Caterpillar Inc. (CAT) – Elliott Wave Analysis

Daily Chart – TradingLounge Analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave {iii} of 5

Direction: Upside

Details:

Likely completed wave 4 bottom, now moving higher. Pullbacks are occurring in threes, supporting a temporary bullish view. Targeting continued upside in wave {iii}.

1-Hour Chart – TradingLounge Analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave (i) of {iii}

Direction: Upside

Details:

The market appears to be subdividing into waves {i} and {ii}. The stock is moving impulsively upward in wave (i). The target for wave (i) is near $50, then a short pullback in wave (ii) is expected before the uptrend resumes.

Technical Analyst: Alessio Barretta

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