Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Johnson & Johnson (JNJ) is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. Its common stock is a component of the Dow Jones Industrial Average, and the company is ranked No. 36 on the 2021 Fortune 500 list of the largest United States corporations by total revenue.

JNJ Daily Chart May 2023​

In the last analysis, we predicted that the JNJ share price will be rejected in the 170.30 - 176.88 area. We called a short correction before resuming the bull trap. However, the market continued extending the correction lower to 153.15 without breaking wave ((W)) low and rally in the bull trap.

JNJ Daily Chart October 2023​

Up from wave ((W)) low, we called wave (A) ending at 167.23. Then, we had a deep correction ending at 153.15 as wave (B). At the end, JNJ rallied building a clear impulse completing a connector ((X)) at 175.97 and started the bearish momentum again. The structure from wave ((X)) looks like is developing a leading diagonal. Wave 1 of the diagonal ended at 157.35 low and wave 2 bounce finished at 165.27. Again the price dropped to 153.32 ending a wave 3 and the correction as wave 4 finished at 159.27.

Ideally, we need one more leg lower that breaks below 153.32 to complete a wave 5 and also wave (A). Once the leading diagonal is ended, we expect 3, 7 or 11 swings higher to finish wave (B) before resuming the correction lower. The view is valid as market stays below 175.97 high. In case, the leading diagonal did not complete breaking above 159.27 before 153.32, the structure will be a double correction (W), (X) and (Y). That means that wave 3 of (A) will be the wave (W) and we'll expect the same 3, 7 or 11 swings higher to finish wave (X) before turning lower.

Source: https://elliottwave-forecast.com/stock-market/johnson-jnj-continue-bearish-cycle/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of NIKKEI Futures published in members area of the website. As our members know NIKKEI Futures has recently made pull back that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the June 16th peak and completed correction right at the Equal Legs zone( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and forecast

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

Elliott Wave Double Three Pattern

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

NIKKEI Elliott Wave 4 Hour Chart 10.05.2023​

NIKKEI made correction that unfolded as a 7 swings pattern. Pull back has (W)(X)(Y) blue labeling. First leg (W) is having Double Three structure – 3 waves WXY red, while (Y) leg is ABC Zig Zag Pattern. The price reached extreme area at 30630-29972 blue box ( buying zone). There is already enough number of swings to call structure complete at 30303 low. However, we would like to see further separation from the low to confirm. We expect NIKKEI to make a rally toward new highs or in 3 waves bounce alternatively.

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

NIKKEI Elliott Wave 4 Hour Chart 10.14.2023​

NIKKEI found buyers as expected. The futures made further rally from the Blue Box and made 5 waves up from the 30303 low. Bounce already reached 50 fibs against the (X) blue connector which confirms cycle from the peak is done for sure. Consequently, any long positions from the equal legs area should be risk free by now. We call wave ((4)) completed at the 30303 low. Once NIKKEI make a break of June 16th high, it will confirm next leg up is in progress.

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/elliottwave/nikkei-nkd_f-elliott-wave-double-three/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 8 Hour Elliott Wave chart of General Electric Co. ($GE). The rally from 12.16.2022 low unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 7 swings and find buyers again. We will explain the structure & forecast below:

$GE 8H Elliott Wave Chart 9.25.2023:​

Here is the 8H Elliott Wave count from 9.25.2023. The rally from 12.16.2022 peaked at black ((3)) and started a pullback to correct it. We expected the pullback to find buyers at ((4)) in 7 swings (WXY) at $110.05 – 105.33.

$GE 4H Elliott Wave Chart 10.12.2023:​

Here is the 4H update from 10.12.2023 showing the bounce taking place as expected. The stock bottomed at $107.07 and reacted higher after reaching the extreme area allowing longs to get a risk free position. We expect the stock to continue higher in wave ((5)) and break above July 2023 peak before a pullback can happen.

