Altria Group Inc.: wave analysis 05 December 2019, 09:59

Altria Group Inc.: wave analysis

05 December 2019, 09:59

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	50.10
Take Profit	54.04, 57.89
Stop Loss	46.77
Key Levels	39.27, 44.54, 46.77, 54.04, 57.89

Alternative scenario
Recommendation	SELL STOP
Entry Point	46.70
Take Profit	44.54, 39.27
Stop Loss	47.45
Key Levels	39.27, 44.54, 46.77, 54.04, 57.89

The price may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave 2 as a double zigzag (W)(X)(Y), and the formation of the third wave 3 started. Now, the first entry wave of the lower level 1 of (1) of 3 is forming, within which the wave iii of 1 is developing. If the assumption is correct, the price will grow to the levels of 54.04–57.89. In this scenario, critical stop loss level is 46.77.


Main scenario
Long positions will become relevant during the correction, above the level of 46.77 with the targets at 54.04–57.89. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 46.77 will let the price go down to the levels of 44.54–39.27.