Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

The whole market has advanced in what looks like an impulse off the lows in 2022. One of the essential concepts in the Elliott Wave Theory is that a new trend always comes in fives. However, five waves can also be part of a C wave of a FLAT. We explained the possibility in the following article. In the article, we explained why many Indices can set a trap. We need to be aware and always look for indications before the market trap us. Here is how a FLAT looks like in the Elliott Wave Theory. We show both the Bearish and Bullish Flats. As we can see, the Five waves in C tend to trap the traders.

Elliott Wave Flat Structure​

Micron Technology is part of the Market, so we pay attention to the wave structure. We have noticed how the Grand Super Cycle is very bullish. The super cycle degree can go either way. It can either be completed or still need another leg lower. $MU's reaction off the lows from September 2022 has been very weak so far. Consequently, it is at risk of breaking the lows and opening another leg lower.

Quarterly Micron Technology Elliott Wave Chart​

Weekly Micron Technology Elliott Wave Chart​

The charts above show both Grand Super Cycle and Super Cycle possible paths.

Source: https://elliottwave-forecast.com/video-blog/micron-technology-inc-mu-key-forecast-indices-weakness/

 

[Elliottwave-Forecast]

The Dollar has been in a fantastic rally since its lows in 2008. It is in the process of ending the cycle as an impulse. This article explains the view and why buying commodities in the dips is a good long-term opportunity.

Monthly Dollar Index Elliott Wave Chart​

The monthly chart above shows the structure of Dollar Index and how we should be in wave IV now. The big question is when wave IV will end and when to rebuy the US Dollar.

The Mexican Peso peaked on 04.2020 and ended the Grand Super Cycle wave ((I)). This is a warning to the $USDX bulls. Correlation is a science that requires a lot of understanding and it can a great tool to give us an edge. The idea that the Peso peaked earlier and the rally from the lows on 01.2021 never took it to new highs makes it very unique. This will become more important when viewed in correlations with the $USDX

Mexican Peso (USDMXN) Monthly Elliott Wave Chart​

The chart above shows the monthly view of the Peso and bearish sequence since the peak. This should favor further downside for the Peso into the $15.93-$14.66 area. The reaction from this area, in our view, should produce the expected wave V in the $USDX. We believe the combination of the $USDX and the $USDMXN will create a WXY structure in the Peso. There will be a time down the road when they will agree to a huge buying opportunity. However, a lot of oscillations still can happen in the meantime.

Here is the way a WXY looks in the Elliott Wave Theory:



WXY is two sets of five waves (A and C), followed by a connector (X). Then another two sets of five waves (A and C) to end (Y). The structure is corrective, which is the main reason we believe the $USDX will be choppy for years to come. We will track the Peso and everything related to the $USDX in the next few years to catch the next leg higher in the Dollar.

In conclusion: The Peso shows the area where wave IV in Dollar Index (DXY) will end. It also shows when we can start buying the last leg higher within the 2008 cycle in Dollar Index. Many traders fall in love with one instrument, but at EWF , we use the correlation to get the edge in the Market. The Peso will soon be the instrument to call the Forex Market.

Source: https://elliottwave-forecast.com/fo...l-needs-more-downside-and-holding-the-dollar/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of TESLA ( TSLA ) Stock published in the members area of the website. As our members know, the stock is showing impulsive bullish sequences in the cycle from the 101.38 low. We have been calling for the rally in the stock after 3 waves pull back. Our recommendation to members was to avoid short selling TESLA and keep favoring the long side. In the further text we are going to explain the Elliott Wave Forecast.

TESLA ( TSLA ) Stock Elliott Wave 4 Hour Chart 3.1.2023​

TESLA stock ended cycle from the 101.38 low as 5 waves impulsive structure. Current view suggests we're doing correction of the cycle from the 101.38 low. At the moment structure of the pull back looks incomplete. We got only 5 waves down from the peak that looks like leading diagonal, so we are assuming we have ended only first leg of deeper correction. Consequently we were calling for another leg down toward 186.48-170.34( buyers area). The stock is expected to find buyers at the blue box zone for 3 waves bounce at least or for a rally toward new highs.

