Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Deere & Company (DE) manufactures & distributes various equipment worldwide. The company operates through four segments: Production & Precision Agriculture, small Agriculture & Turf, Construction & Forestry, & Financial services. The company is based in Illinois, US, comes under Industrials sector & trades as “DE” ticker at NYSE.

DE showing bullish sequence on monthly chart & favors flat correction in IV before resumes higher. It placed III as impulse at $446.76 high & expect sideways price action in correction before turning higher in V of (I). In previous article, it was expected to extend higher in V, which fails to extend & unfolding in flat correction after reacted higher from the blue box area.

DE - Elliott Wave Latest Monthly chart:​

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In monthly sequence, it placed I at $94.89 high & II at $24.51 low. Above there, it extended higher in wave III as third wave extension, which finished as III at $446.76 high. Within wave III, it placed ((1)) at $181.99 high & ((2)) at $106.14 low. It favored ended ((3)) at $400.34 high as extended wave & ((4)) at $320.50 low as 0.236 Fibonacci retracement correction. Finally, it ended ((5)) at $446.76 high as wave III.

DE - Elliott Wave Latest Daily View:​

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Below III high, it placed ((A)) at $283.81 low on 7/06/2022 as 7 swing correction. Later it placed ((B)) at $448.40 high on 11/23/2022 as 3 swing bounce as the part of flat correction slightly above III high. Currently, it favors pullback in ((C)) leg. It favors lower in (3) of ((C)), while placed (2) at $437.88 high. It expects ((C)) to extend lower towards 284.39 or lower levels to finish it either as running flat or expanded flat correction before upside resumes in V. Short term, it either in 3 of (3), which confirms below 1 low. It even can unfold in triangle IV before upside resumes.

DE - Elliott Wave Alternate Daily View:​

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Source: https://elliottwave-forecast.com/stock-market/deere-company-de-favors-sideways-lower-correction/

 

[Elliottwave-Forecast]

With tense geopolitical situation between two world super powers, ongoing war, and banking crisis, there's no shortage of black swan events. Gold and Silver have performed very well in this environment. After 3 years of consolidation, they look to have formed major low earlier this year and ready for the next bullish cycle. We will look at the Gold-to-Silver ratio (AUG) which has an inverse correlation to the underlying physical Gold and Silver. In other words, when the ratio is going higher, both Gold and Silver go down. Conversely, when the ratio turns lower, both Gold and Silver go up in price. In both cases, Silver outperforms Gold in upside as well as downside. Let's see the latest daily outlook of AUG below.

Gold to Silver Ratio Daily Chart​

Gold-to-Silver ratio (AUG) daily chart above shows the decline from March 2020 high is in 5 waves impulse and ended wave a at 62.51. It then did a 3 waves zigzag corrective rally. Up from wave a, wave ((A)) ended at 82.13 and pullback in wave ((B)) ended at 74.65. Last leg wave ((C)) ended at 96.49 which completed wave b. It completed the corrective rally at the 100% - 161.8% fibonacci extension of wave ((A)).

The ratio has turned lower in wave C. Down from wave b, wave ((1)) ended at 74.63. Corrective rally in wave ((2)) has also ended at 91.81 as a 3 swing zigzag. It ended the correction also at the extreme blue box area. The ratio has turned lower and we should expect it to continue lower in months to come.

Source: https://elliottwave-forecast.com/commodities/gold-silver-ratio-started-next-bearish-leg/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of USDJPY. In which, the decline from 16 March 2023 high ended 5 waves in an impulse sequence and showed a lower low sequence in a higher time frame charts. Therefore, we knew that the structure in USDJPY is incomplete to the downside & should see more weakness. So, we advised members to sell the bounces in 3, 7, or 11 swings at the extreme areas. We will explain the structure & forecast below:

USDJPY 1 Hour Elliott Wave Chart From 3.27.2023​

Above is the 1hr Elliott wave Chart from the 03/27/2023 London update. In which, the decline from 16 March unfolded in an impulse sequence & showed a lower sequence where the pair made a short-term bounce in wave 2. The internals of that bounce unfolded as an Elliott wave zigzag correction where wave ((a)) ended at $130.89 high. Then a decline to $130.35 low ended wave ((b)) pullback and started the ((c)) leg higher towards $131.65- $1132.46 equal legs area from where sellers were expected to appear looking for more downside or for a 3 wave reaction lower at least.

