Morgan Stanley Wave Analysis – 28 October, 2019

• Morgan Stanley broke resistance zone
• Likely to rise to 47.60

Morgan Stanley recently broke through the resistance zone lying between the key resistance level 45.40 (which created two monthly highs in July and September) and the 61.8% Fibonacci correction of the previous multi-month ABC correction from April.

The breakout of this resistance area accelerated the active long-term impulse wave 3 from the start of October.

Morgan Stanley is expected to rise further and retest the next resistance level 47.60 (target price for the completion of the active impulse wave 3).