Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of EURNZD published in members area of the website. As our members know, the pair is showing bullish sequences in the cycle from the April 2022 low. Our team recommended members to avoid selling , while keep favoring the long side. Recently we got correction that reached our buying zone. The pair found buyers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

EURNZD Elliott Wave 1 Hour Chart 05.04.2023​

The pair is giving us wave (ii)) pull back that is unfolding as Zig Zag pattern. Structure of the pull back looks incomplete at the moment. We expect to see more toward 1.7387-1.7107 area which will be our buying zone. We don’t recommend selling the pair against the main bullish trend. Strategy is waiting for the price to reach blue box- equal legs zone, before entering the long trades again. Once bounce reaches 50 Fibs against the (b) blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 1.7107

Quick reminder:

Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

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

EURNZD Elliott Wave 1 Hour Chart 05.14.2023​

The pair made decline in C leg and reached buying zone at 1.7388-1.7108 area ( blue box) . Pull back completed at the 1.71945 low and we are getting good reaction from the buying zone. Bounce reached and exceeded 50 fibs against the connector's high. So members who took the long trade are enjoying profits now in a risk free positions.

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. 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/trading/eurnzd-buying-dips-blue-box-area-2/

 

[Elliottwave-Forecast]

Trinseo (formerly Styron) is a global materials company based in Berwyn, Pennsylvania, USA. The stock being a component of the Russel2000 index can be traded under ticker $TSE at NYSE. Trinseo offers a broad line of plastics, latex and synthetic rubber. The primary markets are automotive, appliances, electronics, packaging, tire industries, among others. In long perspective, we can see commodities like oil, rubber, cotton turning higher. However, last 18 month, strength in US dollar has created a pullback in those values. Soon, a new cycle in commodities to the upside is expected. Therefore, Trinseo being an important player in the manufacturing of synthetic materials should be a great opportunity for investors to diversify their portfolio by indirect investement in the rising commodity prices.

In the last article from August 2022, we have forecasted to see 7 swings lower into buying area. As long as 14. 16 lows held, the buying setup was active. Now, we see the lows broken and $TSE is within correction against all-time lows. In this blog, we discuss the wave pattern and next buying opportunity .

Trinseo Weekly Elliott Wave Analysis 05.14.2023​

The Weekly chart below shows the Trinseo shares $TSE traded at NYSE. First, the stock price has developed an impulse higher in red wave I of a cycle degree. It has printed the all-time highs on the 29th of January 2018 at 85.35. From the highs, a correction lower in red wave II has started and unfolds as an Elliott wave zigzag pattern. Firstly, black wave ((A)) has printed a low in August 2019 at 27.36. Then, a bounce in wave ((B)) followed an expanded flat pattern. Hereby, blue wave (B) has set a lower low at 14.16. From the low, impulsive blue wave (C) reached higher towards March 2021 highs and became a bull trap. From 76.49 highs, black wave ((C)) has been confirmed by breaking below 14.16 lows. Right now, the structure of black ((C)) allows to count 5 waves off the highs. Also, $TSE reached 18.39-0.00 area already. However, still new lows can take place. Investors can buy $TSE against the all-time lows expecting red wave II to end and a new bullish cycle in red wave III to start. The target will be towards 85.35 highs and beyond.



Source: https://elliottwave-forecast.com/stock-market/trinseo-larger-pullback/

 

[Elliottwave-Forecast]

Fortinet Inc (NASDAQ: FTNT) is a global leader in cybersecurity solutions. The company has a strong track record of growth and innovation, and it is well-positioned to continue to dominate the cybersecurity market in the years to come.

FTNT's products and services are used by businesses of all sizes to protect their data and systems from cyberattacks. The company's solutions are known for their comprehensiveness, ease of use, and affordability.

With a 36% year-to-date increase, Fortinet (FTNT) shows strong technical support for a bullish trend. Examining the daily Elliott wave structure will help us gain a better understanding of the current view and prepare for the upcoming trend.

FTNT Elliott Wave Daily Chart​

The stock underwent a year-long correction with wave (IV) from December 2021 to November 2022, followed by a new impulsive rally with the potential for another move higher in wave ((5)) of I. The target area for this move higher is $71.2 - $74.6, after which a 3-wave pullback is expected to occur to correct the daily cycle.

