Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Nio Inc. (NIO) is a Chinese multinational automobile manufacturer headquartered in Shanghai, specializing in designing and developing electric vehicles. The company develops battery-swapping stations for its vehicles, as an alternative to conventional charging stations. The company has raised over $5 billions from investors. In 2021, it plans to expand to 25 different countries and regions by 2025.

NIO Daily Chart November 2023​

In the chart above, we can see how NIO made a wave I of (c) ended at 11.67 low and wave II bounce finished at 24.43 high. Market continued lower making 5 waves down, and the wave ((5)) of III made an ending diagonal structure completing at 7.33 low. Then, took a part a 3-3-5 flat correction as wave IV ending at 16.18 high.

From 16.18 high, NIO made a strong move to the downside. Wave (1) of ((1)) ended at 9.46 low, then bounced making a zig zag structure finishing wave (2) at 11.35. The momentum continued sending the stock to 7.93 to complete wave (3). A small reaction higher ended wave (4) at 9.22 and continued lower to completed wave (5) of ((1)) at 7.18. This wave ((1)) is the wave ((1)) of V that at the same time is the wave V of (c) of ((II)).

NIO Daily Chart February 2024​

After almost 4 months, NIO continued developing the propused impulse as wave V. Up from wave ((1)), wave (A) ended at 8.51 high. Then 3 swings lower completed wave (B) at 7.01 and an ending diagonal higher ended wave (C) at 9.57 high and also wave ((2)) as an expanding flat correction. Down from wave ((2)). NIO continue lower in wave ((3)) and it should be near to end. Once wave ((3)) has finished, the stock should make a corrective rally as wave ((4)) that could be a bull trap for buyers. That is, because to complete an impulse structure we need 5 waves and actually the structure is incomplete. Therefore, if we see any rally, we are still looking for one more low that could reach 4.oo dollars or lower.

Source: https://elliottwave-forecast.com/stock-market/nio-keep-dropping-impulse-structure/

 

[Elliottwave-Forecast]

Coinbase Global (NASDAQ: COIN) is one of the top performing stock in the recent 2 years, up +550% since January 2023 low. In our previous article, we explained the structure of the new weekly bullish cycle taking place from the lows. In this article, we dive into the daily cycle as market structure is providing more insights about the current rally.

This month, COIN made a new high above December 2023 peak which makes the current cycle showing an incomplete daily bullish sequence looking at least for 2 more swings to finish a regular impulsive 5 waves advance within wave I. The stock is proposed to be trading within a wave (5) of ((3)) then a correction in wave ((4)) will take place before another move higher in wave ((5)) should be seen.

The internal of wave (5) is also showing an incomplete bullish sequence from 2.7.2024 low after the recent rally into new highs. COIN is proposed to be trading within wave 3 of (5) and will be looking for a target higher at equal area $239 - $288 before ending wave 3 and wave 5.

COIN Daily Chart ( Regular Impulse ) 2.28.2024​

The more aggressive approach would be a nesting structure within the daily cycle. In this case, COIN is proposed to trade higher in wave (3) of ((3)) which represent the strongest wave within its current impulsive cycle. Therefore the rally would have stronger momentum taking place and ideally it would extend above $288 before ending the wave ((3)).

COIN Daily Chart ( Nest ) 2.28.2024​

x

As discussed above , COIN bullish structure and sequence is still suggesting more upside to take place. Both scenarios are showing an incomplete bullish sequence and consequently the is expected to remain supported during short term pullbacks where investors will keep looking for buying opportunities.

Source: https://elliottwave-forecast.com/stock-market/coinbase-coin-bullish-sequence/

 

[Elliottwave-Forecast]

Beyond Meat Inc (NASDAQ: BYND) is the first plant-based meat analogue company to go public. However, after an impressive 250% rally from the 2019 IPO, the stock suffered a 97% loss of it's value within a span of 5 years in decline. The recent surge in price put the spotlight again on the stock so let's dive into the technical chart based on the Elliott Wave Theory.

The initial rally from November 2023 unfolded as a 5 waves advance in wave ((1)) then it was followed by a technical 3 waves Zigzag structure in wave ((2)). As you can see in the following chart, the decline in wave ((2)) reached the blue box at equal legs area $6.86 - $5.23 from where it started the next rally in wave ((3)). The blue boxe in our chart is a High-frequency area where the market is likely to end cycles and make a turn.

