FX.co ★ Elliott wave analysis of Lockheed Martin for May 17, 2023

Since late 1999, Lockheed Martin has been in an uptrend, but this uptrend now looks complete and a larger multi-year correction should be expected. Lockheed Martin completed its five-wave rally with the test of 508 and we should at least see a corrective decline to the low of wave 4 at 325 and possibly even closer to sub-wave 4 of 3 at 264.

In the short- term, we are looking for a break below support at 437.62 as confirmation that Lockheed Martin has peaked and the expected correction towards 325 is in progress.