Eli Lilly & Co. (LLY) Elliott Wave Analysis: A Comprehensive Look at Price Movements

Welcome to our latest Elliott Wave analysis for Eli Lilly & Co. (LLY). In this analysis, we delve into LLY's price movements using the Elliott Wave Theory to help traders identify potential opportunities based on current trends and market structure. We offer insights from both the daily and 1-hour charts, providing a complete perspective on LLY's market behavior.

LLY Elliott Wave Analysis - TradingLounge Daily Chart

Eli Lilly & Co. (LLY) Daily Chart Analysis

LLY Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave {b} of 4

Direction: Top in wave {b}

Details: We are expecting a top in wave {b} of 4, which will lead to the completion of the overall correction in wave 4. However, Minor wave 4 may have already bottomed. Traders should be cautious, as the completion of wave {b} might indicate the start of a downward move in wave {c} of 4.

LLY Elliott Wave Analysis - TradingLounge 4H Chart

Eli Lilly & Co. (LLY) 4H Chart Analysis

LLY Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave (c) of {b}

Direction: Top in wave (c)

Details: The initial move down in wave {a}, characterized by a three-wave structure, suggests that the wave 4 correction could be flat. This pattern indicates that wave 4 may already be in place, especially since prices have touched the area of the previous wave {iv}. However, further confirmation is necessary to determine if wave 4 is complete or if another downward leg is forthcoming.

Technical Analyst: Alessio Barretta

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See Previous: The TJX Companies Inc. Elliott Wave Technical Analysis 

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