Abbvie Inc. (ABBV) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

ABBV Elliott Wave technical analysis

Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {iii} of 5
Direction: Upside in Wave {iii}
Details:
- Looking for further upside to complete Minute Wave {iii}.
- Potential upside target around $230, marking the completion of MG1.
- A pullback in Wave {iv} is expected before resuming the overall trend.

ABBV Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave (v) of {iii}.
Direction: Upside in Wave (v).
Details:
- Observing a three-wave corrective move in Minuette Wave (iv).
- There is a possibility that Wave (iv) has completed, and the stock is now resuming its upward move in Wave (v).
- Further upside in Wave (v) will confirm the continuation of Wave {iii} towards higher targets.

Conclusion

This analysis provides a detailed Elliott Wave outlook for multiple equities, highlighting potential trend continuations and corrections. AbbVie (ABBV) is expected to continue its upward momentum towards $230, while other stocks such as CAT, CRM, CVX, and PANW are under corrective phases, awaiting confirmation of trend reversals or continuations.

Abbvie Inc. (ABBV) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD trims losses and returns to the 1.1750 area

The US Dollar resumed its decline in the American afternoon, helping EUR/USD trim early losses. The pair trades around 1.1750 as market participants gear up for the European Central Bank monetary policy decision and the United States Consumer Price Index.