Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

In the dynamic world of beauty and cosmetics, e.l.f. Beauty Inc (NYSE : ELF ) has been making waves with its innovative products and customer-centric approach. The company has been riding a strong wave of bullish sentiment, driven by its ability to capture the hearts of consumers and deliver impressive financial results. In this article, we will explore the promising outlook for e.l.f. Beauty Inc (ELF), delving into the Elliott Wave pattern unfolding within its weekly cycle.

ELF has surged 90% this year, building on an impressive 1400% rally from its all-time low. The stock's strong impulsive rally, starting on 2/26/2019, suggests it is trading within an extended third wave known as a Nest. This powerful wave tends to exceed target expectations, with price extending within its daily cycle.



Upon analyzing the weekly chart of ELF, it becomes evident that the stock is currently transitioning into a volatile phase within its upward trend. It is likely approaching the completion of wave ((5)) of III, which will be followed by a corrective pullback in wave IV. Subsequently, we can anticipate further upside in wave V of (III). During this phase, the stock typically forms a series of 4th and 5th waves, contributing to the development of a robust nest pattern.

ELF Weekly Elliott Wave Chart​

ELF daily cycle is more likely to remain supported above $83.8 and and the stock is expected to see further upside toward technical targets at $124 - $140. As the bullish sentiment continues to unfold, investors and traders are advised to remain vigilant for potential corrective pullbacks, which can serve as attractive buying opportunities within the mid-term range. With the overall positive market sentiment intact, it is important to stay proactive and capitalize on these price retracements to further benefit from the ongoing upward momentum.

However, it's worth noting that as the strongest wave of the bullish trend enters its final phase, we may expect increased price choppiness and potential volatility. This phase of the market cycle often presents unique challenges and requires careful analysis and risk management. Traders should be prepared for potential fluctuations and adjust their strategies accordingly to navigate the evolving market conditions successfully.

Source: https://elliottwave-forecast.com/stock-market/elf-beauty-strong-wave-bullish-sentiment/

 

[Elliottwave-Forecast]

SMI is a Swiss Market Index representing a capitalization-weighted measure of the 20 most significant stocks on the SIX Swiss Exchange in Zurich; the ticker is $SMI. In the initial blog article from November 2020, we were calling the “COVID-19” drop in February-March 2020 to become a significant low in world indices. We were right. Then, in the blog from August 2021, we were expecting more upside and then correction against March 2020 lows. As a matter of fact, it has happened as expected. Now, SMI has accomplished the nest from 2020 lows and next bullish cycle might have started. Here, we provide an update, discussing the wave structure and the next targets.

SMI Monthly Elliott Wave Analysis 06.27.2023​

The monthly chart below shows the SMI index $SMI listed at SIX Swiss. From the all-time lows, the index price has developed a cycle higher in wave (I) of a super cycle degree. It has ended by printing a high in July 1998 at 8491. From the highs, a correction lower in wave (II) has retraced during following 10 years a half of the of the motive cycle higher towards March 2009 lows at 4216. Technically speaking, the decline can be an Elliott Wave running flat pattern.

From the lows at 4216, another cycle higher in wave (III) has been confirmed by breaking 8491 highs. Later on in February 2020, it has printed a top at 11272. From the highs, a sharp decline in wave (IV) has unfolded as a straight down correction. It has found its bottom in March 2020 at 7648.5. While above there, SMI is trading already within wave (V). Indeed, break above 11272 highs has confirmed that. Hereby, the index has printed new all-time highs at 12997. It is the preferred view, that red waves I-II have built a nest within blue wave (V). Now, while above 10010 lows, red wave III of blue wave (V) can extend towards 13333-14238 area and even higher.

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SMI Daily Elliott Wave Analysis 06.27.2023​

The daily chart below shows in more detail the consolidation lower in red wave II and the initial stages of the bullish cycle in red wave III. From the all-time highs at 12997, wave II demonstrates a double three correction. Firstly, black wave ((W)) has ended in March 2022 at 10871 lows. Then, a bounce in black wave ((X)) has set a connector at 12570. From the April 2022 highs, a new cycle in wave ((Y)) has been confirmed by breaking the March 2022 lows. It has reached the 10441-9124 equal legs extension area. Now, it is the preferred view that the correction in wave II has ended in October 2022 at 10010 lows and red wave III has started. Indeed, the bounce off the lows has broken the descending price and RSI channels. Also, we see other indices like SPX, NASDAQ, EUROSTOXX turning higher.

