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

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MercadoLibre-Inc-1h-...

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