Alcoa Wave Analysis – 3 March 2025

– Alcoa broke key support level 33.35

– Likely to fall to support level 30.00

Alcoa recently broke the key support level 33.35, which stopped the previous wave b of the active ABC correction 2 from the end of November – as can be seen from the daily Alcoa chart below.

The breakout of the support level 33.35 accelerated the active short-term impulse wave c from the start of February.

Given the clear daily downtrend, Alcoa can be expected to fall to the next round support level 30.00 (target price for the completion of the active impulse wave c).