Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Micron Technology, Inc. (MU) designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.

MU Weekly Chart March 2023​

The last time we talked about MU was in March of last year. As we see in the chart above, we had ended an impulse as wave I at $96.96 high. Then, the market did an expanded flat correction (3-3-5) causing the price to drop to $48.43. We labelled this low as wave II. From here, we expected to continue the rally as long as the price does not break below 48.43.

MU Weekly Chart July 2024



Above we have the weekly chart updated. We have adjusted the labels by calling (I) and (II) where waves I and II were on the chart a year ago. As you can see, MU hit the bottom and began a new bullish cycle, breaking above $150.00. This has generated a return of more than 200% on capital. Right now, the structure shows us that we are trading in wave (III) and it has not ended yet. We hope to reach the ideal zone of $164.83 - $176.47 where we should see a market reaction. If the reaction is correct, then we would start wave (IV) before continuing the rally. However, we cannot rule out that wave (III) continues rising and not as we show. You have to pay attention to the area that we indicate.

Source: https://elliottwave-forecast.com/stock-market/micron-technology-mu-rallied-making-200/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of S&P 500 E Mini ES_F. We presented to members at the elliottwave-forecast. In which, the rally from the 31 May 2024 low unfolded as an impulse structure and showed a green right side tag. Suggested that the index should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

S&P 500 E Mini ES_F 1-Hour Elliott Wave Chart From 7.01.2024​

Here’s the 1-hour Elliott wave chart from the 7.01.2024 New York update. In which, the short-term cycle from the 5.31.2024 low ended in wave ((i)) as impulse at $5588 high. Down from there, the index made a pullback in wave ((ii)) to correct that cycle. The internals of that pullback unfolded as Elliott wave flat structure where wave (a) ended at $5510.25 low. Wave (b) bounce ended at $5585 high and wave (c) managed to reach the blue box area at $5506.88- $5458.42. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

S&P 500 E Mini ES_F Latest 1-Hour Elliott Wave Chart From 7.09.2024​

This is the latest 1-hour Elliott wave Chart from the 7.09.2024 London update. In which the index is showing a reaction higher taking place, right after ending the flat correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the index has already made a new high above the previous peak confirming the next extension higher. However, it's important to note that with further data we have adjusted the count slightly into a lesser degree.

Source: https://elliottwave-forecast.com/stock-market/sp-500-e-mini-es_f-perfect-reaction/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Ethereum (ETHUSD). As our members know, ETHUSD is showing incomplete sequences in the cycle from the 3977 peak. We have been predicting a price decline. Recently, we got a bounce against the 3650 peak , after which the price dropped toward new lows as we expected. In the following text, we will explain the Elliott Wave Pattern and the forecast.

ETHUSD H1 Elliott Wave Analysis 07.01.2024​

ETHUSD current view suggests cycle from the 3650 is still in progress as 5 waves structure. We believe wave (iv) blue ended at 3515 high, as labeled on the chart. As far as the price stays below that peak and more importantly below 3650 peak, we expect further weakness in the cryptocurrency to occur. Although overall view is bullish, we don’t recommend buying the cryptocurrency at this stage and expect to see a decline toward new lows ideally.

You can learn more about Zig Zag Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

ETHUSD H1 Elliott Wave Analysis 07.01.2024​

The cryptocurrency hold previous peak at 3515 and found sellers as expected. As a result we got a decline toward new lows. Current view suggests cycle from the 3622.7 peak is still in progress as impulsive structure. ETHUSD is now doing (iv) blue recovery. Once wave (iv) blue recovery completes, we should ideally get another low to complete the structure.

Keep in mind 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/cryptos/ethereum-ethusd-decline/

 

[Elliottwave-Forecast]

Hello traders. Welcome to a new blog post. In this one, we will discuss the future path for the USDSGD forex pair based on the Elliott wave theory. The path will include both long-term ideas and where we can find opportunities along the shorter cycles. $USDSGD is one of the 78 instruments we analyze for and trade with members of Elliottwave-Forecast.

Since January 2024, the pair has been net positive with a bit over 2% gain. This is mostly a result of the Dollar rallies as this pair is largely driven by the performance of the dollar. Meanwhile, it appears the two instruments have reached extreme zones from where a decline in most of the second half of the year 2024 is now very likely.

