MercadoLibre Inc. (MELI) – Elliott Wave Analysis Daily Chart

MELI Elliott Wave Technical Analysis

Mode: Corrective

Structure: Flat Pattern

Function: Counter-Trend Movement

Position: Wave C of (2)

Direction: Potential Reversal Expected in Wave C

Details: MercadoLibre Inc. (MELI) appears to be concluding its corrective phase within wave (2). The price is nearing a support area commonly associated with Minor wave 4. This zone is known for producing bullish reversals, suggesting a possible end to the current correction and the resumption of the larger upward trend.

MercadoLibre Inc. (MELI) – Elliott Wave Analysis 1H Chart

Mode: Impulsive

Structure: Motive Wave

Function: Continuation of Trend

Position: Wave C of (2)

Direction: Signs of a Bottom Forming in Wave C

Details: The hourly chart of MELI shows a completed five-wave structure in wave C, which could mark the end of wave (2). This setup implies a likely reversal and potential bullish momentum. However, there remains the possibility that this move could only be wave A of a double three correction. Traders should look for confirmation through bullish price action to validate the trend reversal.

Technical Analyst: Alessio Barretta

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