Details: Looking for support to be found within the end of MG2 at 180, we will start looking for long afte we finally find support on top of TL2 at 200$.

ADI Elliott Wave technical analysis – Daily chart

Our study reveals that Analog Devices is currently in a counter trend phase with a corrective flat structure, specifically positioned in Minor wave 2 of a larger Intermediate wave (3). The key focus is on identifying the bottom of wave 2. The analysis predicts finding support near the MG2 zone around $180. A bullish outlook is anticipated post-establishing a strong support level, especially above the TL2 at $200.

ADI Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave {c} of 2.

Direction: Bottom in wave 2.

Details: As we saw on the Daily, we touched equality of {c} vs. {a}. we can expect another leg lower to ideally take wave {a} low out, to then start turning higher.

ADI Elliott Wave technical analysis – Four-hour chart

The 4-hour chart analysis complements the daily insights by delving deeper into the specifics of wave {c} of Minor wave 2. Consistent with the daily observations, wave {c} has reached a point of equality with wave {a}, signaling a potential completion of the corrective pattern. A final leg lower is expected, ideally surpassing the low of wave {a}, setting the stage for a bullish reversal.

ADI Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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