USDJPY Latest 1-Hour Elliott Wave Chart From 3.28.2023​

This is the Latest 1hr view from the 03/28/2023 Asia update. In which the pair is showing a reaction lower taking place from the equal legs area allowing shorts to get into a risk-free position shortly after taking the position. However, a break below $129.61 low is still needed to confirm the next extension lower & avoid a double correction higher.

Source: https://elliottwave-forecast.com/forex/usdjpy-reacting-lower-equal-legs-area/

 

[Elliottwave-Forecast]

Hello Traders, in this article we will analyze how we were able to forecast here at Elliott Wave Forecast the reaction higher in HG_F (Copper Futures). Firstly, copper was trading within a cycle from 01.18.2023 in a pullback phase. Secondly, we had in place the first leg of the cycle including the connector in place. This allows us to be able to project the equal legs area of the market. Within these areas buyers and sellers agree to a reaction of minimum 3 waves. Using our system we are able to enter trades with a defined entry, risk and take profit strategy.
Our members know how to utilize it in their favor.

Having said that let's go and have a look on how we saw HG_F during 03.14.2023 4 hour update presented to members showing the area:

HG_F 4 hour update 03.14.2023​

As we can see we were already within the Y leg lower towards equal legs area of 3.8603 - 3.6283. Specifically it was trading lower within wave (ii) of ((c)) of Y. From there our members knew the area in which they can enter the market if they were looking for a buy entry.
Now let's fast forwards the time and see the latest 4 hour weekend update from 03.25.2023 which shows where we are:

HG_F 4 Hour weekend update 03.25.2023​

As we can see Copper reacted higher from 3.8223 allowing us to create a risk free position already. Moreover, expecting next to pullback in wave ((ii)) before it can resume the rally higher in wave ((iii)). In conclusion, we are expecting Copper to continue to trade higher in the short term cycle.

Source: https://elliottwave-forecast.com/co...futures-reaction-higher-from-equal-legs-area/

 

[Elliottwave-Forecast]

Viking Therapeutics Inc. is an innovative biotechnology company developing novel therapeutics for metabolic and endocrine diseases. Metabolic and rare disease programs include novel selective thyroid receptor-β agonist approach. These and other programs are currently within phases 1, 2 and preclinical. Viking Therapeutics saw IPO back in 2015. Since then, investors can trade it under the ticker $VKTX at NASDAQ.

Viking Therapeutics Weekly Elliott Wave Analysis 03.28.2023​

The weekly chart below shows the Viking Therapeutics shares $VKTX traded at NASDAQ. From the IPO in 2015, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards $24 all-time highs in September 2018. Then, a correction lower in blue wave (II) has unfolded as an Elliott wave double three pattern being 3-3-3 structure.

Firstly, 7 swings (which is equal to larger 3 swings) in red wave w of blue wave (II) have printed a low at $3.26 in March 2020. Then, a bounce has set a connector wave x at $10.09 highs in February 2021. Later on, the price has broken $3.26 lows opening up a bearish sequence. As a consequence, red wave y should have extended lower towards 100% extension or at least 61.8% extension of the red wave w. However, these values are below zero. Due to the lack of space, the price has reached $2.02 and bounced breaking the descending channel from 2018. It is the preferred view that the correction has ended in June 2022 at $2.02 lows. While above there, a new bullish cycle in blue wave (III) might have started. The target for the wave (III) is 26.01-40.83 area and even beyond.

In shorter cycles, the advance from June 2022 lows shows 5 waves of red wave I. Therefore, it is dangerous to chase the market to the upside. Investors and traders can be looking to buy $VKTX in a pullback as red wave II in 3, 7, 11 swings against $2.02 lows for an acceleration higher in red wave III of blue wave (III).



Source: https://elliottwave-forecast.com/stock-market/viking-therapeutics-new-bullish-cycle/

 

[Elliottwave-Forecast]

Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of S&P 500 ( SPX) published in members area of the website. As our members know SPX is showing incomplete structure in the cycle from the January 2022 peak, calling for potential extension lower. Recently we got a 3 waves bounce that completed right at the extreme zone as we expected. In the further text we are going to explain the Elliott Wave Forecast.

SPX Elliott Wave 1 Hour Chart 03.18.2023​

We are calling cycle from the 4191.79 peak completed as 5 waves structure. Currently SPX is doing correction against the mentioned high. For now we can count only 5 waves up from the low, which means recovery is potentially unfolding as Elliott Wave Zig Zag Pattern . We expect to see another push up, before further decline continues. We would like to see break above previous short term high ((a)) black to confirm proposed view.

