Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Short Term Elliott Wave in Dow Futures (YM) suggests rally from 4.19.2024 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 4.19.2024 low, wave ((i)) ended at 38801 and pullback in wave ((ii)) ended at 37866. Index extends higher again in wave ((iii)) with internal subdivision as an impulse in lesser degree. The 1 hour chart below shows the subdivision of wave ((iii)).

Up from wave ((ii)), wave i ended at 38527 and dips in wave ii ended at 38037. Index then extended higher in wave iii towards 39127 and pullback in wave iv ended at 38936. Final leg wave v ended at 39781 which completed wave (i). Index then pullback in wave (ii) towards 39405 and extended higher in wave (iii) towards 40191. Wave (iv) pullback ended at 39955. Final leg wave (v) ended at 40213 which completed wave ((iii)) in higher degree. Expect wave ((iv)) pullback to unfold in 3 swing before Index resumes higher in wave ((v)). Near term, as far as pivot at 37847 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.

YM_F 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-expects-dow-futures-ym-pullback-wave-4/

 

[Elliottwave-Forecast]

Gold-to-Silver ratio had an overshoot to the upside during the Covid-19. It ended the all-time high on March 2020 at 126.4. The peak time is similar to the major low in World Indices. The ratio then quickly corrected lower in just 1 year to 62.51 and bottomed on February 2021. It has since traded in sideways for the last 3 years. However, the ratio has now started to turn lower and resumed the downside. Let's see the latest daily outlook of AUG below.

Gold to Silver Ratio Daily Chart​

Gold-to-Silver ratio (AUG) daily chart above shows the selloff from March 2020 peak unfolded in 5 waves impulse. It ended in wave a at 62.51. The ratio then corrected in 3 waves as a zigzag Elliott Wave structure. Up from wave a, wave ((A)) ended at 82.13. Wave ((B)) dips ended at 74.65. The Last leg wave ((C)) ended at 96.49 which completed wave b. Note that the rally finished at the 100% - 161.8% fibonacci extension of wave ((A)). This supports the idea that the right side is bearish.

The ratio has turned lower in wave c. Down from wave b, wave ((1)) ended at 74.63. Wave ((2)) rally ended at 92.1 as a zigzag. The ratio has now turned lower in wave ((3)). Down from wave ((2)), wave 1 ended at 85.06 and rally in wave 2 rally ended at 90.13. It has then resumed lower again. Expect the ratio to extend lower in months to come, supporting both Gold and Silver. It also suggests Silver will from now on outperform Gold.

Source: https://elliottwave-forecast.com/commodities/gold-silver-ratio-resumed-lower-2/

 

[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 extend higher in (3) of ((3)) & expect to remain supported in bullish sequence as the part of I of (III).

FCX - Elliott Wave Daily View From 3.25.2024: ​

In Weekly, above ((II)) low of $3.52 from 2016, it placed (I) at $51.99 high in March-2022 as impulse sequence. It corrected lower in (II) as zigzag pullback at $24.80 low in July-2022 low. Within (I) sequence, it placed I at $17.06 high, II as flat structure ended at $4.82 low, III at $46.10 high as extended wave, IV at $30.02 low & finally ended V at $51.99 high as (I). Above (II) low, it placed ((1)) of I at $46.73 high & ((2)) at $32.83 low as double three correction.

FCX - Elliott Wave Latest Daily View: ​

Above ((2)) low, it broke to new weekly high as bullish sequence as the part of I of (III). It placed (2) of ((3)) at $36.23 low & favors final push higher in 5 to finish (3) soon before it may pullback in (4). It placed 1 at $39.75 high, 2 at $36.75 low, 3 at $52.42 high & 4 at $47.10 low. Above there, it favors upside in 5 of (3) & expect short term upside between $53.67 – $57.04 area before it may pullback in (4). We like to buy the pullback in 3, 7 or 11 swings correction at extreme areas in bullish sequence.

FCX - Elliott Wave Latest Weekly View: ​

Source: https://elliottwave-forecast.com/stock-market/fcx-favors-upside-bullish-sequence/

 

[Elliottwave-Forecast]

Hello fellow traders.

In this technical article, we’re going to take a look into the Elliott Wave charts of USDJPY, exclusively presented in the members’ area of our website. As our members know USDJPY has recently made pull back that made clear 3 waves down from the April 29th peak . The pair 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.

