Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

ServiceNow (NYSE: NOW) is an American software company based in Santa Clara, California that develops a cloud computing platform to help companies manage digital workflows for enterprise operations. The stock doubled in price in recent year and with a strong performance investors are piling up to buy it as Cloud computing industry is booming and attracting new players into the space.

Based on the Elliott Wave Theory, we will define the current structure taking place within the daily cycle and predict what the market is looking for in the future.

Now Daily Chart 1.19.2024​

Since October 2022 low, NOW clearly established a nesting structure within an impulsive cycle to the upside and it's already passed the phase of the strongest rally in wave 3. The current move is proposed to be wave 5 of (3) and within the coming weeks a 3 waves pullback in wave (4) is expected to take place. Furthermore, any type of pullback is expected to remain corrective in 3 , 7 or 11 swings for the stock to maintain the bullish trend.

During the recent rally, NOW managed to break into new all time highs above 2021 peak and created a new weekly bullish sequence. The weekly target for the stock will be coming at equal legs area $1022 - $1445 and therefore the stock will remain supported above $337 until that target is reached.

In mid-term, as the stock is entering the final phase of the 2022 cycle where choppy price action can be seen with series of 4th & 5th waves taking place, short term buyers should be cautious and investors would be advised to look for the next daily correction in wave II as a long term opportunity.

Source: https://elliottwave-forecast.com/video-blog/servicenow-now-cloud-computing/

 

[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 September 2023​

Last September we were looking for buying opportunities on MCD. The stock continued lower as expected doing a zig zag correction as wave II. Market dropped to around 1.618 Fibonacci extension and it ended the corrective wave II at 245.73 low. The current rally has already broken the last high of 299.35 making a new all time high this 2024.

McDonald's MCD Weekly Chart January 2023​

Down from wave I, wave ((A)) ended at $275.00 and bounce as Wave ((B)) was rejected lower at $285.60 in wave ((C)). This wave ((C)) built an impulse structure that we looked to end in $260.99 - $245.82 zone, but it rallied slighly below from 245.73. Then wave II finished and MCD took a bullish momentum breaking $300.00. Actually, the stock should continue higher until it ends a new impulse as we called as wave ((1)). Once this structure has completed, the stock should pullback in 3, 7 or 11 swings and stays above 245.73 before resuming to the upside.

McDonald's MCD Alternative Weekly Chart January 2023​

An alternative view, you can check the chart above. MCD could be making a leading diagonal as wave (I) and all will depend of depth of the pullback. If the correction breaks below 245.73, then shares will enter in a big retracement that could end in the third quarter of the year.

Source: https://elliottwave-forecast.com/stock-market/mcd-slowdown-momentum-pullback/

 

[Elliottwave-Forecast]

Freeport-McMoRan Inc., (FCX) engages in the mining of minerals in North America, South America & Indonesia. It primarily explores for Copper, Gold, Molybdenum, Silver & other metals. It is based in Phoenix, Arizona, US, comes under Basic Materials sector & trades as “FCX” ticker at NYSE.

FCX ended ((1)) of III at $46.73 high & favors pullback in ((2)) correction as 7 swings structure in daily. It favors corrective pullback in (Y) of ((2)) & remain choppy before turning higher in ((3)).

FCX - Elliott wave Latest Weekly View: ​

Since January-2016 low, it reacted higher in I as impulse sequence ended at $51.99 high in March-2022 peak. Below there, it ended II as 3 swing correction at $24.80 low as more than 0.5 Fibonacci retracement of I. It favored higher in ((1)) of III, which ended at $46.73 high. Within ((1)), it placed (1) at $33.89 high, (2) at $26.03 low as dip pullback, (3) at $41.16 high, (4) at $36.85 low & (5) at $46.73 high as ((1)). Below there, it favors corrective pullback in ((2)) & expect downside in (Y) of ((2)) as it broke below (W) low.

FCX - Elliott Wave Latest Daily View: ​

Below ((1)), it placed (W) at $33.05 low as 3 swing pullback. It ended (X) connector bounce at $44.70 high & started reacting lower in (Y) of ((2)). It favored ended W of (Y) at $32.83 low & X at $43.42 high. Below there, it favors lower in ((a)) of Y of (Y) & expect small downside before it should bounce in ((b)), which fail in ((c)) below W low to finish (Y) towards $31.01- $27.77 area. As long as it holds above II low of $24.80, it expects to turn higher in ((3)) or at least can see 3 swing bounce.

