Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

The Global X Lithium & Battery Tech ETF (LIT) invests in the full lithium cycle, from mining and refining the metal, through battery production. The Global X Lithium & Battery Tech ETF (LIT) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium Index.

LIT WEEKLY CHART OCTOBER 2022 ​

Lithium ETF (LIT) ended a bullish cycle in November 2021, and we call it wave (I). Wave I ended at 41.19 and we had a 3 waves correction to end wave II at 17.82. Then in March 2020, we saw a strong bounce toward 74.95 to complete wave III and a pullback as wave IV ending at 55.00. The latest rally made new 5 waves to finish at 97.26 and complete wave V and wave (I).

​

From this point the downward movement started, and it seems that it should complete a double correction before continuing with a rally. We can clearly see 3 swings down to complete wave w at 61.50. Then the x-connector ended at 82.15 and continue lower. Finishing the wave x, we called LIT could build a double correction structure as we can see in the chart.

LIT WEEKLY CHART MARCH 2023 ​

​

After 5 months, we can see LIT made 3 swings lower as expected ending wave ((W)) at 57.56. This drop confirmed a bearish sequences breaking 61.50 low of w in red. The bounce completed wave ((X)) at 72.77 and continued with the downtrend. From here, we need 3 swings more lower to end wave ((Y)) of the short term double correction.

LIT WEEKLY CHART AUGUST 2023 ​

​

LIT has already finished 2 swings lower from wave ((X)) and needs to break below 57.56 to confirm the structure. To finish the short term double correction structure ((W)), ((X)) and ((Y)), the ETF needs one more swing lower to reach 46.61 - 24.62 area. Also this should end red wxy correction and wave (II) where it should rally to start a new uptrend.

Source: https://elliottwave-forecast.com/commodities/lithium-etf-lit-needs-downside-then-rally/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of XLY. We presented to members at the elliottwave-forecast. In which, the rally from 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 ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

XLY 4-Hour Elliott Wave Chart From 8.02.2023​

Here’s the 4hr Elliott wave chart from the 8/02/2023 update. In which, the cycle from the 3/13/2023 low ended in wave (3) as an impulse structure at $177.80 high. Down from there, the ETF made a pullback in wave (4) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave A ended at $170.01 low. Wave b bounce ended at $175.25 high and wave C managed to reach the blue box area at $167.44- $162.61. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

XLY Latest 4-Hour Elliott Wave Chart From 8.06.2023​

This is the latest 4hr Elliott wave Chart from the 8/06/2023 Weekend update. In which the ETF 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 $177.80 high is still needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/xly-reacted-strongly-extreme-area/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Dollar Index. As our members know, DXY has recently given us correction against the 104.72 peak. Recovery formed Elliott Wave Wave Zig Zag Pattern. In the further text we are going to explain the Elliott Wave Pattern and the Forecast.

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

Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and ideal retracements.

DXY H4 Elliott Wave Analysis 07.27.2023​

DXY is showing higher high sequences from the 07/13 low. We got 5 waves up in the first leg (a). Then the price has given us corrective pattern in (b) blue, after which we got rally toward new highs again. At the moment Dollar index is showing higher high sequences. Recovery looks incomplete, calling for further strength toward 102.61-103.1 area. More upside should ideally follow in DXY as far as the price stays above (b) blue low : 100.55. As the first leg of correction has 5 waves structure, we assume recovery is having form of Elliott Wave Zig Zag. Consequently we expect to see 5 waves up in the (c) leg as well.

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

DXY H4 Elliott Wave Analysis 07.27.2023​

100.55 pivot held well during the short term correction and Dollar found further support as we expected. We got rally in Dollar index and target area is already reached at 102.61-103.1. As far as the price stays below 102.84 high, we can count correction completed. However , we would like to see further separation lower from that high to confirm next leg down is in progress.

Keep in mind 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/el...lliott-wave-zig-zag-pattern-forecasting-path/

 

[Elliottwave-Forecast]

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

As discussed in previous article, SCCO favors pullback in ((2)), which ended at $64.66 low. Above there, it resumes higher in (1) of ((3)) of III as the part of impulse sequence. It already breaks above ((1)) & I high confirm the bullish sequence trading at all time high. So, it expects to find support in 3, 7 or 11 swings at extreme areas to resume higher.

