All of the action in American Tower Corp. (AMT) from the January 2010 high at 44.38 into this week's low at 38.09 has the right look of a completed major correction, which if accurate means that AMT also has just initiated a new upleg in its larger bull trend off of the November 2008 low at 19.35.

If my analysis proves correct, then over the upcoming weeks AMT will carve out a constructive price pattern ahead of a launch into an upmove that projects a test of multi-year resistance between 44.80 and 46.50, on the way to 47.50 to 48.50 thereafter.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.