Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of AUDUSD Forex pair , published in members area of the website. As our members know, AUDUSD has recently given us correction against the 0.63618 low. The pair reached our target zone 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.

AUDUSD H4 London Update 06.05.2024​

The pair is correcting cycle from the 0.63618 low low. The pull back looks incomplete at the moment. As far as the price stays below (x) blue peak: 0.6699, our analysis forecasts further downside in AUDUSD toward the 0.6576-0.65002 area ( blue box).

Despite the expected extension lower, we advise against selling AUDUSD. 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 -(X) blue, 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 :0.65002 .

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.

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

AUDUSD H4 London Update 06.13.2024​

The pair found buyers within the Blue Box area as expected. We got a nice rally from our buying zone, counting pull back completed at the 0.65697 low. The bounce has exceeded the 50% Fibonacci retracement level against the connector peak. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 0.65697 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 May 16th 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/audusd-elliott-wave-buying-dips/

 

[Elliottwave-Forecast]

Hello traders. Welcome to another blog post where we discuss the application of the Elliott wave theory to trade different financial assets. In today’s post, we will discuss the IWM Elliott wave analysis.

The ETF reached an all-time high in November 2021 at 244.46, completing a bullish cycle. Afterward, it plummeted to 162.78 in June 2022 as part of the bearish corrective phase. We shared the chart below with members of ElliottWave-Forecast on the weekend of 9th June 2024.

IWM Elliott Wave Analysis - Weekly Chart. 06.09.2024​

The weekly chart above shows the expected corrective phase - wave II. Wave II completed the first leg - wave a in June 2022 and is now on a multi-month rebound for the second leg - wave b. Meanwhile, the price is precisely moving upwards in wave (3) of ((C)) of b. We continued to share weekend charts with members, indicating that the preferred path was upward and we didn’t recommend selling. Thus, buying the pullback was ideal to align with the overriding trend.

IWM Elliott Wave Analysis - H4 Chart. 06.10.2024​

On 10th June 2024, we shared the chart above with members. We identified the end of wave 1 of (3) discussed above in the weekly chart. The corresponding pullback for wave 2 was completing a double zigzag Elliott Wave structure. Besides the structure, we also identified the reversal zone at 199.02-193.10. We expected wave 3 to begin from this zone, offering ample opportunity for buyers.

IWM Elliott Wave Analysis - H4 Chart. 06.12.2024​

On 10th June 2024, the price hit a little below 199.02 and surged as expected. We shared the H4 chart above with members on 12th June to show wave 3 of (3) had begun. At the first surge, traders hit their first target, closed half of their positions, and adjusted the remaining half to almost break even. Thus, it’s a risk-free trade with the potential for even more profit.

Source: https://elliottwave-forecast.com/stock-market/iwm-elliott-wave-analysis-shows-bullish-bias/

 

[Elliottwave-Forecast]

PRIME is the native token of the Echelon Prime Foundation, a Web3 ecosystem advancing the next generation of gaming. In today’s article, we’ll explain the daily structure taking place based on the Elliott Wave Theory.

Prime started it's bullish uptrend on May 2023. Since then, it rallied for 10 months straight achieving a total of +2255% and peaking at $28.3 on march 2024. That peak si proposed to be the initially wave ((1)) rally after it ended 5 waves advance and consequently it started 3 waves correction lower in wave ((2)).

The decline is currently still in progress and it's unfolding within an Elliott Wave Zigzag structure. Prime is already trading within wave (C) of ((2)) and entering the extreme area between $11 and $5 where the daily correction is expected to end. Investors look to start accumulating in preparation for the next higher low. This will lead to a new rally within wave ((3)) with an initial target at $38 and extension higher at $54.

Prime Daily Chart 6.13.2024​

Setup Recap

-Time Frame : Daily
-Entry Area : $11 - $6
-Invalidation Condition : Daily Close below $5
-Targets / Ratio : Target 1 at $38 (5.6 RR) – Target 2 at $54 (8.8 RR)
Source: https://elliottwave-forecast.com/cryptos/echelon-prime-price-correction/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of Microsoft Corp. ($MSFT). The rally from 6.03.2024 low at $408.93 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 7 swings and find buyers again. We will explain the structure & forecast below:

7 Swings WXY correction​

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$MSFT 1H Elliott Wave Chart 6.14.2024:​

Here is the 1H Elliott Wave count from 6.14.2024. We expected the pullback to find buyers at the blue box area at 437.91 – 434.54 in 7 swings.