USDJPY Elliott Wave 4 Hour Chart 05.01.2024​

The pair is correcting cycle from the 146.352 low. The pull back is showing lower low sequences from April 29th peak. Current view suggests that the correction is still incomplete at the moment. Our analysis forecasts further downside in USDJPY toward the 152.295-148.75 area ( blue box).

Despite the expected extension lower, we advise against selling USDJPY. Once the pair reaches this blue box area, we expect it to attract buyers. We can see 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 -((b)) black, 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 :148.75

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.

USDJPY Elliott Wave 4 Hour Chart 05.20.2024​

The pair found buyers within the Blue Box area as expected. We got a nice rally from our buying zone, counting wave 4 correction completed at the 151.89 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 151.89 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 3 red 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/usdjpy-elliott-wave-buying-dips-blue-box/

 

[Elliottwave-Forecast]

In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLP a consumer staple ETF, which we presented to members at elliottwave-forecast.com. In which, the rally from 16 April 2024 lows, showed the higher high sequence in higher time frame charts favored more strength. Also, the right side tag pointed higher against $74.71 low seen on 5/01/2024 low called for more upside. We will explain the structure & forecast below:

XLP 1-Hour Elliott Wave Chart From 5.14.2024​

XLP 1 hour Elliott Wave Chart from 5/14/2024 Midday update, in which the ETF ended the 5 waves rally within wave 3 at $78 high. Down from there, the pullback in wave 4 took place in 3 swings as zigzag structure, which managed to reach $77.06-$76.60 100%-161.8% Fibonacci extension area of ((a))-((b)). Thus provided buying opportunity to our members at the blue box area looking for the next extension higher or for 3 wave reaction higher at least.

XLP 1-Hour Elliott Wave Chart From 5.19.2024​

Here’s 1 Hour Elliott Wave Chart from 5/19/2024 Weekend update, in which the ETF is showing reaction higher taking place from the blue box area. And shortly after taking the trade the ETF bounced strongly & managed to make a new high above the previous high confirmed the next extension higher. Also, with this rally higher the ETF allowed our members to take profits from the bounce higher.

Source: https://elliottwave-forecast.com/stock-market/xlp-resuming-higher-another-blue-box/

 

[Elliottwave-Forecast]

Hello traders. In this blog post, we will examine the US 10-Yr US Treasury Note - ZN Elliott Wave Analysis. We will identify how it bounced from an extreme area, presenting a bullish opportunity for traders. Additionally, for educational purposes, we will explore the near future path.
The 10-Year Treasury Note futures, often referred to as "10-Year T-Note futures," with ticker ZN_F, are financial contracts that derive their value from the anticipated price of U.S. 10-Year Treasury Notes. These futures are among the most actively traded fixed-income products and play a crucial role in the global financial market.

In the medium term, we anticipate that $ZN_F could develop into a double zigzag structure from the low of October 2023 in the cycle degree. From that low, wave W of the double zigzag began and ended in the high of December 2023, where wave X started. Wave X concluded on April 25, 2024, followed by the start of wave Y. By projection, wave Y should potentially break above the December 2023 high where wave W ended. With this in mind, we started updating 1-hour charts for elliottwave-forecast.com members from the low of April 25, 2024. In the near term, a bullish sequence emerged from the April 2024 low. We identified this sequence as an impulse wave completing wave (1) of ((A)) of Y.

ZN Elliott Wave Analysis - 13th May 2024 Update​

The chart above shows the analysis we shared with members on May 13, 2024. On the chart, we identified the end of wave 3 at the peak of May 3. Meanwhile, our attention was on the wave 4 correction, expected to find support near the 108’182 to 108’040 extreme. We anticipated wave 4 to find support at this extreme, followed by a wave 5 rally. Therefore, we alerted members to watch for price resurgence from this extreme.

ZN Elliott Wave Analysis - 15th May 2024 Update​

Price did just as expected, dropping slightly below the equal leg of approximately 108’18 before surging rapidly. Afterward, we shared the updated chart on May 15, 2024, highlighting wave 5. Wave 5 emerged as an impulse. We expected price to complete the impulse before a deeper correction followed. This was precisely what happened, as the chart below shows.

