Updated
ACB Still Speculative
Could go either way, but the current setup strikes me as corrective in a downtrend. Since the trend seems to be down still, lets expect a flat correction here, with $9.80 as resistance and the previous low as the wave B target. Double top for a wave C to complete wave 2, before continuing down for wave 3.
So in summary, I'm still looking for a gap close at the larger wave 2 target, before starting on a more sustainable rally. That'll be intermediate wave 3, which should lead ACB back towards former highs now, finally.
The only thing that can mess up this game plan, is the broader market, which looks to be due for a more serious correction, or ACB itself, messing up earnings, or raising more cash at the expense of shareholders.
Levels on watch!
So in summary, I'm still looking for a gap close at the larger wave 2 target, before starting on a more sustainable rally. That'll be intermediate wave 3, which should lead ACB back towards former highs now, finally.
The only thing that can mess up this game plan, is the broader market, which looks to be due for a more serious correction, or ACB itself, messing up earnings, or raising more cash at the expense of shareholders.
Levels on watch!
Note
First target reached... Don't let that B wave fool you now.Note
Spot on, so far.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.