Source: https://elliottwave-forecast.com/st...ic-co-ge-reacted-higher-corrective-pull-back/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of NASDAQ futures ticker symbol: $NQ_F. In which, the rally from 27 September 2023 low unfolded as a nest and showed a higher high sequence supported more upside. Therefore, we knew that the structure in NASDAQ is incomplete to the upside & should see more strength. So, we advised members to buy the dips in 3, 7, or 11 swings at the extreme areas. We will explain the structure & forecast below:

NASDAQ Futures 1-Hour Elliott Wave Chart From 10.13.2023​

Above is the 1hr Elliott wave chart from the 10/13/2023 Midday update. In which, the rally from the 9/27/2023 low is unfolding as a nest favoring more upside. While the short-term cycle from 10/03/2023 low ended wave 1 at $15468.75 high in a lesser degree 5 waves impulse sequence. Down from there, the index made a pullback in wave 2 to correct that cycle. The internals of that pullback unfolded as a zigzag structure where wave ((a)) ended at $15216.25 low. Wave ((b)) bounce ended at $15366.75 high and wave ((c)) managed to reach the equal legs area of ((a))-((b)) at $15113.01- $14956.31. From there, buyers were expected to appear looking for the next leg higher ideally or for a minimum 3 wave bounce.

NASDAQ Futures Latest 1-Hour Elliott Wave Chart From 10.17.2023​

This is the Latest 1hr view from the 10/17/2023 Asia update. In which the index is showing a strong reaction higher taking place from the equal legs area allowing longs to get into a risk-free position shortly after taking the position. However, a break above $15468.75 high is still needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/nasdaq-futures-reacting-equal-legs-area/

 

[Elliottwave-Forecast]

In this article, we’re going to take a quick look at the Elliott Wave charts of ES_F (E-mini S&P 500) published in the members area of the website. As our members know, E-mini S&P500 is trading within the cycle from the October 13, 2022 low (3502). The rally so far is in 3 waves but has scope to become 5 waves as far as the price stays above the recent low of October 4, 2023. Recently we got 3 waves pull back which found buyers right at equal legs area as we expected. In the further text, we are going to show how all this unfolded and the reaction higher which took place from the equal legs area.

ES_F 2 October 2023, 4 Hour Elliott Wave Update​

ES_F made a pullback in 3 waves and reached the extreme zone- equal legs area starting from 4282.22. ES_F has already reached the extreme area and 3 waves pull back could be counted completed but the chart below favors the idea of another leg lower within the equal legs area as wave ((v)) of C before a reaction higher takes place. This should allow the rest of the Indices to reach their respective extreme areas. After another low, ES_F should ideally find buyers for further rally in wave (5) blue or for a 3 waves bounce at least.

ES_F 17 October 2023, 4 Hour Elliott Wave Update​

Buyers appeared at the marked extreme zone between 4282 - 4214 and we are getting good reaction from there. As far as 4235.82 low holds, ES_F should ideally keep trading higher in wave (5) red toward new highs. We need to see break of 07/27 peak to confirm next leg up is in progress.

Keep in mind that the market is dynamic and the presented view could have changed in the meantime. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swing sequences



Source: https://elliottwave-forecast.com/video-blog/es_f-reaction-from-equal-legs-area/

 

[Elliottwave-Forecast]

Lockheed Martin is one of the the largest defense, arms and aerospace companies based in the United States and the world. It employs approximately 110’000 people worldwide. The company operates mainly on four business segments, i.e., Aeronautics, Missiles & Fire control, Rotary & Mission system and Space systems. It’s the world’s largest defense contractor based on revenues in the fiscal year of 2014. Headquartered in Bethesda, Maryland, USA, Lockheed Martin is a part of S&P100 and S&P500 indices. One can trade it under the ticker $LMT at NYSE.

In the article back in March 2019, we have presented the impulsive structure of $LMT. Our anticipation was an extension towards 391-437 area. Then, a pullback in wave ((IV)) before higher again. We were right. Later, in article from November 2021, we expected the pullback to find support from 299-266 area. It has ended with truncation and $LMT broke to new all-time highs. Now, we present an updated view, discuss wave structure and next buying opportunities..

