Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello Traders, in this article we will analyze our forecast for META in the short term cycle. Since the short term peak of META from 05.22.2023 to end wave (iii) we have been expecting a pullback within wave (iv) 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 META as provided to members from 05.24.2023. We have been expecting little more downside to reach the blue box area before turning higher.

META 45 min chart Pre Market Update 05.24.2023​

As we can see the market was marginally above within blue box area of 244.58 - 240.18 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 latest post market update now from 05.26.2023, we will see that the market has already reacted higher and what we expect next.

META 45 min chart Post Market Update 05.26.2023​

A very clear reaction higher took place from 244.56 inside the blue box area. The reaction higher within wave iii of (v) of ((v)). Expecting one more high in v to end (v) of ((v)) to end wave 3 in red, before a pullback in 4. You can learn more once become a member at Elliott Wave Forecast. Join us to learn the next trading opportunities in META and other Stocks or ETFs. Belongs to our Group 3 of instruments.

Source: https://elliottwave-forecast.com/stock-market/meta-wave-iv-found-buyers-within-blue-box-area/

 

[Elliottwave-Forecast]

Palantir Technologies (NYSE: 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 our previous article about PLTR published back in August 2022, we mentioned stock was looking to make a new low before rallying. It did make a new low and has started rallying. Today, we will take a look at the current price action and look at whether the low is in place or there is more downside still to come. We will also take a look at the Elliott Wave Structure on the rally from 12.28.2022 low.

PLTR Elliott Wave Analysis - Weekly Chart 05.25.2023​

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PLTR Elliott Wave Analysis - Weekly Chart [ALT VIEW] 05.25.2023​

PLTR Elliott Wave Analysis - 480 Minute Chart - 05.25.2023​

Source: https://elliottwave-forecast.com/st...r-technologies-low-in-place-or-more-downside/

 

[Elliottwave-Forecast]

Platinum (PL) shows a higher high (bullish sequence) from 9.1.2022 low favoring further upside. Since forming the intermediate top at 1148.9 on April 21, the metal has corrected cycle from 2.27.2023 low at 903.9. The correction can still extend lower in the near term but it should end above 903.9 before the next leg higher resumes.

Platinum Monthly Elliott Wave Chart​

Monthly Elliott Wave Chart of Platinum above shows that the metal ended wave ((I)) at 2308.8 and pullback in wave ((II)) ended at 562. The metal then extended higher again in wave ((III)) with internal subdivision as a 5 waves impulse. Up from wave ((II)), wave (I) ended at 1348.2 and pullback in wave (II) ended at 796.8. Internal subdivision of wave (II) unfolded as a zigzag structure where wave a ended at 886, wave b ended at 1197, and wave c lower ended at 796.8. The metal has turned higher in wave (III), but it still needs to break above wave (I) at 13487.2 to rule out a double correction.

Platinum Daily Elliott Wave Chart​

Daily Chart of Platinum above shows the metal ended wave (II) at 796.8. The metal has started wave (III) with internal subdivision as a 5 waves with extension (nest). Up from wave (II), wave (1) ended at 943.5 and pullback in wave (2) ended at 833.7. The metal extends higher in wave (3) towards 1074.1 and pullback in wave (4) ended at 1006.3. Wave (5) higher ended at 1117 which completed wave ((1)). Dips in wave ((2)) ended at 903.9. The metal extends higher in wave ((3)) with internal subdivision as another 5 waves. Up from wave ((2)), wave (1) ended at 1148.9. Expect pullback in wave (2) to find support in 3, 7, or 11 swing for further upside.

