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LLY Elliott Wave Analysis Trading Lounge Daily Chart, 31 January 2024

Eli Lilly & Co., (LLY) Daily Chart

LLY Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulse

STRUCTURE: Wave {v} of 3

POSITION: Minuette wave (i) of {v}.

DIRECTION: Upside into wave {v}.

DETAILS: Looking for further upside into wave {v} as we seem to have successfully broken the previous Elliott Wave triangle in wave {iv} and we seem to be finding support on 600$.

Technical Analyst: Alessio Barretta

LLY Elliott Wave Analysis Trading Lounge 4Hr Chart, 31 January 2024

Eli Lilly & Co.,( LLY) 4Hr Chart

LLY Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Correction

STRUCTURE: Wave (ii) of {v}.

POSITION: Wave b of (ii).

DIRECTION: Downside into wave c of (ii).

DETAILS: Ideally looking for one more leg down into wave c of (ii) to then look for upside resumption.

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