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WBA may produce a high bounce
I count the top made by WBA at 97.30 in August 2015 as the top of a large wave ( 3 ) up. Since then WBA has been playing a complex correction shaped as (W)-(X)-(Y). That type of structure is a combination of two A-B-C structures connected by wave ( X ). The wave ( X ) topped at 85.03 in December 2018. Off that top we got a strong decline which I count as wave A down. I see the level 51.50-50.00 as a strong support. From this area we may get a nice corrective rally in wave B up. Once that wave B up tops we may get another decline to a lower low in wave C of ( Y ) of ( 4 ).
On a Daily chart below this drop is structured as a sharp drop withing a declining bullish wedge.
This is a retail company and it has a relatively good Net Margin for that industry. It has a manageable debt load with a total debt less than 2.5 x EBITDA.
The company is relatively inexpensive. Currently it is traded at 11 x Price-to-Free-Cash-Flow.
Return on Capital