You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

SPX Elliott Wave 1 Hour Chart 03.22.2023​

The index break above previous peak ((a)) black and continued trading higher as expected. Now, when we have a connector ((b)) low, we are able to measure potential target for 3 waves recovery. We expect correction to complete at 4028.34-4106.83 area. At that zone we believe buyers will be taking profits and sellers will appear. From there we expect to see either further decline toward new lows, or 3 waves pull back alternatively.

SPX Elliott Wave 1 Hour Chart 03.23.2023​

SPX reached our target area 4028.34-4106.83 and found sellers as expected. We got very nice reaction from there. Current view suggests correction can be done at 4039.24 high. That is the key level for proposed short term count. As far as the price stays below that high, continuation lower is favored. Otherwise break above 4039.24 would mean, extension within the short term recovery against the 4193.75 high. In that case SPX could see more upside toward 4132.9+ area.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. You will also get 24h support in the chat room, where you can ask questions about the markets and talk to our market experts anytime during the day. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are presented in the Live Trading Room



Source: https://elliottwave-forecast.com/stock-market/sp500-spx-elliott-wave/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of GBPCAD. In which, the rally from the 10 February 2023 low unfolded as an impulse sequence and showed a higher high sequence with a bullish sequence stamp. Therefore, we knew that the structure in GBPCAD is incomplete to the upside & should see more upside to complete the impulse sequence. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

GBPCAD 4-Hour Elliott Wave Chart From 4.02.2023​

Here’s the 4hr Elliott wave Chart from the 4/02/2022 Weekend update. In which, the rally to 1.6866 high ended 5 waves from the 2/10/2023 low in wave (1) & made a pullback in wave (2). The internals of that pullback unfolded as Elliott wave double three correction where wave W ended at 1.6676 low. Then a bounce to 1.6792 high ended wave X & started the next leg lower in wave Y towards 1.6602-1.6483 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.

GBPCAD 4-Hour Latest Elliott Wave Chart From 4.03.2023​

This is the latest 4hr Elliott wave Chart from the 4/03/2023 update. In which the pair is showing a reaction higher taking place, right after ending the double 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.

Source: https://elliottwave-forecast.com/forex/gbpcad-touched-blue-box-area-now-turning-higher/

 

[Elliottwave-Forecast]

Barrick Gold Corporation (NYSE: GOLD) is the second-largest gold mining company in the world. The stock has underperformed since 2020 peak, but there's a reason to believe it has made significant low on October 2022 last year. It has now started a new impulsive leg higher which should favor further upside in months and years to come. Below we will look at the weekly Elliott Wave outlook for the stock.

Barrick (GOLD) Weekly Elliott Wave Chart​

From the weekly chart above, we can see rally from September 2015 low is unfolding as a nest. Up from September 2015 low, wave (I) ended at 23.47 and pullback in wave (II) ended at 9.53. Stock then resumes higher in wave I of (III) which ended at 31.22. Pullback in wave II of (III) ended at 13.01 with subdivision as a 3 waves zigzag. It ended at the extreme area where wave ((C)) = 100% - 161.8% Fibonacci extension of wave ((A)) at 6.05 - 13.72.

Source: https://elliottwave-forecast.com/stock-market/barrick-gold-corporation-start-impulse-rally/

 

[Elliottwave-Forecast]

Hello Traders, in this article we will analyze the Weekly cycle of NVDA. Everyone more or less is familiar with the company. Nvidia Corporation is an American multinational technology company incorporated in Delaware and based in Santa Clara, California. It is a software and fabless company which designs graphics processing units (GPUs).

Additionally, application programming interface (APIs) for data science and high-performance computing as well as system on a chip units (SoCs) for the mobile computing and automotive market. Nvidia is a dominant supplier of artificial intelligence hardware and software. Its professional line of GPUs are used in workstations for applications in such fields as:

• Architecture
• Engineering
• Construction
• Media & Entertainment
• Automotive
• Scientific Research
• Manufacturing Design

Specifically Nvidia Stock has ended the first leg of its Grand Super Cycle back on 11.22.2022 following by an expected pullback. For each cycle or grand super cycle there is an end. A pullback needs to take place before any possible further continuation higher.