Source: https://elliottwave-forecast.com/stock-market/fcx-favors-sideways-correction-resumes-higher/

 

[Elliottwave-Forecast]

Twist Bioscience (NASDAQ: TWST) is a public biotechnology company founded in 2013 and it's based in South San Francisco. It manufactures synthetic DNA and DNA products for customers in a wide range of industries. In this article, we will be explored the Elliott Wave structure based on the daily cycle .

From the low on 5/2/2023, TWST rallied an impressive 246% until late December. This upward move unfolded in three swings. Wave I ended at $27.36, wave II at $14.42, and wave III recently ended at $39.74. According to the Elliott Wave Theory, the proposed wave IV pullback is expected to unfold in 3, 7, or 11 swings above the $14.42 low. Consequently, after ending current pullback, the stock is expected to resume its rally in wave V.

TWST Daily Chart 1.25.2024​

Examining the above chart, we observe a projected correction in wave IV. This correction appears within a three-wave Zigzag structure ((A)) ((B)) ((C)). It’s expected to reach equal legs at $30.33 - $25.59, then ascend. The blue box represents a high-frequency area where market cycles are likely to end and pivot. Consequently, TWST is expected to attract buyers and initiate the next upward leg within wave V.

In conclusion, TWST presents a potential investment opportunity. This opportunity is within the daily correction against the low of October 2023. Consequently, it could reach new highs, ideally later this year.

Source: https://elliottwave-forecast.com/stock-market/twist-bioscience-twst-investment/

 

[Elliottwave-Forecast]

Chevron is a major global energy company involved in oil and gas exploration, production, refining, and marketing. Operating in over 180 countries, the company emphasizes sustainability, innovation, and corporate responsibility, with a focus on maintaining substantial energy reserves and addressing environmental concerns.

Chevron Monthly Elliott Wave Chart​

Monthly Elliott Wave chart of Chevron (CVX) above shows that the stock has traded sideways since making all time high on November 14, 2022 at 189.68. It's currently pulling back in wave (II) to correct cycle from 3.19.2020 low as an expanded flat Elliott Wave structure. Rally from 3.19.2020 low ended wave (I) at 182.4. Down from there, wave a ended at 132.54 and wave b ended at 189.68. Wave c lower is in progress as a 5 waves. Down from wave b, wave ((1)) ended at 149.74 and wave ((2)) ended at 171.7. Wave ((3)) lower ended at 140.92. Expect wave ((4)) rally to fail and then stock to do another leg wave ((5)) to end wave c of (II) before the rally resumes. As far as pivot at 51.97 low stays intact, the stock should see further upside again once wave (II) correction is over.

Chevron Daily Elliott Wave Chart​

Daily Elliott Wave view in Chevron above shows wave c of (II) Expanded Flat is in progress as a 5 waves diagonal. Down from wave b, wave ((1)) ended at 149.74 and wave ((2)) ended at 171.7. Wave ((3)) lower ended at 139.62. Wave ((4)) rally is currently in progress but another leg lower can't be ruled out to finish wave ((5)). This should complete wave c of (II), then the stock can resume higher again.

Source: https://elliottwave-forecast.com/stock-market/chevron-cvx-flat-correction-remains-progress/

 

[Elliottwave-Forecast]

Hello fellow traders. As our members know Meta Stock has been giving us good trading opportunities recently. In this technical article we’re going to take a quick look at another Elliott Wave trading setup of META published in members area of the website. As our members know, META is showing bullish impulsive sequences in the cycle from the 313.66 low. Our team recommended members to avoid selling , while keep favoring the long side. Recently we got a pull back that reached our buying zone. The stock 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.

META Stock Elliott Wave 1 Hour Chart 01.25.2024​

We believe the stock is giving us wave (iv) intraday pull back. Correction looks incomplete at the moment. The price structure shows lower low sequences from the peak, suggesting more downside toward marked blue box zone : 387.8-383.9. At that zone buyers should ideally appear for further rally or 3 waves bounce at least. We don’t recommend selling Meta stock against the main bullish trend. Strategy is buying the dips at the marked extreme zone :387.8-383.9

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.

META Stock Elliott Wave 1 Hour Chart 01.28.2024​

META found buyers at the blue box as we expected. The stock made very good reaction higher from our buying zone. Pull back completed right at the Blue Box area at the 386.07 low. Any long positions from the equal legs area should be risk free by now. We count wave (iv) blue pull back completed at the 386.07 low. Shot term rally from that low, looks incomplete at the moment. As of right now we can count only 3 waves up, looking for another high to complete wave (v) blue ideally.