TESLA ( TSLA ) Stock Elliott Wave 4 Hour Chart 3.1.2023​

Eventually the stock made decline toward our reversal area- blue box zone as we expected. TSLA reached target zone at 186.48-170.34, found buyers and made nice reaction. Rally made enough separation from the lows to call correction completed. Now, 185.38 low is the key level for the view. As far as the price holds above that level, the stock can see further support. However, if the stock get weak and breaks 185.38 low, then we would have 5 waves down from the 02/16 peak , which will suggests we could see deeper correction against the 101.38 low

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room

New to Elliott Wave ? Check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.



Source: https://elliottwave-forecast.com/stock-market/tesla-tsla-stock-elliott-wave/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of Apple ticker symbol: AAPL. We presented to members at the elliottwave-forecast. In which, the rally from 03 January 2023 low unfolded as an impulse structure suggesting that it's a motive sequence & pullback should find support in 3, 7 or 11 swings for another extension higher at least. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings based on the Elliott wave hedging tool looking for a minimum reaction higher to take place. We will explain the structure & forecast below:

AAPL 4-Hour Elliott Wave Chart From 2.26.2023​

Here’s 4 hr Elliott wave chart from the 2/26/2023 update. In which, the cycle from the 1/03/2023 low ended in wave ((1)) as an impulse structure at $157.38 high. Down from there, the stock made a pullback in wave ((2)) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave (A) ended at $148.70 low. Wave (B) ended at $156.33 high and wave (C) managed to reach the blue box area at $147.72- $142.37 area. From there, buyers were expected to appear looking for the next leg higher or for a 3-wave bounce minimum.

AAPL Latest 4-Hour Elliott Wave Chart From 3.07.2023​

This is the latest 4 hr Elliott wave Chart from the 3/07/2023 update. In which the stock is showing a strong reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $157.38 high would still be needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/aapl-reaction-allowed-longs-get-risk-free/

 

[Elliottwave-Forecast]

BMW is one of the biggest german car manufacturers excelling in quality and technical characteristics. Investors and traders can trade the company stock under ticker $BMW in Frankfurt at XETRA. Back in April 2020, we were calling $BMW for a new bullish cycle. We were right, the price has more than doubled. Then, in the article from June 2021, we forecasted a pullback against March 2020 lows to happen. Indeed, $BMW has retraced part of the advance. Now, from March 2022 lows, we see another bullish cycle in progress. Another extension higher has been confirmed by breaking the January 2022 highs. Here, we present an updated view on $BMW stock, discuss the Elliott Wave structure, bullish sequences and provide targets.

BMW Monthly Elliott Wave Analysis 03.08.2023​

The monthly chart below shows $BMW traded at XETRA. From all-time lows, the stock price has developed an Elliott wave motive wave pattern. The cycle up in blue wave (I) being of super cycle degree has ended by printing the all-time highs on March 2015 at 123.75. Within the super cycle in wave (I), the red waves I, III and V of cycle degree are also motive waves. Moreover, wave III shows an extension.

From the March 2015 highs, a correction in wave (II) has unfolded as a double three pattern, i.e., a 7 swings structure. As correctly called in the initial article, it has printed an important bottom in March 2020 at 36.59. From there, a new cycle in blue wave (III) has started and should reach towards 123.75 highs and even higher.

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BMW Weekly Elliott Wave Analysis 03.08.2023​

The weekly chart below shows in more detail the initial nest consisting of red waves I-II and the advance in red wave III of blue wave (III). First, red wave I of blue wave (III) has developed an impulse towards January 2022 highs at 100.42. From there, a pullback in red wave II has found a bottom at 67.58. While above March 2022 lows, red wave III is in progress. It has been confirmed by breaking 100.42 highs. Now, we see a bullish sequence. Therefore, while above 67.58 lows, red wave III can reach 131.66-171.21 area and possibly higher.

Investors should not chase the BMW stock at current prices. Since the world indices are in a choppy market conditions, it is reasonable to wait for a pullback in the BMW stock as well. Investors and traders can be looking to buy $BMW in a pullback against 67.58 lows in 3, 7 or 11 swings targeting 131.66-171.21 area in medium term and 159.70-235.90 area in a long run.



