ABBV Elliott Wave Analysis – Trading Lounge Daily Chart

ABBV Elliott Wave Technical Analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave {iii} of 5

Direction: Upside in Wave {iii}

Details:

Looking for further upside to complete Minute Wave {iii}.

Potential upside target around $230, marking the completion of MG1.

A pullback in Wave {iv} is expected before resuming the overall trend.

ABBV Elliott Wave Analysis – Trading Lounge 1H Chart

ABBV Elliott Wave Technical Analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave (v) of {iii}

Direction: Upside in Wave (v)

Details:

Observing a three-wave corrective move in Minuette Wave (iv).

There is a possibility that Wave (iv) has completed, and the stock is now resuming its upward move in Wave (v).

Further upside in Wave (v) will confirm the continuation of Wave {iii} towards higher targets.

Conclusion

This analysis provides a detailed Elliott Wave outlook for multiple equities, highlighting potential trend continuations and corrections. AbbVie (ABBV) is expected to continue its upward momentum towards $230, while other stocks such as CAT, CRM, CVX, and PANW are under corrective phases, awaiting confirmation of trend reversals or continuations.

Technical Analyst: Alessio Barretta

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