Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

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

As mentioned in the previous article, it favors higher in V of (I) of ((III)) & expected to find support from the blue box area to resume higher as impulse. It reacted from the blue box area as expected & can see further upside in (3) of ((3)) of V. Any buyers from the blue box area, are now having risk free position.

NVO - Elliott Wave View from 5.29.2023: ​

It placed wave ((II)) at $30.89 low in 2016 & resume higher in (I) of ((III)). It placed wave I at $58.37 high & II at $41.23 low as 0.618 Fibonacci retracement. Above there, it extended higher in third wave extension, which ended as III at $122.16 high & IV at $95.02 low. Currently, it favors higher in ((3)) of V of (I) & expect short term upside to continue.

NVO - Elliott Wave Latest Daily View: ​

In wave V, it placed ((1)) at $172.97 high, in which, it placed (1) at $144.78 high, (2) at 131.17 low, (3) at 171.70 high, (4) at 163.73 low & (5) as ((1)) at 172.97 high. It was expected to find support between the blue box in $158.05 - $149.16 in which it ended ((2)) at $151.12 low. Above ((2)) low, it breaks above ((1)) high, calling for further upside in ((3)) of V. It placed (1) at $166.54 high & (2) at 155.91 low. Currently, it favors higher in 5 of (3) before correcting in (4) of ((3)). It expects to remain supported in next 3, 7 or 11 swings pullback to see more upside. Alternatively, if it erases the momentum divergence in weekly, then it will be the part of III sequence in (I).

NVO - Elliott Wave Latest Weekly View: ​

Source: https://elliottwave-forecast.com/stock-market/novo-nordisk-nvo-reacted-higher-support-area/

 

[Elliottwave-Forecast]

AT&T Inc. (T) is an American multinational telecommunications holding company headquartered in Dallas, Texas. It is the world's largest telecommunications company by revenue and the third-largest provider of mobile telephone services in the U.S.

T Monthly Chart Septembre 2023​

In the monthly chart above, we can see that AT&T shares finished an all-time high with a price of $45.23. Since the beginning of 1999, the value has held a downtrend and we are looking to end this correction. Using the Elliott Wave Principle, a double correction structure (w), (x) and (y) can be clearly seen. From the peak, we have 3 waves in a flat structure that ends wave (w) at $14.23. Then we have another flat structure that built a wave (x) ending in the value of $33.33.

The last leg of the double correction is the wave (y). We have already completed wave a and b, and we are developing wave c as an ending diagonal structure. The market has already reached the blue box in the $8.58 – $16.75 area. Last update in April 23, we suggested that with the market conditions and the incomplete structure, the price should drop below $14.23 wave (w) low. Currently, the price action has broken the low confirming the double correction structure of wave ((II)).

T Weekly Chart Septembre 2023



On the weekly chart, we can see in more detail the structure of the wave (y). Wave a in red made a leading diagonal that ended at $20.21. Then it bounced in 3 waves ending wave b at $29.96 to continue sharply lower. Wave c has taken the form of an ending diagonal and it needs 3 more waves to the downside.

Looks like the first swing as wave (A) has ended at $13.43 and wave (B) could have started. Therefore, we expect to see a bounce higher in 3, 7 or 11 swings without breaking $21.53 wave ((4)) high to complete wave (B) before resuming lower in wave (C). If the price action breaks below $13.43, then the wave 5 of (A) will be extended and we should 5 swings more lower from $16.23 high to finish just wave (A) before a bounce in wave (B).

Source: https://elliottwave-forecast.com/stock-market/t-ended-cycle-possible-bounce-ahead/

 

[Elliottwave-Forecast]

Platinum (PL) is still correcting cycle from 9.1.2022 low and the correction is unfolding as a double three. 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 higher time frame, 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 the metal has ended wave ((II)) at 562 on January 2020 low. The metal has turned higher in wave ((III)). Up from wave ((II)), wave (I) ended at 1348. Pullback from there was a clear 3 swing (corrective) and ended wave (II) at 796.8. The metal now needs to break above wave (I) at 1348 to rule out a double correction in wave (II). As far as pullback stays above wave (II) at 796.8, it can see further upside. Break below 796.8 suggests a double correction in wave (II) before the next leg higher.

Platinum (PL) Daily Elliott Wave Chart​

Daily Elliott Wave Chart on Platinum above shows that the metal is pulling back in wave ((2)) to correct rally from 9.1.2022 low (801.9). Pullback is proposed to take the form of a double three. As far as pivot at 801.9 stays intact, expect pullback to find buyers and the metal to extend higher again.

