Details: We are looking at either an extension in Minor wav 3 in the making, or else we are still in wave {b} of 2. The most bearish scenario is the one where the move off the 140$ bottom is not a wave 1 and we are still in a larger degree correction.

Welcome to our TXN Elliott Wave Analysis Trading Lounge, where we delve into Texas Instruments Inc. (TXN) using Elliott Wave Technical Analysis. Let's dissect the market dynamics on both the Daily Chart and the 4H Chart as of April 15, 2024.

TXN Elliott Wave technical analysis – Daily chart

On the Daily Chart, our analysis reveals a trending market characterized by impulsive mode and motive structure, positioned in Minor wave 3. The direction indicates upside momentum in wave 3. However, we are considering two potential scenarios: either an extension in Minor wave 3 or still within wave {b} of 2. The most bearish scenario suggests that the move from the $140 bottom may not be a wave 1, implying a larger degree correction.

TXN Elliott Wave Analysis Trading Lounge 4Hr Chart,

Texas Instruments Inc., (TXN) 4Hr Chart.

TXN Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave {ii}.

Direction: Bottom in wave (c) of {ii}.

Details: We are looking at a clear three wave move in wave {ii} with a bottom soon to be in place, looking for the beginning of MGM2 at 165$ to provide support.

TXN Elliott Wave technical analysis – Four-hour chart

Here, we observe a counter trend market marked by corrective mode and flat structure, positioned in Wave {ii}. The direction hints at a bottom forming in wave (c) of {ii}. Our analysis identifies a clear three-wave move in wave {ii}, with a bottom expected soon. We anticipate support to emerge around the beginning of MGM2 at $165.

Technical analyst: Alessio Barretta.

TXN 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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