Tarnished Aluminum !

Looks like the Aluminum [ stock AA ] has become somewhat tarnished. The Evening Star Doji of the 11th of January certainly was an ill omen for Alcoa. From the High of 17.60 the stock eventually Closed at 17.45 . Then on the 12th it Gapped Down 1.33 to 16.12 . The Low of that day was 15.41 which is a significant Fibonacci retracement level. As it was not tested I expect another retrace where that level will be tested.

In the last five days the stock price has been forming a short term contracting wedge / pennant or triangle shaped pattern. From the pattern, there is a potential move of 0.83 points. The upper and lower boundaries of the triangle, at this time, are 15.93 and 15.50 respectively . Should the price break below 15.41 [ black horizontal line ] the stage will be set for a retrace to 14.05 .