MELI Elliott Wave Analysis Trading Lounge

MercadoLibre Inc., (MELI) Daily Chart

MELI Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave 3 of (5).

DIRECTION: Upside in wave 3.

DETAILS: Looking for continuation higher in wave (5) which given the length of wave 1 could easily reach the next TradingLevels at 3000$.

MercadoLibre Inc., (MELI) 1H Chart

MELI Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {ii} of 3.

DIRECTION: Bottom in wave {ii}

DETAILS: Looking for a wave {ii} as we seem to have what appears to be a triangle in wave (b), therefore a three wave move that fits the wave {ii} narrative.

This analysis of MercadoLibre Inc., (MELI) focuses on both the daily and 1-hour charts, using the Elliott Wave Theory to assess current market trends and forecast future price movements.

* MELI Elliott Wave Technical Analysis – Daily Chart*

The daily chart analysis indicates that MELI is currently in wave 3 of (5), showing strong momentum. This wave is expected to continue moving higher, with targets possibly reaching $3000 based on the length of previous movements. The outlook remains bullish, and traders should watch for signs of further upside.

* MELI Elliott Wave Technical Analysis – 1H Chart*

On the 1-hour chart, MELI appears to be in the corrective phase of wave {ii} of the ongoing advance. The formation of what looks like a triangle in wave (b) supports the narrative of a three-wave corrective structure. The expectation is for this correction to complete, setting up for a continuation higher in wave {iii}.

Technical Analyst : Alessio Barretta

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