Ford Wave Analysis 11 August 2023

– Ford broke support level 13.00

– Likely to fall to support level 11.50

Ford recently broke the support level 13.00 (former monthly high from March and April, which also reversed the previous impulse wave 3 from the end of July).

The breakout of the support level 13.00 coincided with the breakout of the 61.8% Fibonacci correction of the previous upward impulse from May.

Ford can be expected to fall further toward the next support level 11.500 (target price for the completion of the active impulse waves 3 and (5)).