MELI Elliott Wave technical analysis [Video]
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MELI Elliott Wave analysis
Mode: Corrective.
Structure: Flat.
Function: Counter Trend.
Position: Wave C of (2).
Direction: Anticipated bottom in wave C.
Details: We are likely near the completion of wave (2), with price action approaching the zone of Minor wave 4, a common support area that may lead to a bullish reversal and continuation of the broader trend.
Mode: Impulsive.
Structure: Motive.
Function: Trend.
Position: Wave C of (2).
Direction: Potential bottom in wave C.
Details: The five-wave pattern in wave C appears completed. We could be at the end of wave (2), indicating a reversal. Alternatively, this may be just wave A of a double correction. Confirmation with bullish momentum will clarify the scenario.
Technical analyst: Alessio Barretta.
MELI Elliott Wave Analysis [Video]
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