Albemarle Corporation (ALB) develops, manufactures & markets engineered specialty chemicals worldwide. It operates through three segments, Lithium, Bromine & Catalysts. It is based in Charlotte, NC, which comes under Basic Materials sector & trades under “ALB” ticker at NYSE.
ALB made a short-term low at $48.89 on 3/23/2020. While above there it made ATH at $291.48 within the impulse sequence labelled as I red. Currently, it favors double correction in II & expect to correct lower in between $153.42- $94.84 area before upside resume.
ALB - Elliott Wave Latest Daily View:
It started impulse cycle from the 3/23/2020 low. It placed ((1)) at $101 high on 9/18/2020 & ((2)) at $85.60 low as 0.382 retracement of ((1)). While above there, it favored ended ((3)) at $188.35 high on 1/20/2021. It placed ((4)) at $133.82 low on 3/05/2021. Finally, it ended ((5)) as extended move at $291.48 high on 11/22/2021 as the part of I red impulse. While below there, it favors double correction lower in II.
Below $291.48 high, it placed ((W)) at $197.14 low & ((X)) at $247.98 high. While below ((X)), it proposed ended (A) & (B) at $200.88 high & below there favoring © lower towards $153.42 - $94.84 area to end ((Y)) to end II correction. Alternatively, it can bounce in (B) as flat correction, which ideally should fail below ((X)) high to extend lower in © of ((Y)). We like to buy the blue box area for the next leg higher or at least 3 swing bounce later when reached.