Source: https://elliottwave-forecast.com/commodities/platinum-pl-correction-progress/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of 1-hour Elliott Wave Charts of Netflix ticker symbol: NFLX. We presented to members at the elliottwave-forecast. In which, the rally from the 13 March 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:

Netflix 1-Hour Elliott Wave Chart From 5.24.2023​

Here’s the 1hr Elliott wave chart from the 5/24/2023 Post-Market update. In which, the short-term cycle from the 5/17/2023 low ended in wave ((iii)) at $375.87 high. Down from there, the stock made a pullback in wave ((iv)) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave (a) ended at $363.81 low. Wave (b) bounce ended at $372.01 high. And wave (c) managed to reach the blue box area at $360.01- $352.59 equal legs area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

Netflix Latest 1-Hour Elliott Wave Chart From 5.30.2023​

Above is the Latest 1hr Elliott wave Chart from the 5/30/2023 Midday update. We can see the stock is showing a strong reaction higher right after ending the zigzag correction within the blue box area. This allowed members to create a risk-free position shortly after taking the long position at the blue box area. It already made a new high above $375.87 high & confirmed the next extension higher. Now as far as it remains above $353.52 low another new high towards $414.13- $428.39 area is expected to take place before entering into another pullback.

Source: https://elliottwave-forecast.com/stock-market/netflix-blue-box-produced-strong-reaction-higher/

 

[Elliottwave-Forecast]

Good Day Traders. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Apple, Inc. ($AAPL) The rally from 5.03.2023 low unfolded as a 5 wave impulse and ended on 5.19.2023 at $176.43. A 7 swing corrective pullback (WXY) took place since that peak. So, we advised members to buy the pullback in 7 swings at the blue box area ($171.31 – 168.93). We will explain the structure & forecast below:

$AAPL 1H Elliott Wave Chart 5.24.2023:​

Here is the 1H Elliott Wave count from 5.24.2023. The rally from 5.03.2023 unfolded in a 5 wave impulse which signaled a bullish trend. We were calling for the pullback to find buyers in 7 swings at $171.31 – 168.93 where we like to enter as buyers.

$AAPL 1H Elliott Wave Chart Latest View:​

Here is the latest 1H update showing the move taking place as expected. The stock has reacted higher ending the cycle from 5.19.2023 peak and eventually breaking above it which confirms more upside is to be seen. We remain long with a risk free position targeting new all time highs and won't be surprised to see $AAPL trading towards $270 area in the long term.

Source: https://elliottwave-forecast.com/uncategorized/apple-inc-aapl-reacts-higher-blue-box-area/

 

[Elliottwave-Forecast]

Salesforce Inc (NYSE: CRM) is a leading player in the cloud computing industry, well-positioned for continued growth and success. This article explores the potential bullish technical structure of CRM using the Elliott Wave Theory.

Between November 2021 and December 2022, CRM encountered a one-year decline. This downward movement resulted in a substantial drawdown of 59.5% from its all-time high. The downward move can be characterized as a three-wave zigzag structure. It serves as a correction for the entire cycle since the company's IPO in 2004.

The low from last year at$126.34 is proposed to be a wave (II). Therefore we expect the stock to start rallying higher within a strong wave (III) leading to new all time highs. The initial rally is unfolding as an impulsive 5 waves structure within wave I. The internal cycle from February low, is still suggesting further upside as a result of nesting behavior taking place in the short term.

CRM could aim at least for the 1.618 Fibionnacie extension area at $244 which usually gets reached within a regular impulse. That target can be exceeded if the stock continue the rally within an extended 3rd wave.

In Conclusion, the current bullish structure since December 2022 is key for the stock to sustain the move higher and consequently investors can be looking for the next daily pullback to provide a buying opportunity. The potential correction in wave II ideally can take place in the second half of this year when the rally in wave I will have enough number of swings which isn't the case for now.

CRM Elliott Wave Daily Chart​

Source: https://elliottwave-forecast.com/stock-market/salesforce-crm-growth/

 

[Elliottwave-Forecast]

Novo Nordisk A/S (NVO), a healthcare company engages in the research, development, manufacture and marketing of the pharmaceutical products worldwide. It operates in two segments, Diabetes & Obesity care & Biopharm. It is based in Denmark, comes under Healthcare - Biotechnology sector & trades as “NVO” ticker at NYSE.

As showing in the previous article, NVO favors higher in V of (I) & expect further upside. Above ((2)) low of $131.17, It favors pullback in (4) in flat correction before final push higher in (5) to finish ((3)) of V.