In NVDA we can see that it ended the Grand Super Cycle in wave ((I)) at 346.41 from the all time lows since it has been listed in the stock exchange in 1999. The pullback came in the form of a simple Zig Zag (5-3-5). The Guidelines in Elliott Wave for the Zig Zag suggests that is a corrective 3 waves structure labelled as ABC with a subdivision of wave A and C is 5 waves, either impulse or diagonal. And wave B can be any corrective structure. Here's how ti looks:

Elliott Wave Zig Zag (5-3-5)​

Let's have a look now at NVDA weekly chart and analyze the move alongside what could be happening next.

NVDA Weekly Weekend Update 04.02.2023​

Once we have ended the connector (b) wave within ((II)) we where able to present to our members the weekly blue box area. Between $148.64 - $61.52 area we were expecting it to end V of (c) and consequently ((II)). Since the low from October 2022 at $108.21 the instrument shows 5 waves. Having said that it favors that soon should be ending wave I and a pullback in II should be taking place.

Overall, the stock should see further upside longer term and the wave ((III)) within the grand super cycle may lead to much higher prices than 2022. Members of Elliott Wave Forecast that bough the stock within the blue box area are now risk free. The area may have provided a generational buying opportunity for the next couple of years.

Source: https://elliottwave-forecast.com/stock-market/nvda-weekly-blue-box-may-lead-towards-new-highs/

 

[Elliottwave-Forecast]

Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments. The Commercial segment offers services to clients in the private sector. The Government segment provides solutions to the United States (US) federal government and non-US governments. The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.

In January 2021, Palantir made an important peak at 45.00 and it has been going down ever since. We could see 5 waves clearly from the top and we labeled as wave “a” ending at 17.09, more than 50% in losses. After that, PLTR bounce in 3 waves above of 38.2% Fibonacci retracement of wave “a” and resume to the downside. This correction ended at 29.29 dollars and we labeled as wave “b”. The next structure lower as wave “c” has ended with 5 swings lower to complete a zig zag correction from January 2021 peak as wave (II). This wave “c” ended at 5.97 and bounce.

PALANTIR ($PLTR) Daily Chart April 03 2023​

In the chart above, we can see how wave ((3)) of "c" ended at 6.44. A bounce took a part doing a double correction structure (W), (X) and (Y), ending wave ((4)) at 11.63. PLTR continued lower building a structure and we labeled as a ending diagonal to complete wave ((5)) of c of (II) at 5.97. As the structure from 11.63 high is not clear, this also could be a wave (B) of a flat correction for wave ((4)). Inclusive the whole move to 5.97 could be a wave (1) of a bigger ending diagonal as wave ((5)). Either way, we will know that if market breaks below 5.97.

PLTR jump from 5.97 developing 5 swings higher and we labeled as a impulse wave (1) at 10.31. Then market dropped in 3 swings and we called wave A of (2) at 7.18. We are expecting that the stock price continue higher to complete wave B before resuming lower. The last swing lower as wave C of (2) must end above 5.97 to validate the count. A break below 5.97, we will consider that wave ((4)) was a flat correction or we are in ending diagonal as wave ((5)). This means that PALANTIR should continue sideways to lower until completing the bearish cycle and start a new rally.

PALANTIR ($PLTR) Daily Chart April 03 2023 Alternative​

As alternative view to the count, wave B could be done already at 8.64 and continue lower in wave C. This view is very easy to invalidate breaking above 8.64 and in that case, PLTR would be up in wave B as the first chart. Another possibility is that wave (2) could be done at 7.18 and the market just continue higher. We are not consider this view because the world indices are still in correction mode and we should expect more downside to come. The question is if Palantir could break 5.97 or not.

Source: https://elliottwave-forecast.com/stock-market/palantir-pltr-ended-bearish-cycle-2021/

 

[Elliottwave-Forecast]

Hello Everyone! In today’s article, we will look at the Elliott Wave path of Real Estate Investment Trust ($MAA) and explain why it can be telling us that more downside is coming for the Real Estate sector in the near term.

Mid-America Apartment Communities (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee. It invests in apartments in the Southeastern and the Southwestern United States. As of December 31, 2020, the company owned 300 apartment communities containing 100,490 apartment units. It is the largest owner of apartments in the United States and the 7th largest apartment property manager in the United States.

