In this Technical blog, we are going to take a quick look at the past performance of AT&T ticker symbol: T Elliott Wave charts that we presented to our clients. We are going to explain the structure and the forecast. As our members knew, we were pointing out that the right side of the market remains higher in the stock. Therefore, we advised our members to avoid selling the stock & look for buying opportunity in 3, 7 or 11 swings into the direction of the right side. So let’s take a quick look at the performance of our past 1 Hour charts below.
T 1 Hour Elliott Wave Chart from August 24.2018
Above is the 1-hour Chart from 8.24.2018 pre-market update, in which instrument is showing a 5 waves impulse rally to $33.58 high in Minor wave 1. Down from there, the initial decline lower in lesser degree unfolded in 5 waves impulse structure. That lesser degree 5 waves impulse, was expected to be part of a zigzag structure within Minor wave 2 pullback before the rally resumes higher again. Thus a decline from $33.58 to $32.41 low ended Minute wave ((a)) and above from there the stock was expected to fail again in Minute wave ((b)) bounce for another extension lower within Minute wave ((c)) of 2.
T 1 Hour Elliott Wave Chart From September 04.2018
Above is the 1 hour Chart from 9.04.2018 Midday update, in which Minute wave ((b)) failing below $33.58 peak as expected & ended the bounce at $33.03 high. Down from there, instrument advanced lower in another 5 waves impulse structure in Minute wave ((c)) lower & reaching the blue box i.e 100%-161.8% Fibonacci extension area of Minute wave ((a))-((b)) (potential buying area) at $31.87-$31.15. So our strategy was to buy the extreme in the instrument looking for new highs ideally or for 3 wave reaction higher at least.
T 1 Hour Elliott Wave Chart From September 12.2018
Here’s 1 hour Chart from 9.12.2018 Midday update, showing the reaction higher taking place from blue box area. Where Minute wave ((c)) of 2 ended at $31.48 low, after reaching 100%-161.8% Fibonacci extension area of Minute wave ((a))-((b)) at $31.87-$31.15. Currently, the stock has made a new high above $33.58 high as expected confirming the next extension higher towards $34.99-$35.81 area next as far as near-term dips remain above $31.48 low. We don’t like selling it and prefer staying long from $31.87-$31.15 with a risk-free position.
Keep in mind that the market is dynamic and the view could change in the meantime. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader, then join our service with a 14 day Trial.Back