Altria Group Inc.: wave analysis 10 January 2019, 08:43

Altria Group Inc.: wave analysis

10 January 2019, 08:43

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	49.65
Take Profit	45.50, 43.00
Stop Loss	53.65
Key Levels	43.00, 45.50, 56.22, 59.45, 66.10

Alternative scenario
Recommendation	BUY STOP
Entry Point	56.30
Take Profit	59.45, 66.10
Stop Loss	55.25
Key Levels	43.00, 45.50, 56.22, 59.45, 66.10

The price may fall.
On the 4-hour chart, a large downward correction develops as the wave 2 of the higher level, within which the wave (A) of 2 is forming. Now, the fifth wave 5 of (A) is developing, within which the wave of the lower level iii of 5 has formed, and the local correction iv of 5 is ending. If the assumption is correct, the price will fall to the levels of 45.50–43.00. In this scenario, critical stop loss level is 56.22.


Main scenario
Short positions will become relevant during the correction, below the level of 56.22 with the targets at 45.50–43.00. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 56.22 will let the price grow to the levels of 59.45–66.10.