Details: Looking for a wave {ii} as we seem to have what appears to be a triangle in wave (b), therefore a three wave move that fits the wave {ii} narrative.

This analysis of MercadoLibre Inc., (MELI) focuses on both the daily and 1-hour charts, using the Elliott Wave Theory to assess current market trends and forecast future price movements.

MELI Elliott Wave technical analysis – Daily chart

The daily chart analysis indicates that MELI is currently in wave 3 of (5), showing strong momentum. This wave is expected to continue moving higher, with targets possibly reaching $3000 based on the length of previous movements. The outlook remains bullish, and traders should watch for signs of further upside.

MELI Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, MELI appears to be in the corrective phase of wave {ii} of the ongoing advance. The formation of what looks like a triangle in wave (b) supports the narrative of a three-wave corrective structure. The expectation is for this correction to complete, setting up for a continuation higher in wave {iii}.

Technical analyst: Alessio Barretta.

MELI 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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