ALB: Pulling back in II before next rally

Elliott Wave Forecast Team ElliottWave-Forecast.com

Albemarle Corporation (ALB) develops, manufactures & markets engineered specialty chemicals worldwide. It operates through three segments, Lithium, Bromine & Catalysts. It is based in Charlotte, NC, which comes under Basic Materials sector & trades under “ALB” ticker at NYSE.

ALB made a short-term low at $48.89 on 3/23/2020. While above there it made ATH at $291.48 within the impulse sequence labelled as I red. Currently, it favors double correction in II & expect to correct lower in between $153.42- $94.84 area before upside resume.

ALB – Elliott Wave latest daily view

It started impulse cycle from the 3/23/2020 low. It placed ((1)) at $101 high on 9/18/2020 & ((2)) at $85.60 low as 0.382 retracement of ((1)). While above there, it favored ended ((3)) at $188.35 high on 1/20/2021. It placed ((4)) at $133.82 low on 3/05/2021. Finally, it ended ((5)) as extended move at $291.48 high on 11/22/2021 as the part of I red impulse. While below there, it favors double correction lower in II.

Below $291.48 high, it placed ((W)) at $197.14 low & ((X)) at $247.98 high. While below ((X)), it proposed ended (A) & (B) at $200.88 high & below there favoring (C) lower towards $153.42 – $94.84 area to end ((Y)) to end II correction. Alternatively, it can bounce in (B) as flat correction, which ideally should fail below ((X)) high to extend lower in (C) of ((Y)). We like to buy the blue box area for the next leg higher or at least 3 swing bounce later when reached.

ALB – Alternate Elliott Wave view

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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