Elliott Wave Analysis by EWF

[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 US, comes under Technology sector & trades as “IONQ” ticker.

As mentioned in previous article, it reacted lower in corrective sequence in II, which ended ((W)) at $9.23 low. It favors bounce in ((X)) in 3 or 7 swings before turning lower in ((Y)) of II as double correction.

IONQ - Elliott Wave Daily View From 10.22.2023: ​

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 impulse.

IONQ - Elliott Wave Latest Daily View: ​

Below I high, it ended ((W)) at $9.23 low as the part of double correction in II & failed to reach the extreme areas. Within ((W)) sequence, it ended (A) at $12.96 low, (B) at $16.60 high & (C) at $9.23 low as ((W)). Currently, it favors higher in 5 of (A) of ((X)) connector. It placed 1 at $12.58 high, 2 at $10.15 low, 3 at $13.58 high & 4 of (A) at $11.69 low. It expects one more push higher to finish 5 of (A) before correcting in (B). (B) expects to remain above $9.23 low to bounce in (C) of ((X)). As long as the bounce fail below I high, it can do double correction before upside resumes in III. So, it expects ((X)) to fail in 3, 7 or 11 swings below I high to turn lower in ((Y)) of II.

Source: https://elliottwave-forecast.com/stock-market/ionq-expects-choppiness-in-double-correction/

 

[Elliottwave-Forecast]

AMC Entertainment Holdings, Inc. is an American movie theater chain headquartered in Leawood, Kansas, and the largest movie theater chain in the world. Founded in 1920, AMC has the largest share of the U.S. theater market ahead of Regal and Cinemark Theatres. It has 2,866 screens in 358 theatres in Europe and 7,967 screens in 620 theatres in the United States.

AMC Daily Log Chart December 2023​

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AMC ended a Grand Super Cycle in June 2021. The share price has fallen from more than 700 dollars to only 7. In order to analyze the possible structure of Elliott we have transformed the chart to a logarithmic chart. The structure from the peak looks very clear, we have groups of bearish impulses connected by corrections. It is for this reason that a double correction structure is the best alternative for AMC's decline.

Down from the 2021 peak, we can see an impulse that finished wave "a" at 129.00 low. The correction of this cycle ended a wave "b" at 343.30 high and then continued a new downward impulse. This impulse completed wave "c" at 37.70 low, and thus, the first part of the double correction structure as (w). Then connector wave (x) was shallow ending at 85.30 high. Then the downward trend continued, having a strong bearish momentum in the month of August. We can clearly see another bearish impulse from the high of 85.30. Near term, it looks like to complete wave "a" of (y) we need to break below 6.53. Then any rebound that passes above 7.54 could confirm that wave "a" ended and we would already be in wave "b".

Although we have drawn wave "b" somewhat short, wave "b" can move between 85.30 and the end of wave "a". As the fall has been very violent, it is likely that wave "b" will be small. To finish, we need a "c" wave of (y). In this way we would finish the structure of the double correction wave ((II)) and we should look for a new rally in the stock. Actually, it is not possible to know some area where wave ((II)) could complete the cycle.

Source: https://elliottwave-forecast.com/stock-market/selling-rallies-strategy-amc/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of Nikkei. We presented to members at the elliottwave-forecast. In which, the rally from 04 October 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the $NKD_F & buy the dips in 3, 7, or 11 swings. We will explain the structure & forecast below:

Nikkei 4-Hour Elliott Wave Chart From 12.07.2023​

Here’s the 4-hour Elliott wave chart from the 12/07/2023 London update. In which, the cycle from the 10/30/2023 low ended in wave 3 as an impulse structure at 33870 high. Down from there, the index made a pullback in wave 4 to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) at 32695 low. Wave ((b)) ended at 33465 high and wave ((c)) managed to reach the equal legs area at 32295- 31570 area. From there, buyers were expected to appear looking for the next leg higher or for a 3-wave bounce minimum.

