Caterpillar Inc (CAT): Trading higher within a wave (III), target above $600.00 [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Caterpillar Inc., commonly known as CAT, is a leading American manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Caterpillar operates globally and is known for its extensive product line, which includes machinery like bulldozers, excavators, wheel loaders, and haul trucks. Below we will look at the long term Elliott Wave outlook of the company.

Caterpillar quarterly Elliott Wave chart

Quarterly Elliott Wave chart of Caterpillar above (CAT) shows that the stock extended higher strongly within wave (III). The subdivision of wave (III) is unfolding as a nesting 5 waves impulse. Up from wave (II), wave I ended at 173.24 and dips in wave II ended at 87.50. The stock nested higher in wave III with wave ((1)) ended at 246.69 and pullback in wave ((2)) ended at 160.60. Stock should continue to extend higher and dips to find support in 3, 7, 11 swing as the stock continues to extend higher in impulsive structure.

Weekly Caterpillar (CAT) Elliott Wave chart

Weekly Elliott Wave chart of Caterpillar (CAT) above shows that pullback to 160.6 ended wave ((2)) on September 26, 2022. Stock has resumed higher in wave ((3)) with internal subdivision as an impulse. Up from wave ((2)), wave (1) ended at 266.04 and pullback in wave (2) ended at 204.04. Stock rallied higher as a nesting impulse. Wave 1 ended at 293.88 and wave 2 dips ended at 223.76. Wave 3 higher ended at 382.01 and pullback in wave 4 ended at 307.05. Expect the stock to continue to extend higher in the impulsive structure.

Caterpillar (CAT) Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD remains below 1.1850 after US data

EUR/USD struggles to gain traction and trades in a narrow range below 1.1850 on Wednesday. The US Dollar stays resilient against its rivals following the better-than-expected Durable Goods Orders and housing data, limiting the pair's upside ahead of FOMC Minutes.

GBP/USD stays in narrow channel above 1.3550 ahead of FOMC Minutes

GBP/USD holds its ground following Tuesday's slide and moves sideways above 1.3550 midweek. Although the data from the UK confirmed that inflation cooled in January, the positive shift seen in market mood helps the pair keep its footing as investors wait for the Fed to publish the minnutes of the January policy meeting.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.