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.
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 ((C)) towards $27.62 – $14.39 area to end II correction. Currently, it favors lower in (1) of ((C)) & 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.
Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $9.99.Back