ALB – Should expect to continue rally

Albemarle Corporation (ALB) develops, manufactures & markets engineered specialty chemicals worldwide. It operates through three segments, Lithium, Bromine & Catalysts. It is based in Charlotte, NC, comes under Basic Materials sector & trades under “ALB” ticker at NYSE.

ALB showing higher high sequence from March-2020 low, expecting more upside to continue. It ended impulse wave I at $291.48 low & II as zigzag correction at 169.93 low. While above there, it expects more upside in wave III as it already breaks above wave I high.

ALB – Elliott Wave latest weekly view

It ended the larger correction at $48.89 against 2017 high during global sell off in March-2020. Then, it favored ended ((1)) at $101 high & ((2)) at 79.06 low as shallow correction. Above there, it placed ((3)) at $188.35 high. While it favored ended ((4)) at $133.82 low. Finally, it ended ((5)) at $291.48 high in November-2021 as wave I. Below there, it corrected in zigzag structure & placed II at $169.93 low in February-2022.

ALB – Elliott Wave latest daily view

Above wave II low, it showing diagonal in ((1)). It placed (1) at $273.68 high & (2) at 189.25 low. It favored ended (3) at $308.24 high & (4) at $231.67 low. Above there, it placed (5) at $334.55 high as wave ((1)). It breaks above wave I high, calling for more upside to continue, while dips remain above February-2022 low of wave II. It proposed ended ((2)) at $208.57 low & above there, it favors higher in (1), expecting more upside to continue. It needs to breaks above ((1)) high to confirm the upside in ((3)) of III to avoid a double correction in ((2)).