Source: https://elliottwave-forecast.com/stock-market/bmw-bullish-sequence/

 

[Elliottwave-Forecast]

PepsiCo (NASDAQ: PEP), one of the largest food and beverage companies in the world, has been facing a challenging environment in the wake of ongoing market volatility. While the company's revenue and profits have remained relatively stable, industry-wide pressures and changing consumer preferences have put significant pressure on PepsiCo's business model. With the continued uncertainty and volatility in the market, investors are beginning to question the company's long-term growth potential. This article aims to analyze the various Elliott Wave patterns for PepsiCo in order to guide investors in navigating the mid-term movement of the stock.

Examining PepsiCo's weekly chart reveals a sideways overlapping price action since 2022, typically seen at the end of a trend, indicating a potential reversal within an ending diagonal structure. Our proprietary system confirms PepsiCo's March 2020 low cycle ended after rallying in a 5-wave advance within wave ((1)), with a larger degree correction occurring within wave ((2)) before the stock can rally into new all-time highs.

PepsiCo (NASDAQ: PEP) Weekly Elliott Wave Chart ( 1st Scenario )​

Wave (A) ended on February 3rd after a decline from its December 2022 peak of $186.84. Currently, PepsiCo is in wave (B) and may rise further towards the $180 - $183 equal legs area. After that, the stock is expected to trade lower in wave (C). It will end a zigzag structure in wave ((2)) potentially towards the $160 - $150 area then a turn higher takes place.

PepsiCo (NASDAQ: PEP) Weekly Elliott Wave Chart ( 2nd Scenario )​

If PEP bounce fails to exceed the February peak of $178.23 and it breaks the March 1st low of $169.12, the more aggressive path can occur. This move will imply that wave (B) has concluded and that the stock is going lower within wave (C) towards the $158 - $145 equal legs area. Once there, the stock is expected to respond positively and look to resume the bullish trend or at least rebound in larger 3 waves higher.

In conclusion, the analysis of the Elliott Wave patterns suggests that PepsiCo (NASDAQ: PEP) will face headwinds in the short to mid-term as the stock corrects within wave ((2)). Although the company's long-term growth potential remains intact, the stock is likely to experience further downside before resuming its upward trajectory.

Source: https://elliottwave-forecast.com/stock-market/pepsico-pep-facing-headwinds/

 

[Elliottwave-Forecast]

The Global X Lithium & Battery Tech ETF (LIT) invests in the full lithium cycle, from mining and refining the metal, through battery production. The Global X Lithium & Battery Tech ETF (LIT) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium Index.

LIT WEEKLY CHART OCTOBER 2022 ​

Lithium ETF (LIT) ended a bullish cycle in November 2021, and we call it wave (I). Wave I ended at 41.19 and we had a 3 waves correction to end wave II at 17.82. Then in March 2020, we saw a strong bounce toward 74.95 to complete wave III and a pullback as wave IV ending at 55.00. The latest rally made new 5 waves to finish at 97.26 and complete wave V and wave (I).



From this point the downward movement started, and it seems that it should complete a double correction before continuing with a rally. We can clearly see 3 swings down to complete wave w at 61.50. Then the x-connector ended at 82.15 and continue lower. Finishing the wave x, we called LIT could build a double correction structure as we can see in the chart. It should reach the 46.61 - 24.62 area and continue a rally.

LIT WEEKLY CHART MARCH 2023 ​

After 5 months, we can see LIT made 3 swings lower ending wave ((W)) at 57.56. This drop confirmed a bearish sequences breaking 61.50 low. The bounce completed wave ((X)) at 72.77 and continued with the downtrend. To finish the short term double correction structure ((W)), ((X)) and ((Y)), the ETF needs 3 swings lower to reach 46.61 - 24.62 area. Also this should end red wxy correction and wave (II) where it should rally to start a new uptrend.

Source: https://elliottwave-forecast.com/commodities/lithium-etf-lit-downside-blue-box/

 

[Elliottwave-Forecast]

In today’s article, we will look at the past performance of Caterpillar Inc. ($CAT). In our last article we explained that the stock has made new all time highs and will be pulling back soon in 3 or 7 swings to correct the cycle from Sep 2022 lows. This is how we saw it back in Jan 2023.