ZN Elliott Wave Analysis - 20th May 2024 Update​

Price completed wave 5 of (1) and started correcting in wave (2). Currently, as the May 20 New York update shows, the wave (2) correction is underway. The next LONG opportunity will be for wave (3) after wave (2) concludes. Therefore, we will monitor this through either a 3, 7, or 11 swing correction for wave (2). Members can rely on our regular timed updates for the Elliott Wave path across all time frames for 78 instruments.

Source: https://elliottwave-forecast.com/bond/zn-elliott-wave-analysis-trading-us-t-note/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in S&P 500 ETF (SPY) suggests the rally from 4.20.2024 low is in progress as an impulse. Up from 4.20.2024 low, wave ((i)) ended at 510.75 and dips in wave ((ii)) ended at 499.49. The ETF has extended higher in wave ((iii)) with internal subdivision as another impulse in lesser degree. Up from wave ((ii)), wave i ended at 508.19 and dips in wave ii ended at 499.55. Wave iii ended at 518.57, wave iv ended at 514.98, and wave v ended at 522.63 which completed wave (i).

Wave (ii) pullback has ended at 518.18 which subdivides into a double three Elliott Wave structure. The ETF then extended higher inw ave (iii) towards 531.52 and pullback in wave (iv) ended at 527.32. Final leg wave (v) is in progress and can see a few more highs before ending wave (v) of ((iii)). Afterwards, it should pullback in wave ((iv)) to correct cycle from 5.1.2024 low before it resumes higher. Near term, as far as pivot at 499.73 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.

SPY 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-sp-500-etf-spy-calling-upside/

 

[Elliottwave-Forecast]

The iShares Silver Trust (SLV) is an exchange-traded fund (ETF) that tracks the price performance of the underlying holdings in the London Bullion Market Association (LBMA) Silver Price as of August 2014. If you’re interested in investing in silver, SLV provides exposure to the silver market without the need to physically hold the metal.

SLV 360 Min Chart May 7th​

At the beginning of 2024, SLV resumed the bullish trend after a year of sideways movement. We think that the low of 01/22/2024 at 20.07 started the new cycle higher and we called as wave ((2)). From this point, we are looking to develop an impulse as ((3)). In the chart above from May 7th, we can see clearly an impulse wave (1) of ((3)) ended at 27.24. Then, market entered in a pullback as wave (2) building a zig zag correction. The ABC structure ended at 23.78 low in May and rallied again.

SLV 240 Min Chart May 20th​

Two weeks later, SLV has made a strong rally breaking above wave (1) high; therefore, we are already trading in wave (3) of ((3)). Up from 23.78 low, wave 1 ended at 26.28 and pullback as wave 2 completed at 24.70 low. Then, market remained bullish starting wave 3 of (3). Currently, we are calling for one more high to end wave ((v)) of 3. If there is not more extensions in wave 3, it should finish in 29.94 - 30.45 area before starting a correction in wave 4. Once wave 4 is ended in 3, 7 or 11 swings correction, we should looking for buying opportunities.

Source: https://elliottwave-forecast.com/stock-market/slv-no-reason-selling/

 

[Elliottwave-Forecast]

Vulcan Forged $PYR is a utility token used to buy NFTs and virtual assets within Vulcan Forged games marketplace. In today’s article, we’ll dive into the daily structure setting up a bullish reversal based on the Elliott Wave Theory.

$PYR started its rally from November 2022 low similar to Bitcoin, the token moved +315% to the upside until March 2024. The advance unfolded within a regular 5 waves impulse in wave ((1)) therefore a correction in wave ((2)) was inevitable. $PYR saw a 64% decline in the recent two months to correct the entire rally. The 3 swing move to the downside is labeled as a ZigZag structure (A)(B)(C) and it reached its target area within the blue box at equal legs $3.95 - $2.92.

$PYR found buyers as expected from the blue box showing in our chart which represent a technical area where we expect the market to end the correction and bounce higher from there. Consequently, as long as price stays above recent May's low $3.84, then $PYR is expected to remain supported within wave ((3)) and will be looking for a rally into new highs with a minimum target at extreme area $12 - $17.