$MSFT 1H Elliott Wave Chart 6.14.2024:​

Here is the next 1H update taking place within the same day, showing the bounce taking place as expected. The stock reacted higher from the blue box area allowing longs to get risk free. The stock is expected to trade higher towards $451– 479 before another pullback can happen.
Source: https://elliottwave-forecast.com/stock-market/microsoft-msft-react-blue-box-area-expected/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in Nasdaq 100 ETF (QQQ) suggests it shows a bullish sequence from 4.20.2024 low favoring more upside. Up from 4.20.2024 low, wave 1 ended at 461.5 and pullback in wave 2 ended at 443.06. The ETF has extended higher in wave 3. Internal subdivision of wave 3 is unfolding as a nesting impulsive structure. Up from wave 2, wave (i) ended at 455.58 and wave (ii) ended at 447.9. Wave (iii) higher ended at 465.55 and pullback in wave (iv) ended at 460.54. Last leg wave (v) ended at 465.74 which completed wave ((i)) in higher degree. Pullback in wave ((ii)) ended at 461.5 and the ETF has extended higher.

Up from wave ((ii)), wave i ended at 465.19 and wave ii dips ended at 462.03. Then it rallied higher in wave iii towards 478.28 and wave iv pullback ended at 473.80. Last leg wave v ended at 478.95 which completed wave (i) in higher degree. The ETF then pullback in wave (ii) towards 474.42. Near term, as far as it stays above 461.51, expect pullback to find support in 3, 7, or 11 swing for further upside.

QQQ 45 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-expects-nasdaq-100-qqq-continue-higher/

 

[Elliottwave-Forecast]

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

BSX resumes higher in ((3)) of III showing from previous article from 1.29.2024. It favors upside in ((3)) & should finish between $68.86 - $81.53 area before correcting in ((4)).

BSX - Elliott Wave Latest Daily View: ​

In weekly sequence, it placed (II) at $24.10 low in March-2020 & II of (III) at $34.98 low in June-2022. Above there, it favors upside in ((3)) of III in bullish impulse sequence between extreme areas. Within III, it placed ((1)) at $55.38 high & pullback of ((2)) at $48.35 low in October-2023 low. It placed (1) of ((1)) at $43.52 high, (2) at $37.74 low, (3) as extended wave at $54.74 high, (4) at $49.69 low & finally (5) as ((1)) at $55.38 high. ((2)) pullback was 0.382 Fibonacci retracement of ((1)).

BSX - Elliott Wave Latest Weekly View: ​

Above ((2)) low, it placed (1) at $56.90 high, (2) at $54.95 low, (3) at $69.20 high & (4) at $66.80 low as shallow correction. Currently, it favors upside in 3 of (5) & expects two more highs to finish (5) as ((3)) between $68.86 - $81.53 area before any larger correction of ((4)) may starts. We do not recommend selling it in any pullback shown on the chart as it is in bullish sequence. We like to buy the next pullback in ((4)) in 3, 7 or 11 swings at extreme areas.

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

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of Exxon Mobil Stock (XOM) published in members area of the website. As our members know the stock has been showing incomplete sequences in the cycle from the April 12th peak. Recently XOM has given us the recovery that reached our selling zone. The stock found sellers right at the Blue Box area and made the decline toward new lows as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

XOM Elliott Wave 1 Hour Chart 06.06.2024​

The stock is correcting the cycle from the 117.49 peak , giving us ((ii)) black recovery. The price has already reached the extreme zone at 113.58-114.88 (Blue Box – sellers zone). As of right now, we expect more short term strength within Blue Box to complete proposed correction. We don’t recommend buying the stock and prefer the short side from the blue box zone. As the main trend is bearish, we expect to see at least 3 waves pullback from our selling zone. Once the decline reaches 50 Fibs against the (b) blue low, we will make the short position risk-free (put SL at BE) and take partial profits.

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.

