ETN Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Minor.
Direction: Upside within {v} of 5.
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]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD extends slide toward 1.0700 as Trump declares victory
EUR/USD stays under strong bearish pressure and declines toward 1.0700, losing nearly 2 on the day. The US Dollar rallies as Republican nominee Donald Trump becomes the 47th president of the US after winning key swing states, weighing heavily on the pair.
GBP/USD slums toward 1.2950 as Trump win boosts USD
GBP/USD stays on the back foot and drops toward 1.2950 following a short-lasting recovery attempt. The US Dollar outperforms its rivals and doesn't allow the pair to gain traction as Donald Trump completes his political comeback, winning the presidential election.
Gold drops toward $2,700, US yields surge higher as Trump claims victory
Gold extends it daily slide to the $2,700 area as markets reacted to Donald Trump's victory in the presidential election. The benchmark 10-year US Treasury bond yield rises more than 4% on the day, forcing XAU/USD to stretch lower.
Bitcoin breaks all-time high of $73,777 as Trump takes the lead
Bitcoin breaks above its all-time high of $73,777 on Wednesday, buoyed by Donald Trump's poll lead. At the same time, Ethereum is nearing its key resistance level, with a strong close above it, potentially signaling upward momentum. Meanwhile, Ripple finds support around its daily level.
Trump wins: Tax cuts come with a cost
Donald Trump’s victory will ensure a lower tax environment that should boost sentiment and spending in the near term. However, promised tariffs, immigration controls and higher borrowing costs will increasingly become headwinds through his presidential term.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.