Ferrari Wave Analysis – 17 October, 2019

• Ferrari broke daily down channel
• Likely to rise to 163.20

Ferrari recently broke the resistance trendline of the daily down channel from July – which encloses the previous long-term ABC correction ②.

The breakout of this down channel accelerated the active medium-term upward impulse sequence (3) from the start of October.

Ferrari is expected to rise further and retest the next resistance level 163.20 (top of the previous (B)-wave and the target price calculated for the completion of the active impulse wave (3)).