XOM Elliott Wave 1 Hour Chart 06. 18.2024​

XOM found sellers at the Blue Box area: 113.58-114.88. We are receiving a good reaction from the selling zone. The decline made breaks toward new lows. So, members who took the short trade are currently enjoying profits in risk-free positions.

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

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Source: https://elliottwave-forecast.com/trading/exxon-mobil-corp-xom-sellers/

 

[Elliottwave-Forecast]

The Global X Uranium ETF ($URA) provides investors access to a broad range of companies involved in uranium mining and the production of nuclear components. It includes those miners involved in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries. $URA offers a convenient way for investors to gain diversified exposure to uranium without directly owning physical assets or individual stocks. Below we will update the Elliott Wave outlook for this ETF.

$URA Elliott Wave Chart Monthly Chart​

Monthly Elliott Wave Chart of Uranium ETF (ETF) shows that wave ((II)) Grand Super Cycle correction ended at 6.95. Wave ((III)) higher is currently in progress with internal subdivision as an impulse. Up from wave ((II)), wave I ended at 31.6 and wave II dips ended at 17.65. The ETF has broken above wave I, creating a bullish sequence from wave ((II)) low. Near term, the ETF is looking to extend higher to end wave (5) before ending wave ((1)) of III in higher degree. Afterwards, it should pullback in larger degree wave ((2)) before it resumes higher again. Further upside should be seen in years ahead against wave II low at 17.65 and pullback should find support in 3, 7, or 11 swing.

$URA Elliott Wave Chart Alternate Monthly Chart​

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In the alternate monthly chart above, wave the ETF is also within wave III higher. However, near term it has ended wave ((1)) and already starting the larger degree wave ((2)) pullback to correct the rally from wave II low. In this alternate view, we can expect a prolonged and larger pullback in wave ((2)) before the ETF resumes higher again.

$URA Daily Elliott Wave Chart​

Daily Elliott Wave Chart of $URA above shows the primary view where the ETF is looking to rally to end wave (5) of ((1)). Up from wave (4), wave 1 ended at $33.66 and pullback in wave 2 ended at $28.78. Expect the ETF to extend higher as far as pullback stays above wave (4) at $26.77. If the ETF breaks below 26.77, then the alternate view explained above plays out. The alternate view suggests wave ((1)) has ended at the recent peak $33.66. Currently, it's doing a larger degree wave ((2)) pullback already to correct cycle from 7.6.2022 low.

Source: https://elliottwave-forecast.com/stock-market/uranium-miners-etf-ura-looking-end-impulsive-rally/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in Copper (HG) suggests the metal has ended wave (4) correction at 4.375. Wave (3) rally ended at 5.2 on 5.20.2024 which is all-time high price for Copper. Wave (4) pullback unfolded as a double three Elliott Wave structure. Down from wave (3), wave W ended at 4.7435 and wave X ended at 4.903. Wave Y lower subdivided into a zigzag structure where wave ((a)) ended at 4.571 and wave ((b)) ended at 4.696. The 45 minutes chart below shows wave ((b) on the left side of the chart.

Down from there, wave (i) ended at 4.518 and wave (ii) ended at 4.687. Wave (iii) lower ended at 4.431 and rally in wave (iv) ended at 4.612. Final leg wave (v) ended at 4.375. This completed wave ((c)) of Y of (4) in higher degree. The metal has turned higher and the rally looks impulsive. Up from 4.37, expect wave (i) to end soon, then it should pullback in wave (ii) to correct the short term rally from wave (4) before it resumes higher again. Near term, as far as pivot at 4.375 low stays intact, expect dips to find support in 3, 7, 11 swing for more upside.

Copper 45 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-copper-hg-expects-metal-turning-higher/

 

[Elliottwave-Forecast]

Hello traders. In this post, we will analyze the NIFTY-50 price chart. The Nifty 50 includes 50 major companies listed on the National Stock Exchange (NSE) of India. It is one of India's two main stock indices, alongside the BSE Sensex.

NIFTY-50 Elliott Wave Analysis - Weekly Chart​

NIFTY 50 is in a long-term bullish cycle on the monthly chart. On the weekly chart, the current bullish sub-cycle began in March 2020 when wave ((II)) grand supercycle ended. From a low of 7525.04, the index started the grand supercycle wave ((III)) and has been rising since then. The sub-waves of ((III)) show the price completed supercycle waves (I) and (II) in October 2021 and June 2022. Now, the price is rising in an impulse structure for wave (III).



