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Anglo American, fake recovery in progress

Anglo American stock topped at 16.78 on May 13th and bottomed at 13.91 on June 13th. A decline of almost three figures in just one month, but if we look at it through Elliott Wave perspective, we may come up with an idea of the probable future development.

anglo american

On the 1-hour chart of Anglo American we can see that the move we are talking about is shaped like a perfect impulse. We can even count the impulsive sub-waves of the pattern. Normally, after each impulse it is time for a correction in the opposite direction. Judging from the chart, we can assume, that the recovery, which is currently in progress, is the beginning of that (2)/B retracement we are looking for. The zone between 15.20 and 15.80 should provide strong enough resistance for prices to reverse and restart their downtrend in wave (3)/C.



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