TGT: Unfinished Business On The Downside

Good Wednesday Morning, MPTraders!  August 20, 2025-- Pre-Market Update: TGT Earnings (see analysis below)... FOMC Minutes (2 PM ET)... Jackson Hole Symposium begins leading up to Fed Chair Powell's Friday 10 AM ET speech... ES probes the 20 DMA... 

TGT reported Earnings this AM, and announced a new CEO, neither of which has supported the price so far. 

My Big Picture technical set up argues that the Bear Phase that commenced after the ATH of 268.98 on November 15, 2021 still has unfinished business on the downside into new multi-year low territory beneath the April 8, 2025, low at 87.36 before embarking on a sustainable bottoming period that will represent a runway to a new Bull Phase.

My pattern work indicates that all of the price action from the April 2025 low at 87.36 to this AM post-Earnings spike-high at 110.00 exhibits counter-trend rally form, and as such, warns me that when the rally period is complete (likely today), TGT will be vulnerable to another downleg that projects into the 78-83 target window. 

Only a sharp upside reversal that chews through resistance from 108 to the down-sloping 200 DMA (115.26 at Tuesday's close) will Neutralize my current outlook... Last is 97.45 off of a post-Earnings low at 93.80...

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