ALB : Should Expect Further Weakness

Albemarle Corporation (ALB) develops, manufactures & markets engineered specialty chemicals worldwide. It operates through three segments – Lithium, Bromine & Catalysts. It is based in Charlotte, NC, comes under Basic Materials sector & trades as “ALB” ticker at NYSE.

ALB made a short-term low at $48.89 on 3/23/2020. While above there it made ATH at $291.48 within the impulse sequence labelled as I red. Currently, it favors ((Y)) of double correction in II & expect to correct lower between $152.38 – $77.41 area before upside resume.

ALB – Elliott Wave Latest Daily View : 

It placed ((1)) at $101 high on 9/18/2020 & ((2)) at $79.06 low as 0.382 Fibonacci retracement of ((1)). While above there, it favored ended ((3)) at $188.35 high on 1/20/2021. It placed ((4)) at $133.82 low on 3/05/2021. Finally, it ended ((5)) as extended move at $291.48 high on 11/22/2021 as the part of I red impulse. While below there, it favors double correction lower in II.

Below $291.48 high, it placed ((W)) at $169.93 low & ((X)) at $273.68 high. While below ((X)) high, it proposed ended (A) at $189.25 low. Currently, it favors a bounce in (B) leg in 3 or 7 swings before downside resumes in (C) of ((Y)). We like to buy the blue box area for the next leg higher in III or at least larger 3 swing bounce.