As long as the structure remains corrective, the potential correction in wave II is anticipated to present a buying opportunity against the low of $42.71. A break above the 2021 peak and into new all-time highs would further strengthen the daily view and create a bullish sequence to support the upside within the weekly cycle.

In conclusion, the overall technical picture for FTNT remains supportive, and more upside is expected in the mid-term. Investors should be on the lookout for pullbacks as buying opportunities and we recommend waiting for corrective structures in 3, 7, or 11 swings in the coming months.

Source: https://elliottwave-forecast.com/stock-market/fortinet-ftnt-dominate/

 

[Elliottwave-Forecast]

Sony Group Corporation, commonly known as SONY, is a Japanese multinational conglomerate corporation. As a major technology company, it operates as one of the world's largest manufacturers of consumer and professional electronic products, the largest video game console company.

SONY ended an impulse that began at the end of 2012. The share price reached 133.75 in January 2021, that is, 9 years of upward movement. We called this impulse wave (I). The price started to fall forming a double correction and after almost 5 months wave II ended.

SONY Weekly Chart November 27th 2022​

This is SONY last November chart. The first 3 swings ended wave w at 94.40. Connector wave x finished at 107.79. Down from wave x market made 3 swings lower to complete y. Wave (a) ended at 80.05 and bounced as wave (b) ended at 95.96. Last drop as wave (c) made an impulse to the blue box area ending wave y and wave (II) at 61.67. The rally began and it should continue higher until stock price stays above 61.67.

SONY Weekly Chart May 12th 2023​

You can see above the weekly chart of May. The market has kept the upward movement. From the low of 61.67, we can count 5 swings up giving the idea of a leading diagonal structure. We currently need to break above the 95.23 high in order to have the minimum number of swings to complete the diagonal. However, SONY share prices could go as high as around 98.41 to finish the wave ((1)). Once we see a strong fall in the price we could give for ended the wave ((1)). From there, the market would enter a corrective phase where we should see 3, 7 or 11 swings down to complete wave ((2)) before continuing the rally.

Source: https://elliottwave-forecast.com/stock-market/sony-end-leading-diagonal-start-pullback/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of SPX published in membership area of the website. As our members know, S&P500 is trading within the cycle from the October 2022 low, which is unfolding as 5 waves structure. We got 3 waves pull back which found buyers right at equal legs area as we expected. In the further text we are going to explain the Elliott Wave Forecast

SPX 1h Elliott Wave Analysis 05.04.2023​

SPX is doing wave 4 red pull back. The index is correcting the cycle from the 3837.92 low. Pull back looks incomplete at the moment. It's still short of equal legs area that comes at 4051.78-3991.85. At that area SPX should ideally find buyers for further rally in wave 5 red or for a 3 waves bounce at least.

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

SPX 1h Elliott Wave Analysis 05.16.2023​

SPX made extension down toward equal legs area as we expected. Buyers appeared at the marked extreme zone and we are getting good reaction from there. As far as 4048.28 low holds, SPX should ideally keep trading higher in wave 5 red targeting 4218.9-4271.7 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. 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/spx-elliott-wave-calling-rally/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts of IBEX Index, presented in members area of the of our website. Recently IBEX has given us correction that has unfolded as Elliott Wave Double Three pattern. It has reached extreme area (buying zone) and made rally from there. In the further text we are 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.

IBEX 1 Hour Elliott Wave Analysis 05.04.2023​

The Index is giving us wave (4) blue pull back that is unfolding as Double Three pattern. IBEX already shows clear 7 swings pattern from the peak, reaching extreme zone. We still could see more short term weakness in wave ((c)) of Y toward 8988.7-8773.6 area. Current view suggests buyers should ideally appear at the marked zone for further rally or 3 waves bounce at least. We don't recommend selling.

