AA Analysis for 12.16.2007

Alcoa Inc. - AA

Monthly chart shows an abc 3 wave pattern into the $48.90 area high. Price is currently below
key LIS and prior resistance. Based on this pattern, downside target to keep in mind is the $24 to 25 area.

Weekly chart shows a corrective 5 wave pattern into the $40.70 high, making a lower high. Price is currently below the 8ema, 34ema and the 50sma. No buy pattern in sight.

Daily chart shows increased selling pressure on Friday, as eager bears gapped down the open, and eventually overcame the bulls that took price higher to close the gap. Look for test of the lows and lower.