ULTA Beauty, Inc. (ULTA) operates as a specialty beauty retailer in the United States. We offer branded and private label beauty products, including cosmetics, fragrances, hair care, skin care, bath and body products, professional hair products, and salon styling tools through our stores, shop-in-shops, e-commerce websites, and mobile applications. The Bolingbrook, Illinois-based company is in the consumer cyclical sector and trades under the ticker “ULTA”, similar to the Nasdaq.
ULTA closed the impulse sequence as ((I)) at a weekly high of $574.76 in March 2024. Below that, a pullback in ((II)) is favorable as a double adjustment, and the price remains unstable for several months.
ULTA – Elliott Wave Latest Weekly View
Weekly, we placed (I) of ((I)) at the July 2019 high of $368.83 and (II) as a zigzag correction at the March 2020 low of $124.05. Thereafter, (III) ended at a high of $556.60 in May 2023 and (IV) closed at a low of $368.02 near the 0.382 Fibonacci retracement of (III) in October 2023. Finally, Impulse (V) as Impulse ((I)) ended at a weekly diagonal high of $574.76. Below that, a ((II)) correction to the all-time low is favorable and a break is expected before pushing further down. It fell below the high of $574.76 and ended (w) of ((II)) at the low of $318.17 in August 2024. Within (W), we placed a at a low of $375.31, b at a high of $421.21, and c at a high of $318.17, similar to the double correction (w).
It has relatively underperformed the US market and is expected to fall further in the coming months after (x) closes. Currently, a pullback at x is favored against the August 2024 low, but w sits at a high of $412 before rising again at y. Once it closes (x) in a few weeks, it should restart and close ((II)) at the low of (y) towards the 1.0 – 1.618 Fibonacci extension. You should see at least three swing bounces there. We prefer to buy the next extreme area of (y) of ((II)). Alternatively, a sideways correction at (IV) could end at a low of $318.17, rise again at (V), and then be confirmed at a new high. Therefore, I don’t like to sell on any pullback.