Lockheed Martin Monthly Elliott Wave Analysis 10.18.2023​

The monthly chart below shows the Lockheed Martin stock $LMT traded at NYSE. From the all-time lows, the stock price has developed cycles higher in black waves ((I))-((II)-((III)) of grand super cycle degree towards the peak on February 2020 at 442.53. Hereby, the wave ((III)) shows an extension beyond 2.618 as related to the wave ((I)) (not shown). Moreover, wave ((III)) shows an extended subwave (III) on its own. From the February 2020 highs, a correction lower in black wave ((IV)) has found its bottom in March 2020 at 266.11 low. From there, a new cycle within wave ((V)) is in progress. It has been confirmed by breaking to new all-time highs. The target for wave ((V)) will be 484-551 area. The minimum level has been reached. Therefore, one should not be too agressive. But still, there are no signs of the market's top. Pullbacks in $LMT should remain supported.

​

Lockheed Martin Daily Elliott Wave Analysis 10.18.2023​

The daily chart below shows in more detail the final stages of the advance higher in blue wave (I) of black wave ((V)) and a pullback in blue wave (II). From March 2020 lows, blue wave (I) has unfolded as a leading diagonal being 5-3-5-3-5 structure. Within it, red wave V of blue wave (I) shows 5 waves into the top of a new all-time high on April 2023. Then, from the 508.10 highs, pullback in blue wave (II) demonstrates an Elliott wave zigzag pattern. Firstly, red wave a has printed a low in May 2023 at 439.70. Secondly, bounce in red wave b has set a connector in July 2023 at 479.50 highs. Thirdly, price has broken 439.70 lows confirming next extension lower. Now, red wave c has reached 411.36-369.13 area. From there, a bounce is taking place.

It is the preferred view that blue wave (II) has ended in October 2023. While above 393.77 lows, wave (III) is in progress. The target will be 542-583 area and possibly higher. Traders from 411.36-369.13 area should have taken partial profit already at 436.63 level and stay long. Once the all-time highs will be broken again, then pullbacks from extremes should remain supported in 3, 7 swings.



Source: https://elliottwave-forecast.com/stock-market/lockheed-martin-remains-supported/

 

[Elliottwave-Forecast]

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

At the end of 2021, Cisco finished an impulsive structure at 64.33 which we called wave (I). Then, CSCO dropped nearly a year to complete a zig zag corrective structure at $38.73 as wave (II). Since October 2022 low, we are looking for one more high above $58.19 to finish an impulse structure where we should see a big correction.

CSCO Daily Chart June 2023​

Last blog in June, we called wave ((1)) ended at $50.74 and wave ((2)) made an expanded flat that completed at $45.53. CSCO continued the rally again and we expected to build a wave ((3)) higher while price action stays above $45.53 low.

CSCO Daily Chart October 2023​

Currently, the market continued higher ending wave (1) of ((3)) at $52.41. Then, it developed a wave (2) as a flat correction ending at $50.06. CSCO rallied again finishing wave (3) at $56.48 and we could see a small correction as wave (4) ended at $55.21 low. Last push higher ended at $58.19 completing wave ((3)) of the impulse and wave ((4)) started. Down from September 2023 high, wave (A) of ((4)) finished at $52.53. Then 3 swings bounced ending wave (B) at $54.59. Now we are waiting to break below $52.53 to confirm wave (C) lower. Once wave ((4)) is completed, we must see a rejection higher to think that wave ((5)) of I has started. To end wave I, we need to see 5, 9 or 13 swings higher to break above $58.19 and see a rejection from the market. In that case, wave II correction lower should have begun.

CSCO Alternative Daily Chart October 2023​

An alternative to this view is that wave (II) has not finished and it makes a double correction. In June, we suggested that CSCO shares price should continue to rise to the $57.66 – $60.52 area. Thus, the price should be rejected from this zone opening the possibility of a double correction that sends the price below $38.73. The market ends a new high at $58.19 in the area and the market was rejected. Therefore, we cannot still rule out the alternative view. Actually, we expect the same path of the main view, the difference between the view is that in the alternative one the market does not break above $58.19 and resume lower. In this case we should follow the alternative path as above.

Source: https://elliottwave-forecast.com/stock-market/cisco-csco-make-one-high-big-correction/

 

[Elliottwave-Forecast]

The VanEck Vectors Junior Gold Miners ETF (GDXJ) is an exchange-traded fund that provides exposure to the stocks of small to mid-sized companies involved in the exploration and production of gold and other precious metals. The ETF looks to have ended expanded flat correction and now it should see at least 3 waves rally if not a new bullish cycle. 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 the ETF ended wave II at 25.96. Up from there, wave ((1)) ended at 41.16 and wave ((2)) ended at 30.46. The ETF has resumed higher in wave ((3)). As far as pivot at 25.96 low stays intact, expect the ETF to extend higher.