$MAA (Real Estate) Daily Elliott Wave Analysis Aril 3rd 2023:​

The Daily chart above shows the cycle from December 2021 peak unfold in a double three corrective structure (WXY) to correct against March 2020 lows. There is 5 swings coming from the peak up until October 2022 lows. Corrections end in 3, 7 or 11 swings. That is an incomplete bearish sequence. The bounce in blue (B) unfolded in 3 swings and failed on 2.09.2023 peak at $176.36. The reaction lower broke below October 2022 lows and is now showing a bearish sequence against 2.09.2023 peak at $176.36. So far, the sell off found buyers at red 1 and has ended the cycle from Feb 9th 2023. The bounce in red 2 unfolded in 3 swings and is sitting at an extreme area where a reaction is expected to happen. Once the 2 is in place, we expect $MAA to trade lower towards the Blue Box area at 116.99 - 99.72 where a reaction higher can take place.

If you’ve been following EWF for a while, then you should know our motto by now which is: We like to buy dips in 3, 7 or 11 swings into blue boxes. That is 7 swing pullback into a Blue Box area. Ideally, we would like to see a reaction higher and a break above $176.36 and eventually all time highs in the next few years.

Source: https://elliottwave-forecast.com/uncategorized/real-estate-trust-maa-see-downside/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of General Electric ( GE ), published in members area of the website. As our members know, GE has recently given sideways correction in wave (4) that has completed as Elliott Wave Triangle pattern. The stock made the rally after completing the sideways correction. In the further text we are going to explain the Elliott Wave Pattern and the forecast.

Before we take a look at the real market example, let’s explain Elliott Wave Triangle Pattern

Elliott Wave Triangle pattern is the corrective pattern in Elliott Wave theory . It is a sideways movement that is associated with decreasing volume and volatility. Triangles have 5 sides and each side is subdivided in corrective 3 waves hence forming 3-3-3-3-3 structure. Triangle pattern usually occurs in waves 4 or wave B. There are 4 types of triangles in Elliott Wave Theory: Ascending, descending, contracting, and expanding. They are illustrated in the graphic below

If you are new to Elliott Wave we recommend you to check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.



At the chart below we can see what Elliott Wave Triangle pattern looks like in real market.

GE H1 London Update 03.26.2023​

GE has given us sideways consolidation in wave (4) blue correction. We got sideways consolidation, the stock made contractions in both price and momentum. Now, we can count clear 5 waves within the pattern. Each one has corrective sequences. Consequently we believe that wave (4) could have ended as a Triangle Pattern. We are looking for further strength in the stock. Once we get break of (3) blue peak, the price will confirm that next leg up is in progress toward 96.18-98.2 area.

Reminder : You can learn more about Triangles and other Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

GE H1 London Update 04.02.2023​

The price break upper line of triangle. As a result we got continuation higher as expected. Once the stock broke previous peak at 94.9, we got confirmation that we should ideally see extension up toward 96.18-98.2 area at least.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent updates in the membership area of the website. Remember that not every chart is trading recommendation. 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. You can check most recent charts in the membership area of the site.





Source: https://elliottwave-forecast.com/el...ontinued-rally-elliott-wave-triangle-pattern/

 

[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.

As mentioned in previous article, MS favors correcting lower in ((Y)) of II. Short term, it expects weakness in (A), while bounce fails below ((X)) high.

Since October-2008 low, it ended (I) at $59.38 high & (II) at $27.20 low. Above there, it placed I as impulse at $109.73 high & favors pullback in II in double correction. Below wave I high, it placed ((W)) at $72.05 low on 7/14/2022. ((W)) was 3 swing sequence. While above there, it bounced off in ((X)) leg as 3 swing sequence ended at $100.99 high on 2/14/2023 high. Below ((X)) high, it favors lower in ((Y)) leg, which confirms, when breaks below ((W)) low & extend lower towards $63.21 - $39.86 area as weekly blue box to finish II correction before turning higher.

MS - Elliott Wave Latest Weekly View: ​

Below ((X)) high, it placed 1 of (A) at $81.72 low & favors a corrective bounce in wave 2, which soon expect to fail in 3 or 7 swings to resume downside in 3 of (A). (A) leg expect to extend towards $77.59 - $72.06 area before a bounce in (B) leg. Wave (B) expect to fail in 3, 7 or 11 swings against ((X)) high to resume lower in (C) towards weekly extreme areas to finish the correction. Buyers expect to enter the market at blue box area in II, when reached for at least 3 swing bounce or further upside in III of (III).

