Think we have another drop, but bottom could be in. This move up today doesn't look like a great impulse yet so assuming another low. Will lean more bullish if breaks above ~12.2 and then ~12.7
AAL appears to be close to finish a 5 wave move to have a bottom in wave C. Watching to see if it breaks above ~12.25 with an impulse to turn more bullish
Today's market action and an adjustment to American's bond issuance was the primary driver for the continuation sell off in $AAL shares today.
I am still in for the next run and looking for either a reversal back above $13.50 or holding of the support zone at $11.20.
I like the support zone here in $AAL for two reasons. They raised capital at a price of $13.50/share and obtained super favorable terms on bonds that won't be due for some time.
The volume today was over half the float. That is the third highest volume day in the last year and typically those can be followed by rapid rise type follow through.
Three of the...