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

IBEX 1 Hour Elliott Wave Analysis 05.16.2023​

We got another marginal push down as expected. Buyers appeared at the marked extreme zone and we are getting good reaction from there. Pull back completed at the 8965 low. The rally from the buyers zone looks like a 5 waves which suggests after 3 waves pull back which should ideally see further continuation higher. It's important that 8965 pivot holds during expected pull back in order to hold presented view intact.

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. 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/ibex-found-buyers-elliott-wave-double-three/

 

[Elliottwave-Forecast]

Hello Traders, in this article we will analyze our forecast for QQQ ETF in the short term cycle. Since the short term peak of QQQ from 05.01.2023 to end wave (i) we have been expecting a pullback within wave (ii) to take place. Here at Elliott Wave Forecast we have in place a system that allows us to measure an area in which we can expect a react to take place.

We call it equal legs area or blue box area as you might have seen within our charts. These areas provide us with at least an 85% chance of a minimum of 3 waves bounce or reaction to take place. We can use these areas to enter in the market with a defined entry, Stop Loss and exit strategy.

We teach how to use our system within our member's area and live trading room. Once a member or in trial you will be able to gather more of that information under your disposal. Nevertheless, let's have a look now on the 1 hour chart of QQQ ETF as provided to members from 05.04.2023. We have been within the equal legs area with a possible swing lower missing to end the cycle.

QQQ 1 Hour Midday update 05.04.2023​

As we can see the market has bounced within wave (x) and we have been forecasting little more downside within wave c of (y) of ((iv)) to end within equal legs area of 316.45 - 312.72. We recommend members to always buy from the 100% extension area with a stop loss just below the 1.618 area. Fast forward, towards the Friday's Midday update now from 05.12.2023, we will see that the market has already reacted higher and what we expect next.

QQQ 1 Hour Midday update 05.12.2023​

A very clear reaction higher took place from 05.04.2023 within the equal legs area 316.45 - 312.72. Reaction higher as an impulse within wave i of (iii) of ((iii)) expecting a ii pullback. Afterwards a wave iii of (iii) higher is expected to take place. We have switched the view to a more aggressive one. You can learn more once become a member at Elliott Wave Forecast.

Source: https://elliottwave-forecast.com/stock-market/qqq-equal-legs-area-found-buyers-to-resume-the-rally/

 

[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 weakness in (A) of ((Y)) in wave II correction & expect weakness to continue below wave 2 high of $91.82. It favors lower in wave 3 of (A) & expect sideways to lower.

MS - Elliott Wave View From 04.04.2023:​

From October-2008 low, it ended (I) as impulse at $59.38 high & (II) at $27.20 low in Super Cycle. It placed I at $109.73 high in Cycle degree & favors pullback in ((Y)) of II in double correction in weekly before upside resumes in III of (III). Below wave I high, it placed ((W)) at $72.05 low in 3 swing sequence. It placed ((X)) at $100.99 high on 2.14.2023 in 3 swing bounce. 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 upside resumes.

MS - Elliott Wave Latest Weekly View: ​

It placed 1 of (A) at $81.72 low & 2 at $91.82 high. Below there, it favors lower in wave 3. It placed ((i)) at $81.61 low & favors bounce in ((ii)), which fail below wave 2 high to resume lower in ((iii)) of 3. It expects (A) to finish between $77.59 - $72.06 area before start bouncing in (B) of ((Y)). Alternatively, it may unfold as (W) instead of (A) in 3 swings sequence from ((X)) high as double correction in ((Y)) wave. (W) also expects to find support between $77.59 - $72.06 area before a bounce in (X). Later, it resumes lower in (Y) of ((Y)) towards weekly blue box area to finish II correction. In either the case, it expects weakness to continue.

MS - Elliott Wave Latest Daily View: ​

Source: https://elliottwave-forecast.com/stock-market/morgan-stanley-ms-favors-downside-double-correction/

 

[Elliottwave-Forecast]

USDCHF has seen a strong decline since October 2022 peak with shallow bounces in-between. In today's blog, we will take a look at the Elliott wave structure of the decline from October 21, 2022 peak, market sequence and next extreme areas which should be potential entry areas for both sellers and buyers. We will also present a details Elliott wave count of the decline from 03.02.2023 peak and also look at the structure of the corrective bounce since 05.04.2023 low.

