CSX Elliott Wave technical review [Video]
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CSX Elliott Wave technical review
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 3 of (1)
Direction: Upside in Wave 3.
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.
