Verizon (US: VZ) technical and wave analysis suggest further downside correction after price failed to break the immediate high of 60 which is the upper bound of the range.

• The stock has consolidated into a 5 wave symmetrical triangle movement and currently wave D has been completed.
• Dark cloud cover formation at the 78.6% Fibonacci retracement of the range 23 – 60.54. This suggests that the bulls are losing steam and is poised for a correction.
• Dark cloud cover is near to the top of the triangle.
• Stochastic Oscillator is showing overbought.

CHART LEGENDS

Stochastic Oscillator

Periods=14

Green line = Oversold line 20

Red line = Overbought line 80

Blue line = 3% K Line

Red line = 3% D Line