Caterpillar Wave Analysis – 29 July, 2022

• Caterpillar reversed from support level 172.00

• Likely to rise to resistance level 200.00.

Caterpillar recently reversed up from the support level 172.00 – strengthened by the lower daily Bollinger Band, 50% Fibonacci correction of the uptrend from 2020 to 2021 and by the support trendline of the wide down channel from last year.

The upward reversal from the support level 172.00 stopped the previous primary ABC correction (2).

Given the long-term uptrend, Caterpillar can be expected to rise further toward the next round resistance level 200.00 – followed by 210.00.