Caterpillar Inc. (CAT) Elliott Wave Analysis for Daily and 1-Hour Charts

This analysis evaluates the current trend structure of Caterpillar Inc. (CAT) through Elliott Wave Theory applied to the daily and 1-hour charts. Below is a detailed outlook on the stock's position and potential future moves.

CAT Elliott Wave Analysis - TradingLounge Daily Chart

Caterpillar Inc. (CAT) Daily Chart Analysis

CAT Elliott Wave Technical  Analysis

Technical Overview

Trend Type: Trend

Wave Mode: Impulsive

Wave Structure: Motive

Current Position: Wave {iii}

Forecasted Direction: Upward in wave (v) of {iii}

Analysis Details:
The daily chart shows Caterpillar in wave {iii}, with an emphasis on completing wave (v). This wave (v) might also mark the start of wave i of (v), indicating potential for further upside beyond initial projections. Traders should stay alert for continued upward momentum as this wave develops.

CAT Elliott Wave Analysis - TradingLounge 1-Hour Chart

Caterpillar Inc. (CAT) 1-Hour Chart Analysis

Technical Overview

Trend Type: Trend

Wave Mode: Impulsive

Wave Structure: Motive

Current Position: Wave iv

Forecasted Direction: Sideways in wave iv

Analysis Details:
The 1-hour chart displays a corrective sideways movement in wave iv, alternating well with the prior wave ii. As CAT moves closer to the parallel trend channel, support is expected, potentially resuming the upward trend. This phase of consolidation could be a strategic entry point for traders looking to initiate or expand positions.

Technical Analyst: Alessio Barretta

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Costco Wholesale Corp. (COST) Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support