CSX Corporation, Elliott Wave Technical Analysis October 5 2022

Elliott Wave Analyst - tradinglounge • Oct 5, 2022 at 5:31 AM EDT

Moving as expected, at this point we are looking to see how wave{iv} is going to unfold. Given the fact that wave {ii} was sharp I will be looking for more of a sideways correction.

CSX Corporation, Elliott Wave Technical Analysis

CSX Corporation, (CSX): Daily Chart, October 5 2022,

CSX Stock Market Analysis: Moving as expected, at this point we are looking to see how wave{iv} is going to unfold. Given the fact that wave {ii} was sharp I will be looking for more of a sideways correction.

CSX Elliott Wave count: {iv} of C

CSX Technical Indicators:We are below all averages

CSX Trading Strategy: Looking to short on wave {iv} ideally the 20EMA(red line) will also turn into resistance.

(Click on image to enlarge)

CSX Corporation, CSX: 4-hour Chart, October 5 2022

CSX Corporation, Elliott Wave Technical Analysis

CSX Stock Market Analysis: From this lower timeframe view it appears we have just started wave(a) of {c} and many times after a sharp wave (a) we fall into a sideways correction.

CSX Elliott Wave count: (a) of {iv}.

CSX Technical Indicators:We have just touch the 20EMA where we could start to pullback from.

CSX Trading Strategy: Looking for shorts from a significant Fibonacci level.

(Click on image to enlarge)

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