Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello Traders, in this article we will analyze the Weekly cycle of TSLA ( Tesla ) and explain how might be calling for new highs. Tesla, Inc is an American multinational automotive and clean energy company headquartered in Austin, Texas. It designs and manufactures electric vehicles (electric cars and trucks), battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla is one of the world's most valuable companies and, as of 2023, is the world's most valuable automaker.

Incorporated in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors. The company's name is a tribute to inventor and electrical engineer Nikola Tesla. In February 2004, via a $6.5 million investment, Elon Musk became the largest shareholder of the company. He has served as CEO since 2008.

Specifically, Tesla Stock ended the first leg of its Super Cycle back on 11.04.2021 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 TSLA, wave (I) ended at 414.33 from the all time lows since it has been listed in the stock exchange in 2010. The pullback came in the form of a 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 it looks:

Elliott Wave Zig Zag (5-3-5)​

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

TSLA Weekly Weekend Update 06.11.2023​

Once ended the connector b wave within (II) we where able to present to our members the weekly blue box area. Between $107.52 - $58.54 area we were expecting it to end c of (II). Since the low from January 2023 at $101.82 the reaction looks impulsive and currently within it's wave ((3)). Soon to be entering into a series of ((4)) and ((5)) before ending the first leg I higher. Furthermore the view is supported by correlating it with other Stocks or Indices as well.

Additionally, overall the stock should see further upside longer term and the wave (III) within the super cycle & may lead to much higher prices than 2021. Members of Elliott Wave Forecast that bought 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/tsla-weekly-blue-box-may-lead-tesla-towards-new-highs/

 

[Elliottwave-Forecast]

PulteGroup, Inc. (NYSE: PHM), a leading homebuilder in the United States, has been at the forefront of the booming real estate market. With a strong track record and a solid reputation, PulteGroup has positioned itself as a key player in the industry. In this article, we will delve into the bullish case for PHM, exploring the Elliott Wave structure that have contributed to its success and examining the potential for further growth.

PHM Weekly Elliott Wave Chart​

Since 2020 crash, PHM established a new strong bullish trend within wave I at 5/10/2021 peak $63 followed by wave II at 6/17/2022 low $35. up from there, the stock traded into new all time highs in April 2023. The move higher in wave III created a bullish sequence within the cycle from 2020 and consequently PHM will aim for equal legs area at $81 - $110.

The stock is trading within a wave (III) which is usually the strongest wave within a multiyear cycle and therefore it can keep extending within the current nest structure. Investors and trades will be looking for daily correction to buy the pullbacks in3 , 7 or 11 swings.

In conclusion, PulteGroup stands as a testament to its resilient performance and strong market presence. With a solid track record of success and a bullish wave structure in play, the stock has the potential for further growth and value appreciation.

Source: https://elliottwave-forecast.com/stock-market/pultegroup-phm-real-estate/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of SPY. We presented to members at the elliottwave-forecast. In which, the rally from 24 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 ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

SPY 1-Hour Elliott Wave Chart From 6.08.2023​

Here’s the 1hr Elliott wave chart from the 6/08/2023 Pre-Market update. In which, the cycle from the 5/31/2023 low ended in wave iii as an impulse structure at $429.62 high. Down from there, the ETF made a pullback in wave iv to correct that cycle. The internals of that pullback unfolded as Elliott wave flat structure where lesser degree wave a ended at $425.99 low. Lesser degree wave b ended at $429.62 high and lesser degree wave c managed to reach the blue box area at $425.89- $423.59 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

SPY Latest 1-Hour Elliott Wave Chart From 6.13.2023​

This is the latest 1hr Elliott wave Chart from the 6/13/2023 Post-Market update. In which the ETF is showing a strong reaction higher taking place, right after ending the flat 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. Since it hits the blue box area the ETF has erased divergence suggesting that it's still trading in wave iii of (iii) & should be looking for more upside.

Source: https://elliottwave-forecast.com/stock-market/spy-reacting-higher-perfectly-blue-box/

 

[Elliottwave-Forecast]

GDXJ ETF, also known as the VanEck Vectors Junior Gold Miners ETF, is an exchange-traded fund that tracks the performance of small-cap companies involved in the gold mining industry. The ETF is designed to provide investors with exposure to junior gold mining companies. Typically these companies are smaller in size and are involved in the exploration, development, and production of gold. Below we will take a look at the latest Elliott Wave outlook for the ETF.

GDXJ Daily Elliott Wave View​

Daily Elliott Wave Chart of Gold Miners Junior (GDXJ) shows Gold Miners Junior is looking to rally higher in wave III. Up from wave II, wave ((1)) ended at 41.16 and pullback in wave ((2)) ended at 32.25. The ETF rallies higher in wave ((3)) with internal subdivision as another 5 waves in lesser degree. Up from wave ((2)), wave (1) ended at 43.89 and pullback in wave (2) ended at 35.79. Expect the ETF to find a bottom soon and turn higher.

