Alcoa (AA) has increased its share value by about 800 percent since the March 2020 fall, and with strong aluminum prices, it must continue to increase its worth. Furthermore, AA has constructed an unfinished impulse, and it must maintain the rally in order to complete the edifice. In the initial instance, we are proposing a target above $47.00 dollars, but we will recalculate in the future because the price should be higher.
The wave ((1)) concluded in 5 swings, as shown on the daily chart, and the pullback as wave ((2)) bounced from $10.95. With the price of wave ((1)) breaking, we know that wave ((2)) is complete. We’re now working on wave (3), which requires one high to complete five swings up. The third wave of ((3)) reached $44.49, and the fourth wave of ((3)) ended at $31.90. With that information, we may see a target range of $47.44 to 52.23 as a viable place to stop the wave ((3)).
Short term, the bounce from wave (4) of ((3)) appears to be wave 1 of (5), which might be completed, and we should see a pullback in three swings as wave 2 of (5) the following week, which will provide us with a good opportunity to enter the market against the $31.90 level. As a result, as seen in the chart, we should continue upward in the market to watch for a break wave (3) peak following the uptrend./n
