$LMT Has 30% Upside Target

Last discussed in this Twitter thread, $LMT is in a bullish configuration.

After breaking out of its bullish wedge (green) it has consolidated again in a bull flag (red). If this is a 1-2-1-2 pump, as I believe it is, we can expect a lengthy rally from here lasting for quite some time. In its present consolidation, it has come back to retest the 2011-2020 trend line. I have provided target ranges for minor (green) and intermediate (orange) threes. Note: I have used standard, conservative fib extensions for these, but because of the long overhead trend line and double (and time-consuming) consolidations we have had, I expect these threes to extend beyond the typical 1.618 fibs, more likely to 2.618 or even 3.618 to bring us to the top of the channel.

That said, I will keep the conservative targets for the time being.

LMT

Stripping away some of the noise, notice the inverse that is forming. The measured move for this also takes us to the orange target box for the green 3 depicted in the chart above.

LMT


[UPDATE]: Though we had started in the right direction, contrary to my expectations, the revenue miss has caused this to break a 10-year trend line. That is somewhat grave. I will file this under “Unsuccessful Calls.” I will need to monitor the price action from here prior to making a new call.

LMT


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