$CAT ElliottWave Latest View (4H):​

In the 4H chart above, we can see that the stock advanced in a 5 wave impulse from Sep 2022 lows. The cycle ended on 1.27.2023 at $266.04 and a pullback is taking place as expected. So far, the pullback is showing 3 waves and is getting close to the equal legs area at $222.91 - 202.21 where buyers should appear for a bounce. Looking at the rest of the market and using Market Correlation, we expect that the bounce should fail and continue lower in 7 swings as shown in the chart above. Traders can attempt to buy the equal legs area in 3 swings and get risk free once the reaction takes place. We have a bullish sequence against September 2022 lows. So as long as price remains above $160.02, $CAT is expected to remain supported in 3, 7 or 11 swings.

Source: https://elliottwave-forecast.com/uncategorized/caterpillar-cat-showing-5-wave-advance-whats-next/

 

[Elliottwave-Forecast]

Morgan Stanley (MS), a financial holding company provides various financial products & services to corporations, governments, financial institutions & Individuals in the Americas, Europe, Middle East, Africa & Asia. It operates through Institutional Securities, Wealth Management & Investment management services. It is based in New York, US, comes under Financial services sector & trades as “MS” ticker at NYSE.

Since 2008 low, MS confirmed higher high sequence, calling for further upside to continue once the current pullback finishes. It ended impulse sequence in wave I at $109.73 high & favors pullback in wave II in 7 or 11 swings against March-2020 low before turning higher.

MS - Elliott Wave Latest Weekly View:​

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It showing higher high sequence from October-2008 low. It favored ended (I) at $59.38 high & (II) at $27.20 low. Above there, it placed ((1)) of I at $54.38 high & ((2)) at $45.86 low. Thereafter, it extended higher in third wave extension, which ended as ((3)) at $105.95 high. Wave ((4)) was shallow correction as flat, which ended at $92.94 low as 0.236 Fibonacci retracement of previous leg. Finally, it ended ((5)) as wave I at $109.73 high before pullback starts.

MS - Elliott Wave Latest Daily View:​

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Below wave I high, it placed ((W)) of II at $72.05 low on 7/14/2022 & ((X)) connector at $100.99 high on 2/14/2023. It expects ((Y)) leg down in wave II correction, which will confirm below ((W)) low. In that case, it expects weakness towards weekly blue box area between $63.21 - $39.86, where buyers expect to enter the market. Currently, it favors lower in 1 of (A) & expect weakness to continue before a bounce in (B) of ((Y)) leg. Alternatively, if it breaks above $109.73 high, then it should be in III higher, while placed II at $72.05 low.

Source: https://elliottwave-forecast.com/stock-market/morgan-stanley-ms-favors-short-term-weakness/

 

[Elliottwave-Forecast]

Hello Traders, today we are going to have a look on how we were able to forecast the reaction lower in USDCHF from equal legs area. The pair was trading within cycle from 02.02.2023 similarly to the low of the USDX. It had ended first leg higher in A alongside a clear connector wave B. In this situation we could calculate where our equal legs area will be at.

Here at Elliott Wave Forecast we have developed a system in which allows us to project extreme areas of the market in which we can expect at minimum a 3 waves reaction off the area. This allows us to enter the market with a defined entry level and Stop Loss. Given the situation in USDCHF was within wave C of (B) higher in a 5 waves move.

Let's have a look on how we saw it during 03.01.2023 4 hour update.

USDCHF 4 Hour update 03.01.2023​

As we can see the pair was trading higher into wave ((v)) of C of (B) within the equal legs area of 0.93777 - 0.95270. This indicated that soon when wave ((v)) ends we should see the reaction lower from the area. Ideally wave (C) lower should get started.
Now let's see what happened next looking at USDCHF 4 hour chart from today's update of 03.13.2023

USDCHF 4 Hour update 03.13.2023​

As we can see it has perfectly reacted lower and currently bouncing within wave ((iv)) favoring one more low in ((v)) to end wave 1 in red. From there we could expect wave 2 bounce and then fail for further downside in wave 3 of (C). USDCHF belongS to our Group 2 instruments amongst other instruments such as the CHFJPY, NZDJPY, Nasdaq Futures, ES Futures, NIKKEI, cryptos like Bitcoin, Ethereum and others alongside some commodities like Natural Gas and others.