USDCHF Bearish Elliott Wave Sequence and Double Extreme Area​

Chart above shows USDCHF forex pair showing an incomplete bearish sequence down from 10.21.2022 peak with 03.02.2023 being the connector. So we expect the bounces to fail below 03.02.2023 peak for continuation lower. 100% Fibonacci extension from 10.21.2022 peak comes at 0.83422 which is below January 2021 low which will create an incomplete bearish sequence down from December 2016 peak with 100% Fibonacci extension coming at 0.8563. So while below 03.02.2023 peak, expect the pair to continue lower toward a double extreme area from December 2016 peak and from October 2022 peak and it should act as a power reversal area. This area should produce a reaction higher in USDCHF and US Dollar in general for a minimum of 3 waves and should be a very good area for buyers once reached.

USDCHF 4 Hour Elliott Wave Analysis and Blue Box Area​

Chart above shows USDCHF cycle from 03.02.2023 ended as an impulse and pair is now bouncing to correct the decline from 03.02.2023 peak at 0.94404. Pair is showing 5 swings up from the low and we expect another swing higher to complete double there Elliott wave structure. 0.90238 - 0.92104 is the ideal area to complete 7 swings and this is where we expect sellers to appear to resume the decline toward the double extreme area shown on the weekly chart above or produce a reaction lower in three waves at least to allow sellers to get into a risk free position.

Source: https://elliottwave-forecast.com/forex/usdchf-elliott-wave-bearish-sequence-next-extreme-areas/

 

[Elliottwave-Forecast]

Archer-Daniels-Midland company, commonly known as ADM, is a multinational food processing and commodities trading corporation. Founded 1902, headquartered in Chicago and traded under the ticker $ADM at NYSE, it is a component of the S&P500 index. First of all, ADM is engaged in corn and oilseeds processing. In general, the products are oils and meals from soybeans, wheat flour, cocoa, sunflower seeds, canola, flaxseeds, peanuts and many others. As a matter of fact, it operates more than 270 plants and 420 crop procurement facilities worldwide. Currently, we can see commodities like soybeans, soybean oil, wheat in a pullback. However, soon support areas should be reached and another bullish cycle may take place. Therefore, an investment in shares of an agriguctural company can provide an exposure to the rising prices in this segment. Hereby, ADM as a market leader should remain an excellent investment candidate.

In the initial article from September 2020, we have forecasted a huge potential to the upside within new buyllish cycle from March 2020 lows. We were right. An impulse has brought prices to the new all-time highs at 98.88. From April 2022 highs, we see a medium-term pullback taking place. It provides next buying opportunity in Agriculture Stock Archer-Daniels-Midland. In this blog, we provide an update while discussing the wave structure, buying setup and the upside targets.

ADM Monthly Elliott Wave Analysis 05.18.2023​

The monthly chart below shows the ADM shares $ADM traded at New York Stock Exchange. From the all-time lows, the stock price has developed a cycle higher in wave (I). It has ended in December 2014 at 53.91. Within the impulsive advance in wave (I), all the internals I, III and V are impulsive waves, too. While the wave II is a straightdown correction, the wave IV can be seen as a contracting triangle pattern. From the 2014 highs, a correction lower in wave (II) has unfolded as a double three correction being a 3-3-3 structure. It has found its bottom in March 2020 at 28.92.

From the March lows, a new cycle in wave (III) has developed another impulse. It has printed the all-time highs in April 2022 at 98.88. From there, a pullback against March 2020 lows is taking place and should find support in 3 or 7 swings. It is the preferred view that the pullback is blue wave (IV). Once finished, expect blue wave (V) towards 98.88 highs and beyond. Alternatively, cycle higher from March 2020 can become red wave I and correction from April 2020 can be a red wave II. While main view favors a more conservative upside, the alternative view suggests an accelleration in red wave III of blue wave (III).

​

ADM Daily Elliott Wave Analysis 05.18.2023​

The Daily chart below shows the correction in 3 swings from April 2022 highs in more detail. The consolidation pattern unfolds as a regular flat structure. Firstly, 3 swings of red wave a have ended in July 2022 at 70.02 lows. Secondly, a bounce in 3 swings has set a connector in November 2022 at 98.28 highs. From there, 3rd swing lower is unfolding as an impulse. It should extend lower and find buyers from the blue box support area. There, a new rally in blue wave (V) should take place.