Source: https://elliottwave-forecast.com/commodities/platinum-pl-pullback-find-buyers/

 

[Elliottwave-Forecast]

In this article we’re going to take a quick look at the Elliott Wave charts of NIKKEI published in members area of the website. As our members know NIKKEI is showing impulsive bullish sequences that are calling for a further strength. Recently we got a 7 swings pull back that has ended at the Blue Box zone,our buying area. In the further text we are going to explain the Elliott Wave Forecast and trading setup.

NIKKEI Elliott Wave 4 Hour Chart 08.17.2023​

NIKKEI is giving us correction that is unfolding as a 7 swings pattern. The price is reaching extreme area at 31287-30761 blue box ( buying zone). At the moment structure is still incomplete. Another wave down should be ideally seen toward marked area. We don’t recommend selling the futures and prefer the long side. We expect NIKKEI to make a rally toward new highs or in 3 waves bounce alternatively. Once bounce reaches 50 Fibs against the X red high-33495 , we will make long position risk free ( put SL at BE) and take partial profits.

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.

NIKKEI Elliott Wave 4 Hour Chart 09.04.2023​

NIKKEI made the last push down as expected. The price found buyers right at the equal legs area : 31287-30761 . NIKKEI made good reaction from our buying zone. We call wave pull back completed at 31256 low. The price has reached and exceeded 50 fibs against the X red high. Consequently, members who took the long trade are enjoying profits now in a risk free positions. We would like to see break of (1) blue high :34040, 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/nikkei-nkd_f-buying-blue-box/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of VanEck Gold Miners ETF ($GDX). The pullback from 7.18.2023 high unfolded as a 5 wave impulse with an incomplete bearish sequence from 5.04.2023 high. So, we advised members to sell the bounce in 3 swings at the blue box area ($29.71– 30.75). We will explain the structure & forecast below:

$GDX 1H Elliott Wave Chart 8.30.2023:​

Here is the 1H Elliott Wave count from 8.30.2023. The bounce from 8.21.2023 at red A unfolded in a zigzag structure (abc) where sellers were expected to appear at $29.71– 30.75.

$GDX 1H Elliott Wave Chart 9.06.2023:​

Here is the 1H update from 9.06.2023 showing the move taking place as expected. The ETF has reacted lower from the blue box allowing shorts to get a risk free position. Alternatively, the bounce can become 7 swings before lower again. Near term, we like it lower towards 25.44 - 23.67 before a reaction higher can take place.

Source: https://elliottwave-forecast.com/stock-market/vaneck-gold-miners-etf-gdx-reacts-lower-blue-box-area/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of GDX. The decline from the 18 July 2023 high unfolded as an impulse sequence and showed a lower low sequence within the bigger cycle from the 04 May 2023 peak. Therefore, we knew that the structure in GDX is incomplete to the downside & should see more weakness. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

GDX 1-Hour Elliott Wave Chart From 8.30.2023​

Here’s the 4-hour Elliott wave Chart from the 8/30/2023 Midday update. In which, the decline to the $27.28 low ended 5 waves from the 7/18/2023 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 a $28.97 high. Then a pullback to $28.01 low ended wave ((b)) and started the ((c)) leg higher towards $29.71- $30.75 blue box area from where sellers were expected to appear looking for more downside or for a 3 wave reaction lower at least.

GDX Latest 1-Hour Elliott Wave Chart From 9.12.2023​

This is the Latest 1-hour view from the 9/12/2022 update. In which the ETF is showing a reaction lower taking place from the blue box area. Allowed shorts to get into a risk-free position shortly after taking the short position. However, a break below $27.28 low is still needed to confirm the next extension lower & avoid a double correction higher.

Source: https://elliottwave-forecast.com/stock-market/gdx-found-strong-rejection-blue-box-area/

 

[Elliottwave-Forecast]

Canopy Growth Corporation is a Canadian cannabis company producing medical and recreational marijuana. The company owns brands like Tweed, Deep Space, Wana, Vert, Spectrum Therapeutics and others. Founded 2013 and headquartered in Smiths Falls, Ontario, Canada, one can trade Canopy Growth Corporation under the tickers $WEED at Toronto Stock Exchange and $CGC at NASDAQ.

Canopy Growth Corporation Weekly Elliott Wave Analysis 09.10.2023​

The weekly chart below shows the Canopy Growth Corporation stock $CGC traded at NASDAQ. From the all-time lows, the stock price saw an initial cycle higher in wave (I) of super cycle degree towards the all-time highs in October 2018 at 59.25. Within that larger cycle, the red wave III shows an extension beyond 2.0 as related to the wave I. The sideways price action from January 2018 to August 2018 might be seen as an Elliott wave triangle in wave IV. Then, a final thrust higher in red wave V took place.

