Tuesday, April 5, 2016

Ending Diagonal In Caterpillar Inc...

Caterpillar Inc has lost more than $2 stock price since yesterday and could still lose more.
Price amidst what are commonly referred to as "economic and financial uncertainties" is responding ton Elliott wave terminating pattern- the ending diagonal.

A long term bullish impulse move which started in August 2014 terminated at 56.25 price level and a probable impulse wave upside followed immediately. The impulse wave being the first leg of a probable correction.

The impulse wave upside has completed its 3rd wave with an ending diagonal that the market is now responding to. Ending diagonals are often followed by fast movement in the opposite direction.

The price of this stock is expected to dip further to $70.5 losing more $5 or more in coming days before the rally continues.

The ending diagonal is shown in the 15min chart below.

A dip to $70.5 is highly likely.

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