The strong rally taking place is proposed to be wave (3) of ((3)) and therefore BYND is still expected to see at least 2 more swings to the upside before ending wave I within a regular impulsive 5 waves advance. The impulsive nature of the current advance ,which reached the 1.618 Fibonacci extension at $15.1, will support the stock during pullbacks in 3 , 7 or 11 swings until it ends the cycle from 2023 low ($5.45).

In conclusion, BYND is in the process of creating an impulsive reversal within the daily cycle which could lead to a long term shift of trend to the upside if the stock sees a followup to the current rally within the rest of this year.

BYND 8 Hour Chart 2.28.2024​

Source: https://elliottwave-forecast.com/stock-market/beyond-meat-bynd-impulsive-reversal/

 

[Elliottwave-Forecast]

Hello fellow traders. As our members know , NASDAQ has recently given us good buying opportunities. In this technical article we’re going to present another Elliott Wave trading setup we have had recently. NQ_F made pull back that has unfolded as Elliott Wave Double Three pattern. It made clear 3 waves down from the February 23rd 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 trading setup.

NASDAQ Elliott Wave 1 Hour Chart 02.28.2024​

NASDAQ shows lower low sequences from the peak, suggesting intrady pull back is still in progress. Correction has wxy red labeling. The price structure is incomplete at the moment, calling for a more downside toward 17836.5-17698.6 area. We don’t recommend selling NASDAQ and prefer the long side from the marked Blue Box ( buying zone). Once NQ_F reaches our buying area, we expect it to find buyers and make either rally toward new highs or in 3 waves bounce alternatively. Invalidation of the trade would be break below 1.618 fib ext: 17698.6

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

NASDAQ Elliott Wave 1 Hour Chart 02.28.2024​

NQ_F reached our buying zone at : 17836.5-17698.6 and found buyers as expected. NASDAQ is giving us very good reaction from the Blue Box Area. We call pull back (ii) blue completed at the 17828 low. Consequently, any long positions should be risk free by now. We would like to see break of (i) blue peak (February 23rd) 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/nasdaq-nq_f-another-trading-setups/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of XLV ETF, published in members area of the website. As our members know we have been favoring the long side in XLV. The ETF is bullish against the 137.21 pivot. Recently we got a pull back that has made a clear 3 waves pull back that found buyers right at the Blue Box area. In the further text we are going to explain the Elliott Wave forecast and trading strategy.

XLV Elliott Wave 1 Hour Chart 03.01.2024​

XLV is giving us wave (2) pull back that is unfolding as Double Three pattern. Pull back has already reached extreme zone from the peak. We expect ETF to find buyers at 144.95-143.56 area for further rally toward new highs or for a 3 waves bounce at least. We don’t recommend selling XLV against the main bullish trend. Strategy is buying the dips at the marked extreme zone : 144.95-143.56 . Once bounce reaches 50 Fibs against the X red high , we will make long position risk free and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 143.56

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.

XLV Elliott Wave 1 Hour Chart 03.03.2024​

XLV found buyers at the blue box and we got good reaction as expected. Pull back completed as Elliott Wave Double Three Pattern. Bounce reached and exceeded 50 fibs against the X red 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 wave (2) pull back completed at the 144.56 low. However ,we still need to see break above (1) blue peak to confirm next leg up is in progress. As far as the price holds above 144.56 low, we expect to see further strength. Otherwise, break of 144.56 low would make incomplete lower low sequences from the peak and open possibility of extension down within the 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



Source: https://elliottwave-forecast.com/trading/xlv-blue-box-buying-zone/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Consumer Staples Select Sector ($XLP). The rally from 2.14.2024 low at $72.36 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:

$XLP 1H Elliott Wave Chart 3.01.2024:​

Here is the 1H Elliott Wave count from 3.01.2024. We expected the pullback to find buyers at the blue box area at 74.00 – 73.43 in 3 swings.

