In our Elliott Wave analysis of Caterpillar Inc. (CAT), we observe a counter-trend corrective pattern characterized by a Zigzag structure. CAT is currently positioned in Minuette wave (iv), indicating a potential bottom in this corrective phase. The analysis shows that CAT has reached the 0.618 Fibonacci retracement level of c vs. a, with the equality level standing at $313. Traders should monitor this key support area for signs of a reversal, which could signal the end of wave (iv) and the start of a new upward move.

Technical analyst: Alessio Barretta.

CAT Elliott Wave Analysis Trading Lounge 4Hr Chart,

Caterpillar Inc., (CAT) 4Hr Chart.

CAT Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: ZigZag.

Position: Wave c of (iv).

Direction: Bottom in c.

Details: Looking for a bottom in c, you are looking at 0.618 (iv) vs. (ii) at 322$, which is often times a respected ratio, followed by equality.

Welcome to our latest Elliott Wave analysis for Caterpillar Inc. (CAT). This analysis provides an in-depth look at CAT's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on CAT's market behavior.

CAT 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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