From October 2022 lows, blue wave (1) has ended in December 2022 at 11283. From there, wave (2) has unfolded as an expanded flat structure. It has set a bottom in March 2023 at 10395. From there, wave (3) has been confirmed by breaking above January 2023 highs. Hereby, it has opened a bullish sequence. As a consequence, dips in 3, 7, 11 swings should see support against 10395 lows. Within blue wave (3), one can recognize a nest in formation. The pullback in wave 2 is currently retracing part of the rise in wave 1. While below 11490, SMI can reach 11065-10803 blue box area. There, acceleration higher in red wave 3 of blue wave (3) should take place. Therefore, investors and traders can be looking to buy 11065-10803 area targeting 11662-12448 area and even higher.



Source: https://elliottwave-forecast.com/stock-market/smi-swiss-market-index-acceleration/

 

[Elliottwave-Forecast]

A Double three structure is a sideways combination of two corrective patterns. There are several corrective patterns including zigzag, flat, and triangle. When two of these corrective patterns are combined together, we get a double three. A combination of two corrective structures labelled as WXY. Wave W and wave Y subdivision can be zigzag, flat, double three or triple three of smaller degree. Wave X can be any corrective structure WXY is a 7 swing structure. Now, we are going to check what happened in these days at GBPUSD.

GBPUSD - 1 Hour Chart Asia Update June 27, 2023



GBPUSD ended at cycle at 1.2848 high and we called wave 1. The pair entered in corrective mode building 3 swings lower from the high ended wave (a) at 1.2690. The market bounce in another 3 swings to finish wave (b) at 1.2840. Then the price action fell again building an impulse as wave (c) that ended at 1.2684. These labels (a), (b) and (c) with a 3-3-5 structure is known as flat correction, it is the first part of this double correction, which is known as wave ((w)). Next, we need to look for a corrective bounce as wave ((x)) and then develop 3 more swings lower to finish the double correction as wave ((y)) and wave 2.

GBPUSD - 1 Hour Chart New York Update June 28, 2023​

In the chart above, we can see how the wave ((x)) completed creating a double correction (w), (x), and (y) as an internal structure. This wave ((x)) or connector ends its movement at 1.2759 and kept dropping as expected to continue building the double correction of wave 2. Once the connector is ended, we can determinate the ideal area to look for ending the wave 2 in GBPUSD, that is blue box that comes in 1.2593 - 1.2490 area.

GBPUSD - 1 Hour Chart New York Update June 30, 2023​

The result of the blue box is obvious. The market made 3 swings more to the downside (a), (b), and (c), completing the wave ((y)) and wave 2 as double correction at 1.2589, inside the blue box area. The GBPUSD rally from the blue box and currently we are expecting to break wave 1 high. In case that the structure is still correcting, the price action should make 3 swings higher at least before continue to the downside.

Source: https://elliottwave-forecast.com/forex/gbpusd-reacted-blue-box-double-structure/

 

[Elliottwave-Forecast]

In our service, we provide members trade setup in Live Trading Room. However, our setup is based on certain conditions. To trade, we need these conditions:

1. There's a bullish sequence (for buying) and bearish sequence (for selling)
2. We can see clear correction in 3 swing or 7 swing. In addition, we can measure with higher degree of certainty the extreme area based on 100% - 161.8% Fibonacci extension.

In the charts below, we show how we gave a call to sell $EURGBP by first identifying the bearish sequence then the 3 waves corrective rally to sell.

EURGBP Daily Chart​

EURGBP Daily Chart above shows a lower low (bearish) sequence from 9.26.2022 high favoring further downside. We can label the lower low sequence either as a 5 waves impulse or 3 waves zigzag. In 5 waves impulse, pair is currently within wave ((3)). It can go to as low as 161.8% Fibonacci extension of wave ((1)). In a 3 waves zigzag, pair is currently in wave ((C)). Typically in a zigzag it can go to at least 100% of wave ((A)). Either way, further downside is likely and rally therefore should continue to fail in 3, 7, or 11 swing for further downside.

