$JSEAGL - Anglo American: Five Waves Down, Relief Rally Imminent
AGL stock has had a strong sell-off from its 77318 peak in February.
The sell-off to 51800 looks to have unfolded as an extended five wave impulse that is terminating in an ending diagonal.
There is also MACD/price convergence between wave ((iii)) and ((v)) which tends to precede trend change.
As much as it is still early to say whether or not 51800 is the bottom, price structure and momentum calls for a relief rally in the short-term.
The sell-off to 51800 looks to have unfolded as an extended five wave impulse that is terminating in an ending diagonal.
There is also MACD/price convergence between wave ((iii)) and ((v)) which tends to precede trend change.
As much as it is still early to say whether or not 51800 is the bottom, price structure and momentum calls for a relief rally in the short-term.