SCCO - Elliott Wave View From 5.22.2023: ​

It placed I at $83.15 high & II at $42.42 low as flat correction in weekly sequence. Above there, it favors higher in wave (1) of ((3)) of III. It placed (1) of ((1)) at $49.41 high & (2) at $45.17 low. It extended higher in (3), which ended at $78.76 high & placed (4) at $66.47 low as 0.32 Fibonacci retracement. Finally, it ended (5) at $82.05 high as ((1)). It corrected lower in ((2)) as zigzag correction, which ended at $64.66 low.

SCCO - Elliott Wave Latest Daily View: ​

Above ((2)) low, it resumes higher in (1) of ((3)) as it confirms higher high sequence. It placed 1 of (1) at $74.88 high, 2 at 67.64 low & 3 at $87.59 high. Currently, it favors pullback in 4 & expect small downside before turning higher in 5 of (1). Once it completed (1) sequence, it expects to pullback in (2) in 3, 7 or 11 swings & we like to buy the pullback at extreme areas for the next sequence up.

Source: https://elliottwave-forecast.com/stock-market/southern-copper-scco-favors-upside/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of General Electric Co. ($GE) The rally from 6.23.2023 low unfolded as a 5 wave impulse with an incomplete bullish sequence from 7.19.2023 low. So, we advised members to buy the pullback in 7 swings at the blue box area ($112.75 – 109.95). We will explain the structure & forecast below:

$GE 1H Elliott Wave Chart 8.01.2023:​

Here is the 1H Elliott Wave count from 8.01.2023. The rally from 7.19.2023 at black ((ii)) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 7 swings at $112.75 – 109.95 where we entered as buyers.

$GE Latest 1H Elliott Wave Chart 8.08.2023:​

Here is the latest 1H update from 8.08.2023 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 11 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 $119 before another pullback can happen.

Source: https://elliottwave-forecast.com/stock-market/general-electric-co-ge-reacts-higher-blue-box-area/

 

[Elliottwave-Forecast]

Range Resources is an U.S. american corporation which has its headquarters in Fort Worth, Texas, USA. Founded in 1976 and traded under tickers $RRC at NYSE, it is a component of the S&P400 index. Range Resources is the 7th largest U.S. producer of natural gas and possesses the reserves in the Appalachian Basin, the Barnett Shale in Texas, and the Marcellus Shale in Pennsylvania. The company has been investing in new technologies to shape new standards for shale development. This includes their commitment to sustainable operations and emission-reducing technologies. Currently, we can see natural gas turning higher after the years of depressed prices. Therefore, Range Resources being a pure player in that awakening commodity should become a good opportunity for investors to participate in the anticipated rally in natural gas prices.

Range Resources Monthly Elliott Wave Analysis 08.09.2023​

The monthly chart below shows the Range Resources shares $RRC traded at New York Stock Exchange. From the all-time lows, the stock price is showing a nesting price action. Firstly, initial impulse in black wave ((I)) of grand super cycle degree has ended in April 2014 by printing the all-time highs at $95.41. Hereby, blue wave (III) shows an extension and blue wave (IV) a converging Elliott wave triangle structure. From $95.41 highs, a consolidation in black wave ((II)) as a double three pattern has set an important bottom in March 2020 at 1.61 lows.

Secondly, from the March 2020 lows, new cycle in black wave ((III)) has started. Within it, $RRC price action has formed an intial nest in red waves I-II. Currently, red wave III is in progress and should extend higher. Hereby, target for red wave III is 58.35-80.49 area and even higher. In the long-term, target for black wave ((III)) is 97.03-156.06 area and beyond.

Range Resources Daily Elliott Wave Analysis 08.09.2023​

The Daily chart beow shows the consolidation in red wave II from the peak of wave I and first stages of the red wave III in more detail. Firstly, red wave II has unfolded as a zigzag pattern being 5-3-5 structure. From June 2022 highs at $37.44, the initial drop in black wave ((A)) has printed a low the same month at $23.61. Then, bounce in black wave ((B)) has set a connector in August 2022 at $36.68. From there, black wave ((C)) demonstrates an Elliott wave ending diagonal pattern being 3-3-3-3-3 structure. When comparing black waves ((A)) and ((C)), typically, 3rd swing reaches at least 100% extension of the thirst swing being $22.51 level. One can see that $RRC has missed that level and has turned higher.

