For two weeks now, Honeywell stock has been heading south, losing more than 10%. It has completed the magenta wave (B) and is currently in the same colored wave (C). Even though the price has rallied a bit this week, we believe that the end of this wave is only in sight further south in our green target zone between $182.14 and $173.09 and that the price should continue to fall. At the green target zone, the overarching correction in the form of the green wave (2) will be completed, which should set the stage for very substantial gains.