$XLP 1H Elliott Wave Chart 3.03.2024:​

Here is the 1H update few days later from 3.03.2024 showing the bounce taking place as expected. The ETF reacted higher from the blue box area after 3 swings allowing longs to get a risk free position. The ETF is expected to remain supported towards $76 – 78 before another pullback can happen.
Source: https://elliottwave-forecast.com/st...ctor-xlp-found-buyers-blue-box-area-expected/

 

[Elliottwave-Forecast]

The silver miners ETF (SIL) is an exchange-traded fund that seeks to track the performance of companies primarily engaged in silver mining. By investing in SIL, investors gain exposure to a diversified portfolio of silver mining companies, offering potential benefits of capital appreciation and portfolio diversification within the precious metals sector. In this article, we will look at the Elliott Wave outlook for this ETF.

SIL (Silver Miners ETF) Monthly Elliott Wave Chart​

Monthly Elliott Wave chart of SIL above shows that the ETF ended all-time correction wave ((II)) at 14.94 in 2016. Up from there, the ETF rallied in a nest I-II-((1))-((2)). Wave I ended at 54.34 and wave II ended at 15.84. It then extended higher in wave ((1)) to 52.87 and pullback in wave ((2)) ended at 21.26. As far as SIL stays above 15.84, expect the ETF to extend higher again.

Silver Miners ETF Daily Elliott Wave Chart​

Daily Elliott Wave chart of Silver Miners (SIL) above shows that the ETF still trying to find the bottom. Pullback to 21.16 is proposed to complete wave ((2)). From there, the instrument rallied in 5 waves diagonal. Up from wave ((2)), wave 1 ended at 33.24 and pullback in wave 2 ended at 22.57. Internal subdivision of wave 2 unfolded in a zigzag structure. Down from wave 1, wave ((a)) ended at 24.91 and wave ((b)) ended at 26.55. Wave ((c)) lower ended at 22.57 which completed wave 2. The instrument then turned higher. Up from wave 2, wave ((i)) ended at 29.61 and pullback in wave ((ii)) ended at 22.58. As far as pivot at 21.16 low stays intact, expect the ETF to extend higher.

Source: https://elliottwave-forecast.com/video-blog/silver-miners-sil-still-finding-bottom/

 

[Elliottwave-Forecast]

Crocs Inc., (CROX) designs, manufactures, markets & distributes casual lifestyle footwear & accessories for men, women & children worldwide. The company sells its products in approximately 85 countries through wholesalers, retail stores, e-commerce sites & third-party marketplaces. It is based in Colorado, US, comes under Consumer Cyclical sector & trades as “CROX” ticker at Nasdaq. It is having market cap of 7.54 B$ as on 4-March, 2024.

CROX favors upside in 3 of (3) of ((1)) of III & expect to remain choppy to higher above $74.00 low of II. It needs to break above $183.88 high of (I) to confirm the bullish sequence in (III).

CROX - Elliott Wave Latest Weekly View: ​

It placed (I) at $183.88 high in weekly since 2008 low as impulse sequence. It corrected lower in (II) as zigzag down ended at $46.08 low as 0.764 Fibonacci retracement of (I) in 2022. Above there, it was showing impulse I higher, ended at $151.32 high. Within I sequence, it placed ((1)) at $83.64 high, ((2)) at $65.17 low, ((3)) at $143.50 high, ((4)) at $109.47 low & finally ended ((5)) at $151.32 high. It corrected lower in II at $74.00 low as around 0.764 Fibonacci retracement of I as dip pullback.

CROX - Elliott Wave Latest Daily View: ​

Within II correction, it placed ((A)) at $101.65 low and ((B)) at 130.36 high as flat bounce. Finally, it ended ((C)) at $74.00 low as 5 swings lower between extreme areas within $80.76 - $50.05 as II correction. It reacted higher in (1) of ((1)) of III from the extreme areas, which ended at $110.90 high. It corrected lower in (2) at $85.71 low. Later, it already broke above (1) high, confirmed upside to be (3) of ((1)) of III. Within (3), it ended 2 at $94.50 low & favors upside in ((i)) of 3, which may end soon before correcting in ((ii)) of 3. It should extend at least towards $122.55 - $145.39 area to finish (3) of ((1)). Further upside in III will confirm when it breaks above I high.