NVO - Elliott Wave View From 2.18.2023: ​

It placed wave ((II)) at $30.89 low in 2016 & favors higher in (I) as impulse sequence in ((III)). It placed wave I at $58.37 high & II at $41.23 low as 0.618 Fibonacci retracement. Above there, it extended higher in third wave extension, which ended as III at $122.16 high. It finished IV at $95.02 low as double correction slightly above 0.382 Fibonacci retracement of III. It favors higher in V of (I) & expect further upside.

NVO - Elliott Wave Latest Weekly View: ​

In wave V, it placed ((1)) at $144.78 high & ((2)) at $131.17 low as shallow correction. Above ((2)) low, it placed (1) at $145.94 high, (2) at $135.32 low & (3) at 172.97 high. It favors pullback in (4) in 3 swing correction, which expect to pullback towards $158.05 - $149.16 area before final push higher resumes in (5) to finish ((3)) of V. In Short term, it may even ended (4) at $158.51 low & favors higher in (5) as alternate view, which confirms above (3) high, without breaking lower. It expects two or few more highs to finish V of (I), while momentum divergence remains intact in weekly sequence. Alternatively, if it erases the momentum divergence, then it will be the part of III sequence in (I).

NVO - Elliott Wave Latest Daily View: ​

Source: https://elliottwave-forecast.com/stock-market/novo-nordisk-nvo-remain-supported/

 

[Elliottwave-Forecast]

Chargepoint Holdings Inc. is an US American electric vehicle infrastructure company. Founded 2007 as Coulomb Technologies, headquartered in Campbell, California, US and traded under the ticker $CHPT at NYSE, it is a component of the Russel1000 index. First of all, Chargepoint operates the largest online network of independently owned EV charging stations operating in 14 countries. Moreover, it makes the technology used in it. While 2017 it owned 36'000 stations, in January 2023 this number went to 225'000. Without any doubt, that augmentation demonstrates an obvious demand for EV infrastructure.

Currently, we can see energy market looking for next turn higher. Also from the fundamental perspective, energy in general and electricity in particular should remain determinant for society and economy. Therefore, an investment in shares of an EV infrastructure company can provide an exposure to the rising prices in this segment. Hereby, Chargepoint Holdings Inc. as a market leader should remain an excellent investment candidate.

Chargepoint Weekly Elliott Wave Analysis 05.30.2023​

The weekly chart below shows the Chargepoint shares $CHPT traded at New York Stock Exchange. From the all-time lows, the stock price has developed a cycle higher in wave (I). It has printed the all-time highs in December 2020 at 49.48. Within the impulsive advance in wave (I), red wave III shows an extension. From the 2020 highs, a correction lower in wave (II) is unfolding as an Elliott wave zigzag pattern being a 5-3-5 structure.

Firstly, 5 waves of red wave a have ended in April 2021 at 19.04 lows. Secondly, a bounce in 3 swings as red wave b has set a connector in June 2021 at 36.86 highs. Finally, 3rd swing lower in red wave c is unfolding as an ending diagonal. As a matter of fact, break of 19.04 lows has opened a bearish sequence. As long as price holds below 36.86, it can reach deeper towards weekly support area. Investors and traders can be looking to buy $CHPT from 6.45-0.00 area. There, blue wave (II) should find its bottom and next bullish cycle in blue wave (III) should start. The target for blue wave (III) will be 49.48 and higher.

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

 

[Elliottwave-Forecast]

Marathon Digital Holdings Inc. (formerly Marathon Patent Group) is a digital asset technology company. It engages in mining cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. Founded 2010 and headquartered in Las Vegas, Nevada, US, one can trade it under ticker $MARA at NASDAQ. Currently, we see cryptocurrencies turning for another bullish cycle higher. In fact, the rally in prices of cryptocurrencies should push higher and may even provide a magnifying effect on the share prices of cryptocurrency mining/producing companies. Therefore, Marathon Digital Holdings being one of digital assets producers should become a profitable invetsment target as it should ramp up along with acceleration in cryptocurrencies prices.

Marathon Digital Monthly Elliott Wave Analysis 05.31.2023​

The monthly chart below shows the Marathon Digital shares $MARA traded at NASDAQ. First, from the all-time lows, the stock price has developed a cycle higher in black wave ((I)). Hereby, $MARA has printed the all-time highs in March 2012 at 234. From the highs, a correction lower in wave ((II)) has unfolded as a zigzag correction being a 5-3-5 structure. It has found an important bottom in March 2020 at 0.35. As a matter of fact, in 8 years $MARA has lost more than 99% off its peak value.

