Caterpillar Inc. (CAT) Elliott Wave technical analysis [Video]
|CAT Elliott Wave Analysis Trading Lounge.
Caterpillar Inc., (CAT) Daily Chart.
CAT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {iii}.
Drection: Upside in wave (v) of {iii}.
Details: Looking for completion of wave (v), which could also turn out to be wave i of (v), suggesting more upside than expected could come.
Caterpillar Inc., (CAT) 1H Chart.
CAT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave iv.
Direction: Sideways in iv.
Details: Here we seem to be looking at a sideways wave iv that is nicely alternating with its corresponding wave ii, slowly approaching the parallel trend channel where we could expect support from.
This analysis focuses on the current trend structure of Caterpillar Inc., (CAT) utilizing the Elliott Wave Theory on both the daily and 1-hour charts. Below is a breakdown of the stock's position and potential future movements.
CAT Elliott Wave technical analysis – Daily chart
In the daily chart, CAT is currently in wave {iii}, with a focus on completing wave (v). This wave (v) could also signify the start of wave (i) of (v), indicating that further upside potential is likely beyond current expectations. Traders should remain alert for upward momentum as this wave unfolds.
CAT Elliott Wave technical analysis – One-hour chart
The 1-hour chart reveals a sideways wave iv that is showing a corrective pattern, nicely alternating with the previous wave ii. As CAT approaches the parallel trend channel, it is expected to find support, which may lead to a resumption of the upward trend. This consolidation phase can be a strategic opportunity for traders looking to enter or add to positions.
Technical analyst: Alessio Barretta.
CAT Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.