Altria (MO) is advancing within a rising ending diagonal structure. After completing wave 5 of wave C, price is currently moving upward within the wedge.
Although there is no contact yet with the lower diagonal boundary, a third test remains structurally possible. Such formations often invite a final pullback to the base before resolution. This scenario remains valid while price stays within the diagonal.
If a third test occurs, the lower boundary becomes a key decision point. A bounce would confirm diagonal strength, while a breakdown may target $50 and potentially the long-term trendline near $45.
There is no confirmation of weakness at this time. However, the pattern’s nature warrants preparedness for a potential revisit to the wedge base.
Structure: Ending Diagonal
Status: Price rising inside the wedge
Scenario: Possible third test of base (not yet tested)
Levels to watch: $50 (consolidation), $45 (trendline)
Although there is no contact yet with the lower diagonal boundary, a third test remains structurally possible. Such formations often invite a final pullback to the base before resolution. This scenario remains valid while price stays within the diagonal.
If a third test occurs, the lower boundary becomes a key decision point. A bounce would confirm diagonal strength, while a breakdown may target $50 and potentially the long-term trendline near $45.
There is no confirmation of weakness at this time. However, the pattern’s nature warrants preparedness for a potential revisit to the wedge base.
Structure: Ending Diagonal
Status: Price rising inside the wedge
Scenario: Possible third test of base (not yet tested)
Levels to watch: $50 (consolidation), $45 (trendline)
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💼 Professional market insights & charts:
cakirinsights.com/
cakirinsights.com/
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.