The daily chart shows ETN's movement in an impulsive mode, within a motive structure, currently in Minute wave {iii}. The analysis suggests an ongoing upside movement, specifically targeting Minuette (v). A significant target identified is $375, based on the equality of wave {iii} versus wave {i}. This target level represents a potential point of interest for traders looking to capitalize on the continuation of the bullish trend.

ETN Elliott Wave technical analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave ii of (v).

Direction: Upside in wave iii.

Details: Looking for a pullback in wave ii to then resume higher. Looking for a clear three wave move in ii, volume seems to suggest the corrective nature of the whole move.

ETN Elliott Wave technical analysis – Four-hour chart

Consistent with the daily analysis, the 4-hour chart also supports a bullish outlook. Currently, ETN is in wave ii of Minuette (v), indicating a brief pullback before a likely continuation higher into wave iii. The corrective nature of wave ii is underscored by volume analysis, suggesting that the pullback is temporary and part of a broader impulsive sequence.

The latest Elliott Wave analysis for Eaton Corp. PLC (ETN) highlights a promising scenario for traders and investors, with both the daily and 4-hour charts indicating a continuation of the impulsive trend.

Eaton Corp. PLC (ETN) 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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