Altria (MO) is advancing within a rising ending diagonal structure. After completing wave 5 of wave C, price is currently moving upward within the wedge.
Although there is no contact yet with the lower diagonal boundary, a third test remains structurally possible. Such formations often invite a final pullback to the base before resolution. This scenario remains valid while price stays within the diagonal.
If a third test occurs, the lower boundary becomes a key decision point. A bounce would confirm diagonal strength, while a breakdown may target $50 and potentially the long-term trendline near $45.
There is no confirmation of weakness at this time. However, the pattern’s nature warrants preparedness for a potential revisit to the wedge base.
Structure: Ending Diagonal
Status: Price rising inside the wedge
Scenario: Possible third test of base (not yet tested)
Levels to watch: $50 (consolidation), $45 (trendline)
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