ElliottWave Forecast
August 15, 2023
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 50 instruments including FX majors, Gold, Silver, Copper, Oil, Natural Gas, Soybeans, Sugar ,Corn TNX and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions. The guidance of ElliottWave-Forecast gives subscribers the wherewithal to position themselves for proper entry and exit in the Forex marketplace. We believe our disciplined methodology is pivotal for long-term success in trading.

Caterpillar (CAT) Shows Incomplete Bullish Structure

Caterpillar ($CAT) is one of the largest and most recognizable names in the heavy equipment industry. It produces a wide range of machinery used in construction, mining, agriculture, and various other industries. In this article, we will look at the Elliott Wave chart to see why the stock should continue higher in coming weeks.

Caterpillar (CAT) Weekly Elliott Wave View

$CAT Elliott Wave Chart

Weekly Elliott Wave Chart of Caterpillar (CAT) above shows that the stock found buyers at the extreme blue box area on September 26, 2022. It ended wave (II) at 160.18 and the stock has since resume higher and made new all-time high. The rally from 9.26.2022 low so far is only in 3 swing and no bullish and impulse structure ends in 3 waves. Thus, $CAT is telling us that the rally is incomplete and we won't see crash in $CAT or broader Index anytime soon. Expect pullback in $CAT to find support in 3, 7, or 11 swing against 160.18 for further upside until we see at least a clear 5 waves.

Source:  https://elliottwave-forecast.com/stock-market/caterpillar-cat-shows-incomplete-bullish-structure/ 

More from ElliottWave Forecast
The most important insight of the day
Get the Harvest Daily Digest newsletter.