Alcoa Wave Analysis – 21 January, 2020

• Alcoa broke strong support area
• Likely to fall to 16.50

Alcoa recently broke sharply through the strong support area lying between the key support levels 19.50 (low of wave (1) from December) and 18.3 (monthly low from October).

The breakout of this support area accelerated the active impulse wave 3 – which belongs to the medium-term impulse sequence (3) from December.

Alcoa is likely to fall further toward the next support level 16.50 (which stopped the sharp downtrend in August of 2019).