GDXJ 4 Hour Elliott Wave View​

4 Hour Elliott Wave Chart of GDXJ suggests that the ETF can see further downside in wave 2 to retest 5.26.2023 low at 35.79. While dips stay above the level, and more importantly above 32.18, expect the ETF to turn higher again.

Source: https://elliottwave-forecast.com/co...nior-gdxj-preparing-for-the-next-move-higher/

 

[Elliottwave-Forecast]

Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of E-Mini S&P 500 ( ES_F) published in members area of the website. ES_F is showing impulsive bullish sequences in the short term cycles. Recently we got a 3 waves pull back that has ended right at the Blue Box zone. In the further text we are going to explain the Elliott Wave Forecast.

ES_F Elliott Wave 1 Hour Chart 06.08.2022​

Rally from the 4114.2 low is unfolding as impulsive bullish structure which is still calling for further upside. We got short term pull back in 3 waves that has reached extreme area 4267.7-4244.6 , blue box ( buying zone) . As our members know Blue boxes are based on 100% – 161.8% Fibonacci extension area , that we trade in 3, 7, or 11 swing corrective sequence.
We already got some shallow reaction from the blue box. So, pull back could be already done. However we need to see further separation from the lows to get confirmation. Members who are long from the blue box should make position risk free once bounce reaches 50 Fibs against the b red high. We will put SL at BE and at the same time take partial profits from the trades. In case the price extends lower before bounce happens, and breaks 1.618 fib ext : 4244.6 , that would invalidate the trade.

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

ES_F Elliott Wave 1 Hour Chart 06.08.2022​

ES_F made very good rally from our buying zone. The futures has eventually broken toward new highs, confirming further extension up. Currently ES_F is approaching 4425.17-4475.4 area, where buyers could be taking profits. From that zone we can see some short term pull backs. We don't recommend selling it in any proposed pull back against the main trend which is still bullish at the moment.

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/sp-500-e-mini-futures-es_f-lue-box/

 

[Elliottwave-Forecast]

JPMorgan Chase & Co. (JPM) is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of December 31, 2021, JPMorgan Chase is the largest bank in the United States, the world's largest bank by market capitalization, and the fifth-largest bank in the world in terms of total assets, with total assets totaling to US$3.831 trillion.

JPM Daily Chart January 2023​

Months ago, we thought the possibility that JPM could build a leading diagonal from 101.22 low. In that case, wave 1 had not been finished yet and with a further high it would complete wave 1. Also we believed that this should happen in the next month of February. If we would make one more high and then breaking the low of the wave ((iv)), most likely it would be doing the structure shown.

JPM Daily Chart June 2023​

In the chart above, we can see how JPM built 5 waves higher to end the leading diagonal at $144.34 and the wave 1. Then, it developed a flat correction 3-3-5, where wave ((c)) was a clear ending diagonal to finish wave 2 at $123.11. Short term, price action has rally and it made an impulse wave (i) ending at $143.48 and wave (ii) pullback ended at $131.81. After this, the market continued to the upside and actually has broken above $143.28. It should continue with this trend until completing another impulse as wave ((i)) before seeing 3, 7 or 11 swings correction as wave ((ii)). This view is valid while the price of $123.11 is intact.

JPM Daily Chart June 2023 Alternative​

In this alternative, we can see that is the same path, but different structure. We are forecasting a flat correction as wave 2. That means, the flat structure started from wave 1 high ended just a wave ((a)) at $123.11 and currently, JPM is making 3 waves higher as wave ((b)). In this case, we can calculate the possible ending of wave ((b)) which it could be in $149.70 - $152.13 area. If we have a reaction lower around that area, then the market should turn lower and develop an impulse structure to complete wave ((c)) of 2 and wave 2 before rally again.

Source: https://elliottwave-forecast.com/stock-market/jpmorgan-jpm-shares-not-ready-pullback/

 

[Elliottwave-Forecast]

Costco Wholesale Corporation., (COST) engages in the operation of membership warehouse in the United States, Puerto Rico, Canada, United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China & Taiwan together with its subsidiaries. It offers branded & private label products in the range of merchandise categories. It also operates e-commerce websites in the US, Canada, UK & many other countries. It is based in Issaquah, Washington, comes under Consumer Defensive sector & trades as “COST” ticker at Nasdaq.

COST made higher high since 1986 low as ((I)) ended at $612.27 high in monthly bullish sequence. Below there, it finished ((II)) at $406.51 low & favors higher in next bullish sequence, confirm when breaks above $612.27 high as ((III)).