GDXJ 4 Hour Elliott Wave View​

4 Hour Elliott Wave Chart of GDXJ above shows that the ETF ended wave ((2)) pullback at 30.59 as an expanded Flat structure. Up from there, wave 1 ended at 35.63. Pullback in wave 2 is in progress to correct cycle from 10.5.2023 low before the ETF resumes higher again. Near term, as far as pivot at 30.59 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

Source: https://elliottwave-forecast.com/stock-market/gold-miners-junior-gdxj-least-see-3-waves-rally/

 

[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.

As showing from previous article, IONQ favors pullback in II lower as zigzag correction. It expects ((C)) to extend lower, while bounce fail below ((B)) high of $16.60 as it broke below ((A)) low of $12.96.

IONQ - Elliott Wave Daily View From 9.26.2023: ​

In daily, it finished ((1)) of I at $6.00 high & retraced in ((2)) at $4.38 low as 0.5 Fibonacci retracement. Above there, it extended higher as third wave extension as ((3)), 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. Finally, it ended ((5)) at $21.60 high as wave I.

IONQ - Elliott Wave Latest Daily View: ​

Below $21.60 high of I, it ended ((A)) at $12.96 low as sharp move down in II as shown from previous article. It bounced off in ((B)) in double correction, which ended at $16.60 high. Below there, it broke below ((A)) low, confirming ((C)) in progress. Currently, it favors lower in (1) of ((C)) & expect two minor lows to finish it before it can bounce in (2). It expects any bounce in (2) to fail below ((B)) high to extend lower as the part of ((C)) towards $7.92 - $5.87 area & ideally hold the low of $3.04 to finish II before turning higher. Alternatively, if it breaks above $16.60 high, it can do flat correction in ((B)), which should fail below I high to turn lower in ((C)) of II.

Source: https://elliottwave-forecast.com/stock-market/ionq-favors-weakness-zigzag-correction/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Alphabet Inc. ($GOOGL). The rally from 9.26.2022 low unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 7 swings and find buyers again at the blue box area. We will explain the structure & forecast below:

$GOOGL 1H Elliott Wave Chart 10.20.2023:​

Here is the 1H Elliott Wave count from 10.20.2023. The rally from 9.26.2023 peaked at blue (1) and started a pullback to correct it. We expected the pullback to find buyers at (2) in 7 swings (WXY) at $135.62 – 132.47.

$GOOGL 1H Elliott Wave Chart 10.23.2023:​

Here is the 1H update from 10.23.2023 showing the bounce taking place as expected. The stock bottomed at $133.94 and reacted higher after reaching the blue box area. We expect the stock to continue higher to break above October 2023 peak and reach $143 - 146 before a pullback can happen.
Source: https://elliottwave-forecast.com/stock-market/alphabet-inc-googl-reacting-higher-blue-box-area/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURJPY, published in members area of the website. As our members know the pair is showing impulsive bullish sequences in the cycle from the October's low. Consequently , we were calling for the further rally in the pair. Recently EURJPY made a pull back that has had a form of Elliott 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.

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.

If you are new to Elliott Wave we recommend you to check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.



At the chart below we can see what Elliott Wave Zig Zag pattern looks like in real market.

EURJPY H1 London Update 10.14.2023​

EURJPY ended cycle from the 154.31 low as 5 waves structure. The pair is currently giving us pull back against the 154.31 low. First leg has a form of 5 waves, so we assume pull back is unfolding as Elliott Wave Zig Zag Pattern. That means both (a) and (c) legs should have 5 waves . We expect to see another marginal push down toward Equal legs area: 157-156.35, which will make 5 waves in (c) leg as well. We don’t recommend selling the pair and expect further rally to resume from the buyers zone.

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

EURJPY H1 London Update 10.24.2023​

The pair has given us nice rally from the marked extreme zone which has made break toward new highs. Now, as far as the price holds pivot at 156.9 low intact we expect to see further strength in the pair. Short term pull back (ii) blue can be in progress , when now about to end first leg a of (ii)

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent updates in the membership area of the website. Remember that not every chart is trading recommendation. 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. You can check most recent charts in the membership area of the site.



