Elliott Wave View: TX Pulling Back in Wave II

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.

Since December-2010 high, TX made low at $9.59 on 3/19/2020 during global sell off early last year. Then it started higher high sequence & made ATH at $57.35 on 8/30/2021 as clear impulse sequence. While below there it started correcting lower in proposed zigzag structure.

TX — Elliott Wave Latest Daily View:

It favored ended ((1)) at $19.89 high on 6/08/2020 against the cycle from 3/19/2020 low. Below there, it placed ((2)) at $14.12 low as slightly below 0.5 retracement against ((1)). Then it started third wave extension & favored ended at $41.98 high on 4/28/2021. Wave ((3)) was 2.618 Fibonacci 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 red cycle & start correcting lower in II.

Below 8/30/2021 high, it placed ((A)) at $35.95 low & proposed ended ((B)) at $48.96 high on 1/06/2022. While bounce fails below $48.96 high, it expect to extend lower in (©) towards $27.62 — $14.39 area to end II correction. Currently, it favors lower in (1) of (©) & expect two more minor lows to end it before bounce in (2). We like to buy the next extreme areas in blue box for next cycle up or at least 3 swings bounce.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-tx-pulling-back-wave-ii/