Details: We are looking for at least one more leg higher in wave (v) of {v} of 5 to then end a larger uptrend. Ideally the top of MG2 at around 380$ could provide resistance.

ETN Elliott Wave technical analysis – Daily chart

The daily chart indicates that Eaton is in the final stages of Minor wave 5, specifically in wave (v) of {v}. This suggests that at least one more leg higher is expected to complete the overall uptrend. The next significant resistance is projected to be around the Trading Level MG2, close to $380, where we could see a potential top form before a larger correction.

ETN Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave iii of (v).

Diection: Upside in wave (v).

Details: Looking at a three wave move in what appears to be wave (iv) which also found support on top of the parallel trend channel. AS we are trading above MG1, we could expect 350 to be the next target.

ETN Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, ETN is in the process of completing wave iii of (v). The market appears to be working through wave (iv), which has shown a three-wave corrective structure and found support along a parallel trend channel. As long as the price holds above Trading Level MG1, the next target to the upside is $350, as wave (v) continues to push higher.

This analysis focuses on the current trend structure of Eaton Corp PLC, (ETN) 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.

Eaton Corp PLC (ETN) 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.

EUR/USD flat lines below 1.1900; divergent Fed-ECB expectations offer support

The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1835-1.1830 region and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade around the 1.1875 area, remaining nearly unchanged for the day and staying within striking distance of an over one-week high, reached on Tuesday, amid mixed cues.

GBP/USD slips heading into the Thursday trading window

The Pound Sterling pulled back from four-year highs on Wednesday, weighed down by a combination of Bank of England dovishness and UK political uncertainty, even as the US Dollar weakened on soft labor market revisions.

Gold holds losses near $5,050 despite renewed USD selling

Gold price trades in negative territory near $5,050 in Thursday's Asian session. The precious metal faces headwinds from stronger-than-expected US employment data, even as the US Dollar sees a bout of fresh selling. All eyes now remain on the next batch of US labor statistics.

Crypto trades through a confidence reset

The cryptocurrency market is navigating a liquidity-driven reset rather than a narrative-driven rally. Bitcoin, Ethereum and major altcoins remain under pressure even as new exchange-traded fund filings continue and selected inflow days appear on the tape.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

XRP sell-off deepens amid weak retail interest, risk-off sentiment

Ripple (XRP) is edging lower around $1.36 at the time of writing on Wednesday, weighed down by low retail interest and macroeconomic uncertainty, which is accelerating risk-off sentiment.