Altria Group Inc.: wave analysis 29 May 2018, 10:34

Altria Group Inc.: wave analysis

29 May 2018, 10:34

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	55.64
Take Profit	51.00, 45.90
Stop Loss	56.94
Key Levels	45.90, 51.00, 56.94, 59.88, 61.40

Alternative scenario
Recommendation	BUY STOP
Entry Point	57.00
Take Profit	59.88, 61.40
Stop Loss	56.05
Key Levels	45.90, 51.00, 56.94, 59.88, 61.40

The trend is downward.
The large downward correction is developing as a wave (2) of the higher level. Locally the third wave of the lower level iii of C of (2) is developing, within which the correctional wave (iv) of iii has ended. If the assumption is correct, the price will fall to the levels of 51.00–45.90. The level of 56.94 is critical and stop loss for this scenario.


Main scenario
Short positions will become relevant during the correction, below the level of 56.94 with the targets at 51.00–45.90. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 56.94 will let the price grow to the levels of 59.88–61.40.