Vulcan Forged $PYR Daily Chart 5.21.2024​

Setup Recap

-Time Frame : Daily
-Entry Area : $3.95 – $2.92
-Invalidation Condition : Daily Close below $2.72
-Targets / Ratio : Target 1 at $12 (6 RR) – Target 2 at $17 (9.6 RR)
Source: https://elliottwave-forecast.com/cryptos/vulcan-forged-pyr-turning-bullish/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of Bitcoin BTCUSD , published in members area of the website. As our members know, Bitcoin is showing impulsive bullish sequences in the cycle from the 25068 low. BTCUSD ended wave (4) correction at the 56628 . Now, the crypto is showing impulsive bullish sequences in the cycle from the May 1st low. Consequently we expected more strength in short term. In further text we are going to explain Wave forecast.

BTCUSD H1 London Update 05.16.2024​

BTCUSD has broken above May 6th peak, which makes cycle from the May 1st low incomplete. Now, the crypto is showing higher high sequences, calling for further rally toward 69274-71331 area. We don't recommend selling and favor the long side against the 60294 pivot. We expect Bitcoin to keep finding intraday buyers in 3,7,11 swings.

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

BTCUSD H1 London Update 05.21.2024​

Bitcoin made further rally as expected. It has reached our first target zone at 69274-71331 , as expected. From there we can see intraday pull back again. We don't recommend selling BTCUSD in any proposed pull back and favor the long side.

Remember, the market is dynamic, and the presented view may have changed in the meantime. For the most recent charts and target levels, please refer to the membership area of the site. The best instruments to trade are those with incomplete bullish or bearish swing sequences. We put them in Sequence Report and best among them are presented 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/cryptos/bitcoin-btcusd-bullish/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in Light Crude Oil (CL) suggests the decline from 4.12.2024 high is in progress as a 5 waves impulse. Down from 4.12.2024 high, wave 1 ended at 81.56 and wave 2 rally ended at 86.28. Wave 3 lower ended at 76.89. The 1 hour chart below shows the starting point from wave 3. Wave 4 bounce unfolded as an expanded Flat structure. Up from wave 3, wave ((a)) ended at 79.96 and wave ((b)) ended at 76.70. Wave ((c)) higher ended at 80.6 which completed wave 4 in higher degree.

Oil has turned lower in wave 5. Down from wave 4, wave (i) ended at 79.17 and wave (ii) ended at 79.85. Down from there, wave i ended at 78.08 and wave ii ended at 79.5. Expect wave iii to end soon, then it should see 2 more lows to end wave (v) of ((i)). Afterwards, it should rally in wave ((ii)) to correct cycle from 5.20.2024 high in 3, 7, or 11 swing before it resumes lower again. Near term, as far as pivot at 80.6 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

Oil (CL) 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-oil-cl-looks-short-term-weakness/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in Tesla (TSLA) suggests the rally from 4.22.2024 low is in progress as an impulse. Up from 4.22.2024 low, wave (1) ended at 198.90 as the 45 minutes chart below shows. Wave (2) pullback is currently in progress. The internal subdivision of wave (2) takes the form of a double three Elliott Wave structure. Down from wave (2), wave (i) ended at 188.35 and wave (ii) ended at 194.54. The stock extended lower in wave (iii) towards 178.03 and wave (iv) ended at 185.26. Final leg wave (v) ended at 176.02 which completed wave ((a)). Rally in wave ((b)) ended at 187.56 as a double three.

Wave ((c)) lower is in progress as 5 waves and ended at 167.50. This completed wave W in higher degree. Wave X rally takes the form of a double three Elliott Wave structure. Up from wave W, wave ((w)) ended at 181.8 and pullback in wave ((x)) ended at 171.43. Wave ((y)) higher ended at 187.42 which completed wave X. The stock has turned lower in wave Y. Down from wave X, wave (i) ended at 178.1 and wave (ii) ended at 182.8. Near term, as far as pivot at 198.9 high stays intact, expect the stock to extend lower.

Tesla (TSLA) 45 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-tesla-tsla-suggests-double-correction/

 

[Elliottwave-Forecast]

The VanEck Semiconductor ETF (SMH) is an exchange-traded fund that tracks a market-cap weighted index composed of 25 of the largest U.S.-listed semiconductor companies. The top holdings of SMH include companies like NVIDIA, Taiwan Semiconductor Manufacturing, Broadcom Inc., Texas Instruments, QUALCOMM, ASML Holding N.V., Applied Materials, Inc., Lam Research Corporation, Micron Technology, Inc., and Advanced Micro Devices, Inc.