COST - Elliott Wave Latest Monthly View: ​

It finished (I) at $393.15 high in November-2020. It corrected in (II) at $307 low in March-2021. It continued higher in (III) ended at $571.49 high in December-2021. It corrected in (IV) at $469.01 low as 0.382 Fibonacci retracement. Finally, it ended (V) at $612.27 high as ((I)) in April-2022 high as bullish sequence since 1986 low. It corrected lower in ((II)), which ended at $406.51 low.

COST - Elliott Wave Latest Daily View: ​

Above ((II)) low, it placed (1) at $564.75 high & (2) at $447.90 low as zigzag correction. It placed 1 of (3) at $530.05 high & 2 at $465.33 low. Above there, it favors higher in 3 of (3) of ((1)) of I & should remain supported above $476.75 low of ((ii)). It favors higher in ((III)) sequence since $406.51 low & confirms when it breaks above ((I)) high. Alternatively, it can bounce in zigzag connector as (x) within ((II)), which may fail below ((I)) high to resume lower in (y) to finish ((II)) against all time low before turning higher in ((III)). So, it should favor higher in short term sequence above $447.90 low.

Source: https://elliottwave-forecast.com/stock-market/costco-wholesale-cost-ready-next-rally/

 

[Elliottwave-Forecast]

Oats are one of the grain commodities, along with soft red wheat, hard red wheat, corn, soybeans and others. The oat (Avena sativa) is a species of cereal grain grown for its seed. While oats are suitable for human consumption as oatmeal and rolled oats, one of the most common uses is as livestock feed. Oats are a nutrient-rich food associated with lower blood cholesterol when consumed regularly. Since this cereal grain plays a role in the food supply chains for both humans and livestock, investors should be paying attention to the price development of the oats as a commodity. One can trade oats futures at Chicago Board of Trade under the ticker $ZO. Hereby, the contract size is 5’000 bushels (300’000 pounds) each and the prices are in Dollars US per 100 bushel.

In the initial article from September 2022, we have explained that $ZO are correcting against the all-time lows. Today, we see correction ended back in April 2023 at $300 and next bullish cycle might have started. In the current blog, we provide an update discussing next price targets.

Oats Quarterly Elliott Wave Analysis 06.18.2023​

The quarterly chart below shows the Oats front contract ZO #F. From the all-time lows, the prices have developed a cycle higher in black wave ((w)) of a grand super cycle degree. It has ended in April 2022 by printing the all-time highs at $811. The overall structure from 1974 to 2022 has unfolded as an Elliott wave zigzag pattern. Firstly, a leading diagonal in blue wave (a) has ended in January 2014 at 504’4. Then, from the highs, a correction in blue wave (b) has set a bottom at 166’4. From the lows, a new cycle in wave (c) shows an impulse. It has ended in April 2022 at 811 Dollars.

From April 2022 highs, a correction lower in wave ((x)) against the all-time lows shows another zigzag pattern. It is the preferred view that it has ended at April 2023 lows $300. While above there, next bullish cycle in black wave ((y)) might have started. It may now develop 3 swings higher targeting 1110-1611 area. In the medium term, wave (a) might reach 0.618-0.786 intermediary range corresponding to $800-$936 area. That alone will double the prices of oats boosting the ongoing inflation in food prices.

Oats Weekly Elliott Wave Analysis 06.18.2023​

The weekly chart below shows in more detail the advance from the 2019 lows, the consolidation against the all-time lows and the initial stages of blue wave (a) of black wave ((y)). From 2019 lows, one can clearly see an impulsive blue wave (c). Obviously, there is an extension within blue wave (3) of black wave ((3)) of red wave III. As a matter of fact, such an extension is a characteristic feature of an impulse. After printing the new all-time high at 811 Dollars, a consolidation lower in black wave ((x)) has unfolded as a Zigzag being a 5-3-5 structure.

Firstly, blue wave (a) has ended in May 2022 at 585’6 lows. Then, a bounce in wave (b) has set a connector at 708’2. From there, a new cycle in wave (c) has been confirmed by breaking the May 2022 lows. It has surpassed the previously mentionned 483’4-344’3 area. Now, it is the preferred view that the correction in wave ((x)) has ended in April 2023 at $300 lows. Indeed, the bounce off the lows has broken the descending RSI channel. Also, we see other commodities like Soybeans/Wheat turning higher.

While short term traders should wait for wave ((1)) to end first and then buy dips of wave ((2)) in 3, 7 swings against $300 lows, investors can enter the market at current prices targeting 800-936 area in medium-term and 1110-1611 area in the long run.



