RHEINMETALL (RHMG) - Take medium-term profits if 1740-1720 is broken - Long-term support is 1550.

After the low on April 7, 2025, at 933 Rheinmetall extended its uptrend and rose by 108% to register a peak on June 2, 2025 at 1944. The uptrend is defined by the uptrend channel, shown below in light orange. Note that the low of June 2 at 1744.50 was registered at the lower trendline. The rise could be labeled as a complete five-wave structure. This implies that the present correction is likely to retrace at least part of the rise from April. My analysis of the Fibonacci wave correlations reveals that RHMG would trigger SELL signals with the break of the support range 1740-1720.
The details of the present correction are shown on the next lower chart.

There are many Fibonacci wave correlations in the chart of Rheinmetall. This is because the larger the crowd that is driving the price, the cleaner the Elliott Wave patterns and wave correlations.
1) The decline of June 2, 2025 from 1944 to 1744.50 was 1.618 times as long as the decline from May 28 at 1936 to May 29 at 1816.50.
2) The rally from May 29 at 1816.50 to June 3 at 1872.50 retraced 61.80% of the June 2 decline at 1810.
3) The decline from June 3 at 1872.50 is presently testing the 61.80% retracement of the June 2-3 rebound.
BASED ON THE WAVE CORRELATIONS, I RECOMMEND SELLING RHEINMETALL IF THE SUPPORTS AT 1790 AND 1740 ARE BROKEN. Moreover, SELL if 1590-1550 is broken.

To signal the resumption of the long-term uptrend, RHMG must rise above 1885 and 1950.
If it succeeds in breaking upwards, the uptrend could extend to 1990, 2140 or 2380. See also the next lower chart.