EURGBP 4 Hour Elliott Wave Chart 28 June​

As the Daily chart suggests, EURGBP sequence is bearish and thus rally should fail in 3 or 7 swing. In the 4 hour chart from 28 June last month, EURGBP saw a rally in 3 waves. We informed our members that the rally should fail in 3 swing at the blue box area of 0.8654 - 0.872. We told members that pair should extend lower after reaching the blue box area or at least pullback in 3 waves. Our advice to members is to sell in Live Trading Room as the sequence is bearish and pair shows a clear 3 waves rally. We turn out to be right as the latest weekend chart below shows

EURGBP 4 Hour Elliott Wave Chart from 1 July​

Latest 4 hour weekend update above shows pair turning lower as expected from the blue box area. Our members who sold at the blue box as we advised in Live Trading Room has already taken partial profit on the move down. Stop loss for the remaining position has also been moved to the entry level, thus the position is completely risk free. Now we just wait to see if pair can extend to new low or do a double correction higher. If pair does a double correction higher, it should find another sellers at the next 100% - 161.8% extension in 7 swing.

Source: https://elliottwave-forecast.com/video-blog/eurgbp-sell-setup-works/

 

[Elliottwave-Forecast]

Hello Traders! Today, we will look at the Daily Elliott Wave structure of AbbVie Inc. ($ABBV) and explain why the stock should soon reach a Blue Box area and react higher.

AbbVie Inc. is a pharmaceutical company headquartered in North Chicago, Illinois. It is ranked 6th on the list of largest biomedical companies by revenue. The company's primary product is Humira (adalimumab) ($21 billion in 2022 revenues, 37% of total), administered via injection. It is approved to treat autoimmune diseases including rheumatoid arthritis, Crohn's disease, plaque psoriasis, and ulcerative colitis.

$ABBV Daily Elliott Wave View July 3rd 2023:​

The Daily chart above shows the cycle from April 2022 peak unfold in a double three (WXY) corrective structure. The stock should be at the tail end of the correction towards the Blue Box area at $126.39 - 100.60 where buyers are expected to appear and start the next cycle higher. Although, we like it lower right now towards the blue box, traders should not be short selling the last swing lower as truncations can happen at this stage of the market.

We have a bullish sequence against March 2020 lows. As long as price remains above the invalidation level at $100.60, $ABBV is expected to rally soon. Remember, corrections run in 3, 7 or 11 swings, so risk management should be exercised. The market could bounce and end up doing 11 swings lower before higher so we like to book partial profits and get risk free once the bounce takes place from the blue box.

Source: https://elliottwave-forecast.com/video-blog/abbvie-inc-abbv-poised-rally-soon-blue-box-area/

 

[Elliottwave-Forecast]

In the ever-evolving landscape of dental technology, Align Technology, Inc. (NASDAQ: ALGN) stands out as a pioneering force. With its groundbreaking solutions and customer-focused approach, ALGN has garnered significant attention and market momentum. This article delves into the bullish prospects for Align Technology, examining the unfolding Elliott Wave pattern within its daily cycle.

Since reaching its all-time high of $737 in September 2021, Align Technology experienced a two-year decline, losing 76% of its value. However, in November of last year, the stock established a significant low at $172. Since that low, the stock embarked on an initial impulsive move to the upside, marking the beginning of wave I. This shift in behavior was further evident as the subsequent pullback took the form of a corrective three-wave pattern (Zigzag Structure) in wave II.

The stock has since resumed its upward rally, approaching the February 2023 peak. A break above this level would establish a bullish sequence within the daily cycle from the 2022 low. Establishing a higher high sequence is crucial for ALGN, targeting the $471-$593 area. A rejection there may lead to a sideways correction, but a break above $600 signals further upside potential, challenging the previous all-time high.

In summary, ALGN is embarking on a new bullish cycle, with the initial major structure expected to form over the coming months. Investors await a breakout above the 2023 high as a confirmation, while traders seek buying opportunities during corrective pullbacks.

ALGN Daily Elliott Wave Chart​

Source: https://elliottwave-forecast.com/stock-market/algn-promising-signs/

 

[Elliottwave-Forecast]

Mastercard Incorporated (MA), provides transaction processing & other payment-related products & services in the United states & internationally. It facilitates the processing of payment transactions, including authorization, clearing & settlement, as well as delivers other payment related products & services. It is headquartered in New York, comes under Financial Services sector & trades as “MA” ticker at NYSE.

MA made an all time high of $401.50 as impulse sequence (I) higher from 2007 low. It placed (II) as double correction at $276.87 low & favors higher in (III), which confirms above (I).

