Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello Traders! Today, we will look at the Daily Elliott Wave structure of Adobe Inc. ($ADBE) and explain why the stock should soon reach a Blue Box area and react higher.

Adobe Inc. is an American multinational computer software company incorporated in Delaware and headquartered in San Jose, California. It has historically specialized in software for the creation and publication of a wide range of content, including graphics, photography, illustration, animation, multimedia/video, motion pictures, and print.

5 Wave Impulse Structure + ABC correction​

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$ADBE Daily Elliott Wave View March 17th 2024:​

The Daily chart above shows the cycle from Sep 2022 low unfold in a 5 waves impulse and end on 2.02.2024. The first pullback after a 5 waves impulse is in form of a 3 swings correction (ABC). The stock should be at the tail end of the correction towards the Blue Box area at $474.63 - 406.26 where buyers are expected to appear and start the next cycle higher. Although, we like it lower right now towards the blue box, traders should not be short selling the last swing lower as truncations can happen at this stage of the market.

As long as price remains above the invalidation level at $274.73, $ADBE is expected to rally soon. Remember, corrections run in 3, 7 or 11 swings, so risk management should be exercised. The market could bounce and end up doing 7 swings lower before higher so we like to book partial profits and get risk free once the bounce takes place from the blue box.

Source: https://elliottwave-forecast.com/video-blog/adobe-inc-adbe-poised-rally-soon-blue-box-area/

 

[Elliottwave-Forecast]

Pan American Silver (PAAS) is a leading mining company headquartered in Vancouver, Canada. It specializes in the exploration, development, and operation of silver mines across the Americas. The company has a diversified portfolio spanning Mexico, Peru, Argentina, and Bolivia. Below we will look at the Elliott Wave outlook for the company.

PAAS Monthly Elliott Wave Chart​

Monthly Elliott Wave of Pan American Silver (PAAS) shows that the stock ended wave ((II)) at 5.32 on January 2016 low. Up from there, it has started a new bullish cycle. Wave (I) ended at 40.11 and wave (II) pullback may have ended already at 12.16. Expect the stock to resume higher as far as it stays above 5.32.

PAAS Daily Elliott Wave Chart​

Daily Elliott Wave Chart of Pan American Silver (PAAS) shows that the stock may have ended wave (II) at 12.18. Further rally and separation from the low is desirable to give confirmation that the low is really in place. Up from wave (II), the rally looks impulsive with wave (1) ended at 13.28 and wave (2) ended at 12.2. Wave (3) is now in progress before a pullback in wave (4) and then higher again in wave (5) to complete wave ((1)). Near term, as far as pivot at 12.18 low stays intact, expect the stock to extend higher.

Source: https://elliottwave-forecast.com/stock-market/pan-american-silver-paas-may-ended-correction/

 

[Elliottwave-Forecast]

MGM Resorts International (MGM), through its subsidiaries, owns & operates casino, hotel & entertainment resorts in the US and internationally. The operates through three segments: Las Vegas Strip Resorts, Regional Operations & MGM China. It is based in Las Vegas, Nevada, comes under Consumer Cyclical sector & trades as “MGM” ticker at NYSE, having market cap of 14.1 B$ as on 18-March, 2024.

As mentioned in the previous article, MGM expected to pullback in ((2)), which ended at $34.12 low as zigzag correction. Above there, it favors upside as the part of ((3)) of III, which confirms above $51.35 high.

MGM - Elliott Wave Daily View From 8.28.2023: ​

In Weekly sequence, it ended (II) at $5.90 low in March-2020 & II of (III) at $26.41 low in June-2022. It already confirmed higher high above I high, favoring upside to be ((3)) of III of (III). Within ((1)) of III sequence, it placed (1) at $36.34 high, (2) at $29.20 low, (3) at $46.23 high, (4) at $38.68 low & finally ended (5) at $51.35 high. It corrected ((2)) in zigzag correction, ended at $34.12 low in October-2023. It placed (A) at $41.89 low, (B) at $44.79 high & (C) at $34.12 low within the blue box area. Any buyers from the area was able to create a risk-free long position as it was extended higher in (1) of ((3)).

