CSX Corp. (CSX) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

CSX Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 3 of (1).
Direction: Upside in Wave 3.
Details: A significant bottom appears to have formed at the April lows. Price action is now moving upward in an impulsive manner, diminishing the likelihood of previous bearish scenarios.

Daily chart analysis

The Elliott Wave assessment of CSX Corporation indicates a potential major reversal with the April lows marking the recent bottom. The upward movement is progressing in a clear impulsive wave, now likely part of Wave 3. This suggests strong bullish momentum is present, reinforcing the uptrend and increasing the likelihood of further gains.

CSX Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave (v) of {iii}.
Direction: Upside in Wave (v).
Details: The stock is approaching a possible top in Wave (v). A short-term pullback into Wave {iv} is expected before another upward move resumes, potentially targeting the $50 level.

One-hour chart analysis

Short-term Elliott Wave analysis shows CSX nearing the completion of Wave (v) of Minute Wave {iii}. This suggests a likely pullback into Wave {iv}, which is part of the ongoing bullish sequence. After this correction, the next upward movement could aim for the $50 region, aligning with broader bullish expectations.

CSX Corp. (CSX) 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.

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