MA - Elliott Wave Latest Weekly View: ​

In (I) impulse sequence, it placed wave I at $347.25 high in February-2020. It corrected lower in II at $199.99 low in March-2020 during global sell-off. Above there, it resumed higher in III, which ended at $367.25 high as the part of diagonal in (I). It corrected lower in IV at $281.20 low. Finally, it ended V at $401.50 high as (I) in April-2021 high. Below there, it placed w of (II) at $306 low, x at $399.92 high & y at $276.87 low as (II) in October-2022.

Above (II) low, it favors higher in (III), which confirms above (I) high. As the most aggressive view, it placed ((1)) of I at $390 high & ((2)) at $340.21 low as around 0.382 Fibonacci retracement. It placed (1) of ((3)) at $392.20 high & (2) at 357.85 low. It favors higher in 1 of (3) of ((3)) of I & favors further upside, while dips remain above (2) low. Alternatively, as less aggressive view it can see two more highs to finish (1) started from ((2)) low, before correcting in (2) followed by upside in (3) of ((3)). It is showing higher high since (II) low & once breaks above (I) high, it confirms the next bullish sequence, which should remain supported in 3, 7 or 11 swings pullback at extreme areas.

Source: https://elliottwave-forecast.com/stock-market/mastercard-incorporated-ma-favors-higher/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Nikkei. We presented to members at the elliottwave-forecast. In which, the rally from 03 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 $NKD_F & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

Nikkei 1-Hour Elliott Wave Chart From 6.24.2023​

Here’s the 1hr Elliott wave chart from the 6/24/2023 Weekend update. In which, the cycle from the 5/03/2023 low ended in wave ((iii)) as an impulse structure at 34030 high. Down from there, the index made a pullback in wave ((iv)) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave (a) at 33085 low. Wave (b) ended at 33800 high and wave (c) managed to reach the blue box area at 32853- 32268 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

Nikkei Latest 1-Hour Elliott Wave Chart From 7.04.2023​

This is the latest 1hr Elliott wave Chart from the 7/04/2023 London update. In which the Nikkei is showing a strong reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above 34030 high is still needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/nikkei-perfect-reaction-higher-blue-box/

 

[Elliottwave-Forecast]

In the last years, the renminbi made a pause in his attempt to get stronger against USD dollar. In February 2014, renminbi found support at 6.0153 and from there it made a perfect zig – zag correction structure to equal legs at 7.1964 in June 2020. After that, the USDCNH continue with the downtrend.

Renminbi July 2022 Weekly Chart​

This zig zag structure took place as wave ((IV)), telling us that the renminbi should appreciate against the USD in long term. In June 2020, the pair dropped again possibly making a leading diagonal, that was the pattern we drew in the chart. If that structure played out we should see a bounce before continue with downtrend. Only a break lower of 6.3052 level will confirm that wave (II) is completed and the bearish trend will continue. After a year, the structure did not play out and the market broke above June 2020 high beginning a double correction structure.

Renminbi July 2023 Weekly Chart​

The wave "a" began at 6.0153 (2014 low) and moved high in 3 waves structure almost hit 7.00 dollars ending at 6.9854. After this zig zag correction, we have a huge drop to 6.2359 developing a double correction structure to end wave "b". The volatility did not leave things like that an enormous rally took place in the beginning of wave "c". This movement developed again 3 waves higher completing wave "c" at 7.1974 and also wave (w) reaching the equal leg extension.

After that, we could see that an expended flat correction took place as wave (x) completing as an ending diagonal bouncing hard from 6.3058. This move higher looks like an impulse and we labeled as wave "a" ended at 7.3748 above wave (w) confirming the bullish sequence. Then USDCHN made a wave "b" ended at 6.6883 and bounced in the last leg higher. Currently, we are looking to develop an impulse higher to 7.4866 - 7.7646 area to fisnish wave "c", the double correction wave (y), and the wave ((IV)) before renminbi continues with the downtrend.

Source: https://elliottwave-forecast.com/forex/renminbi-usdchn-entered-double-correction/

 

[Elliottwave-Forecast]

Deutsche Telekom AG is a German telecommunications company and by revenue the largest telecommunications provider in Europe. Formed in 1995 and headquartered in Bonn, Germany, the company operates several subsidiaries worldwide. Deutsche Telekom is a part of both DAX40 and of SX5E indices. Even though the stock is highly appreciated by investors, the stock price has seen better times. As a matter of fact, it has not recovered after a strong decline from the all-time highs in 2000 at 104.90.