From the March 2020 lows, another motive cycle in black wave ((III)) has started and is currently in the initial stages. We see already first nest consisting of red waves I-II in place. Now, acceleration higher in red wave III of blue wave (I) should follow. Once all 5 waves of blue wave (I) will be completed, then pullback in blue wave (II) should provide with another opportunity to join the rally. Then, acceleration higher in blue wave (III) of black wave ((III)) should bring prices considerably higher. Long-term, black wave ((III)) should extend towards 234 highs and even beyond.

Marathon Digital Weekly Elliott Wave Analysis 05.31.2023​

The Weekly chart below shows in more detail the initial stages of the black wave ((III)). From the March 2020 lows, a bullish cycle in red wave I has unfolded as an impulse. Hereby, black wave ((3)) shows an extension. Red wave I has ended in April 2021 at 57.75. From the highs, the consolidation pattern in red wave II has unfolded as an expanded flat pattern being 3-3-5 structure. First, 3 swings of black ((A)) have found bottom in May 2021 at 18.32. Then, a 7 swings (=3 swings) bounce in black wave ((B)) has set a higher high in November 2021 at 83.45. From there, black wave ((C)) has confirmed expanded flat structure by breaking 18.32 lows. It shows fully developed 5 waves off the highs. In overall, the recent sideways-to-higher price action along with breaking of RSI channel suggest that the new bullish cycle might have started.

It is the preferred view that red wave II has set an important low in December 2022 at 3.11. While above there, a new cycle in red wave III is in progress. The target for red wave III will be towards 60.45-95.94 area and even higher. Current prices below 10$ offer therefore a great investment opportunity. While medium-term investors can expect 6 times reward on their risk, long-term reward reaches towards 23x and more as related to current engagement.



Source: https://elliottwave-forecast.com/video-blog/marathon-digital-new-bullish-cycle/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of Tesla Stock ( $TSLA ) . As our members know, the stock is trading within the cycle from the April 27th low. We have been calling for the rally in the stock after 3 waves pull back. Our team recommended members to avoid selling Tesla , while keep favoring the long side. In the further text we are going to explain the Elliott Wave Forecast and the trading setup.

Tesla Stock ( $TSLA ) Elliott Wave 1 Hour Chart 05.31.2023​

Current view suggests the stock is doing correction of the cycle from the 178.22 low. We got 5 waves up from the mentioned low wave and now about to complete (ii) blue short term pull back. We can already count 3 waves down from the peak. The price has reached extreme zone at 196.17-191.94 ( blue box- buying zone) . We don’t recommend selling it and prefer the long side. Tesla stock should ideally make a rally toward new highs.

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.

Tesla Stock ( $TSLA ) Elliott Wave 1 Hour Chart 06.01.2023​

$TSLA found buyers right at the Blue Box area and we are getting good reaction from there. Rally made enough separation from the lows. As a result, members who took long positions are enjoying profits in a risk free trades. Wave ((ii)) looks completed at 195.17 low . As far as the price holds above that low, the stock can be trading higher in ((iii)) toward new highs. We would like to see break above previous peak ((i)) black which will confirm next leg up is in progress. That would also make 5 waves up in (i) blue. Then we expect to get 3 waves pull back before further rally continues again.

Tesla Stock ( $TSLA ) Elliott Wave 1 Hour Chart 06.02.2023​

Eventually the stock made break up as expected. It completed 5 waves up in (i) blue, made pull back in (ii) blue and continued higher again.

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/trading/tesla-tsla-buying-dips-blue-box/

 

[Elliottwave-Forecast]

Cisco Systems, Inc., commonly known as Cisco (CSCO), is an American-based multinational digital communications technology conglomerate corporation headquartered in San Jose, California. Cisco develops, manufactures, and sells networking hardware, software, telecommunications equipment and other high-technology services and products.