From the all-time highs in October 2018, a correction lower in wave (II) has unfolded as an Elliott wave zigzag being 5-3-5 structure. First, 5 waves of red wave a have seen a low in March 2020 at 9.00. Then, red wave b has provided a connector towards 55.15 high. From there, red wave c has broken 9.00 lows opening up a bearish sequence. The target area for wave c is 6.31-0.00 blue box area. Now, red wave c shows 5 waves lower and has reached the weekly buying area. Even though it can still extend lower, it is the preferred view that blue wave (II) has found its bottom in July 2023. While above $0.34, next bullish cycle in blue wave (III) might have started and is currently in the initial stages. Target for blue wave (III) is 59.48-96.05 area and even beyond.

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Canopy Growth Corporation 4H Elliott Wave Analysis 09.10.2023​

The 4H chart beow shows first stages of the blue wave (1) of black wave ((1)) from $0.34 lows in more detail. Firstly, black wave ((i)) has ended on 31st of July at $0.58 highs. Secondly, wave ((ii)) has printed a low on the 17th of August at $0.38. Then, rally has broken $0.58 highs. Even more, break of $0.76 confirms black wave ((iii)) being the extended one within the impulse in red wave 1. As of right now, price went above 2.0x Fibonacci extension. Next target for black wave ((iii)) is $0.99 being 2.618x of the wave ((i)). Once finished, expect waves ((iv))-((v)) to end red wave 1.

Investors can be looking to buy Canopy Growth Corporation from 6.31-0.00 area targeting 59.48-96.05 area and even beyond in the long run. On the other hand, short-term traders should be waiting for the red wave 1 to end first. Then, they can buy $CGC in a pullback as red wave 2 against $0.34 lows in 3, 7 swings.

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Source: https://elliottwave-forecast.com/video-blog/canopy-growth-bull-run/

 

[Elliottwave-Forecast]

The 10-year Treasury Bond shows an interesting pattern since the all-time lows. A trader or investor needs to understand bonds market, especially the 10 Years. Due to the ten years maturity, this makes investors enter into a lengthy commitment. Investors track Treasury bond yields (or rates) for many reasons. One of the reasons is because the US government pays the yields as interest for borrowing money via selling the bond. The 10-year Treasury yield is closely watched as an indicator of broader investor confidence.

Since Treasury bonds (along with bills and notes) carry the full backing of the U.S. government, they are viewed as one of the safest investments. This bond also tends to signal investor confidence. The U.S. Treasury sells bonds via auction, and yields are set through bidding. Prices for the 10-year bond drop when confidence is high, which causes yields to rise. This is because investors feel they can find higher-return investments elsewhere and do not need to play it safe. Also, it can be said that when things get into a crisis, many investors look at the 10-year Treasury Bonds as safe heaven due to the US government backing. As always, the fundamentals in trading can be seen in many ways, so at EWF, we always pay attention to the Technical aspect and specifically at the Elliott Wave Theory.

$TNX Monthly Elliott Wave Chart​

The above chart is monthly data of Ten Year Yields ($TNX) since the all-time lows. We can see how an impulsive rally off the lows ended on September 1981. Following the peak, the instrument sold in big three waves, which ended in 2020 at a rate of 1.1270. Looking at the data, even when bonds can trade below zero, it is hard to see that happening with the US-backed bonds. Therefore, we are assuming the bullish path, which shows the classic Elliott Wave Theory Pattern: five waves followed by three, seven, and eleven waves back. The low on March 2020 can be a major low, which can take the 10-year Treasury Bonds to levels never seen before. Due to the pattern, another leg higher should follow and break the September 1981 peak.

Here is the basic Elliott Wave Theory Pattern



The graph above shows the five waves advance, and each leg subdivides into a lower degree five waves. It is a fractal pattern which repeats in each degree from the Grand Supercycle until the lower degree of the subminute. The chart is clear; each cycle is in five waves, and each pullback in three, but always in the direction of the trend.

$TNX Weekly Elliott Wave Chart​

As we have mentioned before, the market moves in a fractal way. So if its advance into the peak on September 1981 was an impulse, then the move off the lows from March 2020, being five waves, goes very well with the monthly bullish idea. As shown on the Weekly chart, an impulse is taking place, which support at least another leg higher, after a three waves pullback. We should be ending that impulse within the latest stages of wave ((5)). Soon, a significant three waves pullback should happen, resulting in lower yields.