It is the preferred view, that red wave II has ended in February 2023 at $22.61 lows. While above there, red wave III might be in progress. As a matter of fact, $RRC should break $37.44 highs to confirm wave III and rule out a double correction in red wave II. In shorter cycles, one can see 3 nests from February 2023. Right now, acceleration higher within black wave ((iii)) is taking place. Using Fibonacci extenisons, it can reach higher within 32.28-36.24 area and even beyond. Investors and traders should be waiting the black wave ((1)) to break above $37.44 first. Only then, they can buy $RRC in a pullback as black wave ((2)) against $22.61 lows in 3, 7 swings.



Source: https://elliottwave-forecast.com/stock-market/range-resources-bullish-cycle/

 

[Elliottwave-Forecast]

American Express Company (Amex), symbol AXP, is an American multinational financial services corporation that specializes in payment cards. Headquartered in New York City, it is one of the most valuable companies in the world and one of the 30 components of the Dow Jones Industrial Average.

AXP Weekly Chart August 2023​

We believe that the AXP ended a Great Super Cycle at the peak of 199.55 which we call wave ((I)). From there, started a bearish structure (a), (b), and (c). Wave (a) built a leading diagonal. The first fall reached 155.72 ending wave I. The market rebounded strongly ending wave II at 194.35 and then continued with the bearish movement. We can see from wave II a clear impulse lower to complete wave III at 134.12. Then the wave IV correction ended at 166.06, within the wave I zone thus creating the leading diagonal. Finally, the last leg towards 130.65 ended wave V and wave (a) in October 2022.

In this month the structure of the corrective wave (b) began to develop. To date we see that it has already completed 3 swings higher, and it could have finished the correction of wave (b) without any problem. However, given the price action of markets like the SPX, DAX, and currencies like the dollar, everything points to wave (b) are going to perform a double correction. That is why the first 3 swings up completed the wave “w” at 182.15 and the connector “x” at 146.28. From here we look for 3 more swings up to complete wave “y” and wave (b) above 190.

When Could the Financial Crisis Start?​

With the forecast of the retesting of the peak of 199.55 by wave (b), an Elliott Wave flat structure is being created. This means that wave (c) is going to have a strong bearish reaction as shown on the chart. 5 waves to the downside in the form of an impulse would be expected to complete wave (c) and wave ((II)) before continuing the rally. The start of this situation could occur in the last two months of 2023 or in the first 2 months of 2024. We must be vigilant, as apparently a financial crisis is coming next year.

Source: https://elliottwave-forecast.com/stock-market/american-axp-shows-financial-crisis-coming/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of CHFJPY forex pair published in members area of the website. As our members know CHFJPY is showing impulsive bullish sequences in the cycle from the January 2023 low. The pair has recently made pull back against the 158.8 pivot. The pair made clear 3 waves correction and gave us rally toward new highs as expected. In further text we’re going to explain the Elliott Wave pattern and trading setup.

CHFJPY Elliott Wave 1 Hour Chart 08.06.2023​

The pair has made 5 waves up in the rally from the 158.8 low which is labeled as wave ((i)) black. Current view suggests the pair can be still doing wave ((ii)). Pull back looks incomplete at the moment. So, we assume (c) blue leg is still in progress. The pair should ideally make another leg down toward 161.8-160.6 area - buyers 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. Once bounce reaches 50 Fibs against the(b)blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 160.59

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

CHFJPY Elliott Wave 1 Hour Chart 08.06.2023​

CHFJPY made another leg down as we expected. However pull back missed to reach equal legs area by a few points. Correction completed slightly above equal legs area ( 161.81) at 161.9 low. The pair left us without the trade this time. Eventually we got break toward new highs as expected. We don't recommend selling it and favor the long side still. We expect the intraday pull backs to keep finding buyers in 3,7,11 swings.

Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.