Source: https://elliottwave-forecast.com/elliottwave/eurjpy-found-buyers-elliott-wave-zig-zag/

 

[Elliottwave-Forecast]

PepsiCo (NASDAQ: PEP), has been facing a challenging environment in the recent 2 years. With the continued uncertainty and volatility in the market, the stock’s long-term growth potential is under scrutiny by investors. In this article, we'll analyze the various Elliott Wave patterns for PepsiCo in order to guide investors in navigating the mid-term movement of the stock.

PepsiCo surged into new all time highs on May 2023 but it didn't last long. Since then PEP faced a 20% decline which ended the impulsive cycle started in March 2020.
Based on the current structure we can define 2 potential emerging type of correction taking place.

The initial aggressive approach would suggest a potential 5 waves decline in wave 'a' of larger ZigZag 'abc' structure. Currently a short term bounce in wave ((4)) would ideally fail around $167 - $170 area followed by a wave ((5)) lower into equal legs area $158 - $152. Up from there, a larger 3 waves bounce will happen in wave 'b' before another 5 waves decline in wave 'c' to take place.

PEP ZigZag Structure 10.26.2023​

As we can notice on the daily chart, the decline from the peak is already showing 3 waves down ((A)) ((B)) ((C)) which already reached equal legs area $158 - $152. If the move lower is already completed within wave 'w' then the reaction higher will correct that proposed cycle in wave 'x' before the stock turns lower again within a wave 'y' to form a corrective double three structure.

PEP Double Three Structure 10.26.2023​

PEP will turn bullish if the rally from October 2023 low turns into a 5 waves impulsive structure suggesting that any pullback would ideally remain supported above $155.83 low. In that case, the stock will be looking to create separation from the low in the coming weeks to support the idea of an impulse.

PEP Impulsive Structure 10.12.2023​

In conclusion, despite presenting 3 different scenarios, the market will soon define the main path as they share the same bounce from the extreme blue box area in the near term. Depending on the structure of the coming move, PEP will give the early hints of what's coming for the stock as volatility is expected to remain for the rest of 2023.

Source: https://elliottwave-forecast.com/stock-market/pepsico-pep-correction/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of VanEck Gold Miners ETF ($GDX). The rally from 10.04.2023 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:

$GDX 1H Elliott Wave Chart 10.26.2023:​

Here is the 1H Elliott Wave count from 10.26.2023. The rally from 10.04.2023 peaked at blue (1) $30.16 and started a pullback to correct it. We expected the pullback to find buyers at (2) in 3 swings (ABC) at $28.09 – 27.20.

$GDX 1H Elliott Wave Chart 10.29.2023:​

Here is the 1H update from 10.29.2023 showing the bounce taking place as expected. The ETF reacted higher after reaching the equal legs area allowing longs to get a risk free position. We expect the ETF to continue higher in wave (3) towards 32.65 - 35.47 before a pullback can happen. Alternatively, if the ETF is unable to break above $30.16 at blue (1) then a double correction lower can happen (WXY) before higher.

Source: https://elliottwave-forecast.com/st...-etf-gdx-reacted-higher-corrective-pull-back/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of Silver (XAGUSD) published in members area of the website. As our members know Silver has recently made pull back that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the May 4th peak and completed correction right at the Equal Legs zone ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and forecast

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

Elliott Wave Double Three Pattern

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

Silver XAGUSD Elliott Wave Daily Chart 09.30.2023​

Silver is doing correction that is unfolding as a 7 swings pattern. Pull back has (W)(X)(Y) blue labeling. First leg (W) is having Zig Zag Structure – 3 waves ABC red, while (Y) leg is WXY Double Three Pattern. The structure is still incomplete at the moment. We expect to see another leg down toward extreme area: 21.27-18.8 blue box ( buying zone). Once Silver reaches proposed extreme zone, we expect the commodity to make a rally toward new highs or in 3 waves bounce alternatively. We don't like selling and preferring the long side from the Blue Box Area. Once the price reaches 50 fibs against the (X) blue high, we will make long positions risk free (put SL at BE) and take the partial profits.