$TNX 4 Hour Elliott Wave Chart​

The 4 hour chart above shows $TNX is trading in wave ((5)) within wave I. The structure of the rally is an impulse and one more high can happen, It is however sending a warning that March 2020 is coming to an end soon. The confirmation will come when the low at 04.04.2023 is broken. It is clear at this stage the market is fractal, and each cycle repeats in each degree.

We at EWF pay a lot of attention to the correlations. We correlated the Yields with YEN. Higher Yields mean weaker YEN and lower Yields mean stronger YEN. Let's look at the following correlation chart:

Correlation Chart between $TNX and $USDJPY​

We can see from the chart above how the Yields are very well correlated to the USDJPY. As we can see, they are both positively correlated. Both should be trading higher based on the Yield structure and five waves since the lows on March 2020. As we always do at EWF, we follow the Market dynamics. With the higher Yields and the Yen weakness that follows, it is hard to see a strong YEN selling below the March 2020 lows. This in turns correlates to Indices and also support the Indices against March 2020 lows. As always, we follow the Technical and not the Fundamentals. The price action is calling for a massive advance in the Yields and a lot of YEN weakness to come after the Weekly three waves back.

Source: https://elliottwave-forecast.com/video-blog/tnx-10-year-treasury-bond-yields/

 

[Elliottwave-Forecast]

In the dynamic world of retail, few names stand as tall as Walmart Inc. (NYSE: WMT). With a legacy spanning decades, this retail giant has consistently delivered both value and convenience to millions of consumers around the world. In this article, we delve into the recent bullish performance of Walmart's stock and explore various potential paths using Elliott Wave theory.

Since May 2022, Walmart (WMT) has experienced a significant surge to the upside, following what appears to be an impulsive structure. The breakthrough above the 2022 peak, resulting in new all-time highs, has confirmed the stock's bullish trajectory on a weekly scale, with expectations for further continuation against the $117.27 low.

If Walmart's stock is following a regular 5-wave advance pattern, we can anticipate one more upward swing before completing wave I. This should be followed by a 3-wave pullback in wave II before the stock resumes its upward trend on the daily chart. The wave II pullback is expected to offer an attractive buying opportunity for investors, potentially occurring in 3, 7, or 11 swings, while maintaining support above the $117.27 level.

WMT Daily Elliott Wave Chart 9.15.2023​

Source: https://elliottwave-forecast.com/video-blog/walmart-wmt-outperform/

 

[Elliottwave-Forecast]

Home Depot (HD), is an American multinational home improvement retail corporation that sells tools, construction products, appliances, and services, including fuel and transportation rentals. Home Depot is the largest home improvement retailer in the United States.

After reaching all-time highs in December 2021, the price of HD fell considerably. According to the Elliott Wave Principle, the stock price should continue to fall. The structure that is developing appears to be a zigzag correction, and if so, it still has a lot of things to say.

Home Depot HD Monthly Chart April 2023​

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As we can see above on the monthly chart, HD finished its first grand cycle since the company's inception in late 1999, reaching $70.08. We called this movement the wave (I). At this price, it entered in a corrective phase that ended in 2008 recession at $16.66. We labeled it as wave (II). Since then, the price kept a strong bullish trend, rising as high as $247.70 to complete wave (III). Then, we clearly see the wave (IV) at the beginning of the COVID19 pandemic, in 2020, when the price fell to $139.84. From here, it had again a strong rebound creating a new impulse, being wave IV as triangle, thus wave V is the shortest of the impulse. This completed wave (V) at $420.79 and wave ((I)) of the grand super cycle in December 2021.

Home Depot HD Monthly Chart September 2023​

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Since 2021 high, the price of HD has remained bearish and to complete the corrective structure it should continue to decline further. This is because, to finish a corrective structure is needed a minimum of 3 waves where the third wave must break the end of the first wave at least marginally. Suggesting further drops in HD price which it should ideally hit the blue box in $189.61 – $92.22 area. If we see 5 waves down from wave (b) in the blue box, it is a good opportunity to look for longer-term buys. Comparing with April's chart, wave I ended at $277.09 making one more low. Wave II higher has been very strong ending at $338.17 near to wave (b). From here, we are looking to continue lower.

Home Depot HD Daily Chart September 2023​

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In Daily chart, we can watch closer what is happening with HD price. From $347.25, wave (b) high, there are clearly 5 swings lower to end an impulse as wave I at $277.09 . Then, we have 3 swings higher as a zig zag correction to end wave II at $338.17. As price action stays below $347.35 high, we are calling that market should continue dropping in wave III structure.

