All of the action in American Tower Corp. (NYSE: 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.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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