MGM - Elliott Wave Latest Daily View: ​

Within ((3)), it ended (1) at $47.53 high & favors pullback in (2) in 3 or 7 swings pullback. It ended 1 of (1) at $40.68 high, 2 at $37.15 low, 3 at $45.91 high, 4 at $41.27 low & 5 at $47.53 high. It placed A of (2) at $41.25 low & expect a bounce in B wave before turning lower in C of (2). As long as it stays above $34.12 low of (2), it expects to extend higher in (3) of ((3)), which confirms above $51.35 high. Alternatively, if it breaks below $34.12 low, it can do larger double correction in ((2)) against $26.41 low before turning higher, which may provide another long opportunity.

MGM - Elliott Wave Latest Weekly View: ​

Source: https://elliottwave-forecast.com/stock-market/mgm-resorts-expects-pullback-resumes-rally/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of META. We presented to members at the elliottwave-forecast. In which, the rally from 26 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 stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

META 1-Hour Elliott Wave Chart From 3.11.2024​

Here’s the 1-hour Elliott wave chart from the 3/11/2024 Pre-Market update. In which, the short-term cycle from the 1/02/2024 low ended in wave (3) at $523.57 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 $499.35 low. Wave B bounce ended at $509.42 high and wave C managed to reach the blue box area at $485.21- $470.25. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

META Latest 1-Hour Elliott Wave Chart From 3.19.2024​

This is the latest 1-hour Elliott wave Chart from the 3/19/2024 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 $523.57 high is still needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/meta-perfectly-reacting-higher-blue-box/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of $GOOGL Stock published in members area of the website. As our members know we have been favoring the long side in $GOOGL. Recently we got a pull back that has made a clear 3 waves pull back that found buyers right at the equal legs area. In the further text we are going to explain the Elliott Wave forecast

$GOOGL H1 Midday Update 03.15.2024​

$GOOGL ended cycle from the 130.13 low as 5 waves structure. The stock is currently giving us pull back against the 130.130 low which can be unfolding as Elliott Wave Zig Zag pattern. Equal legs area from the peak is already reached at 140.65-139.08 . We are aware that pull back can complete any moment. For now, we see possibility of a more downside in near term. We don’t recommend selling the stock and expect further rally to resume from the mentioned zone.

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

$GOOGL H1 Weekend Update 03.17.2024​

The stock has made bounce from the extreme zone. We are calling wave (2) blue completed at the 140.10 low. As far as the price stays above that low, we can be doing wave (3) blue which is heading toward new highs ideally. We need to see break of (1) blue peak to confirm next leg up is in progress.

$GOOGL H1 Weekend Update 03.17.2024​

$GOOGL has continued to rally from the marked extreme zone as expected. We got very good rally toward new highs and then sharp pull back which filled the gap. Now the stock remains bullish against the 140.1 pivot. We expect to see another intraday 3 waves pull back before further rally resumes. As far as pivot at 140.1 low holds, we expect the stock to keep finding buyers in 3,7,11 swings.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent updates in the membership area of the website. Remember that not every chart is trading recommendation. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.



Source: https://elliottwave-forecast.com/stock-market/googl-stock-blue-box-area/

 

[Elliottwave-Forecast]

The Travelers Companies, Inc., TRV, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents.

Weekly TRV Chart July 2023​

TRV ended a great super cycle in the year of 2019 reaching a peak at $154.86 which we call the wave ((I)). Then the market made a quick and strong correction driven by the COVID19 pandemic in 2020. The company lost 50% of its value reaching $76.99 per share in March. This culminated wave ((II)) and we are currently building wave ((III)). Wave (I) of ((III)) ended at $194.51 in January 2023 building an impulse and it has been correcting in wave (II) of ((III)) ever since.

Weekly TRV Chart November 2023​

In the chart above shows that TRV continued lower as expected. There were 2 structures to use in this case, a flat correction or a double correction. The flat correction has a structure of 3-3-5 and the double correction is 3-3-3. The only difference is the end of the structure. However, the pullback was a little shallow for wave (II). It cannot reach even the 100% Fibonacci extension to 152.52 and the stock turned higher from 157.33 low missing the entry.