Source: https://elliottwave-forecast.com/forex/usdchf-reaction-lower-from-equal-legs-area/

 

[Elliottwave-Forecast]

Gold Miners Junior (ticker: GDXJ) should finish the correction to the cycle from September 2022 low sometimes this year and resumes higher. At this stage, there's still no strong confirmation whether the correction has ended thus we still can't rule out another leg lower to end the correction before the ETF finally extends higher. Below we will take a look at the latest Elliott Wave technical outlook

GDXJ Monthly Elliott Wave View​

Monthly Elliott Wave Chart above suggests the rally from 2016 low at 16.14 is in progress in the form of a nesting impulse. Up from 16.14, wave (I) ended at 52.50 and pullback in wave (II) ended at 19.52. The ETF has extended higher in wave (III) which subdivides into another 5 waves. Up from wave (II), wave I ended at 65.95 and pullback in wave II ended at 25.80. Expect the ETF to continue higher while above 16.14.

GDXJ Daily Elliott Wave View​

Daily Elliott Wave Chart of GDXJ above shows wave III of (III) is currently in progress. Up from wave II low at 25.8, wave ((1)) ended at 41.16. Wave ((2)) pullback is in progress to correct cycle from 9.26.2022 low in 3, 7, or 11 swing before the ETF resumes higher. Down from wave ((1)), wave (A) ended at 32.25. Expect rally in wave (B) to fail below 41.16, and the ETF to extend lower again in wave (C) before ending correction to cycle from 9.26.2022 low in wave ((2)).

GDXJ 4 Hour Elliott Wave View​

4 Hour Elliott Wave chart of GDXJ above shows the decline from wave ((1)) looks to be in 5 waves impulse and ended wave (A) at 32.25. This suggests that we can't rule out another leg lower in wave (C) to correct cycle from 9.27.2022 low. Expect however any pullback to find support against 26.05 for further upside. We expect wave ((2)) correction to end sometimes this year and the rally to take place afterwards.

Source: https://elliottwave-forecast.com/video-blog/gold-miners-junior-gdxj-resume-higher-2023/

 

[Elliottwave-Forecast]

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. The following article from December 2021 has called a nest in place and an acceleration higher to happen. In fact, we saw a bounce from 166.25-140.96 area towards 221.10 highs. However, the stock price of MTU Aero Engines has decided to perform a double correction. In the last article from October 2022, we have presented 157.50-118.23 buying area where a rally to the new highs or a reaction in 3 swings as minimum should take place. As a matter of fact, the rally has broken June 2021 highs opening up a bullish sequence. In current update, we discuss next buying opportunities and provide targets.

MTU Monthly Elliott Wave Analysis 10.09.2022​

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.

In shorter cycles, from March 2020, one can see an initial nest completely formed. First, wave I of (III) has ended in June 2021 at 224.90. From there, a double correction in wave II has found bottom in September 2022 at 149.20. From there, wave III higher is in progress. Break of June 2021 highs has confirmed that. The target for wave III will be 275-354 area and even higher.

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MTU Daily Elliott Wave Analysis 10.09.2022​

The daily chart below shows in more detail the double three correction from the June 2021 highs and the rally from 157.50-118.23 blue box area. Firstly, three swings (not shown on chart) of black wave ((W)) have reached into 166.25-140.96 area. There, a reaction higher took place. However, it has not broken to the new highs above June 2021. In fact, a connector in wave ((X)) has printed a top in February 2022 at 221.10 highs. Then, black wave ((Y)) has been confirmed by breaking the November 2021 lows. Hereby, it opened a bearish sequence. From February 2022 highs, clear 3 swings lower have reached into 157.50-118.23 blue box area. There, a reaction took place. Wave II has ended as a 7 swings structure in September 2022 at 149.20 lows. Break above June 2021 has confirmed that.

From September 2022, one can see a textbook impulse in black wave ((1)). It misses still 1-2 swings within wave (5) of ((1)). Once finished, expect pullback to find support in 3, 7, 11 swings above 149.20 lows. Investors and traders can be looking to join the rally while buying $MTX in a pullback as wave ((2)) against 149.20 low for an acceleration higher in black wave ((3)) of red wave III of blue wave (III).