MS - Elliott Wave Latest Daily View: ​

Source: https://elliottwave-forecast.com/stock-market/morgan-stanely-ms-favors-correcting-lower/

 

[Elliottwave-Forecast]

The Financial and banking sector (XLF) was all over the news last month. It is currently no longer part of the daily news cycle. We believe trouble is underway for the second part of the year. Price action across the sector points to a massive sell-off after an initial trap. Many traders believe the market moves in a straight line but that it is far from reality. When a recovery like the one from the middle of March happens, they get trapped and stop looking at the facts. The Elliott Wave Theory's main pattern is that the Market move in five waves and will correct the five with a three, seven, or eleven structure. Here is the main pattern in a chart:

Elliott Wave 5 Waves Rally and 3 Waves Corrective Pattern​

The pattern above shows a very clear and well-defined price action. It repeats in each time frame from the minute to the Grand Super Cycle. JPM (JP Morgan Chase) chart below shows the pattern within the Grand Super Cycle. It has already ended the 5 waves advance, and now in the process of correcting in three, seven, and eleven sequences.

JPM Daily Elliott Wave Chart​

JPM Chart above shows it ended wave (a) and is correcting higher in wave (b). A massive sell-off in wave (c) will come again sometime later in 2023. In the end, it will provide another huge opportunity to buy the Grand Super Cycle wave ((II)). Another big bank BAC or Bank of America below shows the path within the correction. Since the peak in 2022, BAC shows what we call a bearish sequence. It happens when a three waves structure develops and incomplete. We have a new low below (a) with momentum divergence. Many traders call it positive divergence and buy or sell based on the divergency. But we don't do it like that. For us, the break below wave (a) creates a lower low and incomplete bearish sequence from wave (I) favoring further downside.

BAC Weekly Elliott Wave Chart​

The chart above shows the corrective structure in BAC. It can do corrective rally in wave ((2)) at some point before wave ((3)) lower resumes. Wave ((3)) will be a massive selling and will agree with JMP wave (c) lower. JPM and BAC are leaders within the banking sector. The Sector's overall price action is showing an ABC in process. Wave ((A)) is clearly an impulse, and we should now be bouncing in wave (2), with wave (3) to happen sometimes in 2023.

XLF Weekly Elliott Wave Chart​

Financial Sector ETF (XLF) chart above shows the proposed path lower within a zigzag structure. We can see the difference with BAC; even when they look very similar. BAC already took the lows in wave a, whereas XLF has not broken below wave ((A)). However, XLF reaction lower from wave ((B)) is an impulse., which supports our view for further downside.

Inc conclusion: We see many signs pointing to a massive sell-off across the banking sector sometime in 2023. This might catch some traders by surprise, but it will also affect the whole Market. This is one of the reasons we believe 2023 will still be a year in which Indices, Stocks, and ETFs will be erratic. It will provide many opportunities to both sides of the market. But we need to keep in mind the trend is always bullish within the Grand Super Cycle. Sometimes near the end of 2023, it may provide a huge one in a life time investment opportunity across the sector.

Source: https://elliottwave-forecast.com/stock-market/banking-sector-heading-for-a-tough-period/

 

[Elliottwave-Forecast]

Hello Everyone! In today’s article, we will look at the Elliott Wave path of Goldman Sachs Group ($GS). We will explain why we believe more downside is coming for the stock and the financial sector as a whole.

Goldman Sachs ($GS) is an American multinational investment bank and financial services company. Founded in 1869, with regional headquarters in London, Hong Kong, Tokyo, Dallas and Salt Lake City, etc. Goldman Sachs is the second largest investment bank in the world by revenue and is ranked 57th on the Fortune 500 list of the largest United States corporations by total revenue. It is considered a systemically important financial institution by the Financial Stability Board.

Elliott Wave 5 Waves Rally and 3 Waves Corrective Pattern​

$GS Monthly Elliott Wave Analysis Aril 9th 2023:​

The monthly chart above shows the rally from 2009 lows unfold in 5 waves and pullback in a 3 swing corrective pattern took place. The correction of the 2009 cycle ended in March 2020 at $130.85. Since March 2020, the stock rallied again in 5 waves breaking into a new all time high. That created a bullish sequence against March 2020 lows at $130.85. On Nov 2021, it ended the rally and is now pulling back to correct it in another 3 swing corrective pattern (ABC).

