Segun el analisis de Elliot Waves, Mexichem volverá a dar otro brinco
We seem to be on a fourth wave which most probably is presenting itself in the form of a Zig-Zag. The cluster of the fibonacci levels shown by the blue box should prove to be a good resistance level for the stock and a very probable starting point for a coming fifth.
The best interpretation of the wave analysis I could make out of this chart is very clear and we should have no problem getting to the zone of 139.40 pesos before bouncing on the ALL TIME HIGHS in our fifth and Final Wave.
We are most possibly on the advance of a Fifth Wave which would inevitably (except on the extremly rare scenario of a truncated fifth) take us on to highs above wave Three.
This scenario tells us that the stock may still have some upside potential for a fifth and final wave before we start a correction o the actual trend which would inevitably lead us to lower lows.
It seems the stocks may still have some bearish progression to make before it can get back to new highs.
Basing this purely on harmonics. The fundamentals are a bit against this idea since NEMAK announced pretty good fundamentals with a forecast of increase of sales in their aluminum products in the USA.
The stock shows a really "organic" development of waves, wich gives us a really good glimpse at the future to come.
El precio se encuentra en una zona donde puede subir hasta 26.87 o bajar a 25.88.
Arca is in a bull trend, now I m long due to the brak out of a triangle, and for the forecast of it s earnings.
Potential reversal zone First Target $17.24 - $17.18