MercadoLibre Inc. (MELI) – Elliott Wave Analysis

Daily Chart
Mode: Corrective
Structure: Flat
Function: Counter Trend
Position: Wave C of (2)
Direction: Anticipated bottom in wave C.
Details: We are likely near the completion of wave (2), with price action approaching the zone of Minor wave 4, a common support area that may lead to a bullish reversal and continuation of the broader trend.

1H Chart
MercadoLibre Inc. (MELI)
Mode: Impulsive
Structure: Motive
Function: Trend
Position: Wave C of (2)
Direction: Potential bottom in wave C.
Details: The five-wave pattern in wave C appears completed. We could be at the end of wave (2), indicating a reversal. Alternatively, this may be just wave A of a double correction. Confirmation with bullish momentum will clarify the scenario.

Technical Analyst: Alessio Barretta

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