$GS Daily Elliott Wave Analysis Aril 9th 2023:​

The daily chart above shows the price action since the peak on Nov 2021 at $426.16 which ended the cycle from March 2020. So far, the correction has unfolded in 5 waves to end the first leg in ((A)). The bounce took place in 3 swings and ended at ((B)). The next few months are going to be interesting because the stock should be looking to end 5 waves in blue (1). Expect a bounce in blue (2) and continuation lower towards the Blue Box area at $239.28 - 147.41 where we expect buyers to be appear for a reaction higher.

If you’ve been following EWF for a while, then you should know our motto by now which is: We like to buy dips in 3, 7 or 11 swings into blue boxes. That is a 3 swing pullback into a Blue Box area. Ideally, we would like to see a reaction higher to correct the decline from Nov 2021 and eventually a break above $426.16 into new all time highs in the next few years.

Source: https://elliottwave-forecast.com/st...-suggests-goldman-sachs-gs-see-downside-2023/

 

[Elliottwave-Forecast]

Bank of Montreal (BMO) provides diversified financial services primarily in North America. The company’s personal banking products & services include checking & savings accounts, credit cards, mortgages, financial & investment advice services & commercial banking products & services. It is based in Montreal, Canada, comes under Financial services sector & trades as “BMO” at NYSE.

BMO favors correcting lower in wave II as shown from Previous article. It expects to unfold in double correction rather than zigzag expected previously, which missed the equal leg areas. It needs to breaks below $81.57 low to confirm the sequence in ((Y)) leg of II.

BMO - Elliott Wave Latest Weekly View: ​

Above March-2020 low, it placed ((1)) at $55.34 high & ((2)) at $43.26 low as 0.618 Fibonacci retracement. Above there, it started third wave extension & ((3)) ended at $106.88 high. It favored ended ((4)) at $95.37 low as shallow correction. It finally ended ((5)) as ending diagonal at $122.77 as ATH on 3/22/2022 as wave I impulse. Below there, it is correcting lower in II as double correction, which confirms with new low below $81.57 as ((Y)) leg.

BMO - Elliott Wave Latest Daily View: ​

Below wave I high, it placed ((W)) at $81.57 low on 10/13/2022. Later, it bounced off in ((X)) connector as 3 swing structure ended at $102.79 high on 2/09/2023. Currently, it favors lower in (A) of ((Y)) leg. It ended 1 of (A) at $82.25 low & favors a bounce in wave 2. Later it should resumes lower in 3 of (A), which confirms, when breaks below wave 1 low. It expects (A) to find support between $77.31 - $71.29 area before a bounce in (B) leg followed by (C) leg down. Buyers expect to enter the market below $61.50 or lower levels in (C) of ((Y)) leg, which should hold above $38.31 low to resume upside either in III or at least 3 swing bounce.

Source: https://elliottwave-forecast.com/stock-market/bank-of-montreal-bmo-favors-correcting-lower/

 

[Elliottwave-Forecast]

Hello Traders, in this article we will see how the NIKKEI ( JAPAN225 ) index has reacted lower from equal legs area. Here at Elliott Wave Forecast we have developed a system that allows us to define areas of the market in which buyers and seller agree to a reaction. These are high frequency areas in which gives us at least an 85% chance of a 3 waves reaction from these areas.

As soon as we can project an equal legs area we present it into our charts and our members know what they can expect. Nikkei has been trading within a 1 hour cycle from 03.15.2023 to complete its ((x)) leg higher. Consequently, having it's first leg higher and connector within the corrective bounce we have presented the equal legs area. Let's see the 1 hour update we presented to members from 04.01.2023 weekend update.

NIKKEI 1 hour Weekend update 04.01.2023​

As we can see at that time we were within equal legs area of 28132 - 28414 area in which we were expecting a minimum of 3 waves reaction lower at least. Traders have a defined entry level with a defined Stop Loss at this point. As it is highly important to have a proper risk management system that allows you to enter and exit the market at all times. Next let's have a look at the aftermath after the update. We will check the latest 1 hour weekend update from 04.08.2023.

NIKKEI 1 Hour Weekend Update 04.08.2023​

It has reacted lower as expected within wave i. Currently it is bouncing within wave c of ii and expected to fail below 28387 for wave iii lower. NIKKEI belong to our Group 1 instruments amongst other Indices such as the SPX, FTSE, DOW JONES.

Source: https://elliottwave-forecast.com/stock-market/nikkei-reaction-lower-from-equal-legs-area/

 

[Elliottwave-Forecast]

AT&T Inc. (T) is an American multinational telecommunications holding company headquartered in Dallas, Texas. It is the world's largest telecommunications company by revenue and the third-largest provider of mobile telephone services in the U.S.