Source: https://elliottwave-forecast.com/stock-market/will-crox-continue-upside-bullish-sequence/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of QQQ. We presented to members at the elliottwave-forecast. In which, the rally from the 21 February 2024 low unfolded as an impulse structure and showed a bullish sequence. Suggested that ETF should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

QQQ 1-Hour Elliott Wave Chart From 2.29.2024​

Here’s the 1-hour Elliott wave chart from the 2/29/2024 Post-Market update. In which, the short-term cycle from the 2/21/2024 low ended in wave ((i)) as impulse at $440.59 high. Down from there, the ETF made a pullback in wave ((ii)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double structure where wave (w) ended at $435.60 low. Wave (x) bounce ended at $438.60 high and wave (y) managed to reach the blue box area at $433.63- $430.54. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

QQQ Latest 1-Hour Elliott Wave Chart From 3.05.2024​

This is the latest 1-hour Elliott wave Chart from the 3/05/2024 Post-Market update. In which the ETF is showing 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. Since then the ETF has managed to make a new high above $440.59 high confirming the next extension higher towards $452.30- $456.78 area.

Source: https://elliottwave-forecast.com/stock-market/qqq-strong-reaction-higher-blue-box-area-2/

 

[Elliottwave-Forecast]

In the last years, the renminbi made a pause in his attempt to get stronger against USD dollar. In February 2014, renminbi found support at 6.0153 as wave ((III)) and from there it made a perfect zig – zag correction structure to equal legs at 7.1964 in June 2020. After these 3 swings, USDCNH should have continued with the downtrend. However, the pair turning up again breaking 7.1964 high suggesting that market is developing a double correction structure.

USDCNH November 2023 Weekly Chart​

In the chart above, looks like the first leg of the wave "c" ended as wave ((1)). Up from 6.6883 wave "b" low, we can see 5 swings higher creating an impulse. First wave ended at 6.9967. Wave (2) pullback at 6.8107 low. Then USDCNH rally finishing wave (3) at 7.2855. Wave (4) correction completed at 7.1162 low. Last push to 7.3679 ended wave (5) and wave ((1)). Currently, we are expecting a correction as wave ((2)) of "c". This movement should drop to 7.12 - 6.95 area correlating with USDX weakness that we are looking for. After finishing wave ((2)), pair should rally in 3 swings to build an impulse as wave "c" to 7.4866 - 7.7646 area. This also will finish the double correction wave (y), and the wave ((IV)) before renminbi continues with the downtrend.

USDCNH March 2024 Weekly Chart​

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After 4 months, We can see a pullback as we expected. The drop in wave ((2)) ended at 7.08 in the 7.12 - 6.95 area and it has bounced higher. The reaction is not what we expected and pair looks like is lagging. Therefore, we are calling the possibility that structure ended at 7.08 could be wave (A) of ((2)), the bounce the wave (B) of ((2)) and we should see one more low to end wave ((2)) before resuming the rally to 7.4866 - 7.7646 area to complete wave ((IV)) correction.

USDCNH March 2024 Alternative Weekly Chart​

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As alternative view, we cannot rule out that wave ((2)) is completed at 7.08 and the pair should continue to the upside to end the double correction as wave ((IV)).

Source: https://elliottwave-forecast.com/forex/renminbi-usdcnh-sequence-incomplete/

 

[Elliottwave-Forecast]

MicroStrategy Incorporated (NASDAQ: MSTR) is an American company that provides business intelligence, mobile software, and cloud-based services. Since 2020, MicroStrategy started investing in Bitcoin as a treasury reserve asset which impacted its stock price in the recent 4 years.

In this article, we'll take a look at the Elliott Wave Structure taking place and explore the potential path for the coming months.

Down from 2021 peak, MSTR did 3 waves pullback within a wave (II) correction and found a major low in December 2022 at $132.56. This move represent the main connector for the upcoming cycle as the stock did manage to break above $1315 and creates higher high sequence within it's weekly cycle.

The rally from the lows is clearly unfolding within an impulsive structure and the bullish sequence is aiming for an initial target at equal legs area $1443 - $1750. However looking at the impulsive nature of the move, it can extend toward the 61.8 Fibonacci extension at $2253 before ending wave I of (III).

MSTR is expected to keep finding buyers during short term pullbacks in 3 , 7 or 11 swings and should remain supported within it's daily cycle for the coming months.