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/meta-stock-buying-3-waves-pull-back/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of Advanced Micro Devices, Inc. ($AMD). The rally from 1.11.2024 low at $143.77 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

Zigzag (ABC) Corrective Structure​

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$AMD 1H Elliott Wave Chart 1.26.2024:​

Here is the 1H Elliott Wave count from 1.26.2024. We expected the pullback to find buyers at the blue box area at 173.52 - 168.98 in a 3 swing structure (ABC).

$AMD 1H Elliott Wave Chart 1.28.2024:​

Here is the 1H update 2 days later from 1.28.2024 showing the bounce taking place as expected. The stock reacted higher from the blue box after doing a Zigzag correction allowing longs to get a risk free position.
Source: https://elliottwave-forecast.com/st...-inc-amd-found-buyers-blue-box-area-expected/

 

[Elliottwave-Forecast]

Digital World Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the company may pursue an initial business combination target in any business or industry, it intends to focus on combining with a leading tech company. In October 2021, the company announced a proposed merger agreement with Trump Media & Technology Group. Founded 2020 and headquartered in Miami, Florida, US, one can trade it under ticker $DWAC at NASDAQ.

Digital World Weekly Elliott Wave Analysis 01.29.2024​

The weekly chart below shows the Digital World Acquisition Corporation shares $DWAC traded at NASDAQ. First, from the all-time lows, the stock price has developed a cycle higher in blue wave (I). Hereby, $DWAC has printed the all-time highs in October 2021 at $175. From the highs, a correction lower in wave (II) has unfolded as a zigzag pattern being a 5-3-5 structure. Firstly, red wave a has printed a low in November 2021 at $36.69. Secondly, bounce in red wave b has set a connector in February 2022. Later, from $101.87 highs, the price has broken $36.69 opening up a bearish sequence. Now, full 100% extension in red wave c would mean that the price should go into negative range. As a matter of fact, it is impossible. As a consequence, price should truncate at 0.618-0.786 extension area being $16.58-0.00 range. Indeed, $DWAC reached that area and bounced.

It is the preferred view, that blue wave (II) has ended in March 2023. While above $12.34, wave (III) has started and is in the initial stages. The target for wave (III) will be $187-296 area and even higher.

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Digital World Daily Elliott Wave Analysis 01.29.2024​

The daily chart below shows in more detail the initial stages of the blue wave (III). From the March 2023 lows, a bullish cycle in black wave ((1)) is unfolding as an impulse. Hereby, blue wave (3) shows an extension beyond 2.618x of the wave (1). Firstly, blue wave (1) has ended in July 2023 at $25.85 highs. Secondly, correction in blue wave (2) has set a bottom in August 2023 at $13.11 lows. Thirdly, extension in blue wave (3) has made a new high in January 2024 at $58.72. Fourthly, pullback in blue wave (4) has provided with a higher low in the same month. Now, while above $31.92, blue wave (5) is in progress. The target will be 65.05-75.30 area and even higher. Then, wave ((1)) should end and a pullback in black wave ((2)) should take place.

While investors can buy at market price, traders should be waiting for black wave ((1)) to end first. Then, pullback in black wave ((2)) is an opportunity to join the rally. Traders can be looking to buy wave ((2)) in 3, 7 swings against March 2023 lows for an acceleration higher in black wave ((3)) of red wave I.

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Source: https://elliottwave-forecast.com/video-blog/digital-world-turning-higher/

 

[Elliottwave-Forecast]

Boston Scientific Corporation (BSX) develops, manufactures & markets medical devices for use in various interventional medical specialties worldwide. It operates through MedSurg & Cardiovascular segments. It offers devices to diagnose & treat different medical conditions and offer remote patient management systems. It is based in Marlborough, US, comes under Healthcare sector & trades as “BSX” ticker at NYSE.

As discussed in previous article, BSX reacted higher since $48.35 low & extend higher within the sequence started from October-2023 low. It erased the momentum divergence in daily suggesting further upside to continue as ((3)) of III in impulse sequence.

