Catepillar Wave Analysis – 17 December, 2019

• Catepillar reversed from resistance area
• Likely to fall to 540.00

Catepillar recently reversed down from the resistance area lying between the key resistance level 148.00 (which stopped the sharp impulse wave (1) in November) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the earlier impulse wave 3 from the start of December.

Catepillar is likely to correct down inside the active short-term corrective wave 4 toward the next support level 144.00.