4 Hour TRV Chart March 2024​

The structure above, it is developing wave I of (III). Currently there are 2 scenarios. Wave ((3)) could have completed at 224.00 high and it needs to break below 216.98 low to confirm that wave ((4)) has started. In this case, market we retest wave (4) lows before resuming to the upside. The other scenario is wave ((3)) is not completed and it is going to extend in wave 5 higher. To confirm this view TRV need to break above 224,00; therefore, we should look to end an impulse higher to complete wave ((3)) and then pullback in wave ((4)).

Source: https://elliottwave-forecast.com/stock-market/travelers-trv-strong-rally-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 RUSSELL Futures $RTY_F published in members area of the website. As our members know we are favoring the long side in Indices. $RTY is another instrument that has given us good trading setup recently. RUSSELL made clear 3 waves down from the March 8th peak 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.

RUSSELL Elliott Wave 1 Hour Chart 03.18.2024​

RUSSELL is showing lower low sequences from the peak, suggesting short term pull back is still in progress. Correction has ((a))((b))((c)) labeling. The price structure is incomplete at the moment, calling for another leg down toward : 2036.78-1991.86. We don’t recommend selling RTY_F and prefer the long side from the marked Blue Box ( buying zone). Once RUSSELL 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)) black 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.

RUSSELL Elliott Wave 1 Hour Chart 02.28.2024​

RUSSELL reached our buying zone at : 2036.78-1991.86 and found buyers as expected. RTY_F is giving us very good reaction from the Blue Box Area. We call pull back 2 red completed at the 2033.3 low. Consequently, any long positions should be risk free by now. We would like to see break of 1 red peak (March 8th) to confirm next leg up is in progress. Once it breaks above 03.08. peak, we can look to buy intraday dips again in 3,7,11 swings against the 2033.3 low

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/russell-futures-rty_f-buying-equal-legs/

 

[Elliottwave-Forecast]

Hello fellow traders.

In this technical article, we're going to take a look into the Elliott Wave charts of GBPUSD, exclusively presented in the members' area of our website. As our members know GBPUSD has recently made pull back that made clear 3 waves down from the March 8th 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.

GBPUSD Elliott Wave 1 Hour Chart 03.18.2024​

The pair is correcting cycle from the 1.2597 low. The pull back is showing lower low sequences from March 8th peak. Current view suggests that the correction is still in progress. Our analysis forecasts further downside toward the 1.2675-1.2597 area ( blue box).

Despite the expected extension lower, we advise against selling GBPUSD. Upon reaching this blue box area, we anticipate the pair to attract buyers. We expect to se either rally towards new highs or a corrective bounce in three waves at least. Once the bounce reaches the 50% Fibonacci retracement level against the connector high, we'll secure our position by moving the stop-loss to breakeven. To safeguard our trade, we'll closely monitor for any break below the marked invalidation level : 1.2597.

A quick reminder:

Our charts are designed for simplicity and ease of trading:

• Red bearish stamp + blue box = Selling Setup
• Green bullish stamp + blue box = Buying Setup
• Charts with Black stamps are deemed non-tradable.

For those eager to deepen their understanding of Elliott Wave Patterns, we invite you to explore our Free Elliott Wave Educational Web Page.

GBPUSD Elliott Wave 1 Hour Chart 03.21.2024​

The pair found buyers within the Blue Box area as expected. We got a decent reaction from the 1.2667 low. As a result, traders who entered long positions are now enjoying risk-free profits. The bounce has exceeded the 50% Fibonacci retracement level against the connector peak. With the price holding above the 1.2667 low, we believe the next leg up can be in progress. For confirmation on the next leg up, we're looking for a break above the((i)) black peak.

Please bear in mind that the market is constantly evolving. The outlook presented here may have shifted since. For the latest updates, refer to the most recent charts available in our membership area. We focus on trading instruments with incomplete bullish or bearish swing sequences. The Live Trading Room highlights the best opportunities in real-time.



Source: https://elliottwave-forecast.com/trading/gbpusd-elliott-wave-buying-blue-box/

 

[Elliottwave-Forecast]

Chevron Corporation (CVX) is one of the world's largest integrated energy companies, engaged in all aspects of the oil and natural gas industry. Headquartered in San Ramon, California, Chevron operates in various segments including exploration and production, refining, and marketing. The company's operations span across multiple continents, with significant assets in the United States, Australia, Kazakhstan, and several other countries. Below we update the Elliott Wave outlook for the company.

