Tapestry, Inc. (previously Coach, Inc.) is a New York City-based multinational luxury fashion holding corporation. Coach New York, Kate Spade New York, and Stuart Weitzman are the three brands owned by the parent corporation. The company’s stock, which is a component of the S&P500 index, is traded on the New York Stock Exchange under the ticker $TPR. Cotton is currently rising in price. Other soft goods are also rising in price. As a result, as a heavyweight in the textile market, Tapestry could provide an excellent chance for investors to diversify their portfolio by indirectly investing in the growing prices of soft commodities.
The Tapestry shares $TPR traded on the NYSE are shown in the monthly chart below. First, in super cycle degree blue wave (I), the stock price has created a leading diagonal higher. It reached an all-time high of 79.70 in March of 2012. As an Elliott wave double three pattern, a correction lower in blue wave (II) has unfolded from the highs. In April of 2020, it produced a significant bottom at 10.18. In fact, in only 8 years, the stock price has lost 87 percent of its worth.
A new cycle in wave (III) has already begun from the 2020 lows and should stretch to the 79.70 highs and beyond. Then, for wave (III), the aim will be about 89.90-139.21, or even higher.
The blue wave’s early stages are depicted in the daily chart below (III). $TPR has built a classic impulse higher in red wave I from the April 2020 lows. It came to an end in May 2021, with a value of 49.66. Wave II consolidation may have just begun from the highs. Investors and traders can purchase the retreat in 3, 7 or 11 swings against the 10.18 lows, aiming for the 89.90-139.21 range in the long run, and even higher./n
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