Ford Wave Analysis – 24 February, 2020

• Ford broke support level 8.00
• Likely to fall to 7.6

Ford recently broke below the support level 8.00 (which stopped the previous sharp downward impulse wave 1 at the start of February, as can be seen below).

The breakout of the support level 8.00 accelerated the active impulse wave 3 and (3) – both of which belong to the powerful downward impulse wave ③ from December.

Given the clear daily downtrend and the strength of the active impulse wave 3 and (3) – Ford is likely to fall further toward the next support level 7.6 (forecast price for the completion of the active impulse wave (3)).