Analog Devices Inc. (ADI) Elliott Wave Analysis Trading Lounge Daily Chart
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {ii} of 1
Direction: Upside into Wave {iii}
Details: The analysis focuses on identifying a potential bottom in Wave {ii}, which is anticipated to precede a significant upward movement into Wave {iii}. Currently, price action resides within the Minor Group 1 range of $210–$230, signaling that a bottom might be near.
Daily Chart Analysis Summary
The daily chart indicates that ADI is navigating Wave {ii} within a broader impulsive structure. Price movements are confined to the $210–$230 range, corresponding to Minor Group 1, suggesting the formation of a bottom. Following this correction, Wave {ii} is expected to complete, paving the way for a bullish surge into Wave {iii}.
Analog Devices Inc. (ADI) Elliott Wave Analysis Trading Lounge 1H Chart
ADI Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave (b) of {ii}
Direction: Bottom in Wave {ii}
Details: The 1-hour chart suggests that ADI is progressing within Wave (b) of {ii}, forming a corrective triangle. The likely next step is a downward move into Wave (c) of {ii}, signaling the end of this corrective phase. This sets the stage for a bullish reversal into Wave {iii}.
1H Chart Analysis Summary
The 1-hour chart highlights that ADI is in the middle of a corrective structure within Wave (b) of {ii}, characterized by a triangle formation. A drop into Wave (c) of {ii} is anticipated, which will likely conclude the corrective phase and trigger a strong upward movement into Wave {iii}.
Technical Analyst: Alessio Barretta
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Conclusion
This Elliott Wave analysis of Analog Devices Inc. (ADI) evaluates both daily and 1-hour chart structures, offering insights into current trends and future price movements. The analysis suggests that the corrective phase in Wave {ii} is nearing completion, with an impending bullish breakout into Wave {iii}.