A closer look on the price action of the stock provides insights on the further development. Indeed, from 2012 lows one can observe a long base forming. In the initial article from November 2020, we have forecasted a breakout above the May 2017 highs at 18.15 to happen. Indeed, from 14.84 in November 2020, the stock has reached 18.92 in August 2021. Hereby, it has opened a bullish sequence. Then, in the second article from March 2022, we were expecting to see buyers entering at 14.26-12.07 area. The pullback truncated in the 3rd swing and next bullish cycle took place. Here, we discuss the overall bullish structure in the stock of Deutsche Telekom, providing next buying ideas and target areas.

Deutsche Telekom Monthly Elliott Wave Analysis 07.09.2023​

The monthly chart below shows the Deutsche Telekom stock $DTE traded at XETRA. From the all-time lows, the stock price has developed a cycle higher in black wave ((I)) of grand super cycle degree towards the all-time highs on March 2000 at 104.90. From the highs, a correction lower in black wave ((II)) has unfolded as an Elliott wave zigzag pattern. It has printed an important bottom on June 2012 at 7.69.

From June 2012 lows, a new cycle in wave ((III)) has already started and should extend towards 104.90 highs and even higher. Within wave ((III)), first nest comprising blue waves (I)-(II) has ended in March 2020 at 10.40 lows. From there, second nest in red waves I-II is currently in progress. Once finished, expect acceleration higher in red wave III of blue wave (III).

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Deutsche Telekom Weekly Elliott Wave Analysis 07.09.2023​

The weekly chart below shows in more detail the second nest comprising red waves I-II in formation. From March 2020 lows 10.40, $DTE price action has a structure of 3-3-3-3-3 Elliott wave leading diagonal. Firstly, 3 waves in black wave ((1)) have set a top at 18.92 in August 2021. Secondly, pullback in 3 swings has found a bottom at 14.46 lows in March 2022. Thirdly, another 3 swings in black wave ((3)) have provided with a new high at 23.12 in April 2023. Then, correction in black wave ((4)) has ended at 18.72 lows in June 2023. Hereby, waves ((1)) and ((4)) are overlapping which is a typical feature of diagonal structures. Now, while $DTE stays above 18.72 lows, wave ((5)) is in progress and can reach 24.14-25.82 area. After 5 waves from March 2020, expect red wave I to end and consolidation in red wave II to take place. Investors and traders can join the rally in $DTE while buying red wave II in 3, 7, 11 swings against 10.40 lows.

In the long run, investors can anticipate Deutsche Telekom to break to new all-time highs above 104.90.



Source: https://elliottwave-forecast.com/stock-market/deutsche-telekom-remains-supported/

 

[Elliottwave-Forecast]

Platinum (PL) is still correcting cycle from 9.1.2022 low and the correction is likely in the form of expanded flat. In this article, we will update the longer term Elliott Wave outlook for Platinum. We also present an alternate view if the pivot at September 2022 low (803) fails, which suggests a bigger correction against March 2020 low remains in play. In the bigger picture, the metal is in a bullish grand super cycle move higher against March 2020 low.

Platinum (PL) Monthly Elliott Wave Chart​

Monthly Elliott Wave Chart of Platinum above shows that it has ended important grand super cycle wave ((II)) low on March 2020. From there, it has started to turn higher in wave ((III)) with internal subdivision in 5 waves. Up from wave ((II)), wave (I) ended at 1348.2. Wave (II) pullback is proposed complete at 796.8 on September 2022. Alternatively, the metal can also do a double correction in wave (II. The dotted line on the above chart shows the alternate path. Either way, as far as it stays above wave ((II)) low at 562, it should resume higher again.

Platinum (PL) Daily Elliott Wave Chart​

Daily Elliott Wave Chart on Platinum above shows that wave ((2)) pullback is currently in progress to correct cycle from 9.1.2022 low as expanded Flat structure. Up from wave (II), wave ((1)) completed at 1117. Pullback remains ongoing now with wave (A) ended at 903.9 and wave (B) ended at 1148.9. Wave (C) of ((2)) lower is expected to complete above 803.5 and the metal should then resume higher again. As an alternate, wave (II) can be doing a double as the first chart (monthly chart) above shows. In the alternate scenario, Platinum will do a larger correction in wave (II) but the pullback should remain above March 2020 low at 562 before it turns higher.

