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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 214534, member: 40858"] Ternium S.A. (TX) through its subsidiaries, manufactures & processes various steel products in Mexico, Brazil, US & other countries. It operates through two segments, Steel & Mining. The company founded in 1961 & based in Luxembourg. It comes under Basic materials sector & trades as ‘TX’ ticker at NYSE. TX made low at $9.59 on 3/19/2020 in March-2020 sell off. Then it started higher high sequence & made ATH at $57.35 on 8/30/2021 as impulse sequence in wave I. Below there, it favors correcting lower in II in 3 or 7 swings before upside resumes. [HEADING=3]TX - Elliott Wave Latest Weekly View since March-2020 Low : [/HEADING] [HEADING=3][URL='https://elliottwave-forecast.com/wp-content/uploads/2022/10/TX-W1.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2022/10/TX-W1-1024x525.jpg[/IMG][/URL][/HEADING] Above March-2020 low, it placed ((1)) at $19.89 high on 6/08/2020. Below there, it placed ((2)) at $14.12 low as slightly below 0.5 retracement of ((1)). Then it started third wave extension & favored ended at $41.98 high on 4/28/2021. Wave ((3)) was 2.618 extension of wave ((1)). It proposed ended ((4)) at $32.46 low on 6/17/2021. While above there, it finally ended ((5)) at $57.35 high on 8/30/2021 as I wave. Below there, it expect downside in wave II. [HEADING=3]TX - Elliott wave Short term Daily View : [/HEADING] [HEADING=3][URL='https://elliottwave-forecast.com/wp-content/uploads/2022/10/TX-D31.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2022/10/TX-D31-1024x525.jpg[/IMG][/URL][/HEADING] Below 8/30/2021 high, it placed ((A)) at $35.95 low & ((B)) at $50.36 high on 4/11/2022 high. It already confirms lower low below ((A)) wave & favors a corrective bounce in (4) before turning down in (5) of ((C)). It expect further downside between $29.03 – $15.82 area to finish wave II in zigzag correction before resumes upside in III or at least can see larger 3 swing bounce. Source: [URL]https://elliottwave-forecast.com/stock-market/tx-expect-correction-to-extend-downside-before-turning-higher/[/URL] [/QUOTE]
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