The weekly chart above shows the index is on wave (5) of ((3)) of I of (III) of ((III)). Thus, the bullish trend has a long way to go. This is a clear bullish sequence. Buyers will look to buy pullbacks of ((4)) after the ((3)) high is confirmed. Alternatively, buyers can find opportunities at wave 2 and 4 pullbacks within the wave (5) sub-structure before ((3)) ends. To trade the sub-waves of (5), traders should check the daily or H4 chart.

NIFTY-50 Elliott Wave Analysis - H4 Chart​

We shared the H4 chart with Elliottwave-Forecast group 2 members on 06.19.2024. Members received this chart at the end of the trading day along with H4 charts of 25 other instruments. In the members’ area, we cover 78 instruments in three groups of 26 each, including Forex, Stocks, Indices, Cryptocurrencies, Commodities, and ETFs.

The H4 chart shows wave 1 of (5) completing an impulse wave structure with the 5th sub-wave forming an ending diagonal. Ending diagonals are powerful reversal patterns in technical analysis. If prices break the lower boundary of the diagonal, confirming the end of wave 1, we can expect a corrective pullback for wave 2. Therefore, our focus on the H4 chart is to buy at the end of wave 2, not sell into wave 2. The trend is bullish, and we follow where the big players trade. We will monitor NIFTY on both the H4 and H1/30 Min charts. We update H1 charts four times a day for all 78 instruments.

Source: https://elliottwave-forecast.com/stock-market/nifty-50-pullback-imminent/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in Netflix (NFLX) shows incomplete bullish sequence from 4.22.2024 low favoring further upside. Rally from 4.22.2024 low is unfolding as an impulse Elliott Wave structure. Up from there, wave (1) ended at 664.25 and pullback in wave (2) ended at 626.44. The stock extended higher in wave (3) with internal subdivision as an impulse in lesser degree. Up from wave (2), wave ((i)) ended at 635.83 and wave ((ii)) pullback ended at 628.25. The stock extended higher in wave ((iii)) towards 651.25 and wave ((iv)) ended at 644.06. Wave ((v)) higher ended at 657.99 which completed wave 1 in higher degree.

Pullback in wave 2 ended at 635.61 with internal subdivision as a double three Elliott Wave structure. Down from wave 2, wave ((w)) ended at 642.64 and wave ((x)) ended at 649.93. Wave ((y)) lower ended at 635.61 which completed wave 2. Wave 3 is currently in progress. Up from wave 2, wave ((i)) ended at 656 and pullback in wave ((ii)) ended at 642.35. Rally in wave ((iii)) ended at 694.39 and pullback in wave ((iv)) ended at 673.72. Near term, as far as pivot at 635.6 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

Netflix 30 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/ne...ott-wave-sequence-netflix-nflx-argues-upside/

 

[Elliottwave-Forecast]

WAGMI Games is a pioneering Web3 transmedia entertainment franchise that aims to achieve mass adoption by seamlessly integrating mobile gaming, deep lore, and immersive storytelling. Its mission is to bridge the gap between the worlds of Web3 and Web2 by delivering an unparalleled entertainment experience and fostering a strong community of players and enthusiasts.

In this video bog, we'll explore the daily Elliott Wave structure taking place and explain the potential outcome based on the theory.

Last year, WAGMIrallied within an impulsive 5 waves advance and it ended that cycle in wave ((1)) on December 2023. Based on the Elliott Wave theory, after a 5 waves move, a corrective pullback takes place in 3 , 7 or 11 swings before the market resume the main trend.

WAGMI correction from the peak is currently unfolding within a corrective 3 waves ZigZag structure and it's already trading lower within wave 5 of (C) entering the final phase of the decline. The coin already reached the equal legs area at $0.0000104 - $0000045 and it's only missing one more leg to the downside before ending the correction.

The blue box showing in our chart is a technical area where we expect WAGMI to end the ZigZag Structure then turn to the upside in a proposed wave ((3)) or at least bounce in 3 waves from there. Consequently, investors are expected to start buying and accumulating around these level in anticipation for the daily reversal to take place.