BSX - Elliott Wave Latest Daily View: ​

In weekly sequence, it placed (II) at $24.10 low in March-2020 & II of (III) at $34.98 low in June-2022. Above there, it favors upside in (1) of ((3)) of III & expect to remain supported in 3, 7 or 11 swings pullback. It placed ((1)) of I at $42.37 high, ((2)) at $32.99 low, ((3)) at $46.28 high, ((4)) at 37.96 low & ((5)) as I at $47.49 high. It placed ((1)) of III at $55.38 high & ((2)) at $48.35 low as shallow pullback. Within ((1)) of III, it placed (1) at $43.52 high, (2) at $37.74 low, (3) at $54.74 high, (4) at 49.69 low & finally (5) at $55.38 high as ((1)).

BSX - Elliott Wave Latest Weekly View: ​

Above ((2)) low, it favors upside in ((iii)) of 3 & expect further higher to finish (1) of ((3)). It placed 1 of (1) at $51.43 high & 2 at $49.15 low as flat correction. Above there, it favored ended ((ii)) at $54.95 low & favors upside in ((iii)) of 3 of (1). It expects few more highs to finish (1) of ((3)) before the next pullback may starts in (2) correction, which unfold in 3, 7 or 11 swings before resume upside in (3) of ((3)).

Source: https://elliottwave-forecast.com/st...bsx-should-continue-uptrend-remain-supported/

 

[Elliottwave-Forecast]

Sony Group Corporation, commonly known as SONY, is a Japanese multinational conglomerate corporation. As a major technology company, it operates as one of the world's largest manufacturers of consumer and professional electronic products, the largest video game console company.

SONY ended an impulse that began at the end of 2012. The share price reached 133.75 in January 2021, that was, 9 years of upward movement. We called this impulse as wave (I). The price started to fall forming a double correction and after almost 5 months wave (II) ended reacting from the blue box area.

SONY Weekly Chart October 2023 ​

Last October, we suggested two scenarios for the next move of SONY. The first one is that wave ((2)) was not ended and it is going to rally in wave (B) correction. Then the market should turn down in wave (C) to completed wave ((2)) pullback before resuming to the upside. The second scenerio was the chart above. We have selected this one because market conditions. Indices like SPX and NASDAQ are showing a bullish structure and there is no way for now to think in deep pullbacks. Therefore, SONY should keep going with the uptrend structure.

SONY Weekly Chart January 2024 ​

In the chart above, shows how SONY ended a leading diagonal structure at 100. 94 high and we called wave ((1)). Then a pullback took a part in 3 swings ending wave ((2)) at 79.62 low. The stock rallied as expected, as price action stays above 79.62 low, the market should continue to the upside. Currently, we are looking to break 100.94 high for the market to create an incomplete bullish sequence. In that way, we could see the wave (1) ended soon and SONY would enter in a correction of 3, 7 or 11 swings lower as wave (2) before resuming the rally.

Source: https://elliottwave-forecast.com/stock-market/sony-correction-end-bullish/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the CADJPY. The rally from the 07 December 2023 low showed a higher high sequence & provided a short-term extreme trading opportunity. In this case, the pullback managed to reach the equal legs area & provided a perfect reaction higher. So, we advised members not to sell it but to buy the equal legs area for a minimum reaction higher to happen. We will explain the structure & forecast below:

CADJPY 1-Hour Elliott Wave Chart From 1.25.2024​

Here’s the 1-hour Elliott wave Chart from the 01/25/2024 Asia update. In which, the rally to 110.29 high ended wave 3 & made a pullback in wave 4. The internals of that pullback unfolded as Elliott wave flat structure where wave ((a)) ended at 109.21 low. Then a short-term bounce to 110.23 high-ended wave ((b)) & started the next leg lower in wave ((c)) towards 109.04- 108.31 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.

CADJPY Latest 1-Hour Elliott Wave Chart From 1.31.2024​

Above is the Latest 1-hour Elliott wave Chart from the 01/31/2024 Asia update. In which the pair is showing a perfect reaction higher taking place from the equal legs area. Right after ending the correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above 110.29 high would still be needed to confirm the next leg higher minimum towards the 110.75- 111.33 area before the next pullback takes place.

Source: https://elliottwave-forecast.com/forex/cadjpy-perfect-reaction-equal-legs-area/

 

[Elliottwave-Forecast]

Verizon Communications Inc., commonly known as Verizon, is an US American telecommunications giant. Founded in 1983 as Bell Atlantic, it is a result of the break up of the Bell System into seven regional Baby Bells. Headquartered in New York, USA, Verizon is a part of DJIA, S&P100 and S&P500 indices. One can trade it under the ticker $VZ at NYSE.

