MELI Elliott Wave technical analysis [Video]

MELI Elliott Wave analysis

Mode: Corrective.

Structure: Flat.

Function: Counter Trend.

Position: Wave C of (2).

Direction: Anticipated bottom in wave C.

Details: We are likely near the completion of wave (2), with price action approaching the zone of Minor wave 4, a common support area that may lead to a bullish reversal and continuation of the broader trend.

Mode: Impulsive.

Structure: Motive.

Function: Trend.

Position: Wave C of (2).

Direction: Potential bottom in wave C.

Details: The five-wave pattern in wave C appears completed. We could be at the end of wave (2), indicating a reversal. Alternatively, this may be just wave A of a double correction. Confirmation with bullish momentum will clarify the scenario.

Technical analyst: Alessio Barretta.

MELI Elliott Wave Analysis [Video]