USDSGD Elliott Wave Analysis, Weekly Chart 07.07.2024​

The weekly chart above, shared with members on 07.07.2024 shows the long-term future path. We reckoned that the pair is on a corrective bounce from July 2011. The rally from that time to March 2020 completed the first leg - wave (a) of the supercycle degree. The corresponding wave (b) of the same degree began and is subdivided into waves a-b-c of the cycle degree. Currently, the cycle degree wave a is evolving into a diagonal structure as the weekly chart above shows. Price appears to have competed wave ((4)) of a and is now favored to continue downside in wave (3) of ((5)). In addition, wave (3) could extend to 1.319 or even below. Thus, the pathway favors the downside and that has been our bias for the 2nd half of 2024. Unless something drastic happens, we would like to sell within the shorter cycles.

Meanwhile, waves 1 and 2 of (3) have completed 16th May and 24th June 2024. Thus, the price is extending lower in wave 3 of (3). Two things should happen in wave 3. First, it should evolve in an impulse wave structure. Second, it should breach the wave 1 low (16 May low) of 1.3420 and head much lower.

USDSGD Elliott Wave Analysis, 1hr Chart - 07.11.2024​

We shared the H1 chart above with members on 07.11.2024 to show the shorter cycles. Wave 2 of (3) ended at 1.3597 and then fell sharply to begin wave 3. Wave ((i)) of 3 is ongoing and shows incompleteness. Precisely, price is completing the sub-waves of (v) of ((i)). After ((i)) completion, we should see a rebound for wave ((ii)), and then the price should turn lower for ((iii)). However, wave ((ii)) rebound should end below 1.3597 wave 2 high, otherwise, the latter will extend higher. To deal better with this uncertainty, we can wait for the price to breach wave 1 low at 1.3420 with an impulse structure. By that, we can be sure that wave 2 has ended. Consequently, traders can sell bounces in 3,7, or 11 swings at the extreme along the direction of waves ((i)), ((iii)) and ((v)) in the near term.

Source: https://elliottwave-forecast.com/forex/usdsgd-price-expects-extensive-decline/

 

[Elliottwave-Forecast]

GBPUSD broke above the previous peak on 6.12.2024 which opens up a bullish sequence from 4.22.2024 low. Rally from there is unfolding as a 5 waves impulse Elliott Wave structure where wave 1 ended at 1.286 and pullback in wave 2 ended at 1.261. Wave 3 higher is currently in progress as another impulse in lesser degree as 30 minutes chart below shows. Up from wave 2, wave ((i)) ended at 1.284 and dips in wave ((ii)) ended at 1.277. Internal subdivision of wave ((ii)) unfolded as a double three Elliott Wave structure. Down from wave ((i)), wave (w) ended at 1.2795 and wave (x) ended at 1.2825. Wave (y) lower ended at 1.2775 which completed wave ((ii)) in higher degree.

Pair has resumed higher again in wave ((iii)). Up from wave ((ii)), wave i ended at 1.28 and dips in wave ii ended at 1.2788. Pair extends higher in wave iii towards 1.288 and pullback in wave iv ended at 1.2868. Final leg wave v ended at 1.2949 which completed wave (i) in higher degree. Wave (ii) pullback is now in progress as a double three structure. Down from wave (i), wave w ended at 1.289, and wave (x) ended at 1.292. Expect wave y of (ii) to complete at 1.284 - 1.287 area where support is seen. Near term, as far as pivot at 1.277 low stays intact, expect pullback to find buyers in 3, 7, 11 swing for further upside.

GBPUSD 30 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-favors-upside-gbpusd/

 

[Elliottwave-Forecast]

Shopify Inc. is a Canadian multinational e-commerce company in Ottawa, Ontario. Shopify (SHOP) is the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems. The Shopify platform offers online retailers a suite of services including payments, marketing, shipping and customer engagement tools.

SHOP Daily Chart July 2023​

Shopify ended a Grand Supercycle in July 2021 and we labeled it as wave ((I)). Since then, It entered in a flat correction as wave ((II)). Three swings drop ended at 128.46 as Wave (a). Then market breaks above 164.88 in another 3 swings suggesting a possible flat correction and we labeled wave (b) at 176.49. Down from this price, SHOP built a perfect impulse lower completing a big short at 23.75 and we labeled as wave (c) and also wave ((II)).

A year ago, we built an impulse from 2022 low with an extension in wave III. At the end, we looked for a new extension in wave V to complete wave (I) while price action remains above 60.22 low. Then. the market should be rejected and turned lower in 3, 7 or 11 swings correction as wave (II) and continue the rally again. The view was valid as the market stays above 23.75.

SHOP Daily Chart July 2024​

In the chart, we can see that the extension in wave V did not work, ending at 71.43 high and also wave (I). The market broke below 60.22 indicating that wave (II) had arrived. This wave (II) developed a zig zag correction and ended at 45.50 low. From here, SHOP continued up ending another impulse as wave I at 94.57 high. Then, it did another correction and we called it wave II at 56.31 low forming the nest. Currently, we expect to continue up to complete another impulse like wave ((1)) and another correction ((2)) to make another nest until the market decides to reusme the rally. Now, The view was valid as the market stays above 56.31 low.