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

Silver XAGUSD Elliott Wave Daily Chart 10.28.2023​

Silver found buyers at the Blue Box Area as expected. The commodity made nice rally from the Buying Zone and made 5 waves up from the 20.66 low. Bounce already reached 50 fibs against the (X) blue connector which confirms cycle from the peak is done for sure. Consequently, any long positions from the equal legs area should be risk free by now. As far as the price stays above 20.66 low, we can see further strength in the commodity.

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/elliottwave/silver-xagusd-found-buyers-elliott-wave/

 

[Elliottwave-Forecast]

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

JPM Daily Chart June 2023​

In the last JPM update, we showed a cycle ended as wave ((2)) near to a blue box at 101.22. Then, we can see how price action built 5 waves higher to end the leading diagonal at $144.34 as wave 1. Then, it developed a flat correction 3-3-5, where wave ((c)) was a clear ending diagonal to finish wave 2 at $123.11. After this, the market continued to the upside and we called that the stock should continue with this trend until completing another impulse as wave ((i)) before seeing 3, 7 or 11 swings correction as wave ((ii)).

JPM Daily Chart October 2023​

The chart above, we show how the market continued higher as expected and it ended wave ((i)) at 159.38. Then, the price action developed clearly 3 swings lower where wave (b) is a flat correction and it should keep dropping to 134.59 - 130.20 area to end wave ((ii)) before turning higher again. However, the market conditions have changed. The structure of the SPX shows us that it could be building a correction lower and that does not fit with the actual JPM structure in the chart. Therefore, we are going to show you some alternatives that could happen using monthly timeframe.

JPM Monthly Chart October 2023 (Alternative 1)​

In this first alternative, we are calling that JPM has ended a Grand Super Cycle in October high of 2021 and we labeled as wave ((I)). Down from the peak, wave ((II)) correction finished at 101.28. This is the best scenario for JPMorgan. In this case, we need to break above 159.38 high being the key to avoid a big correction. This break should completed a leading diagonal structure as wave I from 101.28 low. Once this occurs, then we expect 3, 7 or 11 swings correction as wave II to stay above 101. 28 before seeing further upside.

JPM Monthly Chart October 2023 (Alternative 2)​

The chart above is the worst scenario for JPM. That is wave ((II)) is not completed and it needs more downside to finish the correction. In this case, wave (a) ended at 101.28 low and wave (b) ended at 159.38 high. Therefore, market should continue lower to 87.58 - 43.17 blue box area where it should resume the rally again. There are some structures to send JPM prices lower; however, we have chosen this one. In this view, the stock is currently in wave ((1)) of III and after ending wave ((1)) lower, it should bounce in 3, 7 or 11 swings higher to develop wave ((2)) of III. This bounce cannot break above 159.28 high and once wave ((2)) is completed the drop in the market should accelerate. That is why 159.38 is key. A break higher of this level should keep the market above 101.28, but in the other hand, the market could collapse as low as 43.17.

Source: https://elliottwave-forecast.com/stock-market/jpmorgan-jpm-shares-could-collapse/

 

[Elliottwave-Forecast]

CSX Corporation (CSX) provides rail-based fright transportation services. The Company offers rail services & transportation of intermodal containers & trailers as well as other services such as rail-to-truck transfers & bulk commodity operations. It transports chemicals, agricultural & food products, minerals, automotive, forest products, fertilizers, metals & equipment & coal, coke, iron ore to electricity-generating power plants & industrial plants. It is based in Jacksonville, US, comes under Industrial sector & trades as “CSX” ticker.

CSX placed (I) at $38.63 high in daily sequence & favors pullback in (II) in double correction. It expects to remain sideways to lower, while bounce fail below $34.38 high of x connector.

CSX - Elliott Wave Latest Daily View: ​

It placed (I) at $38.63 high in March-2022 as impulse sequence in weekly. Below there, it ended w at $25.80 low in zigzag correction on 10.13.2022. It ended ((A)) of w at $27.59 low as 5 swings sequence. It bounced off in ((B)) as sharp correction, ended at $34.71 high. Later, it resumed lower in ((C)) in 5 swings lower, ended at $25.80 low as w of (II) correction. Above w low, it reacted higher in x connector in zigzag, which ended at $34.38 high on 7.03.2023. It placed ((A)) at $33.33 high as 5 swings move, followed by ((B)) at $27.60 low in double correction. Finally, it ended ((C)) at $34.38 high as diagonal to finish x connector.

