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ADI Elliott Wave Analysis Trading Lounge Daily Chart

Analog Devices Inc., (ADI) Daily Chart

ADI Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Minor wave 2 of (3).  

DIRECTION: Bottom in wave 2.  

DETAILS: Looking for support to be found within the end of MG2 at 180, we will start looking for long afte we finally find support on top of TL2 at 200$.

ADI Elliott Wave Analysis Trading Lounge 4Hr Chart,

Analog Devices Inc.,  (ADI) 4Hr Chart

ADI Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave {c} of 2.  

DIRECTION: Bottom in wave 2.  

DETAILS: As we saw on the Daily, we touched equality of {c} vs. {a}. we can expect another leg lower to ideally take wave {a} low out, to then start turning higher. 

On April 23, 2024, our trading lounge conducted an extensive Elliott Wave analysis of Analog Devices Inc. (Ticker: ADI), providing a detailed breakdown of its daily and 4-hour chart patterns. This analysis aims to offer precise insights into ADI’s market behavior, which could assist traders and investors in making more informed trading decisions.

* ADI Elliott Wave Technical Analysis – Daily Chart*

Our study reveals that Analog Devices is currently in a counter trend phase with a corrective flat structure, specifically positioned in Minor wave 2 of a larger Intermediate wave (3). The key focus is on identifying the bottom of wave 2. The analysis predicts finding support near the MG2 zone around $180. A bullish outlook is anticipated post-establishing a strong support level, especially above the TL2 at $200.

* ADI Elliott Wave Technical Analysis – 4H Chart*

The 4-hour chart analysis complements the daily insights by delving deeper into the specifics of wave {c} of Minor wave 2. Consistent with the daily observations, wave {c} has reached a point of equality with wave {a}, signaling a potential completion of the corrective pattern. A final leg lower is expected, ideally surpassing the low of wave {a}, setting the stage for a bullish reversal.

Technical Analyst : Alessio Barretta

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