American Airlines (AAL) is maintaining an upward sequence from the April 4 low, supporting prospects for further upside. The 100% Fibonacci extension forecasts a target at $16.8, reinforcing the constructive technical outlook. The short-term cycle unfolds starting from the low of September 30 as a zigzag Elliott wave structure. From that bottom, wave A advanced to 14.05. Then the corrective pullback in wave B ended at 12.11, as confirmed by the hourly chart. Wave C is now advancing upward in the form of an impulse Elliott wave structure.
American Airlines (AAL) 60-minute Elliott Wave chart from 12.10.2025
Within this advance, wave (i) ended at 12.65. The decline in wave (ii) found support at 12.15. Wave (iii) extended to 14.11, while the decline in wave (iv) settled at 13.56. The stock is expected to complete wave (v) soon, which should end wave ((i)) at a higher degree. It is expected that a corrective phase will occur in wave ((ii)). This will process the cycle starting from the November 18, 2025 low before resuming the broader uptrend. In the near term, as long as the pivot at 12.11 remains intact, pullbacks should find support in 3, 7 or 11 swing structures. This framework continues to favor more upside potential.
AAL Elliott Wave Video