CSCO Daily Chart February 2023​

At the end of 2021, Cisco finished an impulsive structure at 64.33 which we called wave (I). From this high, CSCO has been down nearly a year. We can see a zig zag 5-3-5 structure. The first bearish impulse ended at $40.81 as wave a. Wave b bounced and ended at $50.05. To complete the corrective structure, we had another push that fell to $38.73 to end wave c and wave (II). Since October 2022 low, the stock has been moving to the upside reaching an important high in December. This high we call wave ((1)) and we were expecting to complete wave ((2)) before resuming the rally.

CSCO Daily Chart June 2023​

After ending wave ((1)) at $50.74, the market made an expanded flat as wave ((2)). We can see 3 swings lower to end Wave (A) of ((2)) at $45.65. Then, 3 swings higher as wave (B) ending at $52.60 and wave (C) impulse lower at $45.53. Completing a 3-3-5 flat structure and wave ((2)). CSCO continued the rally again and until now looks like is developing an impulse. While price action stays above $45.53 the rally should keep going to finish wave ((3)).

CSCO Alternative Daily Chart June 2023​

An alternative to this view is that wave (II) has not finished and it makes a double correction. For this, the CSCO share price should continue to rise to the 57.66 – 60.52 area. Thus, the price should be rejected from this zone opening the possibility of a double correction that sends the price below $38.73.

Source: https://elliottwave-forecast.com/stock-market/cisco-csco-correction-end-resume-upside/

 

[Elliottwave-Forecast]

Chevron Corporation (ticker: CVX), commonly known as Chevron, is one of the world's largest multinational energy corporations. The company operates in all aspects of the oil, natural gas, and geothermal energy industries. This includes exploration, production, refining, marketing, and transportation. The stock is bullish in larger degree. However, in shorter cycle, it is still correcting cycle from 3.19.2020 as a flat.

Chevron Monthly Elliott Wave Chart​

Monthly Elliott Wave of Chevron (CVX) shows that the stock has ended wave ((II)) super cycle correction at 51.06 in the year 2020 and resume to a new high. Up from wave ((II)), wave (I) ended at 182.4 and wave (II) pullback is in progress as expanded/running flat to correct the rally from 3.1.2020 low before the the stock resumes higher again. As long as pivot at 51.06 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.

Chevron Daily Elliott Wave Chart​

Daily Elliott Wave view in Chevron above shows that wave (II) pullback is in progress as a flat structure to correct cycle from 3.20.2020 low before the next leg higher. Stock still has scope to correct lower further before ending wave (II) and resumes higher.

Source: https://elliottwave-forecast.com/video-blog/chevron-cvx-flat-correction-progress/

 

[Elliottwave-Forecast]

Good Day Traders and Investors. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Microsoft Corp. ($MSFT) The rally from 5.24.2023 low unfolded as a 5 wave impulse with an incomplete bullish sequence from 4.25.2023 low. So, we advised members to buy the pullback in 3 swings at the blue box area ($328.38 – 323.73). We will explain the structure & forecast below:

$MSFT 1H Elliott Wave Chart 6.01.2023:​

Here is the 1H Elliott Wave count from 6.01.2023. The rally from 5.24.2023 unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 3 swings at $328.38 – 323.73 where we entered as buyers.

$MSFT 1H Elliott Wave Chart Latest View:​

Here is the latest 1H update showing the move taking place as expected. The stock has reacted higher ending the cycle from 5.30.2023 peak and eventually breaking above it which confirms more upside is to be seen. We remain long with a risk free position targeting new all time highs and won’t be surprised to see $MSFT trading towards $380 - 435 area in the near term.

Source: https://elliottwave-forecast.com/stock-market/microsoft-corp-msft-reacts-higher-blue-box-area/

 

[Elliottwave-Forecast]

HCA Healthcare, Inc., (HCA) provides health care services company in the United States. The company operates general & acute care hospitals that offers medical & surgical services, including inpatient care, intensive care, cardiac care, diagnostic & emergency services & outpatient services. It is based in Tennessee, comes under Healthcare (XLV) sector & trades as “HCA” ticker at NYSE.

As discussed in the previous article, HCA expected further upside in (1) of ((3)) & remain supported in (2) for further upside, while dips remain above ((2)) low. It already confirms higher high above wave I as bullish sequence.

