SUMMARY
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Honeywell International (HON) has likely initiated the wave 4 correction as shown in the below chart. This wave 4 could retrace 38% of the rise and that's pretty common. Perhaps it would coincide with a minor economic recession?
The red ABC sequence is projected as the corrective price pathway. However, it could morph into a triangle or any of 34 combinations. The blue line projects a 0.618 of wave 1 pathway to wave 5.
The bigger picture shows that the white waves are actually subwaves to blue wave 3 as shown below. This means that in the long run, HON is not finished delivering some massive profits! IF white wave 5 equates to the peak of blue wave 3; then blue 4 will cause quite a bit of fear.
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