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By tradinglounge · Posted
Cocoa Elliott Wave Analysis Function - Counter-trend Mode - Corrective Structure - Double Zigzag Position - Blue wave ‘b’ Direction - Blue wave ‘b’ is still in play Details - Cocoa found resistance at the 10,000 major level as we expected. We should see at least a 3-waves down below 8000 but preferably an impulse breakdown toward 5,000 for wave c (circled) Cocoa Elliott Wave Analysis After two weeks of recovery, it appears Cocoa is poised for another downturn, putting sellers in control in the short term. Despite the overall bullish long-term trend, the bearish retracement that began from the all-time high is likely to continue lower in the coming weeks. Daily Chart Analysis: In April 2024, Cocoa completed a long-term bullish impulse wave that began in October 2022, when it was trading at around 2198. After reaching the peak at 11732 in April 2024, Cocoa started a bearish retracement, completing a bearish impulse wave. From this peak, we expect at least a three-wave pullback, if not a larger bearish correction. Considering the path of least resistance, we will adopt a three-wave drop, labeled as waves a-b-c (circled in navy blue). The first two legs, waves a and b, appear to have completed, with wave b finding resistance at the major level of 10,000, as shown on the H4 chart. If wave c declines from the 10,000 level, it could extend lower toward the 5,000 medium level. H4 Chart Analysis: The H4 chart reveals that the price broke below the trend line connecting the sub-waves of wave b (circled in navy blue), which could mark the beginning of wave c of the same degree. For confirmation, we need to see a more definitive move to the downside. The invalidation level for this bearish scenario is at 11732. A break above this level would signal the continuation of the long-term bullish impulse trend. However, current price action suggests a downward movement toward the 5,000 level in the short and medium term. Summary: Cocoa's recent two-week recovery appears to be a temporary pause in the larger bearish retracement that started from the all-time high. The daily chart indicates a completed long-term bullish impulse wave from October 2022 to April 2024, followed by a bearish correction. The anticipated three-wave pullback, labeled a-b-c, has waves a and b seemingly complete, with wave b facing resistance at 10,000. The H4 chart supports the start of wave c, with potential downside targets around 5,000. The key invalidation level is 11732; a break above this would negate the bearish outlook and resume the long-term bullish trend. Traders should watch for further downside movement, with a focus on the 5,000 target in the short to medium term. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
CAT Elliott Wave Analysis Trading Lounge Daily Chart, Caterpillar Inc., (CAT) Daily Chart CAT Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: ZigZag POSITION: Minuette wave (iv). DIRECTION: Bottom in (iv). DETAILS: Looking for a bottom in minuette wave (iv) as we have reached 0.618 c vs. a and equality stands at 313$. CAT Elliott Wave Analysis Trading Lounge 4Hr Chart, Caterpillar Inc., (CAT) 4Hr Chart CAT Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: ZigZag POSITION: Wave c of (iv). DIRECTION: Bottom in c. DETAILS: Looking for a bottom in c, you are looking at 0.618 (iv) vs. (ii) at 322$, 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 – Daily Chart* 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 Source : Tradinglounge.com get trial here! -
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