TX: Expect correction to extend downside before turning higher

Ternium S.A. (TX) through its subsidiaries, manufactures & processes various steel products in Mexico, Brazil, US & other countries. It operates through two segments, Steel & Mining. The company founded in 1961 & based in Luxembourg. It comes under Basic materials sector & trades as ‘TX’ ticker at NYSE.

TX made low at $9.59 on 3/19/2020 in March-2020 sell off. Then it started higher high sequence & made ATH at $57.35 on 8/30/2021 as impulse sequence in wave I. Below there, it favors correcting lower in II in 3 or 7 swings before upside resumes.

TX – Elliott Wave latest weekly view since March-2020 low 

Above March-2020 low, it placed ((1)) at $19.89 high on 6/08/2020. Below there, it placed ((2)) at $14.12 low as slightly below 0.5 retracement of ((1)). Then it started third wave extension & favored ended at $41.98 high on 4/28/2021. Wave ((3)) was 2.618 extension of wave ((1)). It proposed ended ((4)) at $32.46 low on 6/17/2021. While above there, it finally ended ((5)) at $57.35 high on 8/30/2021 as I wave. Below there, it expect downside in wave II.

TX – Elliott Wave short term daily view 

Below 8/30/2021 high, it placed ((A)) at $35.95 low & ((B)) at $50.36 high on 4/11/2022 high. It already confirms lower low below ((A)) wave & favors a corrective bounce in (4) before turning down in (5) of ((C)). It expect further downside between $29.03 – $15.82 area to finish wave II in zigzag correction before resumes upside in III or at least can see larger 3 swing bounce.