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The chart for Tenaris S.A. (TS) almost looks like a crypto. Since it had run up quite quickly in five waves and then is grinding out a slow churning correction is very much like the "Hurry Up & Wait" syndrome. You'll notice that even in stocks, each will have their own nuance in personality such as preferred patterns, length of correction and speed of ascent. The below chart shows a very definable symmetrical triangle pattern.
When entering the Elliott Waves, the correction is labeled as a WXY (red). The red Y wave's subwaves are also broken down into wxyxz sequence (blue). Note also the volume declining into the apex (purple line). Once the blue y of red Y completes, the expectation is for price to break to the upside (white arrow).
The MACD is also very similar to the types we've been seeing in Cryptos. The MACD too is generating a symmetrical triangle and it also is likely to breakout to the upside to support the price move.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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