Chevron Monthly Elliott Wave Chart​

Monthly Elliott Wave Chart of Chevron (CVX) above shows that the rally to 135.1 ended wave ((I)). Pullback in wave ((II)) unfolded as a zigzag Elliott Wave structure. Down from wave ((I)), wave (A) ended at 69.58 and rally in wave (B) ended at 133.88. The stock then extended lower in wave (C) towards 51.54 which completed wave ((II)) in higher degree. Chevron then extended higher in wave ((III)). Up from wave ((II)), wave (I) ended at 182.4. Pullback in wave (II) is in progress as expanded flat before the stock resumes higher again. As far as pivot at 51.54 low stays intact, expect dips to find support once the expanded flat correction is complete and the stock to extend higher.

Chevron Daily Elliott Wave Chart​

Daily Elliott Wave Chart for Chevron above shows that rally to 182.4 ended wave (I). Pullback in wave (II) is unfolding as an expanded Flat Elliott Wave structure. Down from wave (I), wave a ended at 132.54 and wave b ended at 189.68. Stock then turned lower in wave c which subdivides into 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. Expect wave ((4)) to end below wave ((2)) and stock to turn lower 1 more leg in wave ((5)) before ending wave c of (II). As far as pivot at 51.97 low is holding, expect pullback to find buyers and stock to extend higher.

Source: https://elliottwave-forecast.com/stock-market/chevron-cvx-still-expanded-flat-correction/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of VanEck Gold Miners ETF ($GDX) . The rally from 2.28.2024 low at $25.66 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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$GDX 1H Elliott Wave Chart 3.19.2024:​

Here is the 1H Elliott Wave count from 3.19.2024. We expected the pullback to find buyers at the blue box area at 29.10 – 28.49 in 3 swings.

$GDX 1H Elliott Wave Chart 3.21.2024:​

Here is the 1H update few days later from 3.21.2024 showing the bounce taking place as expected. The ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $33 – 36 before another pullback can happen.
Source: https://elliottwave-forecast.com/st...-etf-gdx-found-buyers-blue-box-area-expected/

 

[Elliottwave-Forecast]

Xiaomi Inc. is a Chinese designer and manufacturer of consumer electronics and software. Behind only Samsung and since 2021 surpassing Apple, it is the second largest manufacturer of the smartphones in the world. Most of them run the MIUI operating system. It is also a major manufacturer of appliances including televisions, smartwatches, flashlights, unmanned aerial vehicles. These and other products are connected by Internet of Things (IoT) and Xiaomi Smart Home platforms. Founded 2010, it is headquartered in Haidian District, Beijing, China. International investors can trade it under the ticker $1810 at HKEX. The company is a part of Hang Seng index. Also, one can trade Xiaomi under the ticker $XIACF in US in form of ADRs. Today, Xiaomi is employing more than 33’000 people and owns such brands as Redmi, Pocophone, BrandShark among others.

In the initial article from November 2022, we have provided with weekly support area. Moreover, we have called the low in place. We were right. Now, we see next rally confirmed as the descending channel has been broken. In the current article, we discuss the wave structure, buying ideas and the targets.

Xiaomi Weekly Elliott Wave Analysis 03.24.2024​

The monthly chart below shows the Xiaomi shares $1810 traded at HKEX. From the IPO in July 2018, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards 35.90 all-time highs in January 2021. After the impulsive structure higher, a correction lower in blue wave (II) is unfolding as an Elliott wave zigzag pattern being 5-3-5 structure.

Firstly, red wave a of blue wave (II) has printed a low at 20.65 in March 2021. Then, a bounce has set a connector wave b at 30.45 highs in June of the same year. Later on, the price has broken 20.65 lows opening up a bearish sequence. As a consequence, red wave c should find support from 15.23-5.80 area. As a matter of fact, the price has reached that area and the RSI reading points towards idea that the entire correction as wave (II) has ended. While above the lows of October 2022 at 8.31, a new bullish cycle in blue wave (III) might have started and is now in the initial stages.