Elliott Wave ZigZag Structure​

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WAGMI Daily Chart 6.19.2024​

Source: https://elliottwave-forecast.com/video-blog/wagmi-games-extreme-levels/

 

[Elliottwave-Forecast]

JPMorgan Chase & Co. (JPM) is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of December 31, 2021, JPMorgan Chase is the largest bank in the United States, the world's largest bank by market capitalization, and the fifth-largest bank in the world in terms of total assets, with total assets totaling to US$3.831 trillion.

JPM Daily Chart June 2023​

In June 2023 update, we showed a cycle ended as wave ((2)) near to a blue box at 101.22. Then, we can see how price action built 5 waves higher to end the leading diagonal at $144.34 as wave 1. Then, it developed a flat correction 3-3-5 where wave ((c)) was a clear ending diagonal to finish wave 2 at $123.11 low. After this, the market continued to the upside and we called that the stock should continue with this trend until completing another impulse as wave ((i)) before seeing 3, 7 or 11 swings correction as wave ((ii)).

JPM Daily Chart October 2023​

In October 2023, the market continued higher as expected and it ended wave ((i)) at $159.38 high. Then, the price action developed clearly 3 swings lower where wave (b) was a flat correction and it should keep dropping to $134.59 - $130.20 area to end wave ((ii)) before turning higher again.

JPM Daily Chart February 2024​

In February, the wave ((ii)) ended at $135.19 low missing the minimum target of $134.59 for 60 cents. JPM rallied strong continuing with the impulse structure. Wave ((iii)) completed at $176.31 high and pullback as wave ((iv)) ended at $164.30 low. We were looking for more upside to complete wave ((v)). This wave ((v)) also would end wave 3 and the stock should enter in a wave 4 correction.

JPM Daily Chart June 2024​

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More than a year ago, we have seen how JPMorgan shares have doubled in value from 100 to 200 dollars. Here in the daily chart, we have adjusted the labels creating a triple nest. Therefore, what we used to call waves 1-2 are now (1)-(2). Waves ((i))-((ii)) are 1-2. And what we called wave ((iii)), we labeled as wave ((i)) of the extension of wave 3. Shares ended wave ((v)) of 3 at $200.94 high and started wave 4 corrrection finishing at $179.20 low. Market continued with the rally ending a new high at $205.88. This peak we are calling as wave ((i)) of 5 of (3). Wave ((ii)) of 5 ended at $190.88 low and JPM needs to break above wave ((i)) to confirm that wave ((iii)) has started. Inclusive, wave 5 of (3) could have completed already. To get that conclusion, the market must fall below $186 and test prices at $180.

JPM Weekly Chart June 2024​

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This is the weekly chart with which we can see the picture more clearly. Currently, the stock is building wave ((3)) of V. Wave ((1)) ended at $172.96 high and wave ((2)) ended at 101.28 low. Therefore, JPM prices must continue to rise to develop wave ((5)) of V. The strategy is simple. You have to look for buying opportunities after 3, 7 or 11 swings correction until wave V is ended.

Source: https://elliottwave-forecast.com/stock-market/party-jpmorgan-jpm-continue/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Industrial ETF ($XLI). The rally from 1.17.2024 low at $109.90 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 7 swings and find buyers again. We will explain the structure & forecast below:

7 Swings WXY correction​

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$XLI 4H Elliott Wave Chart 6.14.2024:​

Here is the 4H Elliott Wave count from 6.14.2024. We expected the pullback to find buyers at the blue box area at 119.62 – 115.53 in 7 swings.

$XLI 4H Elliott Wave Chart 6.23.2024:​

Here is the latest 4H update from 6.23.2024, showing the bounce taking place as expected. The ETF reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to trade higher towards $130 area before another pullback can happen.
Source: https://elliottwave-forecast.com/stock-market/spdr-industrial-etf-xli-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 Bank of America Corp (BAC) Stock published in members area of the website. Our members are aware of the numerous positive trading setups we’ve had among Stocks and Indices recently. One of them is BAC , which made a pullback, that unfolded as an Elliott Wave Double Three Pattern. It completed clear 7 swings from the peak on June 3rd peak and concluded the correction right at the Equal Legs zone (Blue Box Area). In the following text, we’ll delve into the Elliott Wave pattern and trading setup.

