02Nov

MercadoLibre Inc. (MELI) Stocks Elliott Wave Technical Analysis: Covers Daily and 1-Hour Chart Evaluations, Highlighting Key Trends and Projections

MercadoLibre Inc. (MELI) Elliott Wave Analysis

This analysis of MercadoLibre Inc. (MELI) dives into both the daily and 1-hour charts, applying Elliott Wave Theory to analyze current market patterns and forecast potential price trajectories.

MELI Elliott Wave Analysis: TradingLounge Daily Chart

MercadoLibre Inc. (MELI) Daily Chart Analysis

MELI Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave 3 of (5)

DIRECTION: Upside in Wave 3

DETAILS: The ongoing wave (5) suggests further upside potential, with targets around the $3000 level, influenced by the measured length of wave 1 and recent upward momentum.

MELI Elliott Wave Technical Analysis – Daily Chart

The daily chart analysis shows that MELI is currently in wave 3 of (5), demonstrating strong bullish momentum. This wave is projected to continue climbing, with price targets possibly extending to $3000. The bullish outlook remains intact, and traders should monitor for additional upward moves as wave 3 progresses.

MercadoLibre-Inc-1D-...


TradingLounge MercadoLibre Inc. (MELI) 1-Hour Chart

MELI Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {ii} of 3

DIRECTION: Forming a bottom in Wave {ii}

DETAILS: In wave {ii}, a triangle pattern in wave (b) indicates a likely three-wave corrective move aligning with the wave {ii} narrative.

MELI Elliott Wave Technical Analysis – 1-Hour Chart

On the 1-hour chart, MELI appears to be in a corrective phase within wave {ii} of its broader uptrend. The observed triangle pattern in wave (b) supports the idea of a three-wave corrective sequence. The anticipated outcome is the completion of this correction, setting the stage for continued upward momentum in wave {iii}.

Technical Analyst: Alessio Barretta

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

See Previous: PayPal Holdings Inc 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

MercadoLibre-Inc-1h-...

Related

Dogecoin / U.S. dollar(DOGEUSD) Elliott Wave Technical Analysis 20 December 23

Dogecoin / U.S. dollar(DOGEUSD) Elliott Wave Technical Analysis 20 December 23

TradingLounge Elliott Wave Technical 4-Hour and day chart Analysis of Dogecoin / U.S. dollar(DOGEUSD...

Read More >
Unlocking ASX Trading Success: SUNCORP GROUP LIMITED – SUN Stock Analysis & Elliott Wave Technical Forecast

Unlocking ASX Trading Success: SUNCORP GROUP LIMITED – SUN Stock Analysis & Elliott Wave Technical Forecast

(Suncorp Group Limited) provides a detailed Elliott Wave breakdown, including price targets, wave st...

Read More >
Elliott Wave Technical Analysis for AbbVie Stock: Forecast, Price Prediction, and Trading Opportunities

Elliott Wave Technical Analysis for AbbVie Stock: Forecast, Price Prediction, and Trading Opportunities

This detailed AbbVie stock analysis applies Elliott Wave theory to assess the stock's current pr...

Read More >
Exxon Mobil Inc.(XOM) Stocks Elliott Wave Technical Analysis: Provides Traders with detailed insights

Exxon Mobil Inc.(XOM) Stocks Elliott Wave Technical Analysis: Provides Traders with detailed insights

Our latest Elliott Wave analysis for Exxon Mobil Inc. (XOM) provides traders with detailed insights ...

Read More >
Eicher Motors Elliott Wave Analysis Reveals Bullish Trend, Wave Count Insights, Stock Forecast, and Technical Chart Breakdown

Eicher Motors Elliott Wave Analysis Reveals Bullish Trend, Wave Count Insights, Stock Forecast, and Technical Chart Breakdown

Elliott Wave analysis of Eicher Motors, covering its current position in navy blue wave 5 and the po...

Read More >
Elliott Wave Analysis and Trading Strategies: SP500, NASDAQ 100, DAX 40, FTSE 100, ASX 200

Elliott Wave Analysis and Trading Strategies: SP500, NASDAQ 100, DAX 40, FTSE 100, ASX 200

The S&P 500 (SPX) and NASDAQ 100 (NDX) are tracking two key Elliott Wave patterns: (1) Wave 4 may ha...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on