Below x high, it resumed lower in ((W)) of y of (II) & can extend towards $26.50 - $24.63 area. Within ((W)), it placed (A) at $29.45 low & (B) at $32.00 high on 10.11.2023. Currently, it favors lower in 1 of (C) & soon can bounce in 2, which expect to fail below (B) high to resume downside in 3 of (C). Alternatively, if it breaks above $32.00 high, it can do flat correction in (B), which yet expect to fail below x high to resume downside as the part of ((W)) of y of (II). It expects y to extend lower towards $21.61 - $13.69 area to finish (II) correction, where buyers expect to enter the market.

Source: https://elliottwave-forecast.com/stock-market/csx-expects-weakness-double-correction/

 

[Elliottwave-Forecast]

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

In the initial article from June 2023, we have explained that long-term consolidation has ended and a new bullish cycle has started. In the current blog, we provide with a short term buying opportunity where investors and traders can join the rally.

Carvana Weekly Elliott Wave Analysis 10.28.2023​

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

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

​

Carvana Daily Elliott Wave Analysis 10.28.2022​

The Daily chart below shows in more detail the initial stages of the blue wave (III). From the December 2022 lows at $3.55, blue wave (1) shows 5 fully developed subwaves 1-2-3-4-5 of red degree. Blue wave (1) has ended in July 2023 at 57.19 highs. Hereby, red wave 3 has reached beyond 2.0x of the wave 1.

From 57.19 highs, a pullback in blue wave (2) is in progress. It unfolds as a 3-3-5 regular flat pattern. Firstly, 3 swings of A have set a low in August 2023 at $36.42. Then, bounce in 3 swings of red B has set a connector in September 2023 at $56.80. Now, the prices have broken 36.42 lows. As a consequence, it has created a bearish sequence. $CVNA stock has reached within red wave C the 100% extension range being 36.00-23.12 area. It can still extend lower to end blue wave (2). Soon, reaction higher in blue wave (3) should take place.

Investors and traders can buy $CVNA from 36.00-23.12 bluebox targeting 77-110 area in the medium-term and 327-527 area in the long run.



Source: https://elliottwave-forecast.com/stock-market/carvana-entered-support-area/

 

[Elliottwave-Forecast]

Cocoa (or cocoa bean) is one of soft commodities, along with sugar, coffee, orange juice and cotton. The bean is the fully dried and fermented seed, wherefrom cocoa solids and cocoa butter can be extracted. Cocoa beans are the basis of the chocolate. One can trade Cocoa futures at ICE owned New York Board of Trade in contracts of 10 metric tons each under the ticker CC #F. Also, there are similar contracts at CME owned NYMEX under the ticker CJ #F.

Currently, we see other soft commodities like orange juice, coffee and sugar in a new large cycle higher after a long period of depressed prices. Based on the correlation within group of softs, the cocoa seed is expected to accelerate higher as well. In the initial article on CC #F from March 2021 we have provided the main idea. Since then, the price has continued oscillations in a narrow range bound market. From practical perspective, it provided a great opportunity to accumulate long position in cocoa beans before inflation will start. In the last article from August 2022, we have provided 2204-2092 buying area. As a matter a of fact, prices have found an important bottom within mentionned blue box area and rallied to new all-time highs. In the current blog, we present the updated view, discuss cycles, sequences and price targets..

Cocoa Monthly Elliott Wave Analysis 10.28.2023​

The monthly chart below shows the cocoa seed front contract CC #F at NYBOT. From the all-time lows, the prices have developed a cycle higher in blue wave (a) of a super cycle degree. Hereby, wave (a) has demonstrated a leading diagonal pattern and has ended in March 2011 at 3775. From the all-time highs, a correction lower in wave (b) has unfolded as an Elliott Wave triangle pattern being 3-3-3-3-3 structure. It is the preferred view that an important bottom on September 2022 has been set and the correction has ended. From the 2192 lows, a new rally in prices within blue wave (c) has started. Break above 3775 highs has confirmed that opening up a bullish sequence. Now, pullbacks should remain supported in 3, 7 swings against 2192 lows.