Investors and traders can be looking to buy $ADM from 69.31-51.41 area. The target for blue wave (V) will be 105.90-117.20 area and possibly higher.



Source: https://elliottwave-forecast.com/stock-market/adm-buying-opportunity/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of USDCHF forex pair published in members area of the website. As our members know USDCHF has recently made recovery against the 0.944 04 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 (Blue Box- selling area) . In further text we’re going to explain the Elliott Wave pattern and trading strategy

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.

USDCHF 4h Hour Elliott Wave Analysis 05.16.2023​

USDCHF ended cycle from the 0.94404 peak as 5 waves structure. Currently the pair is giving us 2 red recovery that is unfolding as Elliott Wave Double Three Pattern. Correction has ((w))((x))((y)) black inner labeling, when the price structure is still incomplete. We expect to see more short term strength in 7th swing toward 0.90238-0.91204 area to complete correction. At that zone we would like to be sellers. We can see either decline toward new lows or larger 3 waves pull back at least. Invalidation for the selling setup would be break above 1.618 fib ext level: 0.91204

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

USDCHF 1h Hour Elliott Wave Analysis 05.22.2023​

USDCHF made extension higher and reached our selling zone : 0.90238-0.91204. The pair found sellers and made nice reaction from the blue as we expected. All short positions should be risk free at this stage+ partial profit taken. Current view suggests 2 red recovery completed at 0.90625 high. As far as the price holds below that peak, further weakness should follow. We should wait for a break of 1 red low, before selling the pair again.

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/usdchf-sellers-elliott-wave-double-three/

 

[Elliottwave-Forecast]

ASML Holding N.V. (ticker: ASML) is a leading Dutch semiconductor equipment manufacturer. It's one of the world's largest suppliers of lithography systems for the semiconductor industry. Established in 1984, ASML has played a crucial role in the advancement of chip-making technology. Its advanced lithography machines enable the production of smaller, faster, and more powerful microchips used in various applications, including smartphones, data centers, artificial intelligence, and autonomous vehicles.

ASML's lithography systems employ a technology called Extreme Ultraviolet (EUV) lithography. This allows for the creation of ultra-fine circuit patterns on silicon wafers. This technology is critical for semiconductor manufacturers to keep up with Moore's Law. The Law states that the number of transistors on a chip doubles approximately every two years. This in turns drives the continuous progress of computing power.

The company operates globally, serving major semiconductor manufacturers worldwide. Its customer base includes industry giants such as Intel, Samsung, and TSMC. ASML's technological leadership, strong intellectual property portfolio, and focus on research and development have positioned it as a key player in the semiconductor equipment industry.

ASML is part of a blue-chip investment option due to the company's strong market position and its strategic importance in the semiconductor industry. Factors that influence the stock performance includes industry trends, global demand for semiconductors, technological advancements, and macroeconomic conditions. Below we will take a look at the weekly Elliott Wave forecast of the company

ASML Weekly Elliott Wave Chart​

Weekly Elliott Wave View for ASML above suggests the stock ended wave (I) in super cycle degree at 895.93 on September 13, 2021 high. Pullback in wave (II) also ended at 364.79 and the internal subdivision took the form of a double three Elliott Wave structure. Down from wave (I), wave w ended at 558.77 and rally in wave x ended at 698.10. The stock then resumed lower in wave y towards 364.79 and completed wave (II).

The stock has turned higher in wave (III). This view will be validated if the stock manages to break above wave (I). Up from wave (II), wave ((1)) ended at 643.36 and pullback in wave ((2)) ended at 542.53. Stock then resumes higher again in wave ((3)) towards 698.59 while dips in wave ((4)) ended at 589.89. Final leg higher wave ((5)) is in progress to complete wave I, then the stock should pullback in wave II to correct cycle from 10.10.2022 low before the rally resumes.