Source: https://elliottwave-forecast.com/commodities/platinums-correction-in-the-form-of-expanded-flat/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts of Nvidia (NVDA) , presented in members area of the of our website. Recently has given us 3 waves pull back as we were expecting. In the further text we are going to explain the Elliott Wave pattern and Forecast.

NVDA 1 Hour Elliott Wave Analysis 07.06.2023​

NVDA ended cycle from the 396.59 low as 5 waves pattern. Current view suggests we are getting 3 waves pull back in 2 red correction. At the moment the price is ending first leg ((w)) of 2. We expect to see 3 waves bounce in ((x)) connector before final leg down ((y)) of 2 takes place. At this stage we still cannot use equal legs ((w))-((x)) as target because ((x)) connector is not formed yet. So, we will us 50-61.8 fib retracement zone for a potential target of 2 red pull back. That area comes at 414.12-409.9.

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

NVDA 1 Hour Elliott Wave Analysis 07.09.2023​

Eventually the stock made 3 waves in wave 2 red correction. The stock reached our target zone, 50-61.8 fibs against the 396.5 low and completed there. Now as far as the price stays above 413.4 low, we can count wave 2 red completed and expect further extension up ideally. We would like to see break above June 20th high to confirm further strength in the stock. Once we get proposed break up, we can look to buy the stock again in 3,7,11 swings.

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/nvidia-nvda-made-rally-3waves/

 

[Elliottwave-Forecast]

Eli Lilly & Company (LLY) discovers, develops & markets human pharmaceuticals worldwide. It is having around 429 B market cap as on July, 9th. It is based in Indianapolis, Indiana, US, comes under Healthcare sector & trades as “LLY” ticket at NYSE.

LLY showing higher high bullish sequence in Weekly & favors higher in (III) of ((III)) started from March-2009 low of $27.21. It favors higher in nest & expect further upside in ((3)) of III of (III).

LLY - Elliott Wave Latest Weekly View: ​

In Weekly sequence, it finished (I) at $92.85 high & (II) at $64.18 low. Above there, it favors higher in (III) of ((III)), in which it placed I at $132.13 high & II at $101.36 low. Wave II correction was 0.5 Fibonacci retracement of I. It favors higher in third wave extension & expect more upside in III before correcting in IV. It placed ((1)) at $375.25 high & ((2)) at $309.20 low as shallow correction. Within ((1)), it finished (1) at $170.75 as diagonal structure & (2) at $129.21 low as 0.618 Fibonacci retracement. It placed (3) at $335.33 high, (4) at $296.32 low & (5) at $375.25 high.

Above ((2)) low, it favors higher in (1) of ((3)) & expect small upside before correcting lower. It expects pullback in (2) in 3, 7 or 11 swings & remain supported at extreme areas to resume higher in (3) of ((3)). ((3)) can extend towards 584 or higher levels before it may starts correcting in ((4)) as aggressive view. Alternatively, it may ended III at $375.25 high & IV at $309.20 low. Above there, it favors higher in V of (III) as less aggressive view, which will end soon before correcting in (IV). In either the way, it expects to remain supported in next pullback to see further upside.

Source: https://elliottwave-forecast.com/stock-market/eli-lilly-favors-extension-higher-bullish/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Netflix ticker symbol: NFLX. In which, the rally from the 27 June 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 7.06.2023​

Here’s the 1hr Elliott wave chart from the 7/06/2023 Pre-Market update. In which, the rally from the 6/27/2023 low unfolded in an impulse sequence where wave 1 ended at $450.97 high. Down from there, the stock made a pullback in wave 2 to correct the cycle from the 6/27/2023 low. While the internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $439.62 low. Wave ((b)) ended at $446.71 high and wave ((c)) managed to reach the blue box area at $435.27- $428.20 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 7.11.2023​

This is the latest 1hr Elliott wave Chart from the 7/11/2023 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 the $450.97 high is still needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/netflix-reacting-higher-perfectly/

 

[Elliottwave-Forecast]

Royal Caribean has been one of the stronger symbols in the sector. The Symbol ended the Grand Super Cycle back on 01.29.2018 and did a powerful three waves back. The pullback ended on 03.13.2020, and the stock then reacted in five waves off those lows. This suggests at that moment that more upside should happen and the upside should prevail.

