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Alcoa May Retest June Lows


Yesterday, before Alcoa (AA) earnings, we wrote that the stock was in the grasp of a powerful, dominant near- and intermediate-term downtrend -- and that un the absence of a huge positive "miss," AA should head lower in sympathy with its current downtrends.  

Let's notice that in the aftermath of AA's supposed better-than-expected earnings report, the price structure has reversed its earlier gains and plunged beneath yesterday's low at 8.57.  This has put into place a potential key downside reversal spike that indicates a new downmove has commenced in reaction to the news.

AA now points towards a retest of a series of June lows between 8.30 and 8.21, which if violated, should trigger continuation towards my next optimal downside target zone of 7.60/40 thereafter. 

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