ABBV Elliott Wave Analysis – Trading Lounge Daily Chart
ABBV Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {iii} of 5
Direction: Upside in Wave {iii}
Details:
- Expecting further bullish movement to complete Minute Wave {iii}.
- Potential resistance and upside target near $230, marking the completion of MG1.
- Anticipating a corrective Wave {iv} pullback before resumption of the primary uptrend.
ABBV Elliott Wave Analysis – Trading Lounge 1H Chart
ABBV Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave (v) of {iii}
Direction: Upside in Wave (v)
Details:
- Currently monitoring a three-wave corrective structure in Minuette Wave (iv).
- Wave (iv) might have completed, with potential upside movement confirming a new Wave (v) rally.
- Further gains in Wave (v) will validate the continuation of Wave {iii}, pushing towards higher price targets.
Technical Analyst: Malik Awais
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Conclusion
This Elliott Wave forecast outlines potential trend extensions and market corrections. AbbVie (ABBV) is projected to maintain its bullish momentum towards the $230 level, while stocks like CAT, CRM, CVX, and PANW remain in corrective phases, awaiting confirmation of trend reversals or continuations.