Home Depot HD Alternative Daily Chart September 2023​

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As alternative view, we are showing the chart above. This would happen, if HD price action breaks above $420.79. That would mean wave (b) is not completed and it needs to build an impulse from $277.09 low. At the end, the structure of wave (b) would be a flat correction. Wave "a" ended at $332.98 high in August 2022. Then wave "b" would be a running flat correction ending at $277.09. Last rally as wave "c" would complete the structure of wave (b) and it should end in 360.15 - 379.74 area before resuming the downtrend to finish wave ((II)) in monthly chart.

Source: https://elliottwave-forecast.com/stock-market/home-depot-hd-crash-elliott-wave/

 

[Elliottwave-Forecast]

The Global X Uranium ETF ($URA) is an exchange-traded fund (ETF) that seeks to provide investment results that correspond generally to the price and yield performance of the Solactive Global Uranium & Nuclear Components Total Return Index. In this article, we will look at the long term technical outlook using Elliott Wave method.

$URA Elliott Wave Chart Monthly Chart​

Uranium ETF (URA) Monthly Chart above held up the horizontal support/resistance at $19. The ETF has started to turn higher and should start the next bullish cycle higher. Wave ((II)) ended on March 1, 2020 low at 6.95. Up from there, wave I ended at 31.6 and pullback in wave II ended at 17.65. While pullback stays above 17.65, expect the ETF to continue higher in months and years to come.

$URA Daily Elliott Wave Chart​

After forming major low at 6.95 on March 2020, ETF (URA) rallied in wave (1) towards 24.34. Dips in wave (2) ended at 18.31 as a double three. Down from wave (I), wave W ended at 18.47 and rally in wave X ended at 23.86. The ETF then extended lower in wave Y towards 18.31 which completed wave (2). It has resumed higher in wave (3) with internal subdivision as a 5 waves. Up from wave (2), wave 1 ended at 21.12 and dips in wave 2 ended at 18.97. Expect the ETF to continue to extend higher within wave 3.

Source: https://elliottwave-forecast.com/stock-market/uranium-miners-etf-ura-started-next-bullish-cycle/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Exxon Mobil Corp ($XOM). The rally from 7.17.2022 low unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

$XOM 1H Elliott Wave Chart 8.8.2023:​

Here is the 1H Elliott Wave count from 8.08.2023. The rally from 7.17.2023 peaked at blue (1) and started a pullback to correct it. We expected the pullback to have found a bottom after 3 swings lower at $104.84.

$XOM 1H Elliott Wave Chart 8.11.2023:​

Here is the 1H update from 8.11.2023 showing the bounce taking place as expected. The stock has reacted higher after doing 3 swings lower and broke above the blue (1) peak creating a bullish sequence. We expect the stock to print a new high for the year and reach $124 - 132 before a pullback can happen.

Source: https://elliottwave-forecast.com/st...l-corp-xom-found-buyers-corrective-pull-back/

 

[Elliottwave-Forecast]

Olin Corporation (OLN) manufactures & distributes chemical products in the US, Europe, Asia Pacific, Latin America & Canada. It operates through three segments: Chlor Alkali products & Vinyals, Epoxy & Winchester. It is based in Clayton, Missouri, comes under Basic Materials sector & trades as “OLN” ticker at NYSE.

OLN made all time high at $67.25 in May-2022 as wave I impulse sequence started from March-2020 low. Below there, it favors pullback in 7 swings correction & expect to remain sideways to lower in II.

OLN - Elliott Wave Latest Weekly View:​

It placed (II) correction at $8.76 low in March-2020 low. Above there, it favors higher in (III). It placed ((1)) of I at $16.57 high & ((2)) at $9.67 low as dip pullback. Above there, it extended higher in third wave extension, which ended as ((3)) at $64.76 high. It corrected lower in ((4)) as double correction at $44.24 low as 0.382 Fibonacci retracement. Finally, it ended ((5)) as diagonal sequence at $67.25 high as I of (III). It favors pullback in II as double correction lower towards extreme areas before turning higher.

Below I high, it reacted lower in ((W)) in 3 swing pullback, which ended at $41.33 low. It bounced off in ((X)) connector, which finished at $64.70 high as 3 swing bounce. Currently, it favors lower in ((Y)) of II, which will confirm below ((W)) low. It placed (A) of ((Y)) at $46.78 low & ((B) at $59.95 high. Below there, it favors lower in 1 of (C) & expect to remain choppy to lower. It expects (C) of ((Y)) to extend lower towards $38.74 - $22.71 area to finish II, where it should find buyers to extend higher or at least can see 3 swing bounce.

