MA Elliott Wave technical analysis [Video]

MA Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave 3.

Direction: Upside in wave 3.

Details: Minor wave 3 continues higher as the stock approaches its all-time high (ATH). A key resistance zone is identified at $650, which may mark the top of wave 3.

Mastercard Inc. is exhibiting strong bullish momentum on the daily chart. The stock is currently in Minor wave 3 of an impulsive Elliott Wave sequence, progressing toward a new all-time high. Analysts expect resistance near the $650 mark, which could serve as the wave 3 top. If this resistance holds, a corrective wave 4 may develop before the longer-term trend resumes upward.

MA Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {iii} of 3.

Direction: Top in wave {iii}.

Details: A top may be forming in wave {iii}, with a potential pullback expected in wave {iv}. Since waves {i} and {iii} are similar in length, wave {v} may extend further following this minor correction.

In the short-term 1-hour chart, Mastercard seems to be finalizing wave {iii} of the current impulse. A minor pullback in wave {iv} would align with typical Elliott Wave structure and confirm the trend’s strength. Following this, traders may anticipate an extension in wave {v}, contributing to the overall bullish trend observed on the daily chart.

Technical analyst: Alessio Barretta.

MA Elliott Wave technical analysis [Video]