Source: https://elliottwave-forecast.com/stock-market/mtu-aero-engines-bullish-sequence/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of NIFTY Index published in members area of the website. As our members know NIFTY is showing incomplete sequences from the 18887.6 peak. Recently the index made short term recovery against the 18135 high. It made clear 3 waves up from the lows and found sellers as were expecting. In further text we’re going to explain the Elliott Wave pattern and forecast.

NIFTY 1h Hour Elliott Wave Analysis 03.05.2023​

Current view suggests cycle from the 18887.6 peak peak is still in progress as potential Double Three Structure. The price is showing incomplete lower low sequences, which suggests further weakness as far as 18135.09 pivot holds. At the moment NIFTY is giving us 3 waves recovery in wave ((b)). Once recovery completes we expect to see further downside toward new lows.

You can learn more about Elliott WaveDouble Three and Zig Zag Patterns at our Free Elliott Wave Educational Web Page.

NIFTY 1h Hour Elliott Wave Analysis 03.10.2023​

NIFTY found sellers as expected and made nice turn down, approaching previous low. At this moment we count (b) recovery completed at the 17794 high. However, we would still need to see break below 17262 low to confirm next leg down is in progress. Once we get that break that will be confirmation (c) blue is in progress toward 16622 area ideally.

Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.



Source: https://elliottwave-forecast.com/stock-market/nifty-elliott-wave-calling-decline/

 

[Elliottwave-Forecast]

XPeng, Inc. (XPEV) designs, develops, manufactures, and markets smart electric vehicles. It produces environmental friendly vehicles, namely SUVs (the G3), and a four-door sports sedan (the P7). The company was founded by Xiao Peng He, Heng Xia, and Tao He in 2015 and is headquartered in Guangzhou, China. It put in a strong rally since it got listed on NYSE back in 2020 and reached a high of $74.49 back in November 2022. This was followed by a sharp decline to $37.50 in December 2022, then it bounced and started drifting lower. In today's article, we will take a look at Elliott wave structure of the decline since November 2022 peak and determine whether selling pressure is likely to continue for a prolonger period or it would end soon resulting in buyers entering the market.

ZigZag Elliott Wave Structure​

Zigzag Elliott Wave Structure is a 5-3-5 structure in which both wave A and C are in 5 waves and wave B is in 3 waves. Wave B can take the form of any corrective structure including FLAT, double three, triangle etc. Below is a graphic representation of what a Zigzag structure looks like.

XPEV Elliott Wave Analysis - Weekly Time Frame, March 15, 2023​

XPend Inc (XPEV) decline from November 2022, as shown below, is taking the form of a Zigzag Elliott wave structure. We can see first leg of the decline i.e. wave "a" is from $74.49 to $22.73. Within this decline, wave ((1)) ended at $37.50, wave ((2)) ended at $60.04, wave ((3)) ended at $25.27, wave ((4)) ended at $39.24 and wave ((5)) ended at $22.73. This was followed by a 3 waves bounce to $56.45 which completed wave "b". Internal structure of wave "b" was another zigzag structure. Then the decline resumed and we have already seen a new low below $22.73 confirming wave "c" lower is in progress. Within wave "c", wave ((1)) completed at $18.01, wave ((2)) completed at $35.35 and wave ((3)) completed at $6.25. This was followed by a bounce to $13.10 and stocks has started turning lower again. It has not yet made a new low below $6.25 but we are calling wave ((4)) completed at $13.10. While below this level, expect wave ((5)) of "c" to continue lower toward $4.48 or slightly lower. In case of a break above $13.10, we should still be in wave ((4)) as a double correction with one more leg lower still to come to complete the structure. We expect correction to end at $4.48 or lower and expect buyers to appear in this area and resume the rally or produce a larger 3 waves bounce at least.



Source: https://elliottwave-forecast.com/video-blog/xpev-elliott-wave-selling-buying-soon/

 

[Elliottwave-Forecast]

Hello Traders! In today’s article, we will look at the past performance of the 1 Hour Elliottwave chart of $GDX. The rally from 3.09.2023 low unfolded as 5 waves which created a bullish sequence in our system. Therefore, we knew that the structure in $GDX is incomplete to the upside & should see more strength in 3, 7 or 11 swings against 3.06.2023 low. So, we advised members to buy the dips in 3, 7, or 11 swings at extremes. We will explain the structure & forecast below:

$GDX 1H Pre-Market Chart 3.16.2023:​

Here is the 1H Elliottwave count from 3.16.2023. We were calling for the decline to find buyers in 3 swings at red B once the connector at ((b)) is in place.