Shorter Cycles in Xiaomi and Buying Opportunities​

In shorter cycles, we can see red wave I in progress. It can be unfolding as a leding diagonal being 3-3-3-3-3 structure. Hereby, waves ((1))-((4)) are complete. Now, while above 11.84 lows, black wave ((5)) is taking place. It can reach towards 18.19-20.16 area. There red wave I should end and a pullback in red wave II can start. It should find support in 3, 7 swings against October 2022 lows before acceleration higher in red wave III can start.

Investors can be looking to buy the stock of Xiaomi from 15.23-5.80 area targeting 44.23-66.44 area and even higher in the long run. On the other hand, traders might be waiting the red wave I to end first and then buy it in a pullback as wave II in 3, 7 swings against October 2022 lows.



Source: https://elliottwave-forecast.com/stock-market/xiaomi-reacting-buying-area/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Bitcoin ticker symbol: $BTCUSD. We presented to members at the elliottwave-forecast. In which, the rally from the 11 September 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 crypto & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

Bitcoin 1-Hour Elliott Wave Chart From 3.18.2024​

Here’s the 1-hour Elliott wave chart from the 3/18/2024 NY Midday update. In which, the short-term cycle from the 1/23/2024 low ended in wave (3) at $73814 high. Down from there, the BTCUSD 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 $65595 low. Wave X bounce ended at $70640 high and wave Y managed to reach the blue box area at $62334- $60378. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

BTCUSD Latest 1-Hour Elliott Wave Chart From 3.26.2024​

This is the latest 1-hour Elliott wave Chart from the 3/26/2024 Asia update. In which the Bitcoin 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. However, a break above $73814 high is still needed to confirm the next extension higher towards $73822- $76901 & avoid a double correction lower.

Source: https://elliottwave-forecast.com/cryptos/bitcoin-perfect-reaction-higher-blue-box/

 

[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.

As showing in the previous article, FCX ended ((1)) of III at $46.73 high. It also ended ((2)) at $32.83 low & start reacting higher in ((3)), which confirms when it breaks above $46.73 high. It favors impulse upside in (3) of ((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. It ended II as 3 swing correction at $24.80 low as more than 0.5 Fibonacci retracement in July-2022. Above II low, 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, (3) at $41.16 high, (4) at $36.85 low & (5) at $46.73 high as ((1)). Below there, it ended ((2)) as double three correction at $32.83 low. Within ((2)), it placed (W) at $33.05 low, (X) at $44.70 high & (Y) at $32.83 low.

FCX - Elliott Wave Latest Daily View: ​

Above ((2)) low, it favors upside in (3) of ((3)) & need to break above $46.73 high to confirm the next move higher. It placed (2) of ((3)) at $36.26 low & favors upside in 1 of (3), which expect one more push higher to finish it before correcting in 2. As long as it stays above $36.26 low, it expects rally to resume in (3) of ((3)) of III. Once it break above ((1)) high, it should extend up to $54.79- $68.36 area for ((3)) higher.

Source: https://elliottwave-forecast.com/stock-market/freeport-mcmoran-fcx-continue-upside/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of Ethereum ETHUSD published in members area of the website. As our members know ETHUSD has recently made pull back that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the March 11th peak and completed correction right at the Equal Legs zone( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and forecast

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

Elliott Wave Double Three Pattern

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

ETHUSD H1 Update 03.18.2024​

ETHUSD is doing correction that is unfolding as a 7 swings pattern. Pull back has WXY red labeling. First leg W red shows clear 3 waves ((a))((b))(c)) black, after which we got 3 waves bounce in X red connector. Consequently we assume that pull back is unfolding as Double Three pattern, when we expect to see 3 waves in Y red as well. The structure is still incomplete at the moment. ETHUSD is showing lower low sequences from the March 11th peak. We expect to see another leg down toward extreme area: 3313.34-3011.56 ( buying zone). Once Ethereum reaches proposed extreme zone, we expect the crypto to make a rally toward new highs or in 3 waves bounce alternatively.

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

ETHUSD H1 Update 03.26.2024​

Ethereum found buyers as expected. It made decent rally from the Blue Box. Bounce already reached 50 fibs against the X red connector which confirms cycle from the peak is done. Consequently, any long positions from the equal legs area are risk free by now and we have taken partial profits. We call wave (4) completed at the 3059.65low. Once ETHUSD make a break of March 11th peak, it will confirm next leg up is in progress.

Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.



Source: https://elliottwave-forecast.com/elliottwave/ethereum-ethusd-elliott-wave-double-three/

 

[Elliottwave-Forecast]

Block (NYSE: SQ) (formerly Square, Inc.), is a U.S. public company that provides financial services and mobile payments. In this article, we will be taking a look at the technical structure following the Elliott Wave Theory to define the path within current daily cycle.

SQ started the initial rally from October 2023 low at $38.73 and it made 5 waves advance up to December 2023 at $80.29 where it ended wave ((1)). A correction in wave ((2)) took place toward $61.83 and then up from there the stock resumed the rally to the upside.

Block managed to break above December 2023 peak and it created an incomplete bullish sequence to the upside. The move higher is expected to unfold as a new impulsive 5 waves advance in wave ((3)) and it will be aiming for a target higher at equal legs area $103 - $129.

The impulsive move within wave ((3)) is usually the strongest and in the case of a nest it can extend beyond the 1.618 Fibonacci extension. Consequently, investors will keep buying the pullbacks in 3, 7 or 11 swings within current daily cycle and Block should create enough separation from January 2023 low $61.83.

Block SQ Daily Chart 3.26.2024​

Source: https://elliottwave-forecast.com/video-blog/block-sq-upside-move/

 

[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 ended a Grand Super Cycle in June 2021. 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.

AMC Daily Log Chart December 2023​

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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. However, the possible wave ((5)) has extended too much in the last months and the impulse has been damage. Therefore, the structure lower from wave (x) is better to call as a double correction.

AMC Daily Log Chart March 2024​

How you can see the forecast wave ((5)) has extend to much. You can think: "The structure is still an impulse," but in this case not. If you check the RSI in daily timeframe, the RSI has erased divergence with a clear break. Therefore, that means there are 5 swings down from wave (x), but not an impulse rather these are part of a double correction. That is why we change the abc structure for a wxy structure. We can see 3 swings lower to end wave w at 7.05 low and wave x connector ended at 11.13 high. Now, we need 3 more swings lower complete the structure and the whole correction as wave ((II)). The first leg lower ended at 3.59 low as wave ((A)) and currently we are bulding wave ((B)) bounce. This wave ((B)) could end in 5.41 - 6.38 area, where AMC is going to give us a great opportunity to sell the market in wave ((C)) lower.

Source: https://elliottwave-forecast.com/video-blog/amc-entertainment-selling-opportunities/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of EUROSTOXX (SX5E) Index published in members area of the website. Our members know we've presented many profitable long trading signals in different indices. $SX5E is one of them. EUROSTOXX recently made a clear three-wave correction from its peak on March 14th. The pull back completed right within the Equal Legs zone (Blue Box - Buying Area). In this discussion, we'll break down the Elliott Wave pattern and its trading setup.

EUROSTOXX Elliott Wave 1 Hour Chart 03.17.2024​

EUROSTOXX is showing bullish sequences within the cycle from the 4672.4 low, suggesting further strength ahead. Presently, the index is undergoing an intraday pullback (ii) in blue. The structure of this pullback remains incomplete, indicating short-term weakness towards the 4977.41-4948.7 area. We advise against selling $SX5E and instead favor the long side from the marked Blue Box (buying zone). Once $SX5E reaches our buying area, it should ideally either rally towards new highs or undergo a bounce in three waves alternatively. Once the bounce retraces 50% against the 'b' red, we will adjust our long positions to be risk-free by placing a stop loss at breakeven (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.

EUROSTOXX Elliott Wave 1 Hour Chart 03.17.2024​

EUROSTOXX hit our buying zone at the 4977.81-4949.1 area and found buyers as expected. The index has reacted strongly from the Blue Box Area, breaking out towards new highs and confirming the continuation of the next upward leg. Consequently, any existing long positions should now be risk-free. We maintain our bullish positions within the current trade, expecting the index to keep finding buyers in 3, 7, and 11 swing sequences.