SMH 4 Hour Chart April 19th​

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In March 2024, the ETF made a peak at 239.14 high and we called as wave (III). Then, the market started a pullback and we called a double correction structure. Down from the peak, we can see 3 swings that ended wave w at 212.82 low. Another 3 swings bounced to finish wave x at 230.95 high. From here, we were looking for 3 swings more to the downside to reach 204.63 - 188.26 area. In the blue box, we were expecting that buyers appear to call wave y and wave (IV) ended and resume the rally in wave (V).

SMH 4 Hour Chart May 23th​

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After a month, We can see SMH reached the blue box ended wave (IV) at 198.41 low and rally as expected. The ETF is developing an impulse as wave I of (V) and we see the structure incomplete at the moment. The uptrend ended wave ((1)) of I at 219.62 high. Then we had a fast correction as wave ((2)) ending at 206.11 low. The market remained up with a strong momentum in wave ((3)). Wave (1) of ((3)) ended at 223.18 high. Wave (2) correction at 218.11 low. The rally continued ending wave (3) at 236.04 high and wave (4) pullback at 231.87 low.

After NVDA earnings results, SMH broke higher above wave (III) peak confirming more upside extension. Currently, wave (5) of ((3)) could be near to end. When we see a strong correction as wave ((2)), wave ((3)) should be ended and we would expect 3, 7 or 11 swings correction to complete wave ((4)) before resuming to the upside in wave ((5)) of 1. The strategy is looking for buying opportunities after wave ((4)) is completed to trade wave ((5)) higher.

Source: https://elliottwave-forecast.com/stock-market/smh-semiconductor-breaking-new-highs/

 

[Elliottwave-Forecast]

Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of DAX published in members area of the website. DAX is showing impulsive bullish sequences in the cycle from the October 2023 low. Recently we got a 3 waves pull back that has ended right at the Blue Box zone (buying area). In the further text we are going to explain the Elliott Wave Forecast and trading setup.

DAX Elliott Wave 1 Hour Chart 05.23.2024​

DAX remains bullish against the 17624.8 pivot. The Index is currently giving us pull back in 3 waves , wave ((iv)) black. The price made 5 waves from the peak, suggesting DAX ended only first leg (a) of ((iv)) that is unfolding as Elliott Wave Zig Zag pattern. We expect DAX to make another leg down toward extreme area at 18525.23-15352.42 blue box ( buying zone). From there, DAX index should ideally make a rally toward new highs or 3 waves bounce alternatively .As our members know Blue boxes are based on 100% – 161.8% Fibonacci extension area , that we trade in 3, 7, or 11 swing corrective sequence.

Once the price touches the 50 fibs against the (b) blue connector, we’ll make positions risk-free and set the stop loss at breakeven and book partial profits. Breaking below the 1.618 Fibonacci extension level at 15352.42 would invalidate the trade.

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.

DAX Elliott Wave 1 Hour Chart 05.25.2024​

DAX the drop toward our Blue Box area and found buyers as expected. We got nice reaction from our buying zone. The index has reached and exceeded 50 fibs against the (b) blue high. So members who took the long trade are enjoying profits now in a risk free positions. We would like to see break of (iii) black high, 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 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/dax-elliott-wave-buying-dips-blue-box/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in Nasdaq Futures (NQ) suggests the rally from 4.19.2024 low is in progress as an impulse. Up from 4.19.2024 low, wave ((i)) ended at 17949 and dips in wave ((ii)) ended at 17386. The NQ extended higher in wave ((iii)) with internal subdivision as another impulse in lesser degree. Up from wave ((ii)), wave (i) ended at 18348 and dips in wave (ii) ended at 18165. Wave (iii) ended at 18760, wave (iv) ended at 18545, and wave (v) ended at 19023 which completed wave ((iii)).

Wave ((iv)) pullback did a zig zag Elliott Wave structure. Down from wave ((iii)), wave (a) ended at 18802 and pullback in wave (b) ended at 18933. Final leg wave (c) completed wave ((iv)) at 18621 low. The future rallied again in wave ((v)) ending an impulse as wave (i) of ((v)) at 18956 high. Near term, as far as pivot at 18621 low stays intact, expect a correction in 3 or 7 swings in wave (ii) before resuming to the upside in wave (iii) of ((v)). It expect short term upside in ((v)) towards 19117 - 19270 area as minimum extension, while dips remain above 18623.85 low. Alternatively, it can do double, if break below 18623.85 low as ((iv)) before turning higher.