Source: https://elliottwave-forecast.com/stock-market/asml-holdings-starts-new-bullish-cycle/

 

[Elliottwave-Forecast]

Hello Traders, in this article we will analyze our forecast for NFLX in the short term cycle. Since the short term peak of NFLX from 05.12.2023 to end wave 3 we have been expecting a pullback within wave 4 to take place. Here at Elliott Wave Forecast we have in place a system that allows us to measure an area in which we can expect a react to take place.

We call it equal legs area or blue box area as you might have seen within our charts. These areas provide us with at least an 85% chance of a minimum of 3 waves bounce or reaction to take place. We can use these areas to enter in the market with a defined entry, Stop Loss and exit strategy.

We teach how to use our system within our member's area and live trading room. Once a member or in trial you will be able to gather more of that information under your disposal. Nevertheless, let's have a look now on the 45 mins chart of NFLX as provided to members from 05.17.2023. We have been expecting little more downside to reach the blue box area before turning higher.

NFLX 45 min chart Pre Market Update 05.17.2023​

As we can see the market was marginally above within blue box area of 331.17 - 324.48 and we have been expecting a dip to reach the area. We recommend members to always buy from the 100% extension area with a stop loss just below the 1.618 area. Fast forward, towards the post market update now from 05.19.2023, we will see that the market has already reacted higher and what we expect next.

NFLX 45 min chart Post Market Update 05.19.2023​

A very clear reaction higher took place from 329.52 inside the blue box area. The reaction higher as an impulse within wave (iii) of ((iii)). After wave (iv) expecting one more high in (v) to end ((iii)) before a pullback in ((iv)). We have switched the view to the more aggressive one.

Source: https://elliottwave-forecast.com/stock-market/nflx-found-buyers-from-blue-box-area/

 

[Elliottwave-Forecast]

Roblox (RBLX) is an online game platform and game creation system developed by Roblox Corporation that allows users to program games and play games created by other users. Created by David Baszucki and Erik Cassel in 2004 and released in 2006, the platform hosts user-created games of multiple genres coded in the programming language Lua.

Roblox (RBLX) finished a bullish movement in December 2021. We called that peak wave (I). Then a downtrend started, which developed an Elliott Wave double correction structure ending in May 2022 at $21.50.

RBLX January 2023 Daily Chart ​

In January we saw how RBLX bounce took the form of a leading diagonal ending at $53.99. This high we called wave I. Another double correction was formed again. The first 3 waves ended wave ((W)) at $33.08. Then the rally failed at $47.93, so it was the connector ((X)). From there we can see 3 more waves to the downside that completed the double correction and wave ((Y)) of II and wave II at $25.38.

RBLX May 2023 Daily Chart ​

In the chart above, we can see how since December 2022 low RBLX again has built a leading diagonal as wave ((1)). The first rally ended the wave (1) at $38.36. Then we had a running flat correction as wave (2) ending at $33.66 and a strong rebound that completed wave (3) at $46.15. The price was rejected very fast dropping to $35.71 ending wave (4). The last swing higher as wave (5) ended at $47.77, completing the leading diagonal structure of ((1)).

The correction started in April and looks like is developing a zig zag structure. Wave (A) of ((2)) finished retesting wave (2) at $33.66. Then corrective bounce as wave (B) completed at $42.73. Currently, we should develop wave (C) of ((2)) lower. As price stays below $47.77 we looking for more downside to complete the correction as wave ((2)). The structure should end in $28.74 – $25.44 area where RBLX should continue with the rally or see 3 swings higher at least. If the market breaks below May 2022 low, it could continue lower to 19.12 – 12.38 area before thinking in a bounce.

Source: https://elliottwave-forecast.com/stock-market/roblox-rblx-correction-structure-rally/

 

[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. We published an article on XPEV back in March 2023 in which we looked at the Elliott wave structure of the decline since November 2020 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. Today, we will look at the updated charts and present two possible views. Despite two possibilities in the mid-term, we still see another leg lower as a higher probability and view it as a buying opportunity.

