Altria Group Inc.: wave analysis

The price may fall.

On the 4-hour chart, a downward correction of the higher level develops as the wave 2, and the formation of the wave 3 started, within which the wave (1) of 3 develops. Now, the first wave of the lower level 1 of (1) has formed, and a local correction has started to develop as the wave 2 of (1). If the assumption is correct, the price will fall to the levels of 39.50–37.90. In this scenario, critical stop loss level is 44.80.

Main scenario

Short positions will become relevant during the correction, below the level of 44.80 with the targets at 39.50–37.90. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price above the level of 44.80 will let the price grow to the levels of 47.00–49.33.