MELI Elliott Wave Analysis Trading LoungeMercadoLibre Inc., (MELI) Daily ChartMELI Elliott Wave Technical AnalysisFUNCTION: TrendMODE: ImpulsiveSTRUCTURE: MotivePOSITION: Wave 3 of (5).DIRECTION: Upside in wave 3.DETAILS: Looking for continuation higher in wave (5) which given the length of wave 1 could easily reach the next TradingLevels at 3000$.
MercadoLibre Inc., (MELI) 1H ChartMELI Elliott Wave Technical AnalysisFUNCTION: TrendMODE: ImpulsiveSTRUCTURE: MotivePOSITION: Wave {ii} of 3.DIRECTION: Bottom in wave {ii}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 – 1H 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 BarrettaMore By This Author:Elliott Wave Technical Analysis: Euro/U.S. Dollar – Friday, Nov. 1
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