Welcome to our comprehensive Elliott Wave analysis for Caterpillar Inc. (CAT). This in-depth examination leverages the Elliott Wave Theory to help traders identify potential opportunities by analyzing CAT's price movements. Our insights span both daily and 4-hour charts, providing a thorough perspective on CAT's market behavior.
CAT Elliott Wave Analysis Trading Lounge Daily Chart
Caterpillar Inc. (CAT) Daily Chart Analysis
CAT Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Minuette wave (iv)
Direction: Bottom in (iv)
Details: We are looking for a bottom in Minuette wave (iv), as it has reached the 0.618 Fibonacci retracement level compared to wave a. The equality level is at $313.
In our daily Elliott Wave analysis of Caterpillar Inc. (CAT), we identify a counter-trend corrective pattern forming a Zigzag structure. Currently, CAT is in Minuette wave (iv), indicating a potential bottom in this corrective phase. The price has reached the 0.618 Fibonacci retracement level relative to wave a, with the equality level at $313. Traders should watch this key support area for signs of a reversal, which may indicate the end of wave (iv) and the beginning of a new upward movement.
CAT Elliott Wave Analysis Trading Lounge 4-Hour Chart
Caterpillar Inc. (CAT) 4-Hour Chart Analysis
CAT Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave c of (iv)
Direction: Bottom in c
Details: We are looking for a bottom in wave c, targeting the 0.618 retracement level of wave (iv) versus wave (ii) at $322, a commonly respected ratio, followed by equality.
In our 4-hour Elliott Wave analysis of Caterpillar Inc. (CAT), we observe a counter-trend corrective pattern in a Zigzag structure. CAT is currently in wave c of (iv), suggesting a potential bottom at the 0.618 retracement level of wave (iv) compared to wave (ii), around $322. Traders should monitor this level for a possible reversal, which could mark the end of wave c and signal a new upward trend.
Technical Analyst: Alessio Barretta
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