IAG (International Consolidated Airlines) - Another correction?
Updated
Hello traders and investors,
Today we are looking at the IAG chart (International Consolidated Airlines Group), one of my favourite charts after the big US cap company. As we know, the airline industry (and hospitality sector) is one the most affected by COVID19 with a low passenger volume. After the first spike of enthusiasm and optimism (around March 2021) we are still in a prolonged correction.
This can be either a 1-2 or A-B at primary degree. At this stage, we don't really care which one it will be,
If we look at the primary B (purple) this seems to be composed of a triple combination WXYXZ.
The first part of this triple three looks like a flag-triangle-zigzag, and we are waiting for the second X. This can be in any shape but as of now it is an expanded flat 3-3-5.
In the 4h timeframe, this is a "buy opportunity" followed by a "sell opportunity".
If this will be the case, the Z completion of the primary B will be the "buy the dip - HODL position".
Today we are looking at the IAG chart (International Consolidated Airlines Group), one of my favourite charts after the big US cap company. As we know, the airline industry (and hospitality sector) is one the most affected by COVID19 with a low passenger volume. After the first spike of enthusiasm and optimism (around March 2021) we are still in a prolonged correction.
This can be either a 1-2 or A-B at primary degree. At this stage, we don't really care which one it will be,
If we look at the primary B (purple) this seems to be composed of a triple combination WXYXZ.
The first part of this triple three looks like a flag-triangle-zigzag, and we are waiting for the second X. This can be in any shape but as of now it is an expanded flat 3-3-5.
In the 4h timeframe, this is a "buy opportunity" followed by a "sell opportunity".
If this will be the case, the Z completion of the primary B will be the "buy the dip - HODL position".
Note
Perfect complete retracement of a complex waveNote
The wave count seems correct and suggests we completed the main correction at the expected Fibonacci level. Note
As expected, after impulse a corrective structure to the 61.8% zone. Let's see if this get to the long term target 😊🤞Note
Correction is more complex than expected. The main invalidation point of this idea is 86.54
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