Source: https://elliottwave-forecast.com/commodities/oats-new-bullish-cycle/

 

[Elliottwave-Forecast]

Hello Traders, in this article we will go through how USDSGD reacted lower after reaching an equal legs area. 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. Consequently, we can use these areas to enter in the market with a defined entry, Stop Loss and exit strategy.

The pair has been trading within a larger degree cycle since 03.10.2023. In the near term cycle it has ended wave ((iii)) of 1 on 06.13.2023 and a 3 waves bounce was then expected. Once we had establish the first leg in (a) and then connector (b) we presented to our members the equal legs area of (c) of ((iv)). Let's have a look on how we saw it during our New York update on 06.15.2023.

USDSGD 1 Hour New York update 06.15.2023​

As we can see wave (c) of ((iv)) reached the equal legs area of 1.34474 - 1.34885 and started to react lower as expected. Reaction lower within (a) of ((v)) as a 3 swing structure.

Now let's see the latest Weekend update and what we expect to happen next.

USDSGD 1 Hour Weekend update 06.18.2023​

The pair has ended 5 waves to end (a) and now expecting bounce within y of (b) before the next leg lower. Should end (c) of ((v)) before ending a larger degree wave 1 of (3). You can learn how to trade equal legs, blue boxes and what is the target area for the last leg lower by becoming a member.

Source: https://elliottwave-forecast.com/forex/usdsgd-wave-iv-found-sellers-at-equal-legs-area/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Tesla Inc. ($TSLA) The rally from 6.06.2023 low unfolded as a 5 wave impulse with an incomplete bullish sequence from 5.31.2023 low. So, we advised members to buy the pullback in 3 swings at the blue box area ($251.83 – 245.83). We will explain the structure & forecast below:

$TSLA 1H Elliott Wave Chart 6.14.2023:​

Here is the 1H Elliott Wave count from 6.14.2023. The rally from 6.06.2023 at (ii) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 3 swings at $251.83 – 245.83 where we entered as buyers.

$TSLA 1H Elliott Wave Chart 6.15.2023:​

Here is the next day 1H update showing the move taking place as expected. The stock has reacted higher ending the cycle from 6.14.2023 peak allowing longs to get a risk free position. We expect more upside towards $270 - 350 area in the near term.

Source: https://elliottwave-forecast.com/stock-market/tesla-inc-tsla-reacts-higher-blue-box-area/

 

[Elliottwave-Forecast]

Carvana Co. is an online used car retailer and is known for its multi-store car vending machines. Today, the company is the fastest growing online used car dealer in the United States. Recently, Carvana gained publicity as it was named to the 2021 Fortune 500 list, in fact, one of the youngest companies to be added to the list. Founded 2012 and headquartered in Tempe, Arizona, US, it is a part of Russel 1000 small-cap index. Investors can trade it under the ticker $CVNA at NYSE.

Carvana Weekly Elliott Wave Analysis 06.19.2023​

The weekly chart below shows the Carvana shares $CVNA traded at NYSE. From the lows, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards $323.39 highs in March 2021. Hereby, red wave III shows an extension beyond 1.618 multiples of the red wave I. From the March 2021 highs, a correction lower in blue wave (II) has unfolded as an Elliott wave expanded flat pattern being 3-3-5 structure.

Firstly, 3 swings in red wave a of blue wave (II) have printed a low at $222.79 in May 2021. Then, a bounce has set a connector wave b at $376.83 new all-time highs in August 2021. Later on, the price has broken 222.79 lows. Red wave c shows hereby a series of nests and an acceleration lower in blue wave (3) of black wave ((3)) of red wave c. It is the the preferred view that the correction in blue wave (II) has ended in December 2022 at $3.55 lows. As a matter of fact, the descending price and RSI trendlines from the all-time highs have been broken to the upside. While above December 2022 lows, a new bullish cycle in blue wave (III) might have started. The target for the wave (III) is 327-527 area and even beyond.

​

Carvana 8H Elliott Wave Analysis 06.19.2022​

The 8 Hour chart below shows in more detail the initial stages of the blue wave (III). From the December 2022 lows at $3.55, blue wave (1) is currently in progress. It can unfold both as an impulse and as a leading diagonal structure. Firstly, 5 waves of red wave 1 have ended in February 2023 at $19.87. From there, a pullback in red wave 2 has ended in March 2023 at $6.45 lows. Then, next cycle in red wave 3 has been confirmed by breaking above $19.87 highs. The target for wave 3 is 22.82-32.96 area and even higher. Once ended, expect waves 4-5 to end the cycle in blue wave (1).

Investors and traders can buy $CVNA in a pullback in 3, 7 swings against $3.55 lows targeting 327-527 area in the long run.