Nikkei Latest 4-Hour Elliott Wave Chart​

This is the latest 4-hour Elliott wave Chart update. In which the Nikkei is showing a strong reaction taking place, right after ending the zigzag correction within the equal legs area. Allowed members to create a risk-free position shortly after taking the long position. However, a break above the 33870 high is still needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/nikkei-strong-reaction-higher-equal-legs/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Metals & Mining ETF ($XME). The rally from 10.23.2023 low at $48.01 broke above 09.15 peak creating a bullish sequence. So, we expected the pullback to unfold in 7 swings and find buyers again. We will explain the structure & forecast below:

$XME 4H Elliott Wave Chart 12.12.2023:​

Here is the 4H Elliott Wave count from 12.12.2023. We expected the pullback to find buyers at red 4 in a 7 swing structure (wxy).

$XME 4H Elliott Wave Chart 12.13.2023:​

Here is the 4H update the next day showing the strong bounce taking place as expected. The ETF reacted higher after 7 swings from 12.01 peak allowing longs to get a risk free position. We expect the ETF to continue higher towards $63.52 - 75.51 before a pullback can happen.
Source: https://elliottwave-forecast.com/st...-mining-etf-xme-reacting-higher-extreme-area/

 

[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 been giving us good trading setups recently. We have been favoring the long side due to impulsive bullish sequences the futures is showing. In further text we’re going to explain the short term Elliott Wave forecast.

NIKKEI Elliott Wave 1 Hour Chart 12.14.2023​

NIKKEI ended cycle from the 11.20. peak at the 32202 low. We got 5 waves up in the rally from the short term low. Currently the futures is doing intraday pull back that seems to be unfolding as potential flat pattern , wave ((b)). Pull back already shows 3 waves down from the last peak. The price has reached intraday equal legs area at 32646-32338. At that zone we expect buyers to appear for a 3 waves bounce at least or further rally ideally.

Note: Keep in mind not every chart is trading recommendation. 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.

NIKKEI Elliott Wave 1 Hour Chart 12.16.2023​

The futures found buyers at the marked equal legs area as expected and we got good reaction from there. We count pull back completed at 32470 low. Short term rally made 5 waves up from the 32470 low, and now we are getting 3 waves pull back in (ii) blue. We don't recommend selling in any proposed pull back.

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/stock-market/nikkei-nkd_f-rally-3-waves-pull-back/

 

[Elliottwave-Forecast]

Moderna, Inc. is an US American pharmaceutical and biotechnology company. Founded in 2010 and headquartered in Cambridge, Massachusetts, USA, it is a part of NASDAQ100 and S&P500 indices. Investors can trade it under the ticker $MRNA at NASDAQ. The company’s only commercial product is the COVID-19 vaccin. Moreover, it has a portfolio of vaccine candidates for such disease areas like influenza, cancer, HIV, Eppstein-Barr virus, Nipah virus, chikungunya, respiratory syncytial virus and others. Will this broad engagement promote the stock price into a new rally? In the initial article from April 2020, we have called for more upside in Moderna. We were right. Then, in article from February 2022, we saw pullback taking place and have provided with next buying opportunity. Now, Moderna stock has reached weekly bluebox area. In the current blog, we discuss the wave structure, buying area and the targets.

Moderna Weekly Elliott Wave Analysis 12.17.2023​

The weekly chart below shows the Moderna stock $MRNA traded at Nasdaq. From the all-time lows, the stock price is showing Elliott wave motive wave pattern. The main cycle up in blue wave (I) of super cycle degree has ended by printing the all-time high in August 2021 at 497.49. Clearly, one can see an impulse with an extended wave III. After 5 waves higher in wave (I), the correction lower in 7 swings of wave (II) lower is still in progress.

Firstly, 3 swings of red wave w have printed a low in November 2021 at 210.96. Secondly, bounce in red wave x has set a connector in the end of same month at 376.65 highs. Thirdly, price has broken 210.96 lows opening up a bearish sequence. Now, 3 swings of red wave y are entering 89.20-0.00 support area. There, wave (II) should end and next bull run in blue wave (III) should take place.