$GDX 1H Midday Chart 3.16.2023:​

On the Midday update, the ETF was trading within the area and we gave out the signal live in the chatroom to enter at market price. The trade was journaled in our live trading room.

$GDX 1H Chart 3.17.2023:​

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Here is the latest 1H chart from 3.17.2023 showing the move taking place as expected. Within the course of 24 hours, The ETF has reacted higher after the 3 swing pullback as expected, breaking above the previous peak at red A. Members are now risk free shortly after taking the position. We like to remain long targeting the equal legs area at $31.80 from where a reaction lower can take place.

Source: https://elliottwave-forecast.com/stock-market/gold-miners-gdx-provide-intraday-setup-last-week/

 

[Elliottwave-Forecast]

PNC Financial Services NYSE (PNC) is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. The stock is currently down 45% form all time highs. Investors are looking for clues into the current decline to prepare a plan for the next move. We'll use the Elliott Wave Theory to define the technical structure and understand the potential path.

PNC Monthly Elliott Wave Chart​

The above chart is showing the entire rally for PNC which ended last year after an impulsive 5 wave advance in wave ((I)). The stock started correcting the entire cycle with an initial 3 waves decline in wave ((II)). Correction unfold in 3 , 7 or 11 swings then the instrument is expected to either resume the rally or at least react in favor of the main trend. Investors will be looking for a potential opportunity at the end of wave ((II)), therefore they need to identify the structure of the decline.

PNC Weekly Elliott Wave Chart​

The decline since January 2022 peak is unfolding as a Zigzag Structure. PNC already created a bearish sequence since last year. The continuation took place recently after taking 10/10/2022 low. Wave (a) ended at 146.3 followed by wave (b) bounce at 176.3 and currently wave (c) taking place with an ideal target at equal legs area 94.8 - 44.2 as showing in the weekly chart. The blue boxes in our charts are the High-frequency areas where the Markets are likely to end cycles and make a turn. Therefore that area will provide significant support for PNC, as buyers and investors are expected to take positions and prepare for the next long term move.

Source: https://elliottwave-forecast.com/stock-market/pnc-financial-services-correction/

 

[Elliottwave-Forecast]

Coinbase Global, Inc., branded Coinbase (COIN), is an American company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam.

COIN Daily Chart October 2022​

In October last year, the structure of COIN that started from wave x in red, we changed it to a triple correction instead of a double correction. That was why we have labeled the high of 116.70 as wave ((XX)) and we needed to break the low of 40.72 to complete wave ((Z)) and wave (II) to look for the rally. At that time, we labeled wave (A) as a leading diagonal. Even if it would break much lower to complete wave (A), any rally would fail as wave (B). Then, it should look to break 40.72 to finish the whole cycle that started in 2021. This could reach the 23.00 – 30.00 area before continuing the rally.

COIN Daily Chart March 2023​

Currently, wave (A) continued lower than expected, breaking through $40.72 low. Confirming the bearish sequence. Wave (A) ended at $31.55 and bounced in 3 waves to complete wave (B) at $87.88. As we said, this wave had to fail in its intentions to resume the upward movement, and thus, it was strongly rejected by the market. It now needs to continue lower to break $31.55 to end wave (C) and the triple correction. This drop should be in a impulse structure, as shown on the chart, and it should reach the $17.00 - $10.00 area where we could look for buying opportunities. The worst case scenario is that COIN goes as low as $3.00. Only a break above $116.21 would suggest the end of the downtrend.

Source: https://elliottwave-forecast.com/stock-market/coinbase-coin-break-3155-looking-rally/

 

[Elliottwave-Forecast]

Ford Motor Company is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln luxury brand.