RCL Weekly Elliott Wave Chart​

The chart above shows the expected pullback happens, and now a rally is underway. Target of the rally is $111.89-$130.90, which most likely will produce a three waves pullback. The Elliott Wave Theory states that the market corrects in three, seven, and eleven swing. As of now, as far as the stock stays below the peak on 01.19.2028, a seven swing lower still can't be ruled out. Using correlation with the other stock and market however, a double correction in 7 swing is less likely because symbols like $CCL ( Carnival Cruise Line) does not have the room for a massive sell-off. The sell off in RCL will likely come from the 111.89-130.90 area. Below we compare CCL and RCL technical chart

CCL and RCL Corrrelation Chart​

Above chart is an overlay of Royal Caribbean and Carnival Cruise Line, which shows how deep CCL pullback is compared to RCL within the Grand Super Cycle. CCL is near the zero line already and thus a huge stock selloff will take it out of business. The reality is that even when RCL can do a double correction in 7 swing lower, a major low is already in place, and the Grand Super Cycle Trend has renewed to the upside. There is no question a pullback should happen from the area, as mentioned earlier. Still, a pullback should give another opportunity to buy, allowing RCL to rally to new all-time highs.

Source: https://elliottwave-forecast.com/vi...an-group-the-symbol-reaching-definition-area/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Amazon.com Inc. ($AMZN) The rally from 6.26.2023 low unfolded as a 5 wave impulse with an incomplete bullish sequence from 6.29.2023 low. So, we advised members to buy the pullback in 3 swings at the blue box area ($128.79 – 127.18). We will explain the structure & forecast below:

$AMZN 1H Elliott Wave Chart 7.06.2023:​

Here is the 1H Elliott Wave count from 7.06.2023. The rally from 6.29.2023 at blue (ii) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 3 swings at $128.79 – 127.18 where we entered as buyers.

$AMZN 1H Elliott Wave Chart 7.09.2023:​

Here is the 1H weekend update from 7.09.2023 showing the move taking place as expected. The stock has reacted higher from the blue box allowing longs to get a risk free position. The pullback can become 7 swings where we will like to buy it again should that happen. Near term, we like it higher towards a new high for the year towards $150.

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

 

[Elliottwave-Forecast]

Novavax, Inc. is an US American biotechnology company. Founded in 1987 and headquartered in Gaithersburg, Maryland, USA, it is a part of Russel1000 index. Investors can trade it under the ticker $NVAX at NASDAQ as well as $NVV1 at XETRA. Before 2020, the company has developed vaccines to counter such diseases like Ebola, influenza, respiratory syncytial virus (RSV) and others. During 2020, Novavax has redirected the efforts on development and approval of Nuvaxovid vaccine for COVID-19.

Even though the Novavax’ engagement in the vaccine development is of high public attention, the stock price was in a steady decline from the highs of February 2021. In article from April 2022, we saw the stock price entering the weekly buying area. In this article, we explain that the next bullish cycle might have already started. We talk about $NVAX wave structure and about short- to long-term price target areas.

Novavax Monthly Elliott Wave Analysis 07.10.2023​

The monthly chart below shows the Novavax stock $NVAX traded at Nasdaq. From the all-time lows, the stock price is showing a nesting price action. First, one can see an Elliott wave motive wave pattern within blue wave (I) of super cycle degree. It has ended on October 2001 at 311 highs. From there, a pullback in wave (II) has provided a slow consolidation ended in November 2019 at 3.54 lows. During 18 years, the stock price has lost 99% of the value.

From the lows of November 2019, a new cycle in blue wave (III) has started. The target for blue wave (III) will be 315-506 area and even beyond.

Novavax Weekly Elliott Wave Analysis 07.10.2023​

The weekly chart below shows first stages of the blue wave (III). Hereby, we can see a nest comprising of red waves I and II. The initial impulsive advance have been discussed in the article from April 2020. Importantly, the $NVAX price has broken towards the new all-time highs. As a matter of fact, it has confirmed next extension higher. Hereby, red wave I has printed its top at 331.68 on February 2021. From there, pullback in red wave II has unfolded as double three structure.

Firsty, 3 swings in black wave ((W)) of red wave II have printed a low at $117.12 in May 2021. Then, a bounce has set a connector wave ((X)) at $277.80 highs in September 2021. Later on, the price has broken 117.12 lows opening up a bearish sequence. As a consequence, target area for black wave ((Y)) is towards 63.51-3.54 area. As a matter of fact, 3 waves of black wave ((Y)) have reached already the 63.51-3.54 support area. It is the the preferred view that the correction has ended in March 2023 at $5.61 lows. While above there, a new bullish cycle in red wave III might have started. Investors and traders should stay long from weekly support area. The target for wave III will be 335-538 area and even higher.