In the initial article from July 2022, we have explained a buying idea to join the rally. As a matter of fact, we expected a zigzag lower from December 2019 highs to find support from 48.60-40.32 area. However, later on, $VZ broke $40.32 invalidation level. Now, we recognize the pattern from December 2019 peak as an Elliott wave regular flat being a 3-3-5 structure. Hereby, flat patterns can break 1.618x of the first leg. In the current blog, we discuss the wave structure of $VZ providing with next targets.

Verizon Monthly Elliott Wave Analysis 01.31.2024​

The monthly chart below shows the Verizon stock $VZ traded at NYSE. From the all-time lows, the stock price has developed a grand super cycle in black wave ((I)) towards the all-time highs on October 1999 at 64$. Hereby, the middle part in red wave III of blue wave (III) shows a separation which is a typical feature of an impulse wave. From the October 1999 highs, a correction lower in black wave ((II)) has found its bottom in October 2008 at 21.56 low. From there, a new cycle within wave ((III)) has started and is currently in progress. The target for wave ((III)) will be 85.66-125.31 area and possibly higher.

A closer look on the wave ((III)) reveals that Verizon has developed an initial nest. Hereby, wave (I) of super cycle degree has ended in December 2019 at $62.22. From the highs, a pullback in wave (II) has unfolded as a regular flat structure. It is the preferred view that blue wave (II) has ended at October 2023 lows and next bullish cycle in blue wave (III) of black wave ((III)) has started. The target for blue wave (III) will be 70.74-95.88 area and even higher.

Verizon Weekly Elliott Wave Analysis 01.31.2024​

The weekly chart below shows in more detail the pullback in blue wave (II) from December 2019 highs. It shows 3 swings as an Elliott wave regular flat pattern being 3-3-5 structure. Firstly, the cycle in red wave a has ended in March 2020 at $48.84 lows. Secondly, a bounce in connector wave b has printed a top in November 2020 at $61.95 highs. From there, the price has broken the 48.84 lows opening up a bearish sequence. Moreover, red wave c has reached more than 2.0x of the wave a. In fact, wave c of flat can surpass beyond 1.618x and even 2.0x of the wave a. It is the preferred view that flat in wave (II) has ended in October 2023.

While above $30.14 lows, next rally in blue wave (III) might be in the initial stages. Investors and traders can be looking to buy $VZ against $30.14 lows targeting 70.74-95.88 area in medium-term and 85.66-125.31 area in the long run.



Source: https://elliottwave-forecast.com/stock-market/verizon-starts-new-cycle/

 

[sum779]

can you update analysis of ASML?

 

[Elliottwave-Forecast]

Domino's is an American multinational pizza restaurant chain. Founded in 1960, the chain is owned by master franchisor Domino's Pizza, Inc (DPZ). As of 2018, Domino's had approximately 15,000 stores, with 5,649 in the United States, 1,500 in India, and 1,249 in the United Kingdom. Domino's has stores in over 83 countries and 5,701 cities worldwide.

DPZ Daily Chart October 2023​

In December 2021, DPZ ended a Grand Super Cycle at 567.57 peak and we called wave ((I)). Currently, DPZ is developing wave ((II)) correction. We can labeled the first part of the pullback as 3 swings lower. Down from 567.57 peak, price action made 3 waves lower as wave "a" ended at 321.15 low. Then 3 swings higher completed wave "b" at 426.44 high. Last wave "c" built an ending diagonal. Wave ((1)) ended at 291.00 and bounce as wave ((2)) was rejected at 395.00. Market continued lower and wave ((3)) ended at 285.84 and another bounce end wave ((4)) at 353.95. Last push lower completed at 285.72 as wave ((5)) of wave "c". These 3 waves we are calling as part as double correction and ended wave (w).

From 285.72 low a new cycle began. We can see 3 swings rally that we labeled as wave "w"ending at 409.95 high. Then, it formed a double correction structure lower as wave "x" ending at 330.05 low. As price action stays above 285.72, we are expecting more upside at least in 3 swings to complete wave "y" of (x). Market should reach 454.98 - 532.31 blue box area where it should be a good place to see for selling opportunities to develop wave (y) of ((II)) lower.