Nasdaq Futures (NQ) 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/ne...is-expects-nasdaq-futures-nq-continue-higher/

 

[Elliottwave-Forecast]

Discover Financial Services (DFS) provides digital banking products & services, & payment services in United States. It operates through two segments – Digital banking & Payment services. It is based in Riverwoods, Illinois, comes under Financial services sector & trades as “DFS” ticker at NYSE.

DFS favors upside in wave (III), while dips remain above $79.04 low & confirms when break above $135.69 high of (I). Short term, it favors upside in (5) to complete the impulse sequence to be ((1)) of I.

DFS - Elliott Wave Latest Weekly View: ​

It ended ((II)) at $23.25 low in March-2020 low in weekly sequence. Above there, it placed (I) at $135.69 high in August-2021 as the part of ((III)). Within (I), it placed I at $43.82 high, II at $27.51 low, extended III placed at $127.65 high, IV at $114.37 low & finally V as (I) ended at $135.69 high. It ended (II) as zigzag correction at $79.04 low in October-2023. Within (II), it placed a red at $87.64 low as diagonal sequence & b at $122.50 high as flat. Below that, it ended c red as (II) at $79.04 low as 0.5 Fibonacci retracement of (I), which missed the extreme areas ($74.42).

Above (II) low, it favors upside in ((1)) of I of (III) & need to break above (I) high to confirm the bullish sequence for further upside. It placed (1) of ((1)) at $113.42 high, (2) at $96.45 low, (3) at $131.65 high & (4) at $119.31 low. It appears in (5) of ((1)), which confirms when it breaks above $131.65 high & may break above (I) high before any larger correction will starts in ((2)). Alternatively, it may pullback in (4) as double correction, if breaks below $119.31 low before turn higher in (5) of ((1)). We like to buy the next pullback in 3, 7 or 11 swings, once it breaks above (I) high. While below that level, it still can be remains sideways.

Source: https://elliottwave-forecast.com/stock-market/dfs-ready-next-move-higher/

 

[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 EUROSTOXX recently made a clear three-wave correction against the 4888.28 low . The pull back completed right within the Equal Legs zone. In this discussion, we’ll break down the Elliott Wave pattern and forecast.

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.

EUROSTOXX Elliott Wave 1 Hour Chart 05.23.2024​

EUROSTOXX is showing impulsive bullish sequences in the cycle from the 4883.39 low, suggesting further strength ahead. Presently, the index is undergoing an intraday pullback (iv) in blue. The structure of this pullback remains incomplete, indicating short-term weakness towards the 5016.22-4977.25 (buyers area). The first leg, shows a clear 3-wave structure a,b,c red, followed by a 3-wave bounce. We anticipate the pullback to form a Double Three pattern, projecting 3 waves in y leg as well. We advise against selling $SX5E and instead favor the long side from the marked equal legs area. Once $SX5E reaches buying area, it should ideally either rally towards new highs or undergo a bounce in three waves alternatively.

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.

EUROSTOXX Elliott Wave 1 Hour Chart 05.23.2024​

EUROSTOXX hit our target zone at the 5016.22-4977.25 area and found buyers as expected. The index has reacted strongly from the Equal Legs Area. As far as the price stays above 4992.3 low, we can count (iv) completed there. We would like to see break of (iii) blue peak to confirm next leg up is in progress, targeting 5128-5171 area.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room

New to Elliott Wave ? Check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.



Source: https://elliottwave-forecast.com/elliottwave/eurostoxx-sx5e-elliott-wave-double-three/

 

[Elliottwave-Forecast]

Hello everyone! In today’s article, we will follow up on the past performance of the SPDR Utilities Select Sector ETF ($XLU) forecast. We will also review the latest weekly count. First, let’s take a look at how we analyzed it back in October 2023.

$XLU Weekly Elliott Wave View - October 2023:​

In our last article, we explained that $XLU had reached the Blue Box area at $55.81 - $44.73. A bounce was anticipated at this level. This area was a critical support zone identified by our Elliott Wave analysis.

