Elliott Wave view strong impulsive rally in American Airlines (AAL) favors upside
|Short Term Elliott Wave in American Airlines (AAL) suggests that rally from 11.6.2024 low is in progress as an impulse. Up from 11.5.2024 low, wave ((i)) ended at 15.13 as the 1 hour chart below shows. Pullback in wave ((ii)) unfolded as a double three Elliott Wave structure. Down from wave ((i)), wave a ended at 14.7 and wave b ended at 15.05. Wave c lower ended at 14.46 which completed wave (w). Rally in wave (x) ended at 14.81. Down from there, another zigzag unfolded with wave a ended at 14.5 and wave b ended at 14.6. Wave c lower ended at 14.38 which completed wave (y) of ((ii)).
The stock has resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 14.74 and pullback in wave (ii) ended at 14.44. The stock resumed higher again in wave (iii). Up from wave (ii), wave i ended at 15.05 and pullback in wave ii ended at 14.61. Wave iii higher ended at 17.8. Expect wave iv to end soon, and stock to resume rally higher again in wave v to complete wave (iii). Near term, as far as pivot at 14.39 low stays intact, expect pullback to find buyers in 3, 7, 11 swing for more upside.
American Airlines (AAL) 60 minutes Elliott Wave chart
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