DPZ Daily Chart February 2024​

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Actually, DPZ rallied as expected in wave "y". The movement looks like a "dead cat bounce" and it has developed an impulse structure. Then wave ((A)) could need one more high above 439.16 to end the cycle and start wave ((B)) correction or could be complete already. The thing is that we have to see a pullback as wave ((B)) before reaching the blue box area and complete wave (x) correction. If market reaches the blue box before a pullback, the structure wouldn't be clear to know if we will see the wave ((B)) pullback or not.

Source: https://elliottwave-forecast.com/stock-market/dominos-pizza-dpz-reach-blue-box-quarter/

 

[Elliottwave-Forecast]

Crowdstrike Holdings (NASDAQ: CRWD) is a global cybersecurity leader based in Austin, Texas. It has an advanced cloud-native platform for protecting endpoints, cloud workloads, identities and data. In this article, we will be delve into the Elliott Wave structure based on the weekly cycle.

Last month, CRWD surged into new all time highs after breaking above 2021 peak and continued within the impressive +220% rally since January 2023 low. The stock is showing 3 waves advance from all time lows therefore it suggests the Super cycle is still in the early stage trading within wave I of (III).

The impulsive rally in wave I has the scoop to reach the weekly equal legs area at $358 - $421. Down from there, it could face 3 waves pullback in wave II which ideally will present the next investment opportunity for the stock before turning higher again within the strong wave III.

Short term Investors will continue to look for buying opportunity during corrective pullbacks in 3 , 7 or 11 swings until the 2023 ends. The cycle is expecting to end this year then it should present another entry within daily cycle for investors to take.

CRWD Weekly Chart 2.5.2024​

Source: https://elliottwave-forecast.com/stock-market/crowdstrike-holdings-crwd-new-time-highs/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of BTCUSD published in members area of the website. As our members know Bitcoin has given us 3 waves pull back recently that found buyers right at the equal legs area. We have been favoring the long side due to impulsive bullish sequences the crypto is showing. In further text we’re going to explain the short term Elliott Wave forecast.

BTCUSD Elliott Wave 1 Hour Chart 01.31.2024​

Current view suggests Bitcoin ended cycle from the 38518.29 low as wave 1 red. We got 5 waves up in the rally from the mentioned low. Currently the crypto is doing intraday pull back , wave 2 red. Correction looks incomplete at the moment. We expect to see another leg down ((c)) of 2 to complete the structure.

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.

BTCUSD Elliott Wave 1 Hour Chart 02.01.2024​

Pull back made another leg down and reached equal legs area at 42224.93-41276.92. We expect buyers to appear for further rally or 3 waves bounce at least. Don't recommend selling and prefer the long side.

BTCUSD Elliott Wave 1 Hour Chart 02.02.2024​

BTCUSD found buyers at the marked equal legs area as expected and we got good reaction from there. We count pull back completed at 41873 low. Short term rally made 5 waves up from the low, and now we are getting 3 waves pull back in (ii) blue. We don’t recommend selling in any proposed pull back. The price should ideally hold above 41873 low to keep proposed view intact. We would like to see break above ((i)) black peak 43851 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 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/btcusd-found-buyers-equal-legs/

 

[Elliottwave-Forecast]

In this technical blog, we are going to take a look at the past performance of EURCAD 1-Hour Elliott wave Charts that we presented to our members. In which, the decline from the 1/25/2024 peak took place as an impulsive structure and showed a lower sequence with a bearish sequence stamp with the right side tag pointing lower calling for more downside to happen. Therefore, our members knew that selling the intraday bounces in the direction of the right side tag remained the preferred path. We will explain the Elliott wave structure & selling opportunity our members took below:

EURCAD 1-Hour Elliott Wave Chart From 1.31.2024​

EURCAD 1-Hour Elliott Wave Chart from 1/31/2024 London update. In which the decline to 1.4490 low ended wave ((i)) as an impulse sequence. Up from there, the pair made a bounce in wave ((ii)). The internals of that bounce unfolded as a zigzag structure where lesser degree wave (a) ended at 1.4569 high. Wave (b) pullback ended at 1.4490 low and wave (c) managed to reach the blue box area towards 1.4570- 1.4619 area. From there, sellers were expected to appear looking for further downside or a minimum 3-wave reaction lower.

EURCAD Latest 1-Hour Elliott Wave Chart From 2.04.2024​

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This is the latest 1-Hour view from the 2/04/2024 Weekend update. In which the pair is showing a reaction lower taking place from the blue box area allowing shorts to get into a risk-free position shortly after taking the position. But a break below the 1.4490 low remains to be seen to confirm the next extension lower towards the 1.4231- 1.4112 area & avoid double correction higher.

