Eaton Corp PLC (ETN) Elliott Wave technical analysis [Video]

ETN Elliott Wave Analysis Trading Lounge Daily Chart,

Eaton Corp PLC,  (ETN) Daily Chart.

ETN Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Minute {v}.  

Direction: Upside in wave {v}.  

Details: As we have had a clear three wave move into wave {iv} just shy of 0.618 {iv} vs. {ii}, we are finding support on top on MG1 which suggests further upside could come.

ETN Elliott Wave Analysis Trading Lounge 4H Chart,

Eaton Corp PLC, (ETN) 4H Chart

ETN Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Positoin: Wave (i) of {v}.  

Direction: Upside in wave {v}.

Details: Looking for a top in wave (i) of {v}, volume seems to suggests the low could be in place as we can see a spike in volume. Looking for a break and support on top of 320$ to then take off higher.

Welcome to our latest Elliott Wave analysis for Eaton Corp PLC (ETN). This analysis provides an in-depth look at ETN's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on ETN's market behavior.

ETN Elliott Wave technical analysis – Daily chart

The daily chart shows a clear three-wave move into wave {iv}, which ended just shy of the 0.618 retracement level of wave {ii}. Support is found on top of MG1, suggesting further upside potential in wave {v}. Traders should monitor the support level for confirmation of continued upward movement.

Four-hour chart

The 4-hour chart indicates a possible top in wave (i) of {v}, with volume spikes suggesting that a low could be in place. A break and support above $320 would provide further confirmation of the upward trend, setting the stage for a move higher in wave {v}.

Technical analyst: Alessio Barretta.

ETN Elliott Wave technical analysis [Video]