The last time we wrote about leading US telecom company AT&T was more than two years ago, in late-February, 2024. The stock was trading below $17 per share at the time, down 63% from its all-time high reached in 1999. In other words, it has been an utter disappointment for the past quarter of a century. Elliott Wave analysis, on the other hand, made us think that the time to buy AT&T again has finally arrived.
And indeed, by September, 2025, the stock had almost doubled to the vicinity of $30 per share. But then market sentiment shifted again as investors decided to move to more exciting stuff or whatever. As a result, AT&T started falling again. Earlier this month, it dipped under the $20 mark, down by a third in less than a year. The question is, has the preceding downtrend actually resumed or is the market giving the bulls a second chance to join the new uptrend?
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This chart, visualizing the Elliott Wave structure of the developments from the bottom of wave C, tilts the odds strongly in favor of the latter. It shows that the recovery to $29.79 is a five-wave impulse, labeled (i)-(ii)-(iii)-(iv)-(v), where the five sub-waves of wave (iii) are also visible. Just as the theory dictates, this pattern has been followed by a three-wave correction, marked (a)-(b)-(c), down to the 61.8% Fibonacci support level.
If this count is correct, waves 1 and 2 are now in place and AT&T’s uptrend is ready to resume in wave 3. Given that third waves are usually the biggest and fastest moves within an impulse, the bulls might have reached a new record high before bumping into another major resistance. To put it another way, the stock should have more than doubled by then.
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