Source: https://elliottwave-forecast.com/trading/chfjpy-made-rally-pull-back/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 4 Hour Elliott Wave chart of NVIDIA Corp. ($NVDA) The rally from 10.13.2022 low unfolded as a 5 wave impulse breaking to new all time highs with an incomplete bullish sequence from 2.28.2023 low. So, we expected the pullback to unfold in 7 swings and find buyers. We will explain the structure & forecast below:

$NVDA 4H Elliott Wave Chart 8.09.2023:​

Here is the 4H Elliott Wave count from 8.09.2023. The rally from 2.28.2023 at black ((2)) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 7 swings against $203.95 low.

$NVDA Latest 4H Elliott Wave Chart 8.14.2023:​

Here is the latest 4H update from 8.14.2023 showing the bounce taking place as expected. The stock has reacted higher after doing 7 swings lower allowing longs to get a risk free position. The bounce can continue higher towards $500 and print a new high for the year OR can fail and become 11 swings lower where we will like to buy it again should that happen.

Source: https://elliottwave-forecast.com/stock-market/nvidia-corp-nvda-found-buyers-corrective-pull-back/

 

[Elliottwave-Forecast]

Eli Lilly & Company (LLY) discovers, develops & markets human pharmaceuticals worldwide. It is based in Indianapolis, Indiana, US, comes under Healthcare sector & trades as “LLY” ticker at NYSE.

As shown from previous article, LLY favors higher in ((3)) of III as the part of impulse sequence & expect to extend towards 584 or higher levels before it may correct lower in ((4)).

LLY - Elliott Wave View From 7.09.2023: ​

In Weekly sequence, it finished (I) at $92.85 high in September-2015 & (II) at $64.18 low in November-2016. Above there, it favors higher in (III) of ((III)), in which it placed I at $132.13 high & II at $101.36 low. It favors higher in third wave extension in III red & expect more upside towards 584 or higher levels. It placed ((1)) at $375.25 high & ((2)) at $309.20 low. 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 as ((1)).

LLY - Elliott Wave Latest Weekly View: ​

Above ((2)) low, it placed (1) of ((3)) at $469.87 high & (2) correction at $434.34 low. Currently, it favors higher in third swing of (3) of ((3)) & expect further upside before it may pullback in fourth swing followed by final push higher to finish (3). We like to buy the short-term pullback in 3, 7 or 11 swings at extreme areas for further upside in ((3)) of III.

Source: https://elliottwave-forecast.com/stock-market/lly-remains-supported-bullish-sequence/

 

[Elliottwave-Forecast]

Nvidia (NVDA) has been one of the most Technical symbols across the market. The symbol reacted off the Blue Box (High-Frequency). We presented this area to members on 10.2022. The instrument corrected the Grand Super Cycle and was a unique opportunity to buy the trend. As expected, the rally happened and reached the extreme area target at $453.00. This is the profit-taking area where it reaches 100% extension of wave ((I)). Consequently, we know there's a chance of a pullback and will affect the whole Market.

As we always said at EWF, there are two sides to the trade. Buyers will take profit when reaching a target, which creates a chance for the sellers to enter the market. NVDA has reached the minimum target. As a result, we see choppiness across Indices, Stocks, and ETFs since the stock reached the target. The warning is simple, the stock has reached minimum target and soon a pullback will happen.

This will put a ceiling to the stock market. It will make the rest of the year challenging for the buyers across Indices, Stocks, and ETF's. The price action of NVDA is very interesting. Even when it is sending the warning of a pullback, it is also showing the future. The rally within the Grand Super Cycle is in three waves, which eliminates the chance of a crash across the market. An impulsive rally should not end in 3 waves. Thus, it offers another buying opportunity across the market which should happen sometimes at the end of 2023 or early 2024.

Here is the Grand Super Cycle Blue Box buying area and target

NVDA Weekly Elliott Wave Chart​

The Elliott Wave Theory is very clear. Three waves do not make a trend. As a result, NVDA has two potential paths. The first path is nesting within the Grand Super Cycle where we are now ending the second wave I. A nest is a series of I-II before the Market trades higher into an acceleration. The following chart shows a nest

Elliott Wave Nesting Structure​

The chart above is what a nest looks like in the Elliott Wave Theory. As we can see, we have a series of I-II in consecutive degrees. It opens with the trend and then ends doing a series of IV-V in successive degrees before the cycle ends. This is the most bullish scenario. It is also the most likely scenario since we see many Indices show overlap within the Grand Super Cycle. For example, $FTSE chart below shows an overlapping area.