Source: https://elliottwave-forecast.com/stock-market/shopify-shop-nesting-looking-rally/

 

[Elliottwave-Forecast]

Taiwan Semiconductor Manufacturing Company Limited., (TSM) manufactures, packages, tests & sells integrated circuits & other semiconductor devices internationally. The company was headquartered in Taiwan, comes under Technology – Semiconductors sector & trades as “TSM” at NYSE.

TSM favors upside in ((3)) of I of (III) within the sequence started from September-2023 low. It expects short term upside & remain supported in 3, 7 or 11 swings pullback to resume rally.

TSM - Elliott Wave Latest Daily View: ​

It placed ((II)) at $59.43 low in November-2022 low & (II) of ((III)) at $84.02 low in September-2023. Above there, it favors upside in ((3)) of I of (III). It placed ((1)) of I at $158.40 high & ((2)) at $125.78 low as around 0.5 Fibonacci retracement of ((2)). It placed (1) at $104.76 high, (2) at $98.80 low as flat, (3) at $135.17 high & (4) at $122.91 low & (5) as ((1)) at $158.40 high. Above ((2)) low, it placed (1) of ((3)) at $160.78 high, (2) at $147.81 low, (3) at $184.86 high & (4) at $167.12 low.

Above $167.12 low, it expects short term upside to finish (5) as ((3)) before it should pullback later in ((4)). It expects two more highs above $193.47 high to finish ((3)) before correcting in ((4)), while dips remain above $182.75 & more importantly above $167.12 low. Alternatively, if it breaks below $167.12 low, it can be ((4)) correction, while placed ((3)) at last high. In either the case, we like to buy the pullback in ((4)) or II in 3, 7 or 11 swings at extreme areas, when reached & do not like selling it in any pullback.

Source: https://elliottwave-forecast.com/stock-market/tsm-remain-supported-resume-rally/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of Copper (HG_F) commodity , published in members area of the website. As our members know, Copper has recently given us correction against the October 2023 low. The commodity reached our target zone and completed correction right at the Equal Legs ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.

Copper H4 Update 06.10.2024​

The commodity is correcting cycle from the 3.5182 low. The pull back has already reached the extreme zone ( Blue Box ). We are aware that correction can be ending any moment. Despite the expected extension lower, we advise against selling Copper at this stage. We expect it to attract buyers at the Blue Box zone. We can see either rally towards new highs or a larger corrective bounce in three waves at least. Once the bounce reaches the 50% Fibonacci retracement level against the connector high - X red, 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 :4.1629

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.

Copper H4 Update 06.10.2024​

The commodity made another leg down and found buyers within the Blue Box area as expected. We got a nice rally from our buying zone, counting pull back completed at the 4.3016 low. The bounce has exceeded the 50% Fibonacci retracement level against the connector peak - (X) blue. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 4.3016 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 20th 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/copper-hg_f-elliott-wave-buying/

 

[Elliottwave-Forecast]

Hello everyone! In today’s article, we will follow up on the past performance of Adobe Inc. ($ADBE) forecast. We will also review the latest daily count. First, let’s take a look at how we analyzed it back in March 2024.

$ADBE Daily Elliott Wave View – March 2024:​

In our last article, we explained that $ADBE was about to reach the Blue Box area at $474.63 – $406.26. A bounce was anticipated at these levels. This area was a critical support zone identified by our proprietary Elliott Wave analysis.

$ADBE Daily Elliott Wave View – July 15, 2024:​

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The latest daily update confirms that $ADBE has ended the cycle lower after bouncing from the Blue Box area. As a result, the stock has moved higher, allowing long positions to become risk-free. We expect $ADBE to rally in one more push to make a 5-wave pattern 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 $797 – $1021 range.

Source: https://elliottwave-forecast.com/stock-market/riding-wave-adbes-impressive-rally-whats-coming-next/

 

[Elliottwave-Forecast]

Dow Futures (YM) shows incomplete Elliott Wave bullish sequence from 4.19.2024 low favoring further upside. Rally from 4.19.2024 low is unfolding as a 5 waves impulse. Up from there, wave 1 ended at 40213 and pullback in wave 2 ended at 38111. Wave 3 higher is now in progress with internal subdivision as another impulse. Up from wave 2, wave (i) ended at 39174 and pullback in wave (ii) ended at 38436. Wave (iii) higher ended at 39999 and pullback in wave (iv) ended at 39488. Last leg wave (v) ended at 40006 where it also completed wave ((i)) in higher degree.

