Ferrari Wave Analysis 2 September 2024

– Ferrari rising inside sharp impulse wave 3

– Likely to test resistance level 500.00

Ferrari continues to rise inside the sharp upward impulse wave 3 – which previously broke the key resistance level 440.00 (which stopped the previous impulse wave 1 in March).

The active impulse wave 3 belongs to the intermediate upward impulse wave (3) from the end of July.

Given the predominant daily uptrend, Ferrari can be expected to rise further to the next round resistance level 500.00 (target price for the completion of the active impulse wave (3)) – from where the short-term downward correction is likely.