FORD (F) Daily Chart November 2022 ​

From the top of wave I, we can see 3 swings down ending wave ((W)) at $10.88. Then, we saw a 3 swings bounce forming an expanded flat correction that ended at $16.71 to complete the connector ((X)). Now to complete the double correction structure we need 3 more swings down to break below $10.57. Wave (A) of ((Y)) ended at $11.11. Wave (B) seemed to have finished making another flat correction at $14.67 and we expected more downside, but this did not happen as we thought.

FORD (F) Daily Chart March 2023 ​

After 4 months, we can see that Ford (F) price remained sideways creating a triangular structure. For this reason, it is preferable to adjust the Elliott count and the wave (B) is better a triangle that ended at the price of $13.20. From this value the shares should keep the downward movement; however, to confirm the continuation of the downtrend it must break $10.57 low. After breaking this level, the drop should accelerate to form the impulse proposed as wave (C).

There are some alternatives looking for the best area to buy the stock in long term. The most indicated is the $9.09 - $7.60 area. This area is created for two differents 100% Fibonacci extension. However, if the market breaks down below $7.60, it would be better to check the impulse Elliott wave structure. This would be looking to buy FORD (F) after seeing 5 waves to the downside and a significant bounce that suggests that wave II is over.

Source: https://elliottwave-forecast.com/stock-market/ford-f-stock-must-lose-value/

 

[Elliottwave-Forecast]

As one of the most recognizable beverage companies globally, Coca-Cola (NYSE: KO) is a well-known name in the stock market. Over the last two months, the stock has been range-bound, prompting investors to question whether it will break out of its sideways pattern. The lack of directional momentum has led to uncertainty regarding the stock's future price movement. In this article, we will examine the Elliott Wave technical analysis of the stock to provide insight into the likelihood of a breakout.

KO Elliott Wave 8 Hour Chart​

Starting from the October 2022 low of 54, Coca-Cola's (KO) stock experienced an impulsive 5-wave advance that ended at 64.67, marking the completion of wave ((1)). Since then, the stock has begun a potential Zigzag corrective structure, with wave (A) ending at 58.38 earlier this month. Currently, the stock is in a bounce of wave (B), which is projected to fail below the December 2022 peak before initiating another downward movement in wave (C).

KO Elliott Wave 1H Chart​

Wave (B) is unfolding as a double three structure, and it is currently showing an incomplete short-term bullish sequence. Last week, the stock made a new marginal high above wave W, indicating a potential bullish trend. The structure suggests that wave ((c)) of Y is still in progress and may reach the equal legs area of 61.73-62.32. This area is expected to create a reaction lower in at least 3 waves, after which the stock will have a chance to define the next 4-hour cycle.

As long as the stock holds above the October 2022 low and does not break below 58.37, the downside risk for Coca-Cola's stock will likely remain limited. This provides some level of support for investors looking to make short-term investments in the company.

Source: https://elliottwave-forecast.com/stock-market/short-term-ceiling-cocacola-ko/

 

[Elliottwave-Forecast]

Hello Traders! In today’s article, we will look at the past performance of The Real Estate ETF ($IYR) and how we saw it trading lower since Sep 2022.

$IYR (Real Estate) Weekly Elliott Wave Analysis Sep 25th 2022:​

In the initial article from September 2022, we expected the sell off in the sector to find a relief bounce in (B) and continue lower towards the Blue Box area. Lets take a look at the latest Elliott wave path that is unfolding.

$IYR (Real Estate) Weekly Elliott Wave Analysis Mar 26th 2023:​

As expected, the sell off unfolded in a 5 wave impulsive sequence in (A) which found buyers and bounced in a 3 swing (ABC) structure to reach the equal legs area at (B). The reaction from (B) in the shorter cycles is also showing 5 waves in red 1 with divergence. A bounce in red 2 should unfold but is expected to fail in 3 or 7 swings and continue lower towards the Blue Box area at 73.53 - 56.27.

There is a bullish sequence against March 2020 lows. We like to buy the dip in 7 swings at the blue box for a continuation to the upside as long as the March 2020 lows at $56.27 remains intact.

To conclude, we don't believe in a crash but a correction is clearly unfolding and soon buyers will appear at the Blue Box area for a reaction higher. Once the reaction higher unfolds, we will be able to tell if the low is in place and continue higher or more downside will follow.

Source: https://elliottwave-forecast.com/stock-market/iyr-real-estate-crash-imminent-brace-impact/