Investors and traders can be looking to buy wave (II) from 89.20-0.00 area. The target for wave (III) will be $497.49 and even higher.

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Moderna Daily Elliott Wave Analysis 12.17.2023​

The daily chart below shows in more detail the 7th swing of the double three correction in blue wave (II). From December 2022 highs at 217.25, the final swing lower is unfolding as an impulse in black wave ((C)) being 5-3-5-3-5 structure. Within it, blue wave (3) is showing an extension beyond 2.618x of the wave (1). From November 2023 lows, bounce in wave (4) might have ended in December 2023. While below $94.93, blue wave (5) can still extend lower to complete the structure in wave ((C)). Once finished, expect next bullish cycle in black wave ((1)) of red wave I of blue wave ((III)) to start.

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Source: https://elliottwave-forecast.com/video-blog/moderna-weekly-bluebox/

 

[Elliottwave-Forecast]

Eli Lilly & Company (LLY) discovers, develops & markets human pharmaceuticals worldwide. It is having around 550 B market cap as on December, 18th. It is based in Indianapolis, Indiana, US, comes under Healthcare sector & trades as “LLY” ticket at NYSE.

LLY reacted higher as expected from the previous article, in ((3)) towards $584.39 or higher levels. It ended ((3)) of III at $629.97 high & favors double correction in ((4)) before rally resumes.

LLY - Elliott Wave Weekly View From 8.14.2023: ​

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 & expect pullback in ((4)) before rally resumes in ((5)). 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.

LLY - Elliott Wave Latest Weekly View: ​

It ended ((3)) of III at $629.97 high in III. Within ((3)), it placed (1) at $469.87 high, (2) at $434.34 low, (3) at $601.84 high, (4) at $516.57 low & finally (5) as ((3)) at $629.97 high. Currently, it favors pullback in ((4)) as double correction & expect choppiness. It placed (W) at $547.61 low and (X) at $625.87 high. Below there, it favors lower in (Y) of ((4)) towards $543.93 - $492.72 area as blue box. It expects to find the buyers from the blue box area to resume upside in ((5)) to finish III of (III).

Source: https://elliottwave-forecast.com/stock-market/lly-favors-pullback-before-rally-resumes/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of AAPL. We presented to members at the elliottwave-forecast. In which, the rally from 04 December 2023 low is unfolding as an ending diagonal structure. Showing a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

AAPL 1-Hour Elliott Wave Chart From 12.17.2023 Weekend Update​

Here’s the 1-hour Elliott wave chart from the 12/17/2023 weekend update. In which, the short-term cycle from the 11/12/2023 low ended in wave 3 of a diagonal at $199.62 high. Down from there, the stock 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 $196.16 low. Wave ((b)) bounce ended at $198.77 high and wave ((c)) managed to reach the blue box area at $195.31- $193.16. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

AAPL Latest 1-Hour Elliott Wave Chart From 12.19.2023 Post-Market Update​

This is the latest 1-hour Elliott wave Chart from the 12/19/2023 Post-Market update. In which the stock is showing a 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 $199.62 high is still needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/aapl-keeping-momentum-reacting-higher/

 

[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​

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We believe that the AXP ended a Great Super Cycle at the peak of 199.55 which we call wave ((I)). The stock 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 bounded strongly ending wave II at 194.35 and then continued with a 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 low. The market bounced beginning a wave (b) correction. We called a double correction w, x, y Elliott structure given the market conditions in that moment.

AXP Weekly Chart December 2023​

Up from October 2023 low, we can see clearly 3 swings higher ending wave w at 182.15. Then 3 swings lower ended wave x connector at 140.91 hitting 100% Fibonacci extension. Currently, AXP is trading in wave y of (b). The equal legs extension from waves w and x comes in 192.29. Therefore, the area we could look for selling opportunities is 192.92 - 199.55 (invalidation level). We must see a reaction lower in the zone to think that wave (b) is finished because we cannot rule out a flat correction as wave ((II)). In that case, wave (b) could break slightly higher above 199.55 before resuming lower in wave (c). Once wave (b) is done, we can calculate the ideal area to end wave (c) of ((II)) as target.

