Good day Traders and Investors. In today’s article, we will look at the past performance of Caterpillar Inc. ($CAT). In our last article we explained that the stock has reached the Blue Box area where a bounce can happen. This is how we saw it back in Sep 2022.
$CAT ElliottWave September 2022 View (Weekly):
$CAT ElliottWave January 2023 View (Weekly):
The stock has managed to make a new low below July but was still within the $170- 128 Blue Box area. The new lows came at $160.59 on 09.26.2022 ending the correction against 2009 cycle at (II). The bounce from $160.60 has unfolded in an impulsive structure breaking all time highs which confirms that the correction has ended. Once wave ((1)) is completed, expect a pullback in 3 or 7 swings to correct the cycle against 09.26.2022 lows where we expect buyers to enter for a continuation higher. We like buying it at blue boxes against 09.26.2022.
Source: https://elliottwave-forecast.com/stock-market/caterpillar-cat-bounce-made-new-time-highs-whats-next/
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