend in Elliott Waves. Still, it doesn't mean there won't be sizable bounces to profit from.

The white wave 4 correction is shown as an ABC which could retrace even more than labeled. The pattern is shown as a downward wedge. Once complete, white Wave 5 should bring in new all time highs; but that's a few years into the future.

The MACD is deeply oversold so a bounce is likely and that should coincide with the red B wave. IF so, it could still represent a significant profit potential. Drill down to the daily or subdaily to catch the terminal end of red A wave for entry.

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