Welcome to our latest Elliott Wave analysis for Eaton Corp PLC (ETN). This analysis delves into ETN's price movements utilizing Elliott Wave Theory, offering traders insights into potential trading opportunities based on current trends and market structure. We explore both the daily and 4-hour charts for a thorough understanding of ETN's market trajectory.
ETN Elliott Wave Analysis Trading Lounge Daily Chart
Eaton Corp PLC (ETN) Daily Chart Analysis
ETN Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Minute {v}
Direction: Upside in wave {v}
Details: A clear three-wave movement into wave {iv} occurred just below the 0.618 retracement level of wave {ii}. The support at MG1 indicates potential for further upward movement in wave {v}.
ETN Elliott Wave Technical Analysis – Daily Chart
The daily chart exhibits a distinct three-wave progression into wave {iv}, which terminated just short of the 0.618 retracement level of wave {ii}. The presence of support at MG1 suggests a likelihood of further gains in wave {v}. Traders should watch the support level for signals of sustained upward momentum.
ETN Elliott Wave Analysis Trading Lounge 4H Chart
Eaton Corp PLC (ETN) 4H Chart Analysis
ETN Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave (i) of {v}
Direction: Upside in wave {v}
Details: The 4-hour chart suggests a potential top in wave (i) of {v}, with volume spikes indicating that a low might be established. A breakout and sustained support above $320 would confirm the upward trend, indicating a continuation in wave {v}.
ETN Elliott Wave Technical Analysis – 4H Chart
The 4-hour chart points to a potential top in wave (i) of {v}, with increased volume indicating a possible bottom. A decisive break above $320, followed by support, would affirm the bullish trend, paving the way for a further rise in wave {v}.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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