Welcome to our latest Elliott Wave analysis for Analog Devices Inc. (ADI) as of June 5, 2024. This analysis provides an in-depth look at ADI's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on ADI's market behavior.
ADI Elliott Wave Analysis Trading Lounge Daily Chart
Analog Devices Inc. (ADI) Daily Chart Analysis
ADI Stock Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Motive
POSITION: Minor 3
DIRECTION: Top in 3
DETAILS: We are looking at Minor Wave 3 unfolding nicely on the way up, and we are now finding support at the end of MG1 at $230 as we hit equality of 3 vs. 1.
ADI Elliott Wave Technical Analysis
In our Elliott Wave analysis of Analog Devices Inc. (ADI), we observe an impulsive trend characterized by a motive structure. ADI is currently positioned in Minor Wave 3, suggesting that this wave is unfolding nicely to the upside. We have identified support at the end of MG1 around $230, as the price reaches equality of wave 3 compared to wave 1. Traders should monitor this support level for signs of continuation higher, indicating the potential completion of Minor Wave 3.
ADI Elliott Wave Analysis Trading Lounge 4Hr Chart
Analog Devises Inc. (ADI) 4Hr Chart Analysis
ADI Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Motive
POSITION: Wave {iv} of 3
DIRECTION: Upside in {v}
DETAILS: Looking for sideways consolidation, potentially in a triangle, in wave {iv} to then continue higher towards Medium Level at $250.
ADI Elliott Wave Technical Analysis
On the 4-hour chart, ADI is following an impulsive trend within a motive structure, specifically in wave {iv} of 3. The current analysis indicates a potential sideways consolidation, possibly forming a triangle in wave {iv}, before continuing higher in wave {v}. The next key target for this upward movement is the Medium Level at $250. Traders should look for consolidation patterns and confirmation signals to position themselves for the anticipated upward move.
Technical Analyst: Alessio Barretta
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See Previous: MicroStrategy Inc. (MSTR) Elliott Wave Technical Analysis
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