$AA May Be Completing Its Third Intermediate Wave

$AA counts fairly well all the way up and is approaching a former high that may introduce some supply. It’s a good place to have a correction, and if I have the wave degree right, then it should be about a month-long correction going perhaps as low as the orange box beneath us (though it is free to go lower). After that correction is complete, I would expect it to challenge the recent high in a new 5-wave impulse.

These reactions have the initial ingredients to form the right shoulder of a large inverse, but that’s getting way ahead of ourselves, so let’s wait on that until we see how this develops.

AA


[UPDATE]: We have entered the target area as expected. I will file this under “Successful Calls.” I will need to monitor the price action from here prior to making a new call.

AA


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