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Novavax 8 Hours Elliott Wave Analysis 07.10.2023​

The 8 Hour chart below shows in more detail the initial stages of the red wave III. From the March 2023 lows at $5.61, red wave 1 of blue wave (1) of black wave ((1)) of red wave III is unfolding as an impulse. Within it, first nest comprising black waves ((i))-((ii)) has ended in June 2023. From 6.56 lows, black wave ((iii)) is in progress. It can extend towards 10.63-13.16 area and even beyond. Once finished, pullback in black wave ((iv)) should find support in 3, 7 swing for final push higher in black wave ((v)) to accomplish red wave 1. Then, expect consolidation in red wave 2 before acceleration higher in red wave 3 can happen.

Investors should stay long $NVAX from 63.51-3.54 area weekly support area. Traders can be waiting for red wave 1 to end first and then buy dips in red wave 2 in 3, 7 swings against 5.61 lows.

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Source: https://elliottwave-forecast.com/video-blog/novavax-bullish-cycle-weekly-area/

 

[Elliottwave-Forecast]

3M Company (NYSE: MMM) is a globally recognized leader in innovation, manufacturing, and technology solutions. With a rich history spanning over a century, 3M has established itself as a trusted name in various industries. In this article, we will explore the Elliott Wave technical chart to provide an overview for long-term Prospects and potential opportunities that lie ahead for 3M.

3M is down more than 60% since it's all time high at $259 and it's correcting the grand super cycle. The downtrend that started from January 2018 peak is unfolding as an Elliott Wave Double Three corrective structure which consist of 7 swings. The initial 3 swing of (w) ended in 2020 followed by a connector in wave (x) which market the peak of 2021 similar to the rest of the stock market. Down from there, another 3 swings is taking place aiming for the equal legs area at $62 - $28.

The mentioned area will present the extreme blue box within the weekly cycle, which is a High-frequency area where market is likely to end cycles and make a turn. The stock is expected to bounce higher from there at least in a larger 3 waves to correct the previous decline. Furthermore, if the upward reaction transforms into a strong and impulsive five-wave advance, it has the potential to initiate a new bullish cycle to the upside.

In summary, 3M Company is currently in the final phase of a corrective structure, indicating a potential major bottom on the horizon. As the stock enters the next decline, investors may find a compelling long-term investment opportunity for the years ahead.

3M Weekly Chart​

Source: https://elliottwave-forecast.com/video-blog/navigating-3m-mmm/

 

[Elliottwave-Forecast]

In today’s blog, we will take a look at the USDCHF Swing Sequence down from December 2016 peak and from October 2022 peak. Even when the pair has not yet broken below January 2021 low, it already has a double incomplete sequence down from October 2022 peak and also from March 2023 peak. We will look at these sequences and the extreme areas they relate to, how we like to trade the pair going forward and what it means for US Dollar Index and rest of USDX pairs.

USDCHF Weekly Chart Showing Sequence Down from December 2016 Peak​

USDCHF 4 Hour Elliott Wave Chart 07.12.2023​

Source: https://elliottwave-forecast.com/video-blog/usdchf-incomplete-sequence-favors-downside-usdx/

 

[Elliottwave-Forecast]

Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of DAX published in members area of the website. DAX is showing impulsive bullish sequences in the cycle from the September 2022 low. Recently we got a 3 waves pull back that has ended right at the Blue Box zone (our buying area) . In the further text we are going to explain the Elliott Wave Forecast and trading setup.

DAX Elliott Wave 4 Hour Chart 07.06.2022​

DAX remains bullish against the 14458.39 pivot. The Index is currently giving us pull back in 3 waves that are reaching extreme area at 15494.5-15054.1 blue box ( buying zone) . We don’t recommend selling it and prefer the long side. DAX index should ideally make a rally toward new highs or 3 waves bounce alternatively .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. Once bounce reaches 50 Fibs against the B red 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 : 15054.1

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.

DAX Elliott Wave 4 Hour Chart 07.13.2022​

DAX made very good reaction from our buying zone. The index has reached and exceeded 50 fibs against the B red high. So members who took the long trade are enjoying profits now in a risk free positions. We would like to see break of (3) blue high, to confirm next leg up is in progress.

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/dax-buying-dips-blue-box-area/