Channels and indicators to watch if Altria (MO) may have another wave up

The long-term wave pattern for Altria Group, Inc. (MO) could be interpreted as showing that it has another wave up to get to new highs. This interests me because a week or so ago, we identified that the ISEE showed MO to be one of the "top bearish" symbols, meaning that the number of puts was heavily outweighing the number of calls. That kind of lopsided sentiment was a clue that MO might actually move up. Since then, MO went sideways and then slightly down, but it looks like it dropped to test a pivot level in the area between $15 and $16. Also, the low it reached on Friday has the promise to define a horizontal trend channel, as marked on the daily chart below.

Additional trendlines are marked on the weekly chart (also below). So it will be interested to keep an eye on this one. I believe it would go into the Consumer Staples sector, so I'll add that as a label to help keep track of it going forward.