Source: https://elliottwave-forecast.com/stock-market/axp-heading-potential-selling-area/

 

[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 August 2023 ​

In January 2022 Ford made a high at 25.87 and we called wave I and the market started a wave II correction. Down from this high, the stock developed a zig zag correction ending at 10.90 low and we called wave ((W)). Since then, shares entered in a sideways phase. From Jun 2022 to Oct 2023. In this range, after ((W)) a flat correction took a part building wave ((X)) connector ending at 16.68 high. Market continued lower and we are expecting another (A), (B), (C) correction to complete wave ((Y)) in a blue box. Down from ((X)), wave (A) ended at $10.57 low. Then, a complex structure with a wave B triangle built wave (B) correction finished at 15.43 high. At July high, the price action dropped again and we called an impulse structure to end wave (C) of ((Y)) and wave II in 7.60 - 4.14 blue box area.

FORD (F) Daily Chart December 2023 ​

Ford continued to the downside as expected inclusive breaking 10.90 low pivot. However, it only made 3 swings lower and rally without reaching the blue box area. Therefore, we are considering a double correction structure to complete wave ((Y)) of II. Down again from August 2022 high, we can see 3 swings lower ending wave W at 10.90. Then market bounce in 3 swings higher as a flat correction finishing wave X at 15.42. Then, another 3 swings zig zag correction fell completing wave Y at 9.63 low and also wave (W). The current rally should be wave A of (X) and it needs more time to end the structure. Once wave (X) ended, Ford should see 3 swings more lower to end wave (Y) of ((Y)) of II before rally in a new upside cycle. To confirm this view, market needs to breaks below 9.63 and stays below 15.42 high.

Source: https://elliottwave-forecast.com/stock-market/ford-entered-double-structure-downside/

 

[Elliottwave-Forecast]

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

COST is trading at all time high, suggesting further upside as the part of I of (I) of ((III)). It expects short term upside in 3 of (3) of ((3)) & remain supported in 3, 7 or 11 swings at extreme areas.

COST - Elliott Wave Latest Daily View: ​

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

COST - Elliott Wave Latest Monthly View: ​

Above ((II)) low, it already broke above ((I)) high, confirmed upside to be I of (I) of ((III)) sequence. It ended ((1)) of I at $564.75 high & placed ((2)) at $447.90 low. Above that, it favors upside in (3) of ((3)) of I. It ended (1) of ((3)) at $530.05 high & (2) at $465.33 low. It already broke above (1) high, ended 1 of (3) at $576.19 high & 2 as flat correction ended at $540.23 low. Currently, it favors upside in ((iii)) of 3 & expect one more push higher to finish it before pullback may start in ((iv)) of 3. It expects any pullback in 3, 7 or 11 swings towards extreme areas to find support to resume higher.

Source: https://elliottwave-forecast.com/stock-market/cost-continues-upside-bullish-sequence/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of XLI ETF published in members area of the website. As our members know, XLI is showing bullish impulsive sequences in the cycle from the 96.1 low. Our team recommended members to avoid selling , while keep favoring the long side. Recently we got correction that reached our buying zone. The ETF found buyers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

XLI Elliott Wave 1 Hour Chart 12.21.2023​

The ETF is giving us wave ((iv)) pull back that is unfolding as Double Three pattern. Pull back has already reached equal legs from the peak, blue box area. We expect buyers to appear at 111.62-110.51 for further rally or 3 waves bounce at least. We don’t recommend selling the ETF against the main bullish trend. Strategy is buying the dips at the marked extrme zone : 111.62-110.51 . Once bounce reaches 50 Fibs against the (x) 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 : 110.51

Quick reminder:

Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

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

XLI Elliott Wave 1 Hour Chart 12.24.2023​

XLI found buyers at the blue box as expected and we got good reaction from there. Bounce already reached and exceeded 50 fibs against the ((x)) black connector which confirms cycle from the peak is done. Consequently, any long positions from the equal legs area should be risk free by now. We count pull back completed at the 111.13 low, but would like to see break above 3 red peak to confirm. As far as the price stays above 111.13low, we can see further strength in XLI, targeting 114.49+ area.