Source: https://elliottwave-forecast.com/stock-market/oln-continue-pullback-rally-resumes/

 

[Elliottwave-Forecast]

ConocoPhillips (NYSE: COP), a prominent name in the realm of energy, has been demonstrating noteworthy strength in its recent market performance. This article delves into the company's prevailing bullish trends and explores potential pathways for extending its upward trajectory based on the Elliott Wave Theory.

The substantial 45% upswing in crude oil prices has significantly contributed to COP's rally since its low in March 2023. The stock has been forging an impulsive structure from these lows and is presently situated within the confines of wave (3) of ((1)). As this bullish wave unfolds, the market is entering a critical juncture, typically marked by the emergence of choppy price action as internal 4th waves begin to materialize.

COP is poised to complete a 5-wave advance within wave ((1)), which will be succeeded by a 3-wave pullback denoted as wave ((2)) with support anticipated near the March 2023 low at $91.5. The stock's trajectory suggests a continuation of the uptrend on the daily chart, with its sights set on surpassing the November 2022 peak and establishing new all-time highs.

The achievement of this milestone will not only establish a new bullish sequence but also reinforce the overarching weekly cycle. Consequently, it will bolster investor confidence in seeking opportunities to buy into pullbacks characterized by 3, 7, or 11 swing patterns whenever they arise. This dynamic illustrates the stock's resilience and potential for further growth.

COP Daily Elliott Wave Chart 9.19.2023​

Source: https://elliottwave-forecast.com/stock-market/conocophillips-cop-upside/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of American Airlines Group ( $AAL ) stock. As our members know, the stock is trading within the cycle from the 19.2 high. The stock is showing impulsive bearish sequences. We have been calling for the decline in the stock after 3 waves pull back. Our team recommended members to avoid buying AAL stock, while keep favoring the short side. In the further text we are going to explain the Elliott Wave Forecast and trading setup.

American Airlines ( AAL ) Elliott Wave 4 Hour Chart 8.30.2023​

Current view suggests the stock is doing correction of the cycle from the 15.9 peak. The price has already reached equal legs area at 14.95-15.23. At the moment we see possibility of another marginal push up within blue box area. Proposed leg up may or may not be seen. There is already enough number of swings in place to have correction completed. We don’t recommend buying the stock and prefer the short side from the Blue Box Area. Once the price reaches 50 fibs against the (x) blue low, we will make short positions risk free and take the partial profits.

American Airlines ( AAL ) Elliott Wave 1 Hour Chart 09.03.2023​

The stock made decline from our blue box zone 14.95-15.23 ( selling zone) . Pull back reached 50 fibs against the (x) blue low. As a result members who took short trades at the blue box, now enjoying profits in a risk free positions. As far as the price stays below 14.99 we expect to see further weakness toward new lows. We would need to see break of ((i)) black low: 14.42 to confirm next leg down is in progress.

American Airlines ( AAL ) Elliott Wave 1 Hour Chart 09.12.2023​

Eventually the stock made further separation from the 14.99 and price broke below 14.42 low, confirming wave ((iii)) is in progress. The stock remains bearish against the 14.99 pivot and should ideally keep finding sellers 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 with target levels in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room

New to Elliott Wave ? Check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.



Source: https://elliottwave-forecast.com/trading/american-airlines-aal-blue-box/

 

[Elliottwave-Forecast]

Cleveland Cliffs, Inc. (formerly Cliffs Natural Resources) is an US American company that specializes in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling. It is the largest flat-rolled steel producer in North America. Founded in 1847, it is headquartered in Cleveland, Ohio, USA. The stock being a component of the S&P MidCap 400 index can be traded under ticker $CLF at NYSE.

Cleveland Cliffs Monthly Elliott Wave Analysis 09.19.2023​

The Monthly chart below shows the Cleveland Cliffs shares $CLF traded at NYSE. First, the stock price has developed an impulse higher in blue wave (I) of a super cycle degree. It has printed the all-time highs on the June 2008 at 121.95. From the highs, a correction lower in blue wave (II) has unfolded as an Elliott wave zigzag pattern. Firstly, red wave a has printed a low in March 2009 at 11.80. From the low, red wave b reached higher towards April 2011 highs and became a bull trap. From 102.48 highs, red wave c has broken below 11.80 lows. Hereby, the structure of red wave c allows to count 5 waves off the highs.

It is the the preffered view, that correction in red wave (II) has ended in January 2016. While above 1.20 lows, next bullish cycle in blue wave (III) has started. The target will be towards 123-199 area and beyond.

