Details: This would be the only scenario suggesting we ae in a wave {ii} and we are headed towards the end of {ii} in wave (c) after a triangle in wave (b).

This Elliott Wave analysis of Analog Devices Inc., (ADI) outlines both the daily and 1-hour chart structures, highlighting the current trends and possible future price movements.

ADI Elliott Wave technical analysis – Daily chart

The daily chart suggests that ADI is in wave {ii} of a larger impulsive structure. The current price action is within the MinorGroup1 range of $210-$230, indicating that a bottom may be forming soon. After this, we expect wave {ii} to complete, leading to a strong move upward into wave {iii}.

ADI Elliott Wave technical analysis – 1H chart

The 1-hour chart shows that ADI is currently in wave (b) of {ii}, and a triangle pattern seems to have formed in this corrective wave. The next move is expected to be a drop into wave (c) of {ii}, completing the correction before a bullish reversal takes place in wave {iii}.

Technical analyst: Alessio Barretta.

ADI Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD trims gains, hovers around 1.1900 post-US data

EUR/USD trades slightly on the back foot around the 1.1900 region in a context dominated by the resurgence of some buying interest around the US Dollar on turnaround Tuesday. Looking at the US docket, Retail Sales disappointed expectations in December, while the ADP 4-Week Average came in at 6.5K.

GBP/USD comes under pressure near 1.3680

The better tone in the Greenback hurts the risk-linked complex on Tuesday, prompting GBP/USD to set aside two consecutive days of gains and trade slightly on the defensive below the 1.3700 mark. Investors, in the meantime, keep their attention on key UK data due later in the week.

Gold loses some traction, still above $5,000

Gold faces some selling pressure on Tuesday, surrendering part of its recent two-day advance although managing to keep the trade above the $5,000 mark per troy ounce. The daily pullback in the precious metal comes in response to the modest rebound in the US Dollar, while declining US Treasury yields across the curve seem to limit the downside.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.