$FTSE Monthly Elliott Wave Chart​

The other scenario is a simple impulse. In this case, NVDA is ending wave ((III)) and should do a wave ((IV)) and then do another leg higher with the trend. As always, three waves do not make a trend, so NVDA's three waves off the lows is calling for more upside within the Grand Super Cycle. Consequently, it will support other Indices, Stocks, and ETFs.

The Five wave cycle of the Elliott Wave Theory is shown in the following chart:



As we can see, it is a sequence of five waves, and now we got three in NVDA. One of the main rules of the Theory is that wave ((III) can not be the shortest, but we can not know that in NVDA now. We need to see the next leg higher, but one thing is for sure, the buyers are in full control. As we can see, NVDA is showing both the short-term and long-term future, and both agree on more upside within the Grand Super Cycle. Therefore fear of a market crash is baseless because the price action supports the buyers.

Source: https://elliottwave-forecast.com/vi...ed-warning-areas-but-showing-the-future-path/

 

[Elliottwave-Forecast]

Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) stands as a beacon of enduring success in the investment world. With a reputation built on prudent financial decisions and a long history of market acumen, Berkshire Hathaway has become synonymous with stability and prosperity. In this article, we dive into the latest developments and signals that suggest a promising bullish trajectory for this iconic conglomerate based on Elliott Wave Theory.

Both classes of Berkshire Hathaway stock represent ownership in the same company, Class A shares come with higher price, more voting power, and the ability to convert into Class B shares. Class B shares offer more accessibility and liquidity for retail investors.

BRK witnessed a pivotal week, surging to a fresh all-time high beyond its 2022 peak. This breakthrough establishes a robust weekly bullish pattern from the 2020 low, signaling prospective upward momentum targeting the $460 - $580 range.

The weekly bullish sequence reinforces the daily cycle above October 2022's low at $259.85, indicating potential buying chances in subsequent pullbacks of 3, 7, or 11 swings. The current cycle displays a 3-wave pattern from the previous year's low, indicating potential near-term upside until it completes a 5 waves structure. It's worth noting that BRK has already entered the equal legs area of $354 - $392 from its 2022 low. This suggests an impending final phase within the current daily cycle. Hence, pursuing the stock in this juncture of the short-term cycle may yield gains but with increased risk.

To sum up, the trajectory of Berkshire Hathaway continues to be bullish, fortified by a fresh bullish sequence bolstering the multi-year cycle. As a result, investors are advised to remain vigilant for potential buying opportunities during forthcoming daily retracements.

BRK.B Daily Chart 8.15.2023​

Source: https://elliottwave-forecast.com/uncategorized/berkshire-hathaway-brk-strong-upside/

 

[Elliottwave-Forecast]

Caterpillar ($CAT) is one of the largest and most recognizable names in the heavy equipment industry. It produces a wide range of machinery used in construction, mining, agriculture, and various other industries. In this article, we will look at the Elliott Wave chart to see why the stock should continue higher in coming weeks.

Caterpillar (CAT) Weekly Elliott Wave View​

Weekly Elliott Wave Chart of Caterpillar (CAT) above shows that the stock found buyers at the extreme blue box area on September 26, 2022. It ended wave (II) at 160.18 and the stock has since resume higher and made new all-time high. The rally from 9.26.2022 low so far is only in 3 swing and no bullish and impulse structure ends in 3 waves. Thus, $CAT is telling us that the rally is incomplete and we won't see crash in $CAT or broader Index anytime soon. Expect pullback in $CAT to find support in 3, 7, or 11 swing against 160.18 for further upside until we see at least a clear 5 waves.

Source: https://elliottwave-forecast.com/stock-market/caterpillar-cat-shows-incomplete-bullish-structure/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of XLF ETF published in members area of the website. As our members know XLF is giving us pull back against the May 3rd low. Correction made clear 3 waves from the peak and reached the Equal Legs zone. In further text we’re going to explain the Elliott Wave forecast.

XLF Elliott Wave 1 Hour Chart 08.09.2023​

Current view suggests the price is doing wave ((iv)) pull back. The ETF is showing incomplete sequences in the cycle from the 35.72 peak. At the moment we can count 5 swings down from the peak, which is incomplete structure. As far as the price stays below (x) blue high : 35.47 , we expect to see further extension down in 7th swing, targeting 34.46-33.84 area.