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Cleveland Cliffs Weekly Elliott Wave Analysis 09.19.2023​

The Weekly chart below shows in more detail the initial stages of the blue wave (III). Firstly, diagonal in black wave ((1)) has created a high in February 2017 at 12.37. Secondly, a pullback in black wave ((2)) has set a low in March 2020 at 2.63. Thirdly, an impulse in wave ((3)) has printed a peak in October 2021 at 26.51. Fourthly, a reset in black wave ((4)) has set a short-term low in January 2022. Finally, blue wave ((5)) has reached 34.04 highs in April 2022. There, an impulse in red wave I has ended.

From April 2022 highs at 34.04, a consolidation lower in red wave II is taking place and should find support in 3, 7 swings above 1.20 lows. Firstly, impulse in black wave ((A)) has printed a short-term low in July 2022. From 14.32 lows, a bounce as expanded flat in black wave ((B)) has set a connector at 22.83 highs in March 2023. From there, black wave wave ((C)) has started. Break of 11.82 lows will confirm that. It can reach 10.61-7.29 area. Also full 100% extension being 3.06-1.20 area might be reached. Investors can start accumalation from 10.61-1.20 area targeting 123-199 area in the long run.



Source: https://elliottwave-forecast.com/stock-market/cleveland-cliffs-next-rally/

 

[Elliottwave-Forecast]

McDonald's (MCD) is the world's largest fast food restaurant chain, serving over 69 million customers daily in over 100 countries in more than 40,000 outlets as of 2021. It is best known for its hamburgers, cheeseburgers and french fries, although their menu also includes other items like chicken, fish, fruit, and salads.

McDonald's MCD Weekly Chart April 2023​

In the weekly chart we can clearly see the retracement of the entire wave ((I)). The correction took on a flat Elliott Wave structure. Wave (a) ended at $187.55, the corrective bounce reached $218.38 completing wave (b). The drop in form of an impulse occurred at the beginning of the COVID19 pandemic. Wave (c) ended at $124.23 and so did wave ((II)) in a fast pullback with losses above 43% in March 2020. Since that date, MCD held a bullish price action reaching almost at $300 dollars per share. Last April, we were expecting to continue with a nest higher to finish a wave (1) before entered in a wave (2) correction.

McDonald's MCD Weekly Chart September 2023​

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Currently, given that correction looks like a little more deep than expected, we adjusted the count and erased the triple nest for one leading diagonal. Up from wave (II) at $217.68, MCD ended wave ((1)) at $259.61 high. Wave ((2)) pullback made a running flat correction ending at $230.58. Then the market rally in wave ((3)) completing in $281.67 and retracement as wave ((4)) at $259.51. Last leg higher wave ((5)) to finish the leading diagonal as wave I ended at $299.35.

Down from wave I, wave II correction started showing a possible zig zag structure. Wave ((A)) ended at $275.00 and bounce as Wave ((B)) was rejected lower at $285.60 in wave ((C)). This wave should continue lower building an impulse structure that could end in $260.99 - $245.82 zone. Once price action reaches this area, we should expect a reaction higher to think that wave ((C)) of II has ended and resume the rally toward above $300.00. The view is valid as market remains above $217.68 low.

McDonald's MCD Alternative Weekly Chart September 2023​

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We cannot rule out the first idea as alternative view and keep the triple nest structure. As price action stays above $259.51, the view is valid and it should resume the rally. If market breaks below $259.51, then MCD is following the idea of the first chart and it is developing wave II lower.

Source: https://elliottwave-forecast.com/stock-market/mcdonalds-mcd-buying-opportunities/

 

[Elliottwave-Forecast]

IONQ Inc., (IONQ) engages in the development of general-purpose quantum computing systems in the US. It sells the access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon web services, Amazon Braket, Microsoft’s Azure Quantum & Google’s cloud marketplace. It is based in Maryland, comes under Technology sector & trades as “IONQ” ticker.

IONQ made all time high at $35.90 in November-2021 & all time low at $3.04 on 12.28.2022. Above there, it reacted higher in impulse sequence ended wave I at $21.60 high. It favors pullback in II in 3 swing pullback against December-2022 low.

IONQ - Elliott Wave Latest Daily View: ​

Since December-2022 low, it finished ((1)) at $6.00 high & corrected lower in ((2)) at $4.38 low as 0.5 Fibonacci retracement. Later, it started third wave extension, which ended at $20.14 high. Within ((3)), it placed (1) at $7.35 high, (2) at $5.29 low, (3) at $16.30 high, (4) at 14.15 low & (5) at $20.14 high. It was corrected in ((4)) in zigzag sequence at $12.19 low as dip pullback. Finally, it ended ((5)) at $21.60 high as wave I.

