Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of American Airlines Group ( $AAL ) stock. As our members know, the stock is trading within the cycle from the 19.2 high. The stock is showing impulsive bearish sequences. We have been calling for the decline in the stock after 3 waves pull back. Our team recommended members to avoid buying AAL stock, while keep favoring the short side. In the further text we are going to explain the Elliott Wave Forecast and trading setup.
American Airlines (AAL) Elliott Wave 4 hour chart 8.30.2023
Current view suggests the stock is doing correction of the cycle from the 15.9 peak. The price has already reached equal legs area at 14.95-15.23. At the moment we see possibility of another marginal push up within blue box area. Proposed leg up may or may not be seen. There is already enough number of swings in place to have correction completed. We don’t recommend buying the stock and prefer the short side from the Blue Box Area. Once the price reaches 50 fibs against the (x) blue low, we will make short positions risk free and take the partial profits.
American Airlines (AAL) Elliott Wave 1 hour chart 09.03.2023
The stock made decline from our blue box zone 14.95-15.23 (selling zone) . Pull back reached 50 fibs against the (x) blue low. As a result members who took short trades at the blue box, now enjoying profits in a risk free positions. As far as the price stays below 14.99 we expect to see further weakness toward new lows. We would need to see break of ((i)) black low: 14.42 to confirm next leg down is in progress.
American Airlines (AAL) Elliott Wave 1 hour chart 09.12.2023
Eventually the stock made further separation from the 14.99 and price broke below 14.42 low, confirming wave ((iii)) is in progress. The stock remains bearish against the 14.99 pivot and should ideally keep finding sellers in 3,7,11 swings.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.