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/eurostoxx-sx5e-buying-dips-blue-box/

 

[Elliottwave-Forecast]

Southern Copper Corporation (SCCO) engages in mining, exploration, smelting, refining & processing of Copper, Molybdenum, Zinc, Silver, Gold & Lead in Peru, Mexico, Argentina, Ecuador & Chile. The company is based in Phoenix, Arizona, US, comes under Basic Materials Sector & trades as “SCCO” ticker at NYSE.

As shown in previous article, SCCO expected to extend higher, while dips remain above $42.42 low of II. It broke to new high & erase the momentum divergence, confirming the upside to be (3) of ((3)) as the nest structure.

SCCO - Elliott Wave Latest Weekly View: ​

It placed I at $83.15 high & II at $42.42 low as flat correction in weekly sequence ended in September-2022. Above there, it ended ((1)) of III at $82.05 high. Within ((1)), it placed (1) at $49.41 high, (2) at $45.17 low, (3) at $78.76 high, (4) at $66.47 low & (5) at $82.05 high ((1)). It corrected in ((2)) as 0.382 Fibonacci retracement of ((1)) at $64.66 low.

SCCO - Elliott Wave Weekly View From 8.07.2023: ​

It placed (2) of ((3)) at $68.93 low & favors upside in (3) of ((3)) of III as it broke to new high in weekly. It expects ((3)) to extend towards $104.39 – $128.93 area as next possible extension. Currently, it favors upside in 3 of (3), while placed 2 at $77.14 low. We like to buy the pullback in 3, 7 or 11 swings at extreme areas to resume rally.

Source: https://elliottwave-forecast.com/stock-market/scco-rally-bullish-sequence-remain-supported/

 

[Elliottwave-Forecast]

GDXJ, or the VanEck Vectors Junior Gold Miners ETF, is an exchange-traded fund that tracks the performance of small-cap gold mining companies. It provides investors exposure to junior gold mining companies, which are typically smaller and more volatile than their larger counterparts. This ETF offers a convenient way for investors to gain diversified exposure to the junior gold mining sector without having to select individual stocks. Below we update the Elliott Wave outlook for the ETF.

GDXJ Monthly Elliott Wave View​

Monthly chart of GDXJ above shows the ETF looks to have broken higher from multi year consolidation. Decline to 16.14 ended wave ((II)). Up from there, the ETF starts a new nesting impulse. Wave (I) ended at 52.5 and wave (II) pullback ended at 19.52. The ETF then nested higher with wave i of (III) ended at 65.95 and wave II ended at 25.80. While above 16.14, expect the ETF to continue higher.

GDXJ Daily Elliott Wave View​

Daily Elliott Wave Chart of GDXJ above shows the ETF ended wave II at 25.8. The ETF turns higher in wave III with internal subdivision as a 5 waves impulse. Up from wave II, wave ((1)) ended at 41.16 and pullback in wave ((2)) ended at 30.56 as an expanded flat. Up from there, wave (1) ended at 39.82 and dips in wave (2) ended at 30.89. As far as pivot at 25.8 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 1 of (3) remains in progress. Up from wave (2), wave ((i)) ended at 32.77 and wave ((ii)) pullback ended at 31. The ETF resumed higher in wave ((iii)) towards 37.16 and wave ((iv)) ended at 35.24. Expect the ETF to continue higher to end wave ((v)) of 1. Afterwards, it should pullback in wave 2 to correct cycle from 2.14.2024 low before it resumes higher again.

Source: https://elliottwave-forecast.com/vi...nior-gdxj-next-bullish-cycle-likely-progress/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of NVIDIA Corp ($NVDA) . The rally from 3.19.2024 low at $850.05 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​

​

$NVDA 1H Elliott Wave Chart 3.27.2024:​

Here is the 1H Elliott Wave count from 3.27.2024. We expected the pullback to find buyers at the blue box area at 892.49 – 865.20 in 3 swings.

$NVDA 1H Elliott Wave Chart 4.01.2024:​

Here is the latest 1H update from 4.01.2024 showing the bounce taking place as expected. The stock has reacted higher from the blue box area allowing longs to get risk free. The stock can be doing a double three correction (WXY) before resuming the rally where traders can enter again. A break above $967.69 will negate the double and confirm that the next leg higher has started.
Source: https://elliottwave-forecast.com/stock-market/nvidia-corp-nvda-found-buyers-blue-box-area-expected/