Deere & Co. (DE) stocks Elliott Wave technical analysis [Video]
DE Elliott Wave Analysis Trading Lounge.
Deere & Co., (DE) Daily Chart.
DE Elliott Wave Technical Analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 2 of (5).
Direction: Bottom in wave 2.
Details: We are looking at a bottom in wave (4) in place at around 330$, with a correction that has lasted a couple of years. As we broke above 400$, we could see further upside to confirm the bullish bias.
Deere&Co., (DE) 1H Chart
DE Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {c} of 2.
Direction: Downside in wave {c}.
Details: Looking for another leg lower in wave {c} of 2 as we seem to be having a three wave move in wave 2, which keeps finding support on top of MediumLevel 400$.
This Elliott Wave analysis of Deere&Co., (DE) outlines both the daily and 1-hour chart structures, highlighting the current trends and possible future price movements.
DE Elliott Wave technical analysis – Daily chart
The daily chart indicates that wave (4), a long-term correction spanning a couple of years, has likely completed around $330. After breaking above the critical resistance at $400, there is a growing bullish bias that suggests the beginning of wave (5). As the market confirms this breakout, we could anticipate further upside in the long-term impulsive structure. Continued moves above $400 will solidify the bullish trend and target higher levels in wave 3 of (5).
DE Elliott Wave technical analysis – One-hour chart
The 1-hour chart suggests that the correction within wave 2 is still unfolding, with a three-wave corrective structurelikely forming. Specifically, wave {c} of 2 is expected to bring another leg lower, testing support levels around MediumLevel 400. This area has acted as a solid support zone during the correction, and the next downside move in wave {c} will determine whether the correction is near completion.
Technical analyst: Alessio Barretta.