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

XLF Elliott Wave 1 Hour Chart 08.09.2023​

The price held below 35.47 high and we got the decline as expected. Short term b red recovery ended at 35.25 as 3 waves. At the moment the price is approaching first target at 34.46. Current wave count suggests we are in c red of (y) blue which can keep trading lower toward extreme zone 34.46-33.84. From that zone we can see turn higher again in 3 waves bounce at least. The break below 33.84 would invalidate the count.

Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.



Source: https://elliottwave-forecast.com/stock-market/xlf-incomplete-sequences-drop-blue-box/

 

[Elliottwave-Forecast]

Ford Motor Company is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln luxury brand.

FORD (F) Daily Chart March 2023 ​

Last update in March, we can saw that Ford (F) price remained sideways creating a triangular structure. For this reason, we adjusted the Elliott count and the wave (B) we called as a triangle that ended at the price of $13.20. From this value, we expected that shares should keep the downward movement. However, to confirm the continuation of the downtrend it had to break $10.57 low.

FORD (F) Daily Chart August 2023 ​

After 5 month, the price action could not break the pivot level of $10.57. Rather the stock rally, but without breaking the invalidation level making a more complex structure as wave (B). The end of wave A was at $14.67 in November 2022. Then, we have a triangle structure as wave B that completed at $11.27 and rally. The rally was a clear impulse that ends at $15.43 as wave C of (B) finished the wave (B) correction. From July high, the price action has dropped returning of wave B levels. This bearish movement should be the beginning of a wave (C), but we still need to break $10.57 low to confirm the path. The wave 1 of (C) should end next week, if it has not already ended. Therefore, a bounce is coming, but should fail in the next months to send the Ford shares to the blue box of 7.60 - 4.14 area.

Source: https://elliottwave-forecast.com/stock-market/ford-resume-lower-sideways-movement-ends/

 

[Elliottwave-Forecast]

Siemens SE is a German multinational conglomerate company and by revenue the largest industrial manufacturing enterprise in Europe. Company’s principal business divisions are Industry, Energy, Healthcare, Infrastructure & Cities. Founded in 1847 and headquartered in Munich, Germany, the company employs approx. 385’ooo people worldwide. Siemens is a part of both DAX40 and of SX5E indices. One can note that the economic success of the company is truly accompanied by a strong performance of the Siemens stock.

In the initial article from February 2021, we have forecasted a rally to the new highs. We were right. The price has printed the new all-time highs in January 2022 at 157.96. Then, we saw the stock price pulling back from the all-time highs. In the article from June 2022, we have expected a rally to take place after doing zigzag lower. However, March 2022 lows have broken and the market has decided to do a double correction before turning higher. In the last article from January 2023, we have analyzed the structure of the price movement and have forecasted a break to the new all-time highs. We were right. The price printed new highs at €167. In the current blog, we take a look again on the wave structure, show next buying oppportunity in 3 swings from extremes and provide with the targets.

Siemens Monthly Elliott Wave Analysis 08.20.2023​

The monthly chart below shows the Siemens stock $SIE 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 May 2001 highs at 89.75. From there, a correction lower in black wave ((II)) has unfolded as an Elliott wave expanded flat pattern. It has printed an important bottom on October 2008 at 32.07. From October 2008 lows, a new cycle in wave ((III)) has been already confirmed by breaking above 89.75 highs.

A closer look on the price action from 2008 lows unveils the development of another nest being blue wave (I) of black wave ((III)). The 2008 cycle has reached towards 133.50 on May 2017. From there, a correction has unfolded as a zigzag structure in wave (II). The consolidation has ended in March 2020 at 58.77. While above there, Siemens is already within blue wave (III). A target for wave (III) is 159.95-222.60 area and beyond. Within larger wave (III), one can distinguish already a first nest comprising red waves I and II. While above July 2022 lows, red wave III is in progress. Break above the 157.96 high has confirmed that. The target for red wave III will be 192.92-254.30 area and even higher.

