Details: An impulsive structure is developing off the April lows, supporting the view of continued upside within Minor Wave 3. A top in wave {iii} may be approaching, with a subsequent pullback expected to reach around the $30 level.

CSX Elliott Wave technical review

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (v) of {iii}.

Direction: Potential Top in Wave (v).

Details: The current move has reached the top of Minor Group 1 (MG1) at $33, indicating wave (v) of {iii} may be complete. A corrective phase into wave {iv} could now begin, with price potentially retracing to the $30 support zone.

This analysis reviews CSX Corp. using Elliott Wave principles on the daily and 1-hour timeframes:

CSX is advancing within Minor Wave 3 of Primary Wave (1), originating from the April lows. The wave structure is impulsive, and a near-term high in wave {iii} is expected, followed by a corrective dip in wave {iv}. This pullback may test the $30 region, offering a potential re-entry zone aligned with the overall bullish trend.

The intraday view shows a completed five-wave move into $33 at the top of MG1, marking a possible top in wave (v) of {iii}. The chart now favors a pullback phase in wave {iv}, targeting support near $30, in line with Fibonacci retracement levels.

CSX Elliott Wave technical review [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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