Source: https://elliottwave-forecast.com/stock-market/carvana-next-bullish-cycle/

 

[Elliottwave-Forecast]

The World Indices rally since the low at 10.2022. Many are already trading into new highs above the 2022 peak. The idea can be seen as bullish, and our expected wave III of (3) might have started. As it is known across the trading world, we at EWF are very bullish on the Indices. Contrary to many other traders and service, we do not see a correction in the Grand Super Cycle to happen.

We are constantly looking for an opportunity to buy the Indices. We have noticed a stock, $NVDA, which already corrects the Grand Super Cycle and trades into new highs. It is way ahead of the rest, which is a concern for us. As always, we do not recommend selling Indices. But we will explain later in the video something to keep in our mind. $NVDA is getting closer to the area between $451-$532 area. We expect buyers to take profit in the area before the acceleration into the wave (III). The idea that $NVDA can soon pullback will affect World Indices into a pullback. For those Indices which are still below the 2022 peak, they can even double off the peak.

$NVDA Weekly Elliott Wave Chart​

The weekly chart above shows $NVDA Grand Super Cycle reaching the target area. This should produce a three waves pullback. The same scenario happened in 2008 when the $HSI-HKG (Hang Seng Index) reached the extreme area within the Grand Super Cycle. Those Indices that were lagging entered into a considerable selling. The following chart shows Hang Seng Index

Monthly Hang Seng Index Chart​

The chart above shows the Hang Seng Index back in 2008 when it reached the extreme area and the selling that followed. As always there are Indices and Symbols which are leading and ones which are lagging. Another interesting aspect is the $USDNOK. In 2008, the pair also within the extreme area and calling for a bounce, which is in complete alignment with the Hang Seng, and a $USDX rally or bounce.

Monthly Chart of $USDNOK​

The chart above shows USDNOK reaches extreme area and the rally which follows from the area. The combination of the Hang Seng extreme in 2007 and the $USDNOK created a FLAT structure on the $SPX, which saw massive selling across the Market.

$SPX Weekly Elliott Wave Chart​

The weekly chart of $SPX above shows the highlighted blue area when the $SPX sold hard in 2008. Please note that the Index made a marginal new high before turning lower. It happened because $SPX lagged in relationship with the Hang Seng. Now, the $USDMXN (Peso) is doing the same as the $USDNOK did in 2008. It is reaching the extreme area from the peak in 2020, which will again propose a bounce or rally to happen soon. Here is the latest Weekly chart:

$USDMXN Weekly Elliott Wave Chart​

The weekly chart above shows the area where the bounce should happen again. We believe in the idea that some Indices like $SPX lag symbol such as $NVDA. The $USDX, as represented by the $USDMXN above, soon should bounce. This in turn can create another irregular or double correction from the last significant peak across the Indices group. Can History repeat itself?

Source: https://elliottwave-forecast.com/video-blog/world-indices-can-history-repeat-itself/

 

[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 decline from 03 May 2023 high ended 5 waves in a leading diagonal sequence and made a bounce higher. Therefore, we knew that the structure of GBPCAD is incomplete to the downside & the bounce should get fail in 3, 7, or 11 swings looking for another extension lower to complete the sequence. So, we advised members to sell the bounces in 3, 7, or 11 swings at the equal legs areas. We will explain the structure & forecast below:

GBPCAD 4-Hour Elliott Wave Chart From 6.15.2023​

Here’s 4hr Elliott wave Chart from the 6/15/2023 update. In which, the decline to 1.6607 low ended a diagonal from the 3 May 2023 high in wave ((A)) & made a bounce in wave ((B)). The internals of that bounce unfolded as an Elliott wave zigzag correction where wave (A) ended at 1.6802 high. Then a pullback to 1.6701 ended wave (B) and started the (C) leg higher towards 1.6897- 1.7018 equal legs area from where sellers were expected to appear looking for more downside or for a 3 wave reaction lower at least.

GBPCAD Latest Elliott Wave Chart From 6.21.2023​

This is the Latest 4hr view from the 6/21/2023 update. In which the GBPCAD is showing a strong reaction lower taking place from the equal legs area allowing shorts to get into a risk-free position shortly after taking the position. However, the pair still needs to see a break below 1.6607 low to confirm the next extension lower towards 1.6440- 1.6314 area lower next.

Source: https://elliottwave-forecast.com/forex/gbpcad-reacting-perfectly-equal-legs/

 

[Elliottwave-Forecast]

Royal Caribbean Cruises Ltd (NYSE: RCL), a leading player in the global cruise industry, has weathered the challenges of the past year and is now poised for continued growth and success. As the world emerges from the pandemic and travel restrictions gradually ease, Royal Caribbean Cruises is well-positioned to capitalize on the pent-up demand for travel and the resurging interest in cruise vacations. In this article, we delve into the Elliott Wave analysis of RCL, uncovering bullish structure that could shape the company's future and captivate the attention of both long-term investors and short-term traders.

