CSX Corp. (CSX) Elliott Wave Analysis – Daily & 1H Chart

This Elliott Wave analysis of CSX Corp. (CSX) provides insights into both the daily and 1-hour chart structures, emphasizing the ongoing market trends and potential price movements.

CSX Corp. (CSX) Elliott Wave Analysis - Daily Chart 

CSX Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Complex

Position: Wave Y of (4)

Direction: Downside into Wave Y

Market Outlook & Key Levels

CSX Corp. (CSX) is navigating through a complex corrective phase, currently unfolding in wave Y of (4). The ongoing correction is projected to complete soon, with the potential to break below wave {a} and reach the equality level of Y vs. W at $27. This level is considered a crucial support, marking the potential bottom of the current wave structure.

CSX Corp. (CSX) Elliott Wave Analysis - 1-Hour Chart 

CSX Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Complex

Position: Wave (iv) of {c}

Direction: Downside into Wave (v)

Market Outlook & Key Levels

On the 1-hour chart, CSX is forming a triangle pattern in wave (iv) of {c}, suggesting a pending downward move. The price is currently consolidating around the MG2 level at $32-33, and once the triangle completes, we anticipate a decline into wave (v). This downward move is expected to mark the final leg of the correction, paving the way for potential trend reversals in the near future.

Technical Analyst: Alessio Barretta

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