HCA - Elliott Wave View From 12.11.2022: ​

It placed wave I at $279.02 high in the impulse sequence started from March-2020 low. Below there, it favored ended II at $164.47 low in 3 swings pullback & already breaks above I high, calling for further upside in III in bullish sequence. It placed ((A)) at $204.72 low, ((B)) at $229.26 high & ((C)) at $164.47 low in II correction. It placed ((1)) at $219.68 high, ((2)) at $178.32 low & favors higher in ((3)) of III.

HCA - Elliott Wave Latest Weekly View: ​

Above ((2)) low, it placed (1) of ((3)) at $269.09 high & (2) as zigzag correction at $240 low. It finished 1 of (3) at $294.02 high & 2 at $259.18 low in 3 swing pullback. Currently, it favors higher in 3 of (3), which confirms above 1 high. Alternatively, it can make a minor high above $294.02 as 5 of (1) in diagonal started from ((2)) low before correcting lower in (2) against October-2022 low as less aggressive view. In any of the case, it should remain supported in 3, 7 or 11 swings & extend higher.

HCA - Elliott Wave Latest Daily View: ​

Source: https://elliottwave-forecast.com/stock-market/hca-healthcare-hca-favors-higher-in-bullish-sequence/

 

[Elliottwave-Forecast]

Hello Traders, in this article we will analyze our forecast for SPY ETF in the short term cycle. Since the short term peak of SPY from 05.30.2023 to end wave i of (iii) we have been expecting a pullback within wave ii to take place. Thereafter, we were expecting more upside within wave iii. 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. So once we had in place a and b of ii we were able to present for members the blue box buying area in which we expected to end c of ii.

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 at the 30 min chart of SPY as provided to members from 05.31.2023. We have been expecting more downside to reach the blue box area before turning higher.

SPY 30 min chart Pre Market Update 05.31.2023​

As we can see the market was expected lower within c of ii to reach the blue box 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 latest post market update now from 06.06.2023, we will see that the market has already reacted higher and what we expect next.

SPY 45 min chart Post Market Update 06.06.2023​

A strong reaction higher took place from the blue box area. The reaction higher within wave iii of (iii). And then expecting the pullback within iv before one more high in v to end (iii). You can learn more once become a member at Elliott Wave Forecast. Join us to learn the next trading opportunities in SPY and other ETFs or Stocks. Belongs to our Group 3 of instruments.

Source: https://elliottwave-forecast.com/st...ve-ii-pullback-found-more-buyers-in-blue-box/

 

[Elliottwave-Forecast]

Starbucks Corporation (SBUX) is an American multinational chain of coffeehouses and roastery reserves. It is the world’s largest coffeehouse chain. As of November 2021, the company had 33,833 stores in 80 countries, 15,444 of which were located in the United States. Out of Starbucks’ U.S.-based stores, over 8,900 are company-operated, while the remainder are licensed.

SBUX completed a cycle from March 2020 low in July 2021 peak and we labeled as wave I. Then we could see a double correction ((W)), ((X)) and ((Y)). A clear 7 swing correction to complete wave II in May 2022. From here, we were calling a beginning of a new rally in the stock.

Starbucks (SBUX) Elliott Wave Analysis - December Daily Chart​

Starbucks (SBUX) bounced from the May low ended an impulse at $93.63 as wave (1). After this, a flat correction appeared making 3 swings pullback where wave B was a triangle. Wave (2) ended at $82.50. The rally continued and we expected that wave 1 in red finishes soon and then see 3, 7 or 11 swings correction to complete wave 2 and continue with the uptrend.

Starbucks (SBUX) Elliott Wave Analysis - June Daily Chart​

The path followed as expected, but the correction that began in February damaged the possibility of continuing the rally for now. Therefore, we have adjusted the count. We can clearly count 5 waves from May 2022 low that ended at $110.83. We call this structure wave ((1)). Then, the fall from February high ended at $97.19 completing wave (A). This correction could have been the end of the wave ((2)) and continue the rally; howerver, the price action has denied it. The bounce from the end of the wave (A) is part of an expanded flat correction. This one reached $115.48 finishing the wave (B).