MicroStrategy (NASDAQ: MSTR) Weekly Chart 3.6.2024​

Source: https://elliottwave-forecast.com/stock-market/microstrategy-mstr-bullish-momentum/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of Dow Jones Futures published in members area of the website. As our members know YM_F has recently made pull back that has unfolded as Elliott Wave Zig Zag pattern. It made clear 3 waves down from the February 23rd peak and completed correction right at the Equal Legs zone ( Blue Box -Buying Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.

YM_F Elliott Wave 1 Hour Chart 03.05.2024​

Dow Jones Futures is showing lower low structure from the peak. Correction has a b c labeling, when we can still be in c red leg. The price structure is incomplete at the moment, calling for a more downside in near term toward : 38604-38471 buying zone. We don’t recommend selling YM_F and prefer the long side from the marked Blue Box ( buying zone). Once Dow Jones reaches our buying area, it should ideally make either rally toward new highs or in 3 waves bounce alternatively. Once bounce reaches 50 Fibs against the b red high, we will make long position risk free ( put SL at BE) and take partial profits.

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

YM_F Elliott Wave 1 Hour Chart 03.09.2024​

Dow Jones made extension toward our buying zone at : 38604 - 38471 as we expected. YM_F found buyers at the blue box and we are getting good reaction from there. Consequently, any long positions from the equal legs area should be risk free by now. As far as the price stays above 38473 low, we can see further strength in Dow Jones toward new highs 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/dow-ym_f-elliott-wave-buying-blue-box/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of ETHUSD published in members area of the website. As our members know Ethereum has given us 3 waves pull back recently that found buyers right at the Blue Box ( Buying Area). We have been favoring the long side due to impulsive bullish sequences the crypto is showing in the cycle from the October 2023 low. In further text we’re going to explain the short term Elliott Wave forecast and trading setup.

ETHUSD Elliott Wave 1 Hour Chart 03.10.2024​

Current view suggests Ethereum ended short term cycle from the 3204.15 low as 5 waves rally -((i)) black. Currently the crypto is doing intraday pull back , wave ((ii)) black. We expect to see another leg down (c) of ((ii)) to complete the structure. We don’t recommend selling ETHUSD and prefer the long side from the marked Blue Box ( buying zone). Once Ethereum reaches our buying area, it should ideally make either rally toward new highs or in 3 waves bounce alternatively. When bounce reaches 50 Fibs against the (b) blue high, we will make long position risk free ( put SL at BE) and take partial profits.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

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.

ETHUSD Elliott Wave 1 Hour Chart 03.11.2024​

Ethereum found buyers right at the marked blue box as expected and we got good reaction from there. Pull back completed at 3733 low. Rally from that level looks impulsive. We expect ETHUSD to keep finding intraday buyers in 3,7,11 swings and 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/trading/ethereum-ethusd-buying-blue-box-2/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of Alphabet Inc. ($GOOGL). The rally from 10.27.2023 low at $120.25 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:

5 Wave Impulse Structure + ABC correction​

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$GOOGL 4H Elliott Wave Chart 2.29.2024:​

Here is the 4H Elliott Wave count from 2.29.2024. We expected the pullback to find buyers at the blue box area at 135.04 – 126.14 in 3 swings.

$GOOGL 4H Elliott Wave Chart 3.11.2024:​

Here is the latest 4H update from 3.10.2024 showing the bounce taking place as expected. The stock has reacted higher from the blue box area ending the 3 swings decline. The stock is expected to remain supported towards $142 – 145 where longs will be able to get risk free. A break above 1.29.2024 peak at 153.78 will open the next leg higher towards $164 - 185.
Source: https://elliottwave-forecast.com/st...nc-googl-found-buyers-blue-box-area-expected/

 

[Elliottwave-Forecast]

Honeywell International Inc., (HON) engages in the aerospace technologies, building automation, energy & sustainable solutions & industrial automation businesses in the United States, Europe & internationally. It is based in Charlotte, comes under Industrials sector & trades as “HON” ticker at Nasdaq. It is having 130.919 B$ market cap as on 11-March, 2024.

As showing in the previous article from last year, HON favors upside in (3) of ((3)) of III, while dips remain above $189.66 low. It needs to break above $236.86 high to confirm the next bullish sequence.

