Luxury fashion giant Tapestry (TPR Stock) set to continue to rise
Tapestry, Inc. (formerly: Coach, Inc.) is a multinational luxury fashion holding company based in New York, United States. The parent company owns three brands: Coach New York, Kate Spade New York and Stuart Weitzman. The company’s stock on the S & P500 Index may trade under the symbol $ TPR on the NYSE. Right now we are seeing cotton skyrocket. In addition, other commodities are on the rise. Therefore, Tapestry being a heavyweight in the textile market should be an excellent opportunity for investors to diversify their portfolio by investing indirectly in rising prices of particularly soft commodities.
Elliott Tapestry Monthly Wave Analysis 07.03.2021
The monthly chart below shows the Tapestry $ TPR stocks trading on the NYSE. First, the stock price developed a higher main diagonal in the blue wave (I) of the super cycle degree. It printed all-time highs in March 2012 at 79.70. From the highs, a downward correction of the blue wave (II) unfolded in the form of a double three Elliott wave. It printed a large background in April 2020 at 10:18 a.m. In fact, the stock price has lost 87% of its value in just 8 years.
Starting with the 2020 lows, a new wave cycle (III) has already started and is expected to expand to the highs of 79.70 and beyond. Then the target for wave (III) will be around the 89.90-139.21 area and even higher.
Elliott Tapestry Daily Wave Analysis 07.03.2021
The daily chart below shows the early stages of the blue wave (III). From the April 2020 lows, $ TPR developed a higher textbook boost in Red Wave I. It ended in May 2021 at 49.66. From the highs, the consolidation of Wave II may have just started. Investors and traders may look to buy the pullout in 3, 7 or 11 swings against 10.18 lows targeting the 89.90-139.21 area and even higher in the long term.