Currently, the share price of SBUX has broken below $97.19, indicating that the correction could continue. That is why the most convenient structure to follow is an expanded flat. Wave ((C)) should build a bearish impulse or ending diagonal, as indicated on the chart, to finish wave ((2)) and look to continue the rally.

Source: https://elliottwave-forecast.com/stock-market/starbucks-sbux-expanded-flat-structure/

 

[Elliottwave-Forecast]

Antero Resources Corporation, (AR) engages in the development, production, exploration & acquisition of natural gas, natural gas liquids & oil properties in the United States. It is based in Denver, Colorado, trades at “AR” ticker at NYSE & comes under Energy sector.

Since 2014 high, AR traded lower & made a low of $0.64 in March-2020. Above there, it started impulse sequence higher as I red ended at $48.80. It favors pullback in II & expect to find support between $24.08 - $10.95 area to resume higher.

AR - Elliott Wave Latest Weekly View: ​

In weekly, it placed ((1)) at $21.99 high & ((2)) at $15.38 low as shallow correction. It extended higher in ((3)), which finished at $39.24 high. It corrected lower in ((4)) as 0.382 Fibonacci retracement of ((3)), ended at $30.94 low. Finally, it finished ((5)) at $48.80 high as wave I impulse. Below there, it is correcting lower in zigzag in II before turning higher.

AR - Elliott Wave Latest Daily View: ​

Below I red high, it placed ((A)) at $27.58 low & ((B)) at $45.33 high. It favors lower in ((C)) between $24.08 - $10.95 area to finish II correction before upside resumes. It placed (1) at $28.99 low, (2) at $40.19 high, (3) at $19.91 low & favors bounce in A of (4). It expects to bounce in (4) in 3 or 7 swings before turning lower in (5) in extreme areas, where buyers expect to enter the market for at least 3 swing higher or next sequence up.

Source: https://elliottwave-forecast.com/stock-market/antero-resources-ar-ready-next-rally/

 

[Elliottwave-Forecast]

Hello traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of GBPCAD published in members area of the website. Recently the pair made short term recovery against the 1.6931 peak that has reached the extreme zone. It made clear 3 waves up from the lows and made decline from our Blue Box ( selling zone) . In further text we’re going to explain the Elliott Wave pattern and trading setup

GBPCAD 1h Hour Asia Elliott Wave Analysis 06.07.2023​

GBPCAD is giving us short term red recovery against the 1.6931 high. Correction is unfolding as Elliott Wave Zig Zag Pattern with (a)(b)(c) blue inner labeling. So far rally from the lows looks like 5 waves, so we expect to see another 5 waves up in (c) blue leg. Target area is marked as a Blue Box : 1.6729-1.6792 on the chart and that is our selling zone. At the marked area buyers should be ideally taking profits and sellers can appear again. Consequently , we expect to see reaction from that zone. The pair can make either decline toward new lows or larger 3 waves pull back at least. Once pull back reaches 50 Fibs against the (b) blue low, we will make short position risk free ( put SL at BE) and take partial profits. Break of 1.618 fib extension: 1.6792 would invalidated the trade.

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

Reminder on how to trade EWF Charts :

Red bearish stamp+ blue box = Selling Setup

Green bullish stamp+ blue box = Buying Setup

Charts with Black stamps are not tradable.

GBPCAD 1h Hour New York Midday Elliott Wave Analysis 06.07.2023​

The pair found sellers right at the blue box and made decline from there toward new lows. At this stage we see the pair remains bearish against the 1.6931 pivot. Decline from the peak looks to be unfolding as 5 waves. As far as the price holds below 1.6733 level, short term recovery ((b)) can be done there. Otherwise, if we get strong reaction to the upside and 1.6733 peak gives up, then the pair could make irregular Flat pattern against the 1.69313 peak. Anyway, members who took short trades have made positions risk free. They have Put Stop Loss at entry level and took partial profits.

GBPCAD 1h Hour Weekend Elliott Wave Analysis 06.11.2023​

The pair has taken alternative path. It made sharp rally and broke the previous high. We assume correction against the 1.6931 high is still in progress as potential Elliott Wave Flat pattern. Keep in mind there is no Blue Box on the chart at the moment, so don't like forcing the trades at the current levels. When looking for a trade, corrections against the trend should be Double Three or Zigzag, that can give us clear entries and invalidation levels. We avoid Triple Threes and especially Flat structures for trading purpose as they are tricky to trade.

