Caterpillar Inc (CAT): Trading higher within a wave (III), target above $600.00 [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Caterpillar Inc., commonly known as CAT, is a leading American manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Caterpillar operates globally and is known for its extensive product line, which includes machinery like bulldozers, excavators, wheel loaders, and haul trucks. Below we will look at the long term Elliott Wave outlook of the company.

Caterpillar quarterly Elliott Wave chart

Quarterly Elliott Wave chart of Caterpillar above (CAT) shows that the stock extended higher strongly within wave (III). The subdivision of wave (III) is unfolding as a nesting 5 waves impulse. Up from wave (II), wave I ended at 173.24 and dips in wave II ended at 87.50. The stock nested higher in wave III with wave ((1)) ended at 246.69 and pullback in wave ((2)) ended at 160.60. Stock should continue to extend higher and dips to find support in 3, 7, 11 swing as the stock continues to extend higher in impulsive structure.

Weekly Caterpillar (CAT) Elliott Wave chart

Weekly Elliott Wave chart of Caterpillar (CAT) above shows that pullback to 160.6 ended wave ((2)) on September 26, 2022. Stock has resumed higher in wave ((3)) with internal subdivision as an impulse. Up from wave ((2)), wave (1) ended at 266.04 and pullback in wave (2) ended at 204.04. Stock rallied higher as a nesting impulse. Wave 1 ended at 293.88 and wave 2 dips ended at 223.76. Wave 3 higher ended at 382.01 and pullback in wave 4 ended at 307.05. Expect the stock to continue to extend higher in the impulsive structure.

Caterpillar (CAT) Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD turns negative toward 1.1500 ahead of ECB rate decision

EUR/USD has come under fresh selling pressure and heads toward 1.1500 in Thursday's European trading. Rising bets that the European Central Bank will deliver a rate hike after its June policy meeting could limit the Euro's retreat amid renewed US Dollar demand. The focus now remains on the ECB's updated projections and Lagarde's words.

GBP/USD falls to 1.3350, as traders brace for US PPI data

GBP/USD is falling back to near 1.3350 in the European session on Thursday. Increased hawkish Fed bets and looming Mideast geopolitical risks sponsor the latest leg up in the US Dollar, as traders brace for the US PPI data.

Gold challenges fresh 2025 lows below $4,100

Gold trades around $4,070 a troy ounce, dangerously approaching the psychological $4,000 mark. A softer Core US Consumer Price Index eased concerns about a runaway inflation spiral, but renewed concerns surged after the higher-than-anticipated May US PPI report.

Pi Network: Recovery at risk with 16 million PI tokens ready for unlock

Pi Network edges higher after three days of consecutive losses earlier this week, extending the prevailing downtrend since late April. The scheduled unlocking of 16 million PI tokens on Thursday could add pressure to the intraday recovery. Technically, PI remains under bearish pressure.

Indonesia surprise rate hike may not be enough to save the Rupiah

The surprise rate hike from Bank Indonesia, aimed at protecting the Indonesian Rupiah from sliding further, seems to have worked for now. The rate increase definitely helps, but there’s more work to do if Jakarta wants to ease investors’ concerns for good.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.