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/xli-elliott-wave-buying-blue-box-area/

 

[Elliottwave-Forecast]

West Pharmaceutical Services, Inc. (NYSE:WST) is a designer and manufacturer of injectable pharmaceutical packaging and delivery systems. The Elliott Wave structure based on the 2023 daily cycle will be explored in this article.

Since the 55% decline from its 2021 peak, WST found a major low in October 2022 before reversing to the upside. Since then, the stock has seen a 100% rally unfold within a clear impulsive 5-wave advance. This initial move, labeled as wave I, established the new bullish daily trend for the stock and will support the price to stay above $206.

Following a corrective decline from its August 2023 peak within a 3-wave Zigzag structure, the stock reached the equal legs area of $333 - $314, where wave II can be called completed. It could have started the next leg to the upside. To confirm this path, WST needs to establish a new 5-wave advance from its October 2023 low, and short-term pullbacks need to remain corrective above $310.4. As long as these conditions are met, the stock will be looking to rally above its $415 peak and create a new bullish sequence, which will allow more upside within the daily cycle next year.

WST Daily Chart 12.26.2023 ( Zigzag Correction )​

Alternatively, if the rally from the October low remains corrective within 3 swings and fails to break above $415, then WST could be facing a another type of correction within wave II. The stock could see another 3-swing lower part of a larger Double Three structure (WXY) and would need more time to finish the move to the downside in wave II before the next leg higher takes place

WST Daily Chart 12.26.2023 ( Double Three Correction )​

In conclusion, WST’s daily cycle is expected to remain supported for a new rally to take place above $415 next year. However, the mid-term path could vary depending on the short-term structure taking place, as the risk of another correction lower remains present as long as the stock stays below its August 2023 peak.

Source: https://elliottwave-forecast.com/stock-market/west-pharmaceutical-services-wst/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Consumer Staples ETF ($XLP). The rally from 10.06.2023 low at $65.16 unfolded as 5 waves. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

$XLP 4H Elliott Wave Chart 12.20.2023:​

Here is the 4H Elliott Wave count from 12.20.2023. We expected the pullback to find buyers at red 4 in a 3 swing structure (ABC) at 69.97 - 68.90.

$XLP 4H Elliott Wave Chart 12.24.2023:​

Here is the latest 4H update showing the bounce taking place as expected. The ETF reacted higher after reaching the extreme area allowing longs to get a risk free position. We expect the ETF to continue higher towards $73.19 – 74.15 before a pullback can happen.
Source: https://elliottwave-forecast.com/st...staples-etf-xlp-reacting-higher-extreme-area/

 

[Elliottwave-Forecast]

Ovintiv Inc. (NYSE: OVV) is a leading North American exploration and production company. It is an oil and gas producer that explores, develops, produces, and markets natural gas, oil, and natural gas liquids. In this article, we delve into OVV’s technical structure based on Elliott Wave Theory and highlight its potential for further growth.

Since It's all time high back in 2008, the stock spent 12 years in decline within a downtrend and lost 99% of it's value. However, 2020 marked an important turn for the stock as we'll see in the following chart :

OVV Monthly Elliott Wave Chart 12.27.2023​

The decline from the 2008 peak of $276 evolved as a 3-wave Zigzag structure. Both waves (a) and (c) unfolded as 5-wave structures, while wave (b) was in 3 waves. The downmove of wave ((II)) is considered to be the entire correction of the Grand Supercycle, and it ended in March 2020 at $2.1. Up from there, the stock saw it initial first 5 waves advance of the new cycle which marked wave (I) at $63.3 and it was followed by wave (II) correction at $32.07.

As long as price stays above that recent May 2023 low then we can expect OVV to resume it's monthly move to the upside and it will be important to see a break above June 2022 peak to create a bullish sequence within a higher high and a higher low structure.

In conclusion, the long term technical picture for OVV is turning bullish and investors should be on the lookout for the next investment opportunity within daily cycles.

