Plenty of bullish signals on the ABEV charts.
Now well clear of the descending wedge, the first impulse wave looks to be complete.
Sticking with the Elliot Wave pattern, we should expect to see it retrace slightly to test the 50 day and 100 day EMA, before starting the next impulse wave.
Also important the impending crossover of the 50/100 EMA (a very bullish signal).
ABEV is still in a long term correction, although the C Wave is looking like a sharp impulse down which could be a good short if the daily or lower; can show a correction for entry. High probability it will break the bottom. I will update the chart with future entries & stop losses & exits.
ABEV, price target 6.60, stop near 6.30, time frame till 31st of Jan, still learning so please let me know if you see anything I can improve on.
stock will work higher to complete the pattern, then continue its downward trend. sell at target or possible short.
ABEV had a good upward run breaking recent resistance. We think it will continue its upward run from here.
Date First Found- May 11, 2017
Pattern/Why- Flag formation
Entry Target Criteria- Pull back to $6.10
Exit Target Criteria- Momentum
Stop Loss Criteria- $5.87
Please check back for Trade updates. (Note: Trade update is little delayed here.)