BAC H1 update 06.11.2024​

BAC stock is currently in a wave 2 red correction, unfolding in a 7-swing pattern. We’ve labeled the pullback as ((w)))((x))((y)) in black. We believe that pull back is still incomplete at the moment. The stock should ideally see another leg down toward the blue box- buying zone: 38.85-38.16. We expect the stock to rally toward new highs or bounce in 3 waves from there. When the price retraces to the 50% Fibonacci level against the ((x)) black connector, we’ll secure positions, set the stop loss at breakeven, 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.

BAC H1 update 06.11.2024​

The stock found buyers as expected and made a good rally from the Blue Box, breaking toward new highs as expected. Consequently, any long positions taken from the equal legs area are now risk-free, and we have already taken partial profits. We consider wave 2 red completed at the 38.46 low. The stock now remains bullish against the 38.46 pivot. As long as that pivot holds in our system, we believe the stock should continue finding buyers in 3, 7, 11 swings, for a further extension toward new highs or alternatively in a 3-wave bounce.

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/trading/bac-stock-buying-blue-box/

 

[Elliottwave-Forecast]

This technical blog will look at the past performance of the 1-hour Elliott Wave Charts of Microsoft ticker symbol: $MSFT. We presented to members at the elliottwave-forecast. The rally from 31 May 2024 low unfolded as an impulse structure. Showing a higher high sequence in a higher time frame favored more upside extension. 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:

Microsoft 1-Hour Elliott Wave Chart From 6.20.2024​

Here’s the 1-hour Elliott wave chart from the 6/20/2024 Pre-Market update. In which, the short-term cycle from the 6/03/2024 low ended in wave ((iii)) at $450.94 high. Down from there, the stock made a pullback in wave ((iv)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double structure where wave (w) ended at $444.89 low. Wave (x) bounce ended at $449.30 high and wave (y) managed to reach the blue box area at $443.27- $439.50. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

Microsoft Latest 1-Hour Elliott Wave Chart From 6.24.2024​

This is the latest 1-hour Elliott wave Chart from the 6/24/2024 Midday update. In which the stock is showing a reaction higher taking place, right after ending the double three 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 Microsoft has already made a new high above $450.94 high confirming the next extension higher.

Source: https://elliottwave-forecast.com/stock-market/microsoft-made-new-highs-blue-box-area/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in XAGUSD (Silver) suggests cycle from 5.20.2024 high remains in progress as a double three structure. Down from 5.20.2024 high, wave ((a)) ended at 30.03 and wave ((b)) rally ended at 32.29. Wave ((c)) lower ended at 29.36 which completed wave W. Rally in wave X has ended at 31.53 as the 1 hour chart below shows. Wave Y lower is now in progress as another double three in lower degree.

Down from wave X, wave (a) ended at 29.1 and rally in wave (b) ended at 30.25. Wave (c) lower ended at 28.64 which completed wave ((w)) in higher degree. Rally in wave ((x)) unfolded as a zigzag structure. Up from wave ((w)), wave (a) ended at 29.57 and pullback in wave (b) ended at 28.90. Wave (c) higher ended at 30.84 which completed wave ((x)) in higher degree. The metal has turned lower in wave ((y)). Down from wave ((x)), wave (a) ended at 29.32 and rally in wave (b) ended at 29.72. The metal has extended lower in wave (c). Near term, as far as pivot at 31.53 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.

XAGUSD 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/silver-xagusd-may-see-correction-lower/

 

[Elliottwave-Forecast]

Johnson Controls International plc, (JCI) engages in engineering, manufacturing, commissioning & retrofitting building products & systems in United States, Europe, Asia -Pacific & internationally. It operates in four segments like Building Solutions in North America, Building Solutions EMEA/LA, Building Solutions Asia-Pacific & Global products. It is based in Ireland, comes under Industrials sector & trades as “JCI” ticker at NYSE.

JCI favors short term upside in (1) of ((3)) against July-2022 low & expect to remain sideways to higher. Further bullish sequence will confirm when it breaks above $81.77 high.