Since the 2020 market crash, Royal Caribbean Cruises Ltd (NYSE: RCL) has demonstrated a remarkable recovery, embarking on a strong bullish journey. The initial wave (I) saw an impressive 400% rally from the lows, showcasing the company's resilience. Following this ascent, wave (II) brought about a necessary correction, with a notable retracement of 67%. This correction found support in July of the previous year, remaining above the $19 low.

The subsequent phase has seen RCL forging ahead with an impulsive structure, experiencing significant gains of around 200%. As the stock continues its upward trajectory, it is poised to approach a critical milestone - a potential breakthrough above the 2021 peak. This breakthrough would mark the establishment of a higher high sequence within the weekly cycle, propelling RCL towards an exciting upside potential in the range of $111 to $129.

RCL Weekly Elliott Wave Chart​

The upward move is proposed to be wave I of (III), potentially setting the stage for further upside. A subsequent daily correction in wave II may present a promising investing opportunity in the future. However, if RCL manages to surpass its previous all-time high, specifically the 2018 peak, it could trigger an acceleration in price towards the 160 level. This scenario suggests that wave III may already be underway within a nest formation, eliminating the need for a larger correction.

RCL is poised for potential extension to the upside in both scenarios, as it currently resides in the robust wave ((III)) of the grand super cycle. This wave is typically characterized by strong momentum and extensions, observed across both weekly and daily cycles. To fully capitalize on this opportunity, it is crucial to identify the early stages of the cycle and establish a long-term position in anticipation of the upward move. By doing so, investors can position themselves advantageously to maximize their gains.

In conclusion, Royal Caribbean Cruises Ltd (NYSE: RCL) presents a compelling Elliott Wave structure that strongly supports a continued upward trajectory in the company's stock. With the weekly cycle indicating further upside potential, investors can remain optimistic about the prospects of RCL. While the market may experience occasional corrective pullbacks, these dips provide valuable buying opportunities for investors looking to capitalize on the long-term growth potential of Royal Caribbean Cruises. By staying attuned to the evolving market dynamics and leveraging the insights provided by Elliott Wave analysis, investors can navigate the fluctuations and position themselves strategically for success in their RCL investment journey.

Source: https://elliottwave-forecast.com/stock-market/royal-caribbean-cruises-rcl-growth/

 

[Elliottwave-Forecast]

The stock market has been around for centuries. Movement in stock market is influenced by the demand vs supply factor. The simple way to explain equity market is the aggregation of buyers and sellers of stocks. It represents a percentage of claims on businesses. These may include securities listed on a public stock exchange as well as stock that is only traded privately. Privately traded stocks include shares of private companies which are sold to an investor through trading platforms.

The Elliott Wave Theory was developed in the 1930s by Ralph Nelson Elliott. It was an analysis in greater depth of market behavior and how the patterns repeat itself. It is pretty simple when someone reads the Theory and understand the basic patterns. At the same time, it was an amazing discovery and has been applied as a strategy for millions of traders worldwide. The Theory's main pattern states that the trend always moves in five waves. This is often referred to as an impulse which consists of five waves. The market will then pull back in three waves to correct the cycle and then continue in the direction of the five waves. For reference, please click on the following link to understand all the patterns within the Theory. It is a straightforward concept with three main rules and can provide a lot of profit if applied correctly.

As we mentioned above, the Theory was developed in the 1930s, so our work has changed a lot. Even though the main factor of supply and demand still remains the same, market execution has changed. We need to imagine how hard it was 75 years ago to execute a trade and how few people across the planet could trade. Based on the first share owner census undertaken by the New York Stock Exchange (NYSE) in 1952, only 6.5 million Americans owned common stock. So this represents only 4.2% of the US population. Nowadays, according to Gallup, around 61% Americans own stocks. There is no question that technology has made it easier for traders to enter the Market. Personal computers and the Internet have opened a huge avenue to access the Market. More people trading means more daily volume and more money to be made overall.

Technology plays a huge role in our lives. From social media, internet, and business operations, everything has been affected by technology. It's naive to believe that technology has not played a role in market execution and how the Human Factor has been taking it away from the simple Market Nature. In the past, a person bought stock through a bank or a broker and depending on the volume, the stock move in one direction or another. We have long suspected that computers have changed the market. High-Frequency Trading computers have made buying and selling very fast. We at EWF developed a system that aligns the old Elliott Wave Theory with the high-frequency trading of today's Market. We analyzed the waves and the patterns and used the Theory as a language to get the sequences. The sequences allow traders to trade the right side. When the Market is correct, it is always moving in three, seven, and eleven in the simple sequences. We located the area and presented it to members as the Blue Box area.