​

Siemens Daily Elliott Wave Analysis 08.20.2023​

The daily chart below shows in more detail the first stages of the advance higher in red wave III from July 2022 lows. As a matter of fact, break above the January 2022 highs has confirmed next extension in wave III. Within it, one can see already an impulse higher in black wave ((1)) containing 5 waves. Hereby, blue wave (3) shows an extension beyond 2.618x of the blue wave (1). It is the preffered view that black wave ((1)) has ended at new all-time highs in June 2023. From the peak at €167, a pullback in wave ((2)) is taking place. Firstly, blue wave (W) has set a short-term low at €141.46 in July 2023. Secondly, bounce in blue wave (X) has set a connector at €156.32 lower highs. Then, price broken €141.46 lows opening up a bearish sequence. Now, blue wave (Y) is in progress and should reach lower towards 130.67-114.83 area. Investors and traders can be looking to buy pullback in black wave ((2)) from 130.67-114.83 area targeting 192.92-254.30 area and even higher.



Source: https://elliottwave-forecast.com/stock-market/join-siemens-rally/

 

[Elliottwave-Forecast]

In the previous articles from March, November 2021 and October 2022, we have discussed the price action and the outlook for the Frozen Concentrated Orange Juice. As it has been expected, the soft commodities have advanced or they are nesting higher. In particular, we saw cocoa rallying. Others, like sugar, coffee and cotton are nesting before acceleration higher should take place. Hereby, orange juice futures OJ #F are the strongest. In fact, they broke to the new all-time highs. In the current blog we analyze the wave strucuture, provide with targets and next buying ideas.

Orange Juice Monthly Elliott Wave Analysis 08.20.2023​

The monthly chart below shows the FCOJ front contract OJ #F at NYBOT (e-Signal ticker: JO). From the important low in May 2004, the prices have developed a cycle higher in blue wave (I) of a super cycle degree. Hereby, wave (I) has demonstrated a leading diagonal pattern and has ended in October 2016 at 227.50. From the highs, a correction lower in wave (II) has unfolded as an Elliott Wave double three pattern. In 2.5 years, OJ #F has become cheaper by 60% reaching 90.60 level. Hereby, an important bottom in May 2019 has been set and the correction has ended.

From the May 2019 lows, a new rally within blue wave (III) has already started. As a matter of fact, break of the 227.50 highs has confirmed that. The target for wave (III) is 264.29-371.64 area and even higher. Even though the minimum target level being 264.29 has been reached already, OJ #F should still extend higher in series of waves 4-5. Also, wave (III) can easily surpass $372 and extend towards 2 and 2.618 multiples of wave (I) being $438 and $545 levels, respectively.

​

Orange Juice Weekly Elliott Wave Analysis 08.20.2023​

The weekly chart below shows in more detail the blue wave (III). From the May 2019 lows at $90.60, we see 4 nests in red waves I-II, black waves ((1))-((2)), blue waves (1)-(2), red waves 1-2 and an acceleration in red wave 3 of blue wave (3) of black wave ((3)) of red wave III. Hereby, RSI reading has provided a higher high. Typically, waves 3 of 3 demonstrate higher highs in price and also in RSI. Now, series of waves 4-5 should take place. That should allow OJ #F for more upside. Currently, red wave 5 is underway. Once ended, a pullback in blue wave (4) and another 3 highs should take place.

Investors and traders can be, therefore, looking to buy FCOJ in short term pullbacks in 3, 7, 11 swings against 90.60 lows targeting 1.236 inverse Fibonacci extension higher based on the depth of the previous pullback.



Source: https://elliottwave-forecast.com/commodities/buying-pullbacks-orange-juice/

 

[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 shown in the previous article from 6.05.2023 update, HCA reacted higher & finished the diagonal sequence in (1) of ((3)) of III at $304.86 high. It favors pullback in (2) in 3 or 7 swings pullback & expect short term correction before upside resumes in (3) of ((3)).

HCA - Elliott Wave Latest Daily Chart: ​

Since, March-2020 low, it placed wave I at $279.02 high in bullish impulse sequence in April-2022. Later, it corrected lower in II, ended at $164.47 low in 3 swings pullback in July-2022. Above there, it already confirms higher high sequence, favoring upside in wave III. It placed ((1)) of III at $219.68 low & finished ((2)) at 178.32 low as 0.764 Fibonacci retracement.

