Image Source: Unsplash
 

ABBV Elliott Wave Analysis Trading Lounge Daily Chart,

AbbVie Inc.,  (ABBV) Daily Chart 

ABBV Elliott Wave Technical Analysis

FUNCTION: Trend 

MODE: Impulsive 

STRUCTURE: Motive 

POSITION: Minor wave 3.   

DIRECTION: Upside into wave 3.    

DETAILS: We are looking for Minor wave 3 to slowly and steadily unfolding to the upside, as we are witnessing continuation higher.

ABBV Elliott Wave Analysis Trading Lounge 4H Chart,

AbbVie Inc., (ABBV) 4H Chart 

ABBV Elliott Wave Technical Analysis

FUNCTION: Trend 

MODE: Impulsive 

STRUCTURE: Motive 

POSITION: Wave {iii} of 3.  

DIRECTION: Upside in wave {iii}. 

DETAILS: Looking for a series of threes and fours to take us higher to the minimum next target that is 1.618 {iii} vs. {i} at 200$.

Welcome to our latest Elliott Wave analysis for AbbVie Inc. (ABBV) as of July 31, 2024. This analysis provides an in-depth look at ABBV's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on ABBV's market behavior. 

* ABBV Elliott Wave Technical Analysis – Daily Chart* 

We are observing the steady and gradual development of Minor wave 3, which is unfolding to the upside. This suggests a continuation of the upward trend, as the stock progresses through this impulsive wave. 

* ABBV Elliott Wave Technical Analysis – 4H Chart* 

The 4-hour chart shows a series of smaller three and four wave movements that are characteristic of a developing wave {iii}. The minimum next target is identified as 1.618 of wave {iii} vs. wave {i}, which is around $200. This target is anticipated based on the typical Fibonacci extension levels observed in wave {iii}.

Technical Analyst : Alessio Barretta

More By This Author:

Elliott Wave Technical Analysis: Cocoa - Wednesday, Aug. 7
Unlocking ASX Trading Success: V300AEQ ETF Units - Wednesday, Aug. 7
Elliott Wave Technical Analysis: U.S. Dollar/Canadian Dollar - Wednesday, Aug. 7