HON - Elliott Wave Weekly View From 2.13.2023: ​

It ended (II) at $101.08 low in weekly sequence in March-2020. Above there, it favors upside in ((3)) of III as impulse sequence, while dips remain above ((2)) low. Within wave I, it placed ((1)) at $147.87 high, ((2)) at $117.11 low, ((3)) at $234.02 high as extended wave, ((4)) at $211.96 low & ((5)) as I at $236.86 high. It placed II at $166.63 low as 0.5 Fibonacci retracement of I as 3 swing pullback. Within III, it placed ((1)) at $220.96 high & ((2)) at $174.88 low as zigzag correction ended in October-2023 low.

HON - Elliott Wave Latest Weekly View: ​

Since ((2)) low, it favored ended (1) of ((3)) at $210.60 high. It placed 1 of (1) at $199.13 high, 2 at $193.01 low, 3 at $205.45 high, 4 at $202.84 low & 5 of (1) at $210.60 high. It corrected in 2 as 0.618 Fibonacci retracement, ended at $189.66 low as 3 swing zigzag correction. Above 2 low, it placed ((i)) of 3 at $203.91 high as diagonal sequence. Currently, it favors ((ii)) correction in 3 or 7 swings before resume upside in ((iii)) of 1 of (3). It needs to break above (1) high to confirm the upside to be (3) as bullish sequence. Until then it can even extend (2) correction, if breaks below $189.66 low before turning higher.

HON - Elliott Wave Latest Daily View: ​

Source: https://elliottwave-forecast.com/stock-market/hon-ready-next-big-move/

 

[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.

CSCO Daily Chart October 2023​

Last October, we talked about an alternative view on CSCO. That was wave (II) has not finished and it could do a double correction. After 3 waves higher we cannot rule out a double correction until we see a clear impulse higher. 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. Actually, the path still could not break above $58.19 and it is more like to expect more downside.

CSCO Daily Chart March 2024​

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In the chart above, we can see a double correction structure formed from wave X. Down from 58.19 high, CSCO dropped in 3 swing ending wave (W) at 50.95. Wave (X) pullback did a small bounce at 53.50 high and continue lower. The movement was strong finishing at 44.70 to complete wave (Y) structure and also Wave ((W)) in higher degree. Currently, CSCO is building wave ((X)) connector. Up from 44.70 low, market did 3 swings higher to end wave (W) at 52.86 and pullback as wave (X) ended at 46.90 low and resumed higher. Market is trading in wave (Y) and we should see 3 swings higher above 52.86 to end wave (Y) and ((X)) correction before turning lower in wave ((Y)).

CSCO Alternative Daily Chart March 2024​

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The difference of this alternative chart with the main view, it is just wave ((X)) is completed at 52.62 high. While price action stays below this level, we are looking further downside double correction structure.

Source: https://elliottwave-forecast.com/stock-market/cisco-csco-downside-come/

 

[Elliottwave-Forecast]

Hello fellow traders. As our members know , Oil has recently given us good buying opportunity . In this technical article we’re going to look at the Elliott Wave charts of Oil published in members area of the website. The commodity shows bullish sequences in the cycle from the 67.75 low. Consequently we have been favoring the long side and recommended members to keep buying the dips in 3,7,11 swings. Oil made clear 3 waves down from the March 1st 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 trading setup.

OIL Elliott Wave 1 Hour Chart 03.09.2024​

Current view suggests that wave (x) pull back is still in progress , calling for more short term weakness toward 77.37-76.59 area. We don’t recommend selling Oil and prefer the long side from the marked Blue Box ( buying zone). As the main trend is bullish, we expect the price to make at least bounce in 3 waves from the Blue Box area. Once the bounce reaches 50 fibs against the x red connector we will take partial profits and make position risk free ( put SL at BE) .