HCA - Elliott Wave Weekly Latest View: ​

Above ((2)) low, it finished (1) of ((3)) at $304.86 high as diagonal sequence & favors pullback in (2) in 3, 7 or 11 swings before upside resumes. It placed 1 of (1) at $269.09 high & finished 2 at $240 low in 3 swings pullback. It finished 3 at $294.02 high & corrected in 4 at $259.18 low. Finally, it favored ended 5 of (1) at $304.86 on 6.30.2023 high in ((3)) sequence. Currently, it favors pullback in ((v)) of A & soon can bounce in B of (2). Later, it should resume lower in C to finish (2) correction against 10.21.2022 low of ((2)) followed by upside in (3) of ((3)). It expect to find support in 3, 7 or 11 swings towards next extreme areas to see further upside in (3) of ((3)).

Source: https://elliottwave-forecast.com/stock-market/hca-favors-pullback-providing-opportunity/

 

[Elliottwave-Forecast]

Cameco Corporation (ticker symbol: CCJ) is a prominent Canadian uranium mining company headquartered in Saskatoon, Saskatchewan. Founded in 1988, Cameco has established itself as one of the world's largest and most respected uranium producers. The company is involved in all stages of the uranium mining process, from exploration and mining to refining and marketing.

We wrote on our previous article that Cameco was in sideways consolidation looking for a direction. However, in that article, we also gave our bias to the upside after it's done doing the consolidation. The stock has now extended higher suggesting it has ended the sideways consolidation and now looking for a new bullish leg higher. Below we will update the Elliott Wave path for the stock.

$CCJ Monthly Elliott Wave Chart​

Monthly Elliott Wave Chart of Cameco above shows that the stock has ended wave (II) at $5.30. It is now preparing for a multi-year and multi-decade wave (III) higher which subdivides into another 5 waves. Up from wave (II), wave ((1)) ended at $27.42 and wave ((2)) pullback ended at $18.03. The stock has resumed higher in wave (3). As far as pivot at 5.30 low stays intact, expect pullback in the stock to find support in 3, 7, or 11 swing for further upside.

$CCJ Daily Elliott Wave Chart​

Daily Elliott Wave of Cameco above shows that the stock has extended higher and forming a possible diagonal wave 1. It should then pullback in wave 2 to correct the rally from 5.12.2022 low before it resumes higher again. We continue to be bullish with the stock and prefer to use any pullback opportunity to establish the long position in 3, 7, or 11 swing.

Source: https://elliottwave-forecast.com/stock-market/cameco-ccj-consolidation-resolve-upside/

 

[Elliottwave-Forecast]

ES_F (E-mini S&P 500) dropped from 4634.50 to 4350 from 7.27.2023 to 8.18.2023. This decline took the form of a zigzag Elliott wave structure. Today, we will take a look at the structure of the decline from 7.27.2023 peak and how we spotted this zigzag structure and forecasted another leg lower in ES_F.

Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory. It’s made of 3 swings that have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves, and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergence between wave subdivisions, ideal Fibonacci extensions and ideal retracements.

ES_F 10 August 1 Hour New York Elliott Wave Update​

The chart above shows the decline from 4634.50 to 4493.75 took the form of 5 waves when wave (i) ended at 4553.75, wave (ii) ended at 4621.75, wave (iii) ended at 4505.75, wave (iv) ended at 4560.75 and wave (v) of ((a)) ended at 4493.75. This was followed by a bounce to 4541.75 which we labeled as wave (a) and then a new low in 3 waves to 4478.25 which we have labeled as wave (b) because it rallied strongly afterward suggesting it could unfold as a FLAT in wave ((b)) which is a 3-3-5 structure.

ES_F 22 August 1 Hour London Elliott Wave Update​

The chart above shows that the decline resumed after the completion of wave (b), we tweaked the labels and called the bounce to be wave (b) instead of wave ((b)) because Hangseng and FTSE broke below the previous lows to an incomplete bearish sequence supporting the idea of more downside against 7.27.2023 high in ES_F as well. We can see Index futures did complete 5 waves down in wave (c) to reach a low of 4350.47 which is just below 123.6% Fibonnacci extension of wave (a) related to wave (b) and has now started bouncing. While above the low at 4350.47, expect at least 1 more leg higher in the Index futures.

Source: https://elliottwave-forecast.com/st...e-decline-in-a-zigzag-elliott-wave-structure/