Couple of observations on AKS.
If the price holds up here, the chart has bullish implications. The probable count in red anticipates an impulse wave up, with nested 1-2 sequence. Target to be assessed as the wave progresses.
- The stock broke out from an inverse head and shoulders pattern and has fallen back to test the neckline again.
- Price is now touching the lower trend line of the channel shown in red.
If the price holds up here, the chart has bullish implications. The probable count in red anticipates an impulse wave up, with nested 1-2 sequence. Target to be assessed as the wave progresses.
Alternate count in blue suggests that the ongoing up move may just be a counter trend rally in a bearish larger trend. If so, one likely target for wave c is around 8.5. At that price, A will equal C and also the target for inverse head and shoulders pattern will be met.
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