Overview of TXN’s Elliott Wave Analysis
This Elliott Wave analysis highlights bullish momentum across both daily and 1-hour charts for Texas Instruments Inc. (TXN), indicating further upside potential.
TXN Elliott Wave Analysis – Trading Lounge Day Chart
Texas Instruments Inc. (TXN) Daily Chart
TXN Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave 4
Direction: Upside in Wave 5
Details: The daily chart shows TXN in the final stages of a triangle pattern within wave 4, suggesting a consolidation phase nearing completion. Given that wave 3 previously reached equality with wave 1, there’s a strong chance for an extension in the forthcoming wave 5. A breakout from the triangle formation could ignite an upward rally, marking the start of wave 5.
Key Insights from the Daily Chart
- Wave 4 is shaping a triangle pattern, reflecting a consolidation period.
- A breakout into wave 5 is expected, potentially driving the price higher.
- Wave 3's equality with wave 1 signals the possibility of an extended wave 5 rally.
TXN Elliott Wave Analysis – Trading Lounge 1-Hour Chart
Texas Instruments Inc. (TXN) 1-Hour Chart
TXN Stock Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Bottom in wave {e}
Direction: Upside in wave {i}
Details: On the 1-hour chart, TXN seems to have concluded its correction, with wave {e} marking the end of wave 4. The current upward movement, unfolding in wave {i}, particularly in wave (iii) of {i}, indicates renewed bullish momentum. This development confirms the beginning of the anticipated wave 5 rally.
Key Insights from the 1-Hour Chart
- The correction phase appears complete with wave {e}.
- TXN is advancing in wave {i}, specifically within wave (iii) of {i}, hinting at stronger upward momentum.
- This movement signals the initial phase of the projected wave 5 rally.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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