As you can notice, trading is not about being right all the time. We don't make the market and our forecasts don't have 100% accuracy. However we do have a system which allows us to get out Risk Free + cash partial profit from the trade, even if primary analysis gets wrong.



Source: https://elliottwave-forecast.com/trading/gbpcad-selling-rallies-blue-box/

 

[Elliottwave-Forecast]

SoFi Technologies Inc. is an US American online personal finance company and online bank. It provides financial products including student and auto loan refinancing, mortgages, personal loans, credit card, investing, and banking through both mobile app and desktop interfaces. Founded 2011 and headquartered in San Francisco, California, US, it is a part of Russel 1000 small-cap index. Investors can trade it under the ticker $SOFI at NASDAQ.

SoFi Weekly Elliott Wave Analysis 06.10.2023​

The weekly chart below shows the SoFi Technologies shares $SOFI traded at NASDAQ. From the all-time lows, the stock price has developed an initial cycle higher in red wave I of cycle degree towards $28.26 all-time highs in February 2021. Then, a correction lower in red wave II has unfolded as an Elliott wave zigzag pattern being 5-3-5 structure.

Firstly, 5 swings in black wave ((A)) of red wave II have printed a low at $13.14 in March 2021. Then, a bounce has set a connector wave ((B)) at $24.95 highs in May 2021. Later on, the price has broken 13.14 lows opening up a bearish sequence. As a consequence, target area for black wave ((C)) is towards 9.55-0.22 area. As a matter of fact, 5 waves of the the impulse in black wave ((C)) have reached already the 9.55-0.22 support area. It is the the preferred view that the correction has ended in December 2022 at $4.24 lows. While above there, a new bullish cycle in red wave III might have started. The target for the wave III is 32.48-49.94 area and even beyond.

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SoFi 8 Hour Elliott Wave Analysis 06.10.2023​

The 8 Hour chart below shows in more detail the initial stages of the red wave III. From the December 2022 lows at $4.24, blue wave (1) of black wave ((1)) of red wave III is unfolding as an impulse. Within it, first nest comprising red waves 1-2 has ended in May 2023. From 4.45 lows, red wave 3 is in progress. Even though it has reached the minimum target being 100% length of the wave 1, it can still extend within 8.44-10.92 area and even break beyond. Once finished, pullback in in red wave 4 should find support in 3, 7 swing for final push higher in red wave 5 to accomplish blue wave (1). Then, expect consolidation in blue wave (2) before acceleration higher in blue wave (3) can happen.

Investors should stay long $SoFi from 9.55-0.22 weekly support area. Traders can be waiting for blue wave (1) to end first and then buy dips in wave (2) in 3, 7 swings against 4.24 lows.

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Source: https://elliottwave-forecast.com/video-blog/sofi-technologies-rally-weekly-area/

 

[Elliottwave-Forecast]

Hello Traders and Investors. In today’s article, we will take a look at the Elliott Wave structure of GameStop ($GME) and explain why a tremendous rally might be happening to the stock in the near term.

Before we dive into the chart, I want to explain that the overall structure looks like a nest. A nest is a series of 1-2. Most of the time a nest happens before a huge move takes place. The chart below shows what a nest looks like.

Elliott Wave Nest​

$GME 4H Elliott Wave Chart 6.12.2023:​

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The 4H chart above shows the reactions higher from the 1.06.2023, 3.16.2023 and 5.02.2023 lows and the series of higher highs and higher lows taking place. In a nesting structure, one needs to observe the RSI readings. The second nest should erase divergence against the first peak and the last nest should come with divergence against the previous peak (Shown in the video below). From here, the stock should remain above $18.06 otherwise the nesting structure is invalidated. Once the wave ((iii)) of 3 starts, we expect the stock to rally towards $55 - 80 before entering into a series of 4s and 5s.

Source: https://elliottwave-forecast.com/video-blog/elliott-wave-suggests-gamestop-corp-gme-poised-rally/