$MTX: MTU Aero Engines Expecting Acceleration Higher
MTU Aero Engines AG is a German aircraft engine manufacturer. It develops, manufactures and provides service support for civil and military aircraft engines. Founded in 1934 and headquartered in Munich, Germany, it can be traded under the ticker $MTX at XETRA in Frankfurt. MTU is a part of DAX40 index. In the initial article back in April 2021, we have forecasted a new cycle higher. Now, the nest might be in place and acceleration higher should take place. Here, we provide an update.
MTU Monthly Elliott Wave Analysis 12.13.2021
The monthly chart below shows the MTU stock $MTX traded at XETRA in Frankfurt. From the all-time lows, the stock price has developed a cycle higher in blue wave (I) of a super cycle degree. MTU has printed the all-time highs in January 2020 at 289.30. Without any doubt, the advance is a textbook quality impulsive move up in 5 waves. From January 2020 highs, a sharp straightdown correction in the blue wave (II) has retraced 2/3 of the price. An important bottom has been printed in March 2020 at 97.76 low. From there, a new cycle in wave (III) might have started. Investors can be expecting MTU stock to reach into the new all-time highs. The target will be 388-568 area.
MTU Daily Elliott Wave Analysis 12.13.2021
The daily chart below shows in more detail the nest in red waves I-II of blue wave (III) from the March 2020 lows at 97.76. First, wave I has developed clearly 5 waves. Then, a pullback in wave II is demonstrating a double three structure. Based on black waves (W) and (X), black wave (Y) of red II is expected to end within 166.25-140.96 area. As a matter of fact, wave II might be already in place. Soon, an acceleration higher within wave III or a bounce in 3 waves as minimum should take place.
Source: $MTX: MTU Aero Engines Expecting Acceleration Higher
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