Canada Goose Elliott Wave Pattern Points North

The share price is up 210% from its $12.94 low fifteen months ago and currently stands above $40. After reaching $50 three months ago, however, it is down 20%. The question is, is this dip a buying opportunity? The Elliott Wave chart below appears to suggest so.

The 4-hour chart reveals that the post-Covid recovery in Canada Goose stock is shaped as a five-wave impulse. The pattern is labeled 1-2-3-4-5, where the five sub-waves of wave 3 are visible, as well. Impulses indicate the direction of the larger trend. This must sound good to the bulls.

If the count above is correct, we can expect more strength in GOOS stock. The A-B-C correction following the impulse is rather small but the price remains in an uptrend nonetheless. At a forward P/E of 40, Canada Goose is not a cheap stock. Elliott Wave analysis suggests it can get even more expensive, though.

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