Elliott Wave Technical Analysis: Deere & Co. – Thursday, Nov. 7

DE Elliott Wave Analysis Trading LoungeDeere & Co., (DE) Daily ChartDE Elliott Wave Technical AnalysisFUNCTION: TrendMODE: ImpulsiveSTRUCTURE: MotivePOSITION: Wave 2 of (5).DIRECTION: Bottom in wave 2.DETAILS: We are looking at a bottom in wave (4) in place at around 330$, with a correction that has lasted a couple of years. As we broke above 400$, we could see further upside to confirm the bullish bias.Deere&Co., (DE) 1H ChartDE Elliott Wave Technical AnalysisFUNCTION: TrendMODE: ImpulsiveSTRUCTURE: MotivePOSITION: Wave {c} of 2.DIRECTION: Downside in wave {c}.DETAILS: Looking for another leg lower in wave {c} of 2 as we seem to be having a three wave move in wave 2, which keeps finding support on top of MediumLevel 400$.This Elliott Wave analysis of?Deere&Co., (DE) outlines both the?daily?and?1-hour?chart structures, highlighting the current trends and possible future price movements.* DE Elliott Wave Technical Analysis – Daily Chart*The?daily chart?indicates that?wave (4), a long-term correction spanning a couple of years, has likely completed around?$330. After breaking above the critical resistance at?$400, there is a growing bullish bias that suggests the beginning of?wave (5). As the market confirms this breakout, we could anticipate further upside in the long-term impulsive structure. Continued moves above?$400?will solidify the bullish trend and target higher levels in?wave 3 of (5).* DE Elliott Wave Technical Analysis – 1H Chart*The?1-hour chart?suggests that the correction within?wave 2?is still unfolding, with a?three-wave corrective structurelikely forming. Specifically,?wave {c}?of 2 is expected to bring another leg lower, testing support levels around?MediumLevel 400. This area has acted as a solid support zone during the correction, and the next downside move in?wave {c}?will determine whether the correction is near completion.Technical Analyst: Alessio BarrettaMore By This Author:Unlocking ASX Trading Success: Mineral Resources Limited
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