Source: https://elliottwave-forecast.com/stock-market/ovintiv-ovv-bullish-reversal/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the Eurostoxx index. We presented to members at the elliottwave-forecast. In which, the rally from the 23 October 2023 low is unfolding as an impulse structure. Showing a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

Eurostoxx 1 Hour Elliott Wave Chart From 12.19.2023​

Here’s the 1-hour Elliott wave chart from the 12/19/2023 Asia update. In which, the cycle from the 10/27/2023 low ended in wave 3 as an impulse structure at 4593.11 high. Down from there, the index made a pullback in wave 4 to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at 4515.92 low. While wave ((x)) bounce ended at 4579.90 high. Then wave ((y)) managed to reach the blue box area at 4502.18- 4454.12. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

Eurostoxx Latest 1-hour Elliott Wave Chart From 12.27.2023​

This is the latest 1-hour Elliott wave Chart from the 12/27/2023 London update. In which the index shows a reaction higher taking place, right after ending the double 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 the 4593.11 high is still needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/eurostoxx-reacting-higher-blue-box-area/

 

[Elliottwave-Forecast]

Guangzhou EHang Intelligent Technology Co. Ltd. is a Chinese designer and manufacturer of autonomous aerial vehicles (AAVs) and passenger AAVs. These products have entered service in China for aerial cinematography, photography, emergency response and survey missions. Founded 2014, EHang is headquartered in Guangzhou, China. One can trade it under the ticker $EH at NASDAQ.

EHang Weekly Elliott Wave Analysis 12.31.2023​

The weekly chart below shows the EHang shares $EH traded at NASDAQ. From the all-time lows, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards 129.80 all-time highs in February 2021. After the impulsive structure higher, a correction lower in blue wave (II) has unfolded as an Elliott wave zigzag pattern being 5-3-5 structure.

Firstly, red wave a of blue wave (II) has printed a low at 19.75 in May 2021. Then, a bounce has set a connector wave b at 47.38 highs in June of the same year. Later on, the price has broken 19.75 lows opening up next extension lower. It is the preferred view that red wave c has found an important bottom in October 2022. While above 3.32 lows, a new bullish cycle in blue wave (III) might have started and is now in the initial stages.

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EHang Daily Elliott Wave Analysis 12.31.2023​

The daily chart below shows in more detail the initial nest consisting of black waves ((1))-((2)) in progress. From the October 2022 lows, black wave ((1)) of red wave I has ended in October 2023. It has the pattern of a leading diagonal being a 5-3-5-3-5 structure. From the 25.78 highs, correction in wave ((2)) should provide an opportunity for an acceleration higher in black wave ((3)). It unfolds as a zigzag pattern. Firstly, from the October 2023, an impulse lower of blue (A) have set a low at 12.30 in November 2023. Secondly, a bounce in blue wave (B) has printed a connector high at 19.78. Now, $EH might have started another cycle in blue wave (C). It should reach 6.33-3.32 area. Then, expect acceration in black wave ((3)) towards 25.78 and beyond to take place.

Investors and traders can be using 6.33-3.32 bluebox area as a buying opportunity in $EH targeting 25.78 and higher in short-term and 129.80 and beyond in the long run.



Source: https://elliottwave-forecast.com/stock-market/buying-opportunity-ehang/

 

[Elliottwave-Forecast]

Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments. The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.

PALANTIR (PLTR) Daily Chart Alternative September 2023​

Let's remember Palantir alternative chart, where wave (II) end at 5.97 low and the market started an impulse structure as wave ((1)). The wave (1) finished at $10.31 high. The pullback as wave (2) ended at $7.17 and rallied in 5 swings completing an impulse and wave (3) at $17.17. Then, market made a little stop for a retracement and built a flat Elliott wave structure as wave (4) ended at $13.55 in June. At this point, PLTR made a last push higher as an impulse completing wave (5) at $20.27 and also ending the whole impulse from December 2022 low as wave ((1)).