Here are some examples of the Blue Boxes.

Tesla ($TSLA) corrects the Grand Super Cycle and trades lower since the peak in 2022 in a simple ABC or Three waves. We presented to members the Blue Box area, where our members will enter the Market. The blue box is where both buyers and sellers agree in a direction. The concept is simple, sellers push lower until the top of the Blue Box and using the Box to take profit. On the other hand, buyers wait to enter at the top of the blue box. Computers nowadays are the traders because it is impossible to trade every mini second.

Here is TESLA Weekly Chart showing the Buying area.

$TSLA Weekly Elliott Wave Chart​

Here is Tesla showing the reaction from the blue box area:



Another example is $SPY, which has been trending higher within the cycle since 10.13.2022 and the shorter cycle since 03.2023. The Index pullback in three waves within the impulse in wave iv. Our members know the blue box area which is the high-frequency trading area.

Here is SPY presented to members on 06.08.2023, expecting the Instrument to reach the High-Frequency Trading area.

$SPY 1 Hour Elliott Wave Chart​

Here is SPY reacting off the blue box High-Frequency Trading area. The Index reacted higher in wave ii and wave iv.



Another example is Gold, which corrected the cycle in the weekly chart and made a simple ABC pullback. The metal was targeting the blue box area, where buyers were waiting.

Here is the Weekly chart showing the expected blue box area.

Gold ($XAUUSD) Weekly Elliott Wave​

Here is the latest Weekly chart showing the tremendous reaction off the blue box area.



In conclusion, the Market has changed over years and computers have changed the way trading operates. The market has turned into very defined areas. Those areas are defined ahead of time, and the moment the connector within the correction happens, the areas present itself. At that moment, the corrective side keeps pushing into the box, and the right side waits at the box and enters the Market.

We want to make it clear that reaching the Blue Box does not mean a winning trade. It means that a reaction should happen because when market corrects, it moves in three, seven, and eleven swing. The Boxes sometimes create a reaction after three waves, then push for the seven. But as far as the main cycle pivot hold, always enter with the right side in three, seven, and eleven, which means having the High-Frequency Trading in your side.

Source: https://elliottwave-forecast.com/elliottwave/high-frequency-trading-has-the-market-really-changed/

 

[Elliottwave-Forecast]

Nio Inc. (NIO) is a Chinese multinational automobile manufacturer headquartered in Shanghai, specializing in designing and developing electric vehicles. The company develops battery-swapping stations for its vehicles, as an alternative to conventional charging stations. The company has raised over $5 billions from investors. In 2021, it plans to expand to 25 different countries and regions by 2025.

NIO Daily Chart February 2023​

January 2023 volatility broke the wave ((4)) high at 14.03, but the movement was immediately rejected by the market. This suggested that this breakout is still part of wave ((4)) ending at 14.36. We expected the stock to continue its bearish movement and break wave ((3)) low at 8.28. Once the market breaks this level it will give us a buy signal. We believed that the ideal area to buy was in 7.05 - 4.80 zone, which it was where the wave ((II)) should end and continuing the uptrend.

NIO Daily Chart June 2023​

NIO has been falling since early days of 2021 and looks like the correction as wave ((II)) ended at 7.00. The current chart shows that the breakout to 14.36 as wave ((4)) was false; therefore, wave ((4)) ended at 14.03 high. Down from wave ((4)), NIO built an ending diagonal. Wave (1) ended at 9.50 and bounce in a double correction finishing wave ((2)) at 13.22. Market continued lower ending wave ((3)) at 8.03 and a zig zag bounce ended as wave ((4)) at 10.75. The ending diagonal structure needed one more low to complete the minimum swings to be finished. The price action drops reaching the blue box (7.05 - 4.80) at 7.00 and rally, given the idea that a big cycle as wave ((II)) has ended and it should continue higher as price stays above 7.00.

Source: https://elliottwave-forecast.com/stock-market/nio-inc-nio-hit-blue-box-rally-expected/

 

[Elliottwave-Forecast]

Albemarle Corporation (ALB) develops, manufactures & markets engineered specialty chemicals worldwide. It operates through three segments, Lithium, Bromine & Catalysts. It also serves energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, pharmaceuticals & crop protection markets. It is headquartered in Charlotte, NC, comes under Basic Materials sector & trades under “ALB” ticker at NYSE.

ALB finished ((I)) as impulse yearly sequence at $334.55 high. It finished ((II)) as double correction at $171.82 low. Above there, it favors higher in ((1)) of I of (I) of ((III)) & confirms further upside, when breaks above ((I)) high.

