ABBV Elliott Wave Analysis
This Elliott Wave analysis for AbbVie Inc. (ABBV) highlights key movements in both the daily and 1-hour charts. The stock is in a strong upward trend, with potential corrective patterns forming that traders can monitor for entry and exit points.
ABBV Elliott Wave Analysis - Trading Lounge Daily Chart
AbbVie Inc. (ABBV) Daily Chart
ABBV Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Minor 3
Direction: Upside into wave {v} of 3
Details: ABBV is advancing in an impulsive trend, currently within wave {v} of Minor 3. The stock is trading inside a parallel channel, which can offer support within wave {iv} as the price continues upward.
Daily Chart Insights
On the daily chart, AbbVie continues to move through an impulsive trend, specifically within Minor Wave 3. The stock is pushing into wave {v} of 3, with upside momentum supported by a parallel channel. This channel serves as a guide for identifying potential support levels, particularly within wave {iv}, as ABBV seeks to continue its bullish run.
ABBV Elliott Wave Analysis - Trading Lounge 1H Chart
AbbVie Inc. (ABBV) 1H Chart
ABBV Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {iv} of 3
Direction: Bottom in wave {iv}
Details: ABBV is currently in a corrective phase within wave {iv}. We anticipate a complex correction, possibly forming a zigzag or flat structure. Alternatively, a triangle pattern may also develop, as is often seen in fourth waves.
1H Chart Insights
In the 1-hour chart, ABBV is navigating wave {iv} of 3, a corrective wave that could be in the process of developing a complex structure. Patterns such as a zigzag, flat, or triangle are possible in this phase, offering insights into where the stock may find support before resuming its upward movement.
Summary
This analysis provides traders with a detailed Elliott Wave perspective on ABBV, helping them stay aligned with the stock's potential price action.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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