Below $21.60 high, it favors pullback in wave II as proposed zigzag correction. It favors pullback lower in ((A)) of II, where it appears ended (3) at $12.96 low & should bounce in (4) before turning lower in (5) of ((A)). Later, it expects to bounce in ((B)) connector in 3 or 7 swings & fail below I high extend lower in ((C)) to finish II towards extreme areas. It should remain above December-2022 low to resume higher.

Source: https://elliottwave-forecast.com/stock-market/ionq-favors-corrective-pullback-before-rally-continue/

 

[Elliottwave-Forecast]

GDXJ, short for VanEck Vectors Junior Gold Miners ETF, is an exchange-traded fund (ETF) that focuses on providing exposure to junior companies involved in the exploration and mining of gold and other precious metals. This ETF is designed to track the performance of small and mid-cap companies within the global gold mining industry. The ETF is still in the process of ending an expanded flat correction. Below we will take a look at the Elliott Wave outlook for the ETF.

GDXJ Daily Elliott Wave View​

Daily Elliott Wave Chart of GDXJ above shows that the ETF has ended wave II at 25.96. Up from there, wave ((1)) ended at 41.16 and wave ((2)) pullback remains in progress as an expanded flat. Wave (A) of ((2)) ended at 32.25 and wave (B) of ((2)) ended at 43.89. Wave (C) of ((2)) is in progress lower to retest 25.96. As far as 9.26.2022 pivot at 25.96 is holding, expect the ETF to extend higher.

GDXJ 4 Hour Elliott Wave View​

4 Hour Elliott Wave Chart of GDXJ above shows that the ETF still remains in selling pressure within wave C of ((2)). As far as the ETF stays below 43.88, expect further downside in the next several days/weeks to retest the low on 9.26.2022 at 25.96.

Source: https://elliottwave-forecast.com/stock-market/gold-miners-junior-gdxj-looking-end-flat-correction/

 

[Elliottwave-Forecast]

Disney has been in a tremendous decline since it peaked at $203.02 back 03.08.2021. The Peak ended a Grand Super Cycle and since then it has corrected in larger pullback. The Elliott Wave Theory provides us with cycle degrees determined by the time each cycle lasts. So the Grand Super Cycle is the highest cycle degree and can sometimes last even centuries. Here is the page that explains all the details within the Theory and provides new traders with enough guidelines to navigate the market. Let's take a look at the Elliott Wave outlook for Disney.

Disney ($DIS) Monthly Elliott Wave Chart​

The chart above is the representation of the Grand Super Cycle and clearly shows a five-wave advance in the Blue degree which ended wave ((I)) Grand Super Cycle. The idea of the five waves means overall that three waves of pullback are next to happen based on the Elliott Wave Theory. Sure enough $DIS have then seen a tremendous decline in wave ((II)) in Grand Super Cycle degree. The symbol has reached the minimum distance within the decline and has reached the buying area. The Elliott Wave Theory primary pattern states that the market moves in five waves in each cycle, then three waves pullback. Afterwards, a continuation higher in the direction of the previous five waves. This is a straightforward behaviour that repeats itself time after time.

Impulse Elliott Wave Structure​

The graph above shows the five waves advance and the three waves pullback. It looks similar compared to the $DIS Monthly chart. Analyzing the charts of Disney within the Grand Super Cycle makes it easy to understand this decline. It is a great and unique opportunity to buy the stock and hold it for a long time.

$DIS Weekly Elliott Wave Chart​

Zooming in on the Weekly chart above, we see how the decline unfolds in a WXY. It is a seven-swing structure which consists of 2 ABC combination. Hence, the market follows a sequence of 5-3-5-3-5-3-5. It should end around 1.00-1.618% of W related to X. At this moment, we are trading within the area, which is represented with the blue box. As seen from the chart above, down from wave ((1)), the stock did three waves lower or an ABC, which ended around 01.01.2022. The stock then bounced in wave X and then entered another leg lower. Right now it is trading within the Blue Box area or the 1.00-1.618% Fibonacci extension.

WXY Double Three Structure​

The graph above shows how a WXY looks in the Theory. Comparing this to the Weekly chart of Disney, it is fair to say they look alike. Soon Disney will start a new cycle higher and provide investors with an excellent opportunity to ride a very good long position. The Market follows patterns, and the Elliott Wave Theory helps us to identify them and take chances in favor of the trend.

Source: https://elliottwave-forecast.com/stock-market/diswalt-disney-the-symbol-trading-within-buying-area/