AT&T Looking to Extend Lower

AT&T ($T) shows a bearish sequence from 7/5/2016 high in the form of a zigzag Elliott Wave Structurein which wave “a” ended at $32.55 on 11/8/2017 low and wave “b” ended at $39.33 on 12/25/2017 high. The stock has made a new low below wave “a” at $32.55 therefore confirming the next leg lower has started.

While the bounce stays below wave “b” at $39.33, AT&T should continue lower and reach $25.26 – $27.95 area to end the zigzag structure from 7/5/2016 high.