$LUV
Added 2023-09-13 22:29:51 +0000 UTCBecause a new low was made today, even slightly, the count becomes invalid and Wave 2, where I had put it at the low in May can no longer be Wave 2.
So we are looking for potential support lines now and I have added the 0.887 Fib, which is the last Fib level from the Covid low in March to the high in March 2021.
Two big announcements were made today which had a big impact on airline stocks:
1. Labour costs (pilot salaries mainly) and an increase in oil prices will effect the bottom lines for this year, more than expected.
2. The big 3 airlines are being accused of organising prices in a coordinated manner.
We will see how the second point develops, I expect the airlines to address this issue soon and make an announcement to counter.
For $LUV, I would like to see it hold support at the 0.887 Fib at $27.31, failure to hold here and $LUV can come down to the Covid low line at $22.58.
