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BA - the first A-B-C move up off the mid March low does not look having completed
There is no doubt the top made by BA at 446 in March 2020 was the top of a macro wave ( 3 ) up.
The sharp drop that followed did not have any (A)-(B)-(C) structure.
Nevertheless that drop managed to hold over the critical support at the low made by subwave ( B ) down of wave ( 3 ) up.
Let’s assume the mid March 2020 low was a major bottom.
BA - Monthly chart updated on 6-08-2020
In this case a new rally in subwave ( A ) of wave ( 5 ) up should start from A-B-C up structure (see the micro count on the 90 min chart below).
This accelerated move up looks like the strongest part of the wave C up, its subwave ( iii ) up.
This rally is approaching a strong 223.6% extension of wave ( i ) up = 243.55.
We may expect a pullback off that level in wave ( iv ) down.
That wave ( iv ) down may decline to $210.
After completion of a pullback in wave ( iv ) down BA may push higher again in wave ( v ) up targeting 285-300.
BA - 90 min chart updated at 6-00 PM on 6-08-2020
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