JCI - Elliott Wave Latest Daily View: ​

It placed (II) correction at $22.77 low in March-2020 against 2002 low as new impulse sequence higher. Above there, it placed I of (III) at $81.77 high & II correction at $45.52 low as 0.618 Fibonacci retracement in blue box area. Within I, it placed ((1)) at $31.34 high, ((2)) at $26.23 low, ((3)) extended wave at $81.15 high, ((4)) at $74.36 low & finally ((5)) as I at $81.77 high. It corrected II in zigzag correction. Above II low, it placed ((1)) of III at $69.60 high & ((2)) as flat correction at $47.90 low.

JCI - Elliott Wave Latest Weekly View: ​

Above ((2)) low, it favors short term pullback in 4 & soon expect to turn higher in 5 of (1). It placed 1 of (1) at $58.23 high, 2 at $51.71 low & 3 of (1) at $74.23 high as extended wave. It expects small downside in current pullback before one more push higher to finish the (1) of ((3)). Further bullish sequence in weekly will confirm when it breaks above I high to be III of (III). In that case, we like to buy the pullback in 3, 7 or 11 swings. Alternatively, if it showing more price separation lower below $59.83, then it should be in (2) correction, while (1) ended at last high as it already reached the short term extreme areas.

Source: https://elliottwave-forecast.com/stock-market/johnson-controls-remain-sidways-higher/

 

[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 Gold Miners Junior ETF (GDXJ) above shows a multi year consolidation in the ETF. The consolidation seems to be broken to the upside. Pullback in wave ((II)) grand super cycle ended at 16.14. The ETF then turns higher from there. Up from 16.14 low, rally in wave (I) ended at 52.5 and wave (II) pullback ended at 19.52. The ETF then turned higher. Up from 19.52 low, Wave I of (III) rally ended at 65.95 and dips in wave II pullback completed at 25.80. While pivot at 16.14 low is intact, expect dips to find support in 3, 7, 11 swing and the ETF to extend higher.

GDXJ Daily Elliott Wave View​

Daily Elliott Wave Chart of GDXJ above shows dips in wave II ended at 25.8. Wave III higher is now in progress as a 5 waves impulse. Up from wave II, rally in wave ((1)) ended at 41.16. Pullback in wave ((2)) unfolded as expanded flat and ended at 30.56. The ETF then turns higher again with wave (1) ended at 47.25. Pullback in wave (2) is is proposed complete at 40.91 and the ETF has turned higher.

GDXJ 4 Hour Elliott Wave View​

4 Hour Elliott Wave view of GDXJ above shows that rally from wave ((2)) low at 30.67 ended with wave (1) at 47.54 as impulse. Pullback in wave C of (2) ended at 40.91 in the 100% - 161.8% fibonacci extension of wave A. The ETF has turned higher again in wave (3). As far as it stays above 30.67, expect any pullback to find support in 3, 7, 11 swing for more upside.

Source: https://elliottwave-forecast.com/stock-market/gold-miners-junior-etf-gdxj-pullback-maybe-complete/

 

[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 doing a correction against the 56510 low, which is unfolding as a Flat pattern. Now, the crypto is showing impulsive sequences in the cycle from the June 7th peak, which can be the last leg of the proposed Flat pattern. Consequently, we expect more short-term weakness in the near term. In the further text, we are going to explain the wave count.

BTCUSD H1 Weekend Update 06.23.2024​

BTCUSD has broken the previous low, confirming more downside in the near term against the 66484 pivot. The current view suggests that the intraday recovery completed at the 64482 high as b red. While below that high, we believe the c red leg is in progress toward new lows, targeting the 61592-59793 area. We expect Bitcoin to keep finding intraday sellers in 3, 7, and 11 swings.

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

BTCUSD H1 London Update 06.24.2024​

Bitcoin made a further decline as expected, reaching our first target zone at 61592-59793. From there, we can see an intraday bounce. The count has been adjusted, now suggesting we are potentially still within wave (iii), which is part of the last leg of the proposed Flat pullback. We don’t recommend forcing trades in BTCUSD at this stage.

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

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Source: https://elliottwave-forecast.com/cryptos/btcusd-elliott-wave-decline/