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Analog Devices Inc.(ADI) Stocks Elliott Wave Technical Analysis

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ADI Elliott Wave Analysis Trading Lounge Daily Chart,
Analog Devices Inc., (ADI) Daily Chart
ADI Elliott Wave Technical Analysis
MODE: Impulsive
POSITION: Minor 3.  
DIRECTION: Top in 3.  
DETAILS: We are looking at Minor wave 3 unfolding nicely on the way up, an we are now finding support on the end of MG1 at 230$ as we hit equality of 3 vs. 1.
ADI Elliott Wave Analysis Trading Lounge 4Hr Chart, 
Analog Devices Inc., (ADI) 4Hr Chart
ADI Elliott Wave Technical Analysis
MODE: Impulsive
POSITION: Wave {iv} of 3.  
DIRECTION: Upside in {v}.
DETAILS: Looking for sideways consolidation, potentially in a triangle, in wave {iv} to then continue higher towards Medium Level at 250$.

Welcome to our latest Elliott Wave analysis for Analog Devices Inc. (ADI) as of June 5, 2024. This analysis provides an in-depth look at ADI'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 ADI's market behavior.
* ADI Elliott Wave Technical Analysis – Daily Chart*
In our Elliott Wave analysis of Analog Devices Inc. (ADI), we observe an impulsive trend characterized by a motive structure. ADI is currently positioned in Minor wave 3, suggesting that this wave is unfolding nicely to the upside. We have identified support at the end of MG1 around $230, as the price reaches equality of wave 3 compared to wave 1. Traders should monitor this support level for signs of continuation higher, indicating the potential completion of Minor wave 3.
* ADI Elliott Wave Technical Analysis – 4Hr Chart*
On the 4-hour chart, ADI is following an impulsive trend within a motive structure, specifically in wave {iv} of 3. The current analysis indicates a potential sideways consolidation, possibly forming a triangle in wave {iv}, before continuing higher in wave {v}. The next key target for this upward movement is the Medium Level at $250. Traders should look for consolidation patterns and confirmation signals to position themselves for the anticipated upward move.
Technical Analyst Alessio Barretta
Source : Tradinglounge.com get trial here!
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