Altria Group Inc.: wave analysis 12 December 2019, 08:39

Altria Group Inc.: wave analysis

12 December 2019, 08:39

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	50.31
Take Profit	54.04, 57.89
Stop Loss	47.10
Key Levels	39.27, 44.54, 47.10, 54.04, 57.89

Alternative scenario
Recommendation	SELL STOP
Entry Point	47.05
Take Profit	44.54, 39.27
Stop Loss	47.90
Key Levels	39.27, 44.54, 47.10, 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 shaped 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 development of the wave iii of 1 is ending, and a local correction is starting to form as the wave iv of 1. If the assumption is correct, after the end of the correction, the price will grow to the levels of 54.04–57.89. In this scenario, critical stop loss level is 47.10.


Main scenario
Long positions will become relevant after the end of the correction, above the level of 47.10 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 47.10 will let the price go down to the levels of 44.54–39.27.