Elliott Wave Analysis of ATRO

14 mar

Astronics Corporation, listed on NASDAQ under the ticker symbol ATRO, is currently undergoing a wave analysis based on the Elliott Wave Theory, focusing on the hourly timeframe.

Starting from November 2023, where the price was approximately $14, we began identifying the initial wave ((i)). The wave count progressed until the high in February 2024, reaching $20.35, which was labeled as wave ((iii)).

Currently, the stock is believed to be in wave ((iv)), which is expected to consist of three subdivisions: (w), (x), and (y). As of now, we are unfolding wave (y) within wave ((iv)). This wave (y) is further subdivided into wave a, wave b, and the ongoing wave c which can go still lower.

Once wave ((iv)) completes its formation, the expectation is for a rally to the upside, signaling the beginning of wave ((v)). This wave ((v)) has the potential to surpass the high of wave ((iii)), indicating a continuation of the bullish trend.

However, it's important to note that the validity of this wave count may be challenged if the price drops below the $16 level. This would invalidate the current wave count and necessitate a reevaluation of the analysis.

Traders and investors should exercise caution and consider risk management strategies when making decisions based on Elliott Wave Theory, as market movements may deviate from the expected patterns.

Please keep in mind that this analysis is based on historical price data and patterns, and actual market behavior may vary. Always conduct thorough research and analysis before making trading decisions.

I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.

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Hope this post is helpful to community
Thanks
RK💕

Disclaimer and Risk Warning.

The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.