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

OIL Elliott Wave 1 Hour Chart 03.13.2024​

The commodity reached our buying zone at : 77.35-76.56 and found buyers as expected. Oil is giving us very good reaction from the Blue Box Area. We call pull back (x) blue completed at the 76.78 low. As a result, any long positions should be risk free by now. We would like to see break of (w) blue peak (March 1st) 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/oil-cl_f-elliott-wave-buying-blue-box/

 

[Elliottwave-Forecast]

Marathon Digital Holdings Inc. (formerly Marathon Patent Group) is a digital asset technology company. It engages in mining cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. Founded 2010 and headquartered in Las Vegas, Nevada, US, one can trade it under ticker $MARA at NASDAQ. Currently, we see cryptocurrencies turning for another bullish cycle higher. In fact, the rally in prices of cryptocurrencies should push higher and may even provide a magnifying effect on the share prices of cryptocurrency mining/producing companies. Therefore, Marathon Digital Holdings being one of digital assets producers should become a profitable invetsment target as it should ramp up along with acceleration in cryptocurrencies prices.

In the initial article from May 2023, we were calling for a new bullish cycle. We were right, we have broken the weekly descending channel. Now, we see 5 waves up from December 2022 lows. Clearly, it supports the bullish case. Now, short term correction should find support in 7 swings. Investors and traders should use pullback as next buying opportunity. In the current blog, we explain the wave structure, sequences and short- to long-term targets.

Marathon Digital Monthly Elliott Wave Analysis 03.17.2024​

The monthly chart below shows the Marathon Digital shares $MARA traded at NASDAQ. First, from the all-time lows, the stock price has developed a cycle higher in black wave ((I)). Hereby, $MARA has printed the all-time highs in March 2012 at 234. From the highs, a correction lower in wave ((II)) has unfolded as a zigzag correction being a 5-3-5 structure. It has found an important bottom in March 2020 at 0.35. As a matter of fact, in 8 years $MARA has lost more than 99% off its peak value.

From the March 2020 lows, another motive cycle in black wave ((III)) has started and is currently in the initial stages. We see already first nest consisting of red waves I-II in place. Now, acceleration higher in red wave III of blue wave (I) should follow. Once all 5 waves of blue wave (I) will be completed, then pullback in blue wave (II) should provide with another opportunity to join the rally. Then, acceleration higher in blue wave (III) of black wave ((III)) should bring prices considerably higher. Long-term, black wave ((III)) should extend towards 234 highs and even beyond.

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Marathon Digital Weekly Elliott Wave Analysis 03.17.2024​

The Weekly chart below shows in more detail the initial stages of the black wave ((III)). From the March 2020 lows, a bullish cycle in red wave I has unfolded as an impulse. Hereby, black wave ((3)) shows an extension. Red wave I has ended in April 2021 at 57.75. From the highs, the consolidation pattern in red wave II has unfolded as an expanded flat pattern being 3-3-5 structure. First, 3 swings of black ((A)) have found bottom in May 2021 at 18.32. Then, a 7 swings (=3 swings) bounce in black wave ((B)) has set a higher high in November 2021 at 83.45. From there, black wave ((C)) has confirmed expanded flat structure by breaking 18.32 lows. It shows fully developed 5 waves off the highs. In overall, the recent sideways-to-higher price action along with breaking of RSI channel suggest that the new bullish cycle might have started.

It is the preferred view that red wave II has set an important low in December 2022 at 3.11. While above there, a new cycle in red wave III is in progress. The target for red wave III will be towards 60.45-95.94 area and even higher. Current prices below 20$ offer still a great investment opportunity. While medium-term investors can expect 3 times reward on their risk, long-term reward reaches towards 11x and more as related to current engagement.

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Marathon Digital Daily Elliott Wave Analysis 03.17.2024​

The Daily chart below shows in more detail the initial nest consisting of black waves ((1))-((2)) in progress. From the December 2022 lows, black wave ((1)) of red wave I has ended in February 2024. It has the pattern of a leading diagonal being a 5-3-5-3-5 structure. From the 34.09 highs, correction in wave ((2)) should provide an opportunity for an acceleration higher in black wave ((3)). It unfolds as a double three pattern being 7 swings structure. Firstly, from the February 2024, 3 swings of blue wave (W) have set a low at $21.45 in March 2024. Secondly, a bounce in blue wave (X) has printed a connector high at $25.28. Thirdly, $MARA has broken $21.45 lows opening up bearish sequence. It should reach now in another 3 swings towards 12.62-4.80 area. There, acceleration higher in black wave ((3)) of red wave III should take place.

