ElliottWave Forecast
June 17, 2022
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UNFI : Expect Pulling Back Before Next Leg Higher

United Natural Foods Inc., (UNFI) together with its subsidiaries, distributes natural, organic, specialty, produce & conventional grocery & non-food products in the US and Canada. It operates in two segments, wholesale and retail. It is based Providence, Rhode Island, comes under Consumer Defensive sector and trades as “UNFI” ticker at NYSE.

UNFI made all time low at $3.50 in December-1999 & all time high at $83.91 in March-2015 as wave (I). It finished a larger pullback in March-2020 & made a low of $5.00 as wave (II) as zigzag correction. Currently, it favors a corrective pullback in wave II & expect to pullback lower towards $25.41- $10.42 area.

UNFI - Elliott Wave Latest Monthly View: 

It started impulse up from December-1999 low & favored ended at $83.91 high as wave (I). Later, it corrected the cycle in zigzag structure & ended it at $5.00 low as (II) correction. While above there, it against started trading higher in impulse sequence. Within (I), it placed I at $38.40 high & II at $12.83 low. While above there, it favored ended III at $79.64 high as third wave extension & placed IV at $58.04 low. Finally, it ended V at $83.91 high as (I).

Below there, it placed a red at $29.75 low, b of (II) at $52.69 high. Finally, it ended c of (II) at $5.00 as the part of zigzag correction before it resumes upside. While above (II) low, it placed wave I at $57.89 high. Currently, it favors a pullback in II & expect to extend lower in ((C)) of II towards %25.41 -$10.42 area, while bounce fails below $49.56 high of ((B)) leg. Buyers expect to enter the market within blue box area for next leg higher or at least 3 swing bounce.

Source:  https://elliottwave-forecast.com/stock-market/unfi-expect-pulling-back-before-higher/ 

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