PALANTIR (PLTR) Daily Chart Alternative January 2024​

Down from $20.27 high, wave ((2)) correction began. The wave (A) ended at $13.68 low and we expected a bounce at least in 3 swings to complete wave (B) below $20.27 high. Hovewer, the market broke above wave ((1)) high as a double correction structure. Up from wave (A), wave W made 3 swings higher ending at $18.44. Then a pullback as wave X finished at $14.48. Last 3 swings higher ended at $21.85 completing wave Y and the double correction as wave (B). Currently, as price action stays below $21.85, we expect Palantir continues lower building an impulse structure as wave (C). This drop will complete a expanding flat correction, Elliott wave structure, as wave ((2)) before starting the rally again.

Source: https://elliottwave-forecast.com/stock-market/palantir-rally-not-ready/

 

[Elliottwave-Forecast]

XPO INC., (XPO) provides freight transportation services in United States, rest of North America, Europe, UK & internationally. It operates in two segments, North American LTL & European Transportation & offers services to different industries. It is based in Greenwich, CT, comes under “Industrials” sector & trades as “XPO” ticker at NYSE, which having 10.1 B$ market cap as on 29th December-2023.

XPO is trading near all-time high of $90.84, since 2002. It favors upside in impulse sequence in ((1)) of III of (III) since September-2022 low of II & soon expect to correct in ((2)).

XPO - Elliott Wave Latest Daily View: ​

It placed (II) at $13.30 low in weekly sequence in March-2020 low & II of (III) at $24.75 low in September-2022 low. Above there, it favors upside in ((1)) of III of (III) & remain supported in 3, 7 or 11 swings pullback. It placed (1) of ((1)) at $45.06 high in February-2023 & corrected lower in (2) at $29.02 low in April-2023. The pullback was around 0.764 Fibonacci retracement of (1) before rally resumes. It resumed higher in (3) as extended sequence, which ended at $80.42 high in October-2023. The pullback in (4) ended at $65.80 low as sharp correction, corrected below 0.236 Fibonacci retracement.

Above (4) low, it resumes higher in (5) & expect to remain sideways to higher to finish ((1)) soon before correcting in ((2)). It placed 1 of (5) at $90.78 high, 2 at $78.72 low & 3 at $90.84 high. It appears correcting lower in 4 of (5), which remain choppy before upside resumes in 5 to finish (5) in diagonal sequence as ((1)) as long as the high comes with momentum divergence, unless extending (5). Later, it expects to pullback in ((2)) correction in 3, 7 or 11 swings against II low before rally resumes in ((3)) of III.

Source: https://elliottwave-forecast.com/stock-market/xpo-looking-end-impulsive-rally/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of EURNZD published in members area of the website. As our members know, the pair is showing incomplete bearish sequences in the cycle from the August 21st peak that are calling for more downside. The pair is targeting 1.7329 area ideally. Our team recommended members to avoid buying , while keep favoring the short side in the pair. Recently we got correction that reached our selling zone. The pair found sellers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

EURNZD Elliott Wave 1 Hour Chart 12.28.2023​

The pair is giving us wave ((ii)) recovery which is correcting the cycle from the 1.774 peak. The price has reached extreme zone at 1.7579-1.7693 ( Blue Box – sellers zone). We don’t recommend buying the pair and prefer the short side from the blue box- equal legs zone. As the main trend is bearish, we expect to see at least 3 waves pull back from our selling zone. Once decline reaches 50 Fibs against the (b) blue low , we will make short position risk free ( put SL at BE) and take partial profits. Invalidation for the short trades is break of 1.618 fib ext : 1.7693

Quick reminder:

Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

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

EURNZD Elliott Wave 1 Hour Chart 12.31.2023​

The pair found sellers right at the Blue Box area : 1.7579-1.7693. Recovery completed at the 175.88 high and we are getting good reaction from the selling zone. Decline reached and exceeded 50 fibs against the connector’s low. So members who took the short trade are enjoying profits now in a risk free positions. While below 175.88 high, next leg down can be in progress toward new lows.

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/eurnzd-selling-rallies-blue-box-area/