For 2024-2030, the expectations are to extend higher. The target for wave (c) will be 5532-7865 area. From current levels, the cocoa seed can, therefore, double in price.

​

Cocoa Daily Elliott Wave Analysis 10.28.2023​

The daily chart below shows in more detail the advance from the September 2022 lows where triangle in blue wave (b) has ended. From the bottom at 2192, one can observe an initial impulse in red wave I building up. Firstly, wave ((1)) has pushed higher and ended in January 2023 at 2699. Secondly, consolidation in wave ((2)) has set a low in the same month at 2507. Thirdly, an extended black wave ((3)) has reached beyond 2.0x of the wave ((1)). It has ended in August 2023 at 3652 highs. Fourthly, short-term pullback has set a bottom at 3237. Now, while above there, wave ((5)) is in progress and should unfold 5 subwaves higher to end red wave I. Once finished, red wave II should retrace part of the rise.

Investors and traders can be, therefore, looking to buy red wave II in a pullback against 2192 lows in 3, 7 swings. The target range is 5532-7865 area in medium- to long-term .



Source: https://elliottwave-forecast.com/commodities/cocoa-prices-bullish-sequence/

 

[Elliottwave-Forecast]

Shopify (NYSE: SHOP) is a cloud-based commerce platform that provides software for building and operating e-commerce businesses. In Q3 FY2023, Shopify’s revenue was up 25% YoY and gross profit was up 36% YoY. The company also reported positive free cash flow for the fourth consecutive quarter, which reached 16% of revenue.

After the news, SHOP surged +22%. We believe that technical aspects rule the market and news is an after-fact event to drive the market into a predetermined direction. Based on the Elliott Wave Theory, it is possible to define the current structure taking place within the daily cycle and predict what the market is looking for in the future.

The main daily cycle started on the 13th of October 2022 at $23.63 low. It unfolded within an impulsive 5 waves structure which ended on the 14th of July at $71.43 peak. This move is proposed to be wave I and the decline from July peak was the wave II. The move lower unfolded as a 3 waves ZigZag structure and managed to reach the Blue Box at equal legs area $47 - $42. From there, a strong reaction to the upside took place. If the next pullback remains supported above $45.5, it could be the start of the wave III. In that case, the stock is expected to surge above July peak, creating a new bullish sequence. It will be aiming for a higher target at the $93 - $122 area.

Shopify Daily Chart 11.3.2023​

If the current rally fails to break above $71.43, then the proposed wave II may still be in progress within a potential Double Three corrective structure. This suggests that another 3 waves lower will take place to finish the entire 7 swings structure from July peak. As a result, another investment opportunity for the stock could arise because another extreme blue box area may be available for buyers to join the daily cycle.

Shopify Daily Chart ( Double Three Correction )​

Source: https://elliottwave-forecast.com/video-blog/shopify-shop-bullish-structure/

 

[Elliottwave-Forecast]

Pan American Silver Corporation (PAAS) is a Canadian mining company that specializes in the exploration, development, and production of silver and gold ores. The company is one of the world's largest primary silver mining companies and has a strong presence in the Americas. Below we will update on the technical outlook for the company:

PAAS Monthly Elliott Wave Chart​

Monthly Elliott Wave of Pan American Silver (PAAS) above shows that the stock ended wave ((II)) at 5.32 on January 2016 low. From there, the stock has started a new bullish cycle. Up from wave ((II)), wave (I) ended at 40.11 and dips in wave (II) ended at 13.4. Expect the stock to resume higher as far as it stays above 13.4, and more importantly above 5.32.

PAAS Daily Elliott Wave Chart​

Daily Elliott Wave Chart of Pan American Silver (PAAS) above shows that the stock ended wave (II) at 13.26. The stock has started to turn higher even though it sill needs more separation from the low. Up from wave (II), it formed a leading diagonal with wave ((1)) ended at 19.84. Pullback in wave ((2)) ended at 13.45. The stock has resumed higher again in wave ((3)). Near term, as far as pivot at 13.26 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

Source: https://elliottwave-forecast.com/stock-market/paas-in_process-of-bottoming/