ACB on the daily

17 feb 2020

ACB just completed a massive wave 2 retracement (0.854-0.9) after a failed impulse wave up. The next impulse wave (3) should target a 1:1 of wave 1, which would be roughly $13.74, and after barely breaking the previous resistance set by the failed impulse wave ($12.53), the wave 4 retracement should then test $12.53 as a support. Since wave 2 retraced a lot (0.854-0.9), wave 4 would not retrace as much (roughly .1). This is a daily chart - given the date range of the failed impulse wave 1, impulse wave 3 could be a 2-3 year move.