02Jul

Caterpillar Inc. (CAT) Elliott Wave Analysis Reveals Daily Wave {iii} Nears Completion and Hourly Wave (v) Eyes $400 Resistance Level

Caterpillar Inc. (CAT) – Elliott Wave Forecast – Trading Lounge (Daily Chart)

CAT Technical Analysis Summary

FUNCTION: Trend

MODE: Motive

STRUCTURE: Impulsive

POSITION: Wave {iii} of 1

DIRECTION: Uptrend toward completion of Wave {iii}

DETAILS: Wave {iii} has extended to 2.618x the size of Wave {i}, indicating maturity

Caterpillar Inc. (NYSE: CAT) continues to show strong bullish momentum on the daily chart, moving through a clear impulsive Elliott Wave pattern. The stock is currently advancing in Wave {iii} of Wave 1, with price action extending approximately 2.618 times the length of Wave {i}, a typical Fibonacci ratio that often marks the completion of Wave {iii}. This extension signals that a short-term high could be forming. While the long-term trend remains bullish, traders should be alert for potential resistance levels and consolidation signals that may precede the development of Wave {iv}.

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Caterpillar Inc. (CAT) – Elliott Wave Forecast – Trading Lounge (1-Hour Chart)

CAT Technical Analysis Summary

FUNCTION: Trend

MODE: Motive

STRUCTURE: Impulsive

POSITION: Wave (v) of {iii}

DIRECTION: Uptrend nearing end of Wave (v)

DETAILS: Price action targets $400 area as Wave (v) finalizes

On the 1-hour chart, Caterpillar (CAT) is nearing the final phase of its current bullish impulse, progressing through Wave (v) of Wave {iii}. The stock is approaching the $400 resistance level, signaling the potential completion of Wave (v). As this sub-wave wraps up, traders should anticipate a corrective Wave {iv}, which may offer a new buying opportunity aligned with the ongoing Elliott Wave structure. Close attention to intraday indicators and exhaustion signals is essential for optimizing trade entries and exits.

Technical Analyst: Alessio Barretta

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

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