Alcoa Wave Analysis – 9 March 2023

• Alcoa reversed from resistance level 55.00

• Likely to fall to support level 45.00

Alcoa falling sharply today following the earlier reversal from the resistance level 55.00 (which has been reversing the price from last August) – standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 55.00 stopped the previous intermediate ABC correction (2).

Alcoa can be expected to fall further toward the next support level 45.00 (which stopped the earlier impulse wave (1) at the end of last month).