AT&T Monthly Chart April 2023​

In the monthly chart above, we can see that AT&T shares finished an all-time high with a price of $45.23. Since the beginning of 1999, the value has held a downtrend and we are looking to end this correction. Using the Elliott Wave Principle, a double correction structure (w), (x) and (y) can be clearly seen. From the peak, we have 3 waves in a flat structure that ends wave (w) at $14.17. Then we have another flat structure that built a wave (x) ending in the value of $33.33.

The last leg of the double correction is the wave (y). We have already completed wave a and b, and we are developing wave c as an ending diagonal structure. The market has already reached the blue box in the $8.58 – $16.75 area, but with the current market conditions and the incomplete structure, the price should drop below $14.17.

AT&T Weekly Chart April 2023​

On the weekly chart, we can see in more detail the structure of the wave (y). Wave a in red made a leading diagonal that ended at $20.21. Then it bounced in 3 waves ending wave b at $29.96 to continue sharply lower. Wave c has taken the form of an ending diagonal and it needs 3 more waves to the downside that break the price of $14.17 to confirm the structure. Once $14.17 is broken, we have to analyze the structure to determine the best place to finish wave (y) and the full cycle correction of the 1999 peak as wave ((II)). In time, look for long entries in AT&T (T).

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-suggests-att-stock-continue-dropping/

 

[Elliottwave-Forecast]

Chipotle Mexican Grill (NYSE: CMG) is a fast-casual restaurant chain that has caught the eye of investors due to its strong performance in recent years. Since the market bottomed out in February 2018, the stock has displayed an impressive bullish trend. This article will analyze CMG's stock using Elliott Wave technical analysis and explore potential outcomes for investors to consider, offering valuable insights into the mid-term trend.

Since breaking above the 2015 peak, CMG has established an impulsive structure and traded within a super cycle wave structure. In a previous article, we noted that CMG needed to hold the 2018 & 2020 lows to continue its advance. Wave (IV) formed a major higher low at $1196.28, which now serves as a key level of invalidation for mid-term investors.

The rally coming off June 2022 low made a 5 waves advance in wave I, followed by 3 waves pullback in wave II marking January 2023 low. Up from there, CMG established a short term bullish sequence supporting the stock toward 1850 - 1900 area. The rally higher in wave III can be subdivided into an internal 5 waves in the Daily cycle.

CMG Elliott Wave Weekly Chart​

The expected move in CMG is clearly aiming for new all time highs but without actually making new highs, there will always be a possibility of a double three correction that could take place in wave (IV) before new highs happens.

Chipotle Mexican Grill's strong financial results and bullish technical structure suggest the company is well-positioned for future growth and potential gains. With revenue, net income, and earnings per share all increasing significantly from the previous year, the company's success in the fast-casual restaurant industry is evident.

Source: https://elliottwave-forecast.com/stock-market/cmg-bullish-outlook/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of NZDUSD published in members area of the website. As our members know NZDUSD has recently made recovery against the 0.6538 peak that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the lows and completed correction at the extreme zone. In further text we’re going to explain the Elliott Wave pattern and forecast

Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.

Elliott Wave Double Three Pattern

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

NZDUSD 1h Hour Elliott Wave Analysis 04.04.2023​

NZDUSD is giving us 2 red recovery that is unfolding as Elliott Wave Double Three Pattern. Correction has ((w))((x))((y)) black inner labeling. The price structure is still incomplete. We expect to see more short term strength in 7th swing toward 0.63789-0.64295 area to complete proposed correction. At that zone buyers should be ideally taking profits and sellers can appear again. Consequently , we expect to see reaction from the marked area. The pair can give us either decline toward new lows or larger 3 waves pull back at least.

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

NZDUSD 1h Hour Elliott Wave Analysis 04.11.2023​

The pair made extension higher and sellers appeared right at the marked extreme zone : 0.63789-0.64295 . So far NZDUSD is giving us a good reaction from the equal legs area. Current view suggests 2 red recovery completed at 0.63817 high. We could be ending short term cycle from the mentioned peak as 5 waves structure and expecting to see 3 waves bounce. The price now must hold below 0.63817 high peak in order to keep proposed view intact, otherwise larger correction can be taking place. We should wait for a break of 1 red low , which will confirm next leg down is in progress.

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/elliottwave/nzdusd-elliott-wave-double-three/