AMBEV: Is the Correction Complete?

haejin (88)in #money • 7 years ago

SUMMARY

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AMBEV has generated stellar returns during its five wave runup as shown by the blue Elliott Waves. The correction since then has been quite active in retracing to beyond the prior wave 4 level. So, do the ABC labels mark the completion of the correction? Is the subsequent rise a genuine trend reversal?

I believe that the current rise is the B wave of an ABC correction. The initial down was the red A wave. The red B wave is very overlapping which is indicative of a corrective bounce. I expected a C wave down to already be in progress and should complete in five waves as shown in the below chart.

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