At the weekly chart level, Caterpillar, ticker symbol... CAT, may be forming a bearish 2-bar pattern such as Dark Cloud Cover or a Bearish Engulfing Pattern.
As of today, the pattern is unconfirmed but so long as price closed within the bottom half of the previous weekly bar, or engulfs the entire bar.... either pattern will be confirmed.
Yet, there is more information to be gained from this chart. While the elliott wave count has been removed for illustration purposes, notice that the pattern has developed at resistance.
Let's first see if the pattern confirms!
Best of Trading
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