The Father of all Defense Stocks setting up for big highs Here's my analysis on Northrop Grumman Corporation:
Similar to Raytheon, we have completed both the orange and green structures, each with significant over-corrections. The key point now is that with the last swing high, bearish structures have been negated, making a downward move challenging.
From a liquidity perspective, it's plausible we'll see a dip to take out the range low (marked in black) and gather strength for further upward movement. This aligns with the Overall Correction Level (OCL) of the green structure in blue, suggesting a move back to this level is likely.
I expect a correction that shouldn't cause much concern. It's important to watch for potential upward movements due to global developments, which could create micro-structures in a bearish direction.
I'm positioning bullish and plan to open a large long position at the blue OCL, aiming for the resistance line at $650, or potentially reaching target levels around $742, depending on how the market evolves.
