My previous post related to AKBNK was on 3rd of June, 2024 for the maked IV th wave correction.
17th of March, V wave completed and a correction phase has started, we are now heading to marked area to complete the last wave of the correction. Later on we will understand whether this is a simple or a complex correction.
17th of March, V wave completed and a correction phase has started, we are now heading to marked area to complete the last wave of the correction. Later on we will understand whether this is a simple or a complex correction.
Trade active
The main idea was that, following a completed impulsive wave supported by weekly RSI and MACD divergences, an ABC correction would take place. Initially, I expected this correction to be an irregular one, anticipating a reversal around the grey line area. Despite observing that major market players had been accumulating this stock over the past days, I interpreted this as preparation for a final corrective move rather than the beginning of a new trend. I still believe this scenario will hold.The most recent price action has shown that the correction will not be an irregular one. In this case, the weekly and daily outlooks of the scenario are as follows. We will monitor to see whether this scenario plays out or not.
Weekly chart
Daily chart
Note
AKBNK managed to close the gap formed on March 18th. While I expect a reversal from here according to the main setup, it's important not to forget that there is significant support at its current level. If this support is broken to the downside, AKBNK could re-enter the channel it previously broke upward and proceed to a correction below that aligns with the main setup. This thinking is actually parallel to the correction expectation in the BIST100 index. Should this scenario play out, I expect the 48.00 - 45.72 range to be the most probable target. I continue to monitor.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.