$XLU Weekly Elliott Wave View - May 28, 2024:​

The latest weekly update confirms that $XLU has bounced as expected from the Blue Box area. As a result, the ETF has moved higher, allowing long positions to become risk-free. We expect $XLU to continue its rally towards the $74.00 – $79.00 range in a 5-wave pattern. This rally is favored to happen before another pullback occurs. Traders should look for re-entry opportunities at black ((2)) in 3 or 7 swings. Moreover, a break above the all-time highs (ATHs) will start a bullish sequence towards the $89 - $111 range.

Source: https://elliottwave-forecast.com/st...ties-etf-xlu-gains-30-blue-box-area-expected/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in GBPUSD suggests rally from 4.22.2024 low unfolded as a 5 waves impulse Elliott Wave structure. Up from 4.22.2024 low, wave ((i)) ended at 1.2635 and pullback in wave ((ii)) ended at 1.2445. The pair extends higher again in wave ((iii)) with internal subdivision as an impulse in lesser degree. The 1 hour chart below shows the subdivision of wave ((iii)).

Up from wave ((ii)), wave (i) ended at 1.2541 and dips in wave (ii) ended at 1.2502. GBPUSD then extended higher in wave (iii) towards 1.2726 and pullback in wave (iv) ended at 1.2685. Final leg wave (v) ended at 1.2761 which completed wave ((iii)). The pair then pullback in wave ((iv)) towards 1.2675 and extended higher in wave ((v)) to end at 1.2801 high completing wave 1 in higher degree. Near term, as far as pivot at 1.2801 high stays intact, expect dips to find support in 3, 7 or 11 swing pullback to end wave 2 correction before further upside.

GBPUSD 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/forex/elliott-wave-analysis-expects-gbpusd-to-pullback-in-wave-2/

 

[Elliottwave-Forecast]

Hello traders. Let's dive into the Wheat Elliott wave analysis, focusing on the bullish sequence that began in March 2024. We'll revisit our traders' last opportunity and explore the next one. Wheat (ZW_F) is one of the 78 instruments we analyze and share with members of www.elliottwave-forecast.com. This commodity belongs to group 2, alongside 25 others.

Wheat (ZW_F) completed the wave (II) supercycle pullback in March 2024. Since then, buyers have taken over, riding wave (III), which has just begun. Currently, we are in wave (3) of ((1)) of I of (III). Clearly, wave (III) has just started, implying a potential long-term bullish cycle for many years. While maintaining the long-term bullish trend, we focus on the current trend's degree - wave (3) of the intermediate degree. Wheat is now in wave 5 of (3). Wave 4 ended on 17th May 2024 at 650’2. Before the subsequent surge, we shared the chart below with members.

Wheat Elliott Wave Analysis - 05.17.2024​

On 17th May 2024, we shared the chart above with members, identifying the pullback from 15th May completing a double zigzag structure. We also pinpointed the 646’7-625’3 zone as the extreme area where buyers should reenter. Thus, a LONG position from this zone with a stop loss below it should offer a good opportunity to join the dominant buyers. Our strategy involves identifying a clear price sequence - bullish or bearish - and then trading in that trend's direction at a favorable price level. This is what we enjoy doing and sharing with members.

Wheat Elliott Wave Analysis - 05.28.2024​

Fast forward to later in May 2024, Wheat progressed exactly from the zone, making a low of 650’5. The chart shared with members on 28th May 2024 shows how price action evolved since 17th May 2024. Despite the expected rally, we adjusted the count to fit the current price action. The dip is now wave 4 instead of wave ((iv)). However, the direction and idea remain the same.

What’s Next?​

Wave 5 is currently in wave ((iii)). We aim to see wave 5 complete and buy the next pullbacks. As price action progresses, we will continue adjusting the count to fit. While doing so, we will wait for the best time to buy again, avoiding selling in an uptrend. This journey and that of the other 78 instruments we cover will be promptly shared with members. Members receive hourly updates four times a day and can use our forecasts as guides for their trading strategies. On each chart, we indicate the trading direction to consider. In the live trading room, members have access to trade signals and trade management guides. In addition, members can chat with our analysts 24 hours from Monday to Friday.

Source: https://elliottwave-forecast.com/commodities/wheat-elliott-wave-analysis-shows-bullish-sequence/