XPEV Elliott Wave Analysis – Weekly Time Frame - May 22, 2023​

As we mentioned in the previous article, decline from November 2020 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. 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 and wave (1) of ((5)) completed at $8.03 and wave (2) of ((5)) is expected to bounce but fail below $13.10 for continuation lower in wave (3) of ((5)) which should be followed by a bounce in wave (4) and another leg lower to complete wave ((5)) and wave "c" of the zigzag Elliott wave structure around $4.48 or lower levels. This area should see buyers entering for a long-term swing and resume the larger rally or produce 3 waves reaction higher at least.

XPEV Elliott Wave Analysis – Double in wave ((4)) Scenario - May 22, 2023​

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In case of a break above $13.10, we should still be in wave ((4)) as a double correction towards $14.69 - $19.02 after which we would still expect another lower in wave ((5)) toward $4.48 or lower levels to complete wave "c" from November 2021 peak with one more leg lower still to come to complete zigzag Elliott Wave Structure down from November 2020 peak.

Source: https://elliottwave-forecast.com/stock-market/xpev-elliott-wave-view-may-update/

 

[Elliottwave-Forecast]

Southern Copper Corporation (SCCO) engages in mining, exploration, smelting & refining of Copper & other minerals in Peru, Mexico, Argentina, Ecuador & Chile. The company is based in Phoenix, Arizona, US, comes under Basic Materials Sector & trades as “SCCO” ticker at NYSE.

SCCO made all time high at $83.15 as wave I impulse started from March-2020 low of (II). Later, it finished II as flat correction at $42.42 low. Currently, it favors pullback in ((2)), while placed ((1)) at $82.05 high. It expects ((2)) to unfold in 3, 7 or 11 swings & remain supported at extreme area to resume higher in ((3)) of III.

SCCO - Elliott Wave Latest Weekly View: ​

It placed (I) at $58.09 high & (II) at $23.43 low in March-2020. It resumes higher in (III) & finished I at $83.15 high. It placed ((A)) of II at $54.92 low in 3 swings pullback, while ((B)) at $79.31 high. It finished ((C)) as 5 swings lower at $42.42 low to finish wave II flat correction.

SCCO - Elliott Wave Latest Daily View: ​

Above II low, it placed (1) at $49.41 high & (2) at $45.17 low as 0.618 Fibonacci retracement. It finished (3) as extended wave at $78.76 high & (4) at $66.47 low as 0.382 Fibonacci retracement of (3). Finally, it ended (5) as ((1)) at $82.05 high. Currently, it favors lower in 5 of (A) & expect small downside before bounce in (B). It expects ((2)) to correct lower in 3, 7 or 11 swings against II low before upside resumes in ((3)) of III, which confirms above $83.15 high. Buyers expect to enter the market in extreme areas in ((2)).

Source: https://elliottwave-forecast.com/stock-market/scco-favors-sideways-lower-rally-resumes/

 

[Elliottwave-Forecast]

TransDigm Group Inc (NYSE: TDG), a leading player in the aerospace industry, has been making significant strides in recent times. Despite facing challenges in the market, the company has managed to maintain a strong upward trajectory. This article aims to dive into the Elliott Wave technical analysis of TransDigm Group's stock, exploring the bullish patterns and potential opportunities that lie ahead for investors.

TDG rally off 2020 low is proposed to be within an extended 3rd wave which is usually the longest and strongest wave within the cycle. The stock should present daily investment opportunities during corrective pullbacks while it holds above $499 low.

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TDG managed to created a bullish sequence earlier this year after breaking above 2021 peak. The move higher opened more weekly upside toward equal legs area at $988 - $1291. Consequently, buyers should be looking to buy the next pullback in wave ((2)) after it ends the cycle from October 2022.

With a bullish technical outlook and increasing demand for aerospace products, TransDigm Group Inc (NYSE: TDG) is well-positioned for long-term success. As the company continues to navigate market challenges, its strong performance and growth potential make it an attractive investment opportunity.