Source: https://elliottwave-forecast.com/forex/eurcad-selling-perfectly-blue-box-area/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of Invesco Nasdaq ETF ($QQQ). The rally from 1.17.2024 low at $402.87 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

Zigzag (ABC) Corrective Structure​

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$QQQ 1H Elliott Wave Chart 1.31.2024:​

Here is the 1H Elliott Wave count from 1.31.2024. We expected the pullback to find buyers at the blue box area at 421.25 – 416.56 in a 3 swing structure (ABC).

$QQQ 1H Elliott Wave Chart 2.04.2024:​

Here is the 1H update few days later from 2.04.2024 showing the bounce taking place as expected. The ETF reacted higher from the blue box after doing a Zigzag correction allowing longs to get a risk free position. The ETF has made a marginal new high and is expected to remain supported towards $438 - 446 before another pullback can happen.
Source: https://elliottwave-forecast.com/st...-etf-qqq-found-buyers-blue-box-area-expected/

 

[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 react higher as expected from previous article, favoring upside in 3 of (3) of ((3)). Currently, it favors upside in ((v)) impulse to finish 3 soon before correcting in wave 4 against late October-2023 low.

COST - Elliott Wave View From 12.25.2023:​

In weekly sequence, it placed ((II)) at $406.51 low & favors upside in (3) of ((3)) of I & remain supported in 3, 7 or 11 swings pullback in correction. Above ((II)) low, it placed ((1)) of I at $564.75 high & ((2)) at $447.90 low. It placed (2) of ((3)) at $465.33 low & favors upside in (3). Within (3), it ended 1 at $576.19 high as 5 swing sequence & 2 at $540.23 low as shallow correction. Above there, it favors upside in 3 of (3), in which it placed ((i)) at $599.89 high & ((ii)) at $572.24 low. It extended higher in ((iii)) of 3, ended at $681.91 high & ((iv)) at $640.51 low.

COST - Elliott Wave Latest Daily View: ​

Above ((iv)) low, it favors upside in ((v)) to finish 3 of (3) towards $719.7 or higher levels. Later, it expects pullback in 4 in 3, 7 or 11 swings, which remain supported at extreme areas before it resumes higher in 5. We like to buy the dips at extreme areas in correction for next rally.

COST - Elliott Wave Latest Weekly View: ​

Source: https://elliottwave-forecast.com/stock-market/will-cost-provide-any-short-term-trading-opportunity/

 

[Elliottwave-Forecast]

GDXJ is an ETF tracking small-cap gold and precious metals mining companies. It has a focus on smaller, more volatile firms. Thus it offers exposure to this precious metal sectors, but investors should be cautious of increased risk. In this article, we will update the Elliott Wave outlook for the ETF.

GDXJ Monthly Elliott Wave View​

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Monthly chart of GDXJ above suggests that the ETF ended either wave ((II)) / ((b)) at $16.14 on January 2016. Up from there, the ETF has started a rally which can be counted either as a nest or a diagonal. Above shows a nest count where wave (I) ended at 52.50 and pullback in wave (II) ended at 19.52. The ETF then rallied higher again in a nest. Up from wave (II), wave I ended at 65.95 and pullback in wave II ended at 25.8. The ETF is expected to extend higher while holding above invalidation level of $16.14.

GDXJ Daily Elliott Wave View​

Daily Elliott Wave Chart of GDXJ above shows the ETF ended wave II at 25.96. Wave III is in progress as an impulsive structure. Wave ((1)) of 3 ended at 41.16 and wave ((2)) of 3 ended at 30.46. The ETF then resumed higher and created a nest. Up from wave ((2)), wave (1) ended at 39.82 and wave (2) pullback remains in progress to correct cycle from 10.2.2023 low in 3 or 7 swing before it resumes higher. As far as pivot at 26.13 low stays intact, expect the ETF to extend higher.

GDXJ 4 Hour Elliott Wave View​

4 Hour Elliott Wave view of GDXJ above shows that wave (2) of ((3)) correction remains in progress and can still extend lower to retest wave ((2)) low at 30.6 before it resumes higher. Near term, while it stays above 30.6, expect the ETF to extend higher.

Source: https://elliottwave-forecast.com/video-blog/gdxj-searching-bottom-next-bullish-leg/