Investors and traders can be using 12.62-4.80 bluebox area as a buying opportunity in $MARA targeting 35.82-54.98 and higher in short-term and 129.80 and beyond in the long run.



Source: https://elliottwave-forecast.com/stock-market/buying-marathon-7-swings/

 

[Elliottwave-Forecast]

Costco Wholesale Corporation (Nasdaq: COST) went public on December 5, 1985 at $10.00 per share (before stock splits). It's considered as one of the good performing stocks with only 9 negative years out of 37.

Last month, we discussed in our previous article the continuation to the upside within daily cycle as the stock is looking to remain supported within an impulsive rally since 2022 low. As we can see in the below weekly chart, the rally remains in progress within a nesting structure still part of wave I. It's expected to see more upside within series of 3rd and 4th waves until it establish a complete impulse ( 5 waves advance ) then a 3 waves pullback in wave II can take place against $406.51.

Costco Weekly Chart 3.18.2024​

Zooming out to the quarterly chart, we see the Grand Super Cycle unfolding within a larger 5 waves advance since IPO. The break higher above 2022 peak created a new yearly bullish sequence which is expected to support the impulsive advance toward an initial target at equal legs area $1006 - $1378. Consequently, COST is still trading within the first leg of wave (III) which implies a strong breakout in progress and the stock will remain supported in the coming years until it reaches the mentioned target area.

The overall technical picture for Costco is bullish in all time frames. Therefore investors are advised to only look for buying opportunities during pullbacks in 3 , 7 or 11 swings based on the Elliott Wave Theory.

Costco Quarterly Chart 3.18.2024​

Source: https://elliottwave-forecast.com/stock-market/costco-cost-grand-super-cycle-target/

 

[Elliottwave-Forecast]

Booking Holdings Inc. is an US American travel technology company. It owns and operates several travel fare aggregators and travel fare metasearch engines including namesake and flagship Booking.com, Priceline.com, Agoda.com, Kayak.com, Cheapflights, Rentalcars.com, Momondo, and OpenTable. It operates websites in about 40 languages and 200 countries. Founded 1996, Booking Holdings is headquartered in Norwalk, Connecticut, US. As a part of both NASDAQ-100 and S&P-100 indices, one can trade it under the ticker $BKNG at NASDAQ.

Booking Holdings Monthly Elliott Wave Analysis 03.17.2024​

The monthly chart below shows the Booking Holdings shares $BKNG traded at NASDAQ. From the all-time lows, the stock price has developed an initial cycle higher in black wave ((I)) of grand super cycle degree towards 2716 highs in February 2022. Within it, blue wave (III) shows an extension beyond 2.0x of the length of the wave (I). After the impulsive structure higher, a correction lower in black wave ((II)) has ended in October 2022. From $1617 lows, next bullish cycle in black wave ((III)) has started. Break of the February 2022 highs has confirmed that. The target for black wave ((III)) is 4336-6016 area and even beyond.

In shorter cycles, we can see price nesting action within black wave ((III)). Firstly, nest cosnsisting of blue waves (I)-(II) has ended in November 2023. Secondly, another nest comprising red waves I-II is currently in development. Once accomplished, expect acceleration higher in red wave III of blue wave (III).

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Booking Holdings 4H Elliott Wave Analysis 03.17.2024​

The 4H chart below shows in more detail the second nest consisting of red waves I-II. It is currently in progress. From November 2023 lows, red wave I of blue wave (III) has ended in February 2024 at new all-time highs. It has the pattern of an impulse being a 5-3-5-3-5 structure. From the 3918 highs, correction in red wave II should provide an opportunity for an acceleration higher in red wave III. It unfolds as a zigzag pattern. Firstly, from the February 2024, an impulse lower in black wave ((A)) has set a low at $3500 in the same month. Secondly, a bounce in black wave ((B)) has printed a connector high at $3698. Thirdly, $BKNG has broken $3500 lows opening up a bearish sequence. Now, it should reach 3283-3025 area. There, market should turn higher for another bullish cycle.

Investors and traders can be using 3283-3025 bluebox area as a buying opportunity in $BKNG targeting 4317-5117 and higher in short-term and 4336-6016 and beyond in the long run.



Source: https://elliottwave-forecast.com/video-blog/buying-booking-pullback/