TDG Elliott Wave Weekly Chart​

Source: https://elliottwave-forecast.com/stock-market/transdigm-tdg-continues-soar/

 

[Elliottwave-Forecast]

Hello Traders. In today’s article, we will look at the past performance of 4 Hour Elliott Wave chart of Tesla, Inc. ($TSLA) The rally from 1.06.2023 low unfolded as a 5 wave impulse and ended on 2.16.2023 at $217.55. A 7 swing corrective pullback (WXY) took place since the peak. So, we advised members to buy the pullback in 7 swings at the extreme area. We will explain the structure & forecast below:

$TSLA 4H Elliott Wave Chart 4.30.2023:​

Here is the 4H Elliott Wave count from 4.30.2023. The rally from 1.06.2023 unfolded in a 5 wave impulse which signaled a bullish trend. We were calling for the pullback to find buyers in 7 swings at $154.00 - 141.25 where we liked to enter as buyers.

$TSLA 4H Elliott Wave Chart Latest View:​

Here is the latest 4H update showing the move taking place as expected. The stock has reacted higher ending the cycle from 2.16.2023 peak. It reached the 50% back from (X) allowing any longs to get risk free with a higher target towards $270 - 340

Source: https://elliottwave-forecast.com/stock-market/tesla-inc-tsla-reacts-extreme-area-5-wave-rally/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Amazon ticker symbol: AMZN. In which, the rally from 01 May 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

AMZN 1-Hour Elliott Wave Chart From 5.23.2023​

Here’s the 1hr Elliott wave chart from the 5/23/2023 Post-Market update. In which, the rally from the 5/01/2023 low unfolded in an impulse sequence where wave 1 ended at $113.28 high. Then wave 2 pullback ended at $109.24 & made a rally higher in wave 3 towards $118.75 high. Down from there, the stock made a pullback in wave 4 while the internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $115.70 low. Wave ((b)) ended at $117.24 high and wave ((c)) managed to reach the blue box area at $113.82- $111.70 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

AMZN Latest 1-Hour Elliott Wave Chart​

This is the latest 1hr Elliott wave Chart from the 5/24/2023 Post-Market update. In which the stock is showing a reaction higher taking place, right after ending the pullback 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 $118.75 high is still needed to confirm the next extension higher & avoid a double correction lower. It's important to note that with further data, the pullback adjusted to a double three correction.

Source: https://elliottwave-forecast.com/forex/amzn-starting-react-blue-box-area/

 

[Elliottwave-Forecast]

In our recent article about USDCHF, we explained incomplete bearish sequence in USDCHF since October 2022 and December 2016 highs and explained that bounces should fail in 3, 7 or 11 swings for extension lower. Pair found sellers after three waves in the first blue box area and reacted lower to allow any sellers to eliminate risk on their shorts. However, pair failed to break below 05.04.2023 low and has now broken above the previous peak within the blue box which was reached on 05.18.2023. Let's take a look at the current structure and the next extreme in today's article.

USDCHF 4 Hour Elliott Wave Chart - 05.24.2023​

Chart above shows USDCHF cycle from 03.02.2023 ended as an impulsive Elliott wave structure and pair is now bouncing to correct the decline from 03.02.2023 peak at 0.94404. Pair completed a cycle from 05.04.2023 low (0.8819) at 05.18.2023 high (0.9062) and turned lower after sellers appeared in the blue box area between 0.9023 - 0.9120. Pair dropped from 0.9062 to 0.8940 (05.22.2023) which allowed sellers from blue box to eliminate risk on their shorts. However, it failed to get more downward momentum and didn't manage to break below 05.04.2023 low. Instead the pair continue higher and it has now broken above 05.18.2023 (0.9062) high and has created yet another short-term incomplete sequence to the upside.

Near-term, expect some more upside toward 0.9087 - 0.9123 to complete the cycle from 05.22.2023 low i.e. black (( x )) before it pulls back to correct this cycle and turns higher again toward 0.9180 - 0.9331 to complete the larger double three structure since 05.04.2023 low. Area between 0.9180 - 0.9331 highlights the next extreme and the blue box area where we expect sellers to appear to resume the decline toward the double extreme area on the weekly chart between 0.8563 - 0.8189 or produce a reaction lower in three waves at least to allow sellers to get into a risk free position. like it did from the previous blue box area between 0.9023 - 0.9120.

Source: https://elliottwave-forecast.com/forex/usdchf-double-three-elliott-wave-advance/