ALB - Elliott Wave Latest Weekly View: ​

It placed (I) at $144.99 high in 2017 started from 1995 low. It corrected lower in (II), which ended at $48.89 low in March-2020 market sell-off. Above there, it favors ended (III) at $291.48 high as typical 1.618 Fibonacci extension of (I). It corrected lower in (IV) at $169.93 low as 0.5 Fibonacci retracement of (III). Finally, it ended (V) as diagonal structure at $334.55 high as ((I)) in November-2022. It corrected lower in ((II)) in 7 swing structure, which ended at $171.82 low in April-2023. ((II)) was slightly missed to equal leg areas & started turning higher.

ALB - Elliott Wave Daily Latest View: ​

Above ((II)) low, it favors higher in ((1)) of I & expect further upside as aggressive view before correcting in ((2)). It placed (1) at $220.10 high & (2) at $191.65 low. It placed 1 of (3) at 233.74 high & favors lower in 2 of (3), which should remain above (2) low to resume higher in 3 of (3) in 9 swing sequence as ((1)) expecting few more highs to finish it. Alternatively, it can be diagonal ((1)), which will end with one more high before correcting in ((2)). As long as price remains above ((II)) low, it expects further upside either as the part of ((III)) higher or can be 3 swing corrective bounce, which may fail below ((I)) high before turning lower in larger ((II)) correction in Yearly sequence.

Source: https://elliottwave-forecast.com/stock-market/alb-providing-investment-opportunity/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of ETHUSD published in members area of the website. As our members know, Ethereum has given us good buying opportunity recently . Our team recommended members to avoid selling , while keep favoring the long side and buying the dips against the 1370 pivot. We got correction that reached our buying zone. ETHUSD 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.

ETHUSD Elliott Wave 4 Hour Chart 06.12.2023​

ETHUSD is showing incomplete sequences from the peak. Structure of the pull back looks incomplete at the moment. We expect to see more weakness toward 1668.3-1450.5 area which will be our buying zone. We don’t recommend selling ETHUSD 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 ((x)) 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 : 1450.5

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.

ETHUSD Elliott Wave 4 Hour Chart 06.12.2023​

ETHUSD made decline and reached buying zone at 1668.3-1450.5 area ( blue box) . Pull back completed at the 1622.7 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/ethereum-ethusd-buying-blue-box/

 

[Elliottwave-Forecast]

Pan American Silver (PAAS) continues to extend lower and it looks like the stock is correcting in a flat structure as the second daily chart below shows. The stock is a good representation for the silver mining sector. Although it has been pretty tough lately for mining sector generally (both gold and silver miners), a turn higher might be due soon.

PAAS Monthly Elliott Wave Chart​

Monthly chart of PAAS above shows the stock made important major low in 2016 at 5.32. Since then, it has rallied higher in 5 waves and ended wave (I) at 40.11. Pullback in wave (II) ended at 13.40 with internal subdivision as a double three. Down from wave (I), wave w ended at 20.73, rally in wave x ended at 30.56, and wave y lower ended at 13.40 which completed wave (II). At this stage, it's possible that the stock is correcting this rally from 13.40 low as the daily chart below shows as an expanded flat, and while the pivot at 13.4 low holds, it can rally higher again.

PAAS Daily Elliott Wave Chart​

Daily Chart of Pan America Silver (PAAS) above suggests a truncated higher high (bullish sequence) from wave (II) at 13.4 low. The first leg of the rally ended wave ((1)) as 5 waves at 19.22. It then pullback and made a marginal high above 19.22 with a divergence. Afterwards, the stock turns lower in what looks to be a 5 waves down. Due to the structure of the rally from 13.4 low (i.e. a higher high with divergence), there's a possibility that the current pullback is an expanded flat and while it stays above 13.36, then it can rally again.

Source: https://elliottwave-forecast.com/stock-market/pan-american-silver-paas-correcting-flat-structure/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of SPDR Consumer Discretionary ETF ($XLY). The rally from 5.31.2023 low unfolded as a 5 wave impulse with an incomplete bullish sequence from 5.25.2023 low. So, we advised members to buy the pullback in 3 swings at the blue box area ($164.14 – 161.99). We will explain the structure & forecast below:

$XLY 1H Elliott Wave Chart 6.22.2023:​

Here is the 1H Elliott Wave count from 6.22.2023. The rally from 5.31.2023 at ((ii)) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 3 swings at $164.14 – 161.99 where we entered as buyers.

$XLY 1H Elliott Wave Chart 6.23.2023:​

Here is the next day 1H update showing the move taking place as expected. The ETF has reacted higher ending the cycle from 6.16.2023 peak allowing longs to get a risk free position. We expect more upside in a series of 4s and 5s in the near term.

Source: https://elliottwave-forecast.com/st...mer-discretionary-etf-xly-blue-box-area-wins/