Pullback in wave ((ii)) unfolded as a zigzag structure. Down from wave ((i)), wave (a) ended at 39595 and wave (b) ended at 39730. Wave (c) lower ended at 39448 which completed wave ((ii)) in higher degree. The Index has extended higher in wave ((iii)). Up from wave ((ii)), wave i ended at 40200 and dips in wave ii ended at 40014. Wave iii higher ended at 40572 and pullback in wave iv ended at 40279. Near term, expect wave v of (i) to complete soon, then it should pullback in wave (ii) to correct cycle from 7.9.2024 low in 3, 7, or 11 swing before it resumes higher. Near term, as far as pivot at 39448 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.

Dow Futures (YM_F) 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/ne...s-right-side-dow-futures-ym_f-firmly-bullish/

 

[Elliottwave-Forecast]

Gold (XAUUSD) has made a new all-time high which confirms the right side remains bullish in the near future. Cycle from 6.7.2024 low is currently in progress as a 5 waves impulse. Up from 6.7.2024 low, wave 1 ended at 2368.74 and pullback in wave 2 ended at 2293.46. Up from there, wave (i) ended at 2339.79 and dips in wave (ii) ended at 2318.10. Wave (iii) higher ended at 2368.06 and pullback in wave (iv) ended at 2347.79. Wave (v) higher ended at 2392.91 which completed wave ((i)) in higher degree as 1 hour chart below shows. Pullback in wave ((ii)) unfolded as a zigzag where wave (a) ended at 2350.7 and wave (b) ended at 2371.49. Wave (c) lower ended at 2349.1 which completed wave ((ii)) in higher degree.

The metal has extended higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 2424.55 and pullback in wave (ii) ended at 2390.95. Expect the metal to extend higher two more times to end wave v of (iii), then it should pullback in wave (iv) to correct cycle from 7.12.2024 low before turning higher again in wave (v) of ((iii)). Near term, as far as pivot at 2390.95 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

Gold (XAUUSD) 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-intraday-gold-xauusd-breaks-new-time-high/

 

[Elliottwave-Forecast]

Platinum (PL) is still looking to resume the next bullish cycle. The metal still needs to break above 1348.2 to confirm that the next leg higher has started. Below we updated the Monthly and Daily Elliott Wave chart for the metal.

Platinum (PL) Monthly Elliott Wave Chart​

Monthly chart of Platinum above shows Grand Cycle wave ((II)) correction ended at 562. The metal has turned higher in wave ((III)) with subdivision as a nesting impulse. Up from wave ((II)), Wave (I) of ((III)) ended at 1348.2. Pullback in wave (II) of ((III)) ended at 802.1 and the metal has traded sideways since then. Up from wave (II), wave ((1)) ended at at 1148.9. Pullback in wave ((2)) completed at 843.1. While dips stay above 843.1, the metal can see further upside.

Platinum (PL) Daily Elliott Wave Chart​

Daily chart of Platinum above shows that pullback in wave (II) ended at 802.1. Up from there, wave ((1)) ended at 1148.9 and pullback in wave ((2)) ended at 843.1. The metal then nested higher with wave (1) ended at 1016 and wave (2) ended at 870.1. Up from there, wave 1 ended at 1105 and dips in wave 2 ended at 945.7. Near term while above 802.1, expect the metal to extend higher.

Source: https://elliottwave-forecast.com/commodities/platinum-pl-looking-extend-higher/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of Dollar Index DXY , published in members area of the website. As our members know, Dollar has given us recovery against the 105.21 peak. It found sellers after 3 waves pattern and made the decline toward new lows as expected. Consequently, we expect more short-term weakness in the near term. In the further text, we are going to explain the wave count.

DXY H1 Midday Update 07.15.2024​

DXY ended cycle from the 105.217 peak as 5 waves structure leading diagonal. Current view suggests we are getting wave (ii) blue recovery , that can be unfolding as 3 waves bounce. We expect Dollar index 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.

DXY H1 Asia Update 07.17.2024​

DXY made clear 3 waves up from the lows. Current view suggests wave (ii) blue recovery is done at 104.50 high, labeled as abc red. As far as the price holds below that level, we expect more downside in near term. We would like to see break below (i) blue to confirm next leg down is in progress.

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DXY H1 London Update 07.17.2024​

Dollar index made a further decline as expected. The price made break of previous low , confirming wave (iii) blue is in progress.

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/forex/dollar-index-dxy-elliott-wave/

 

[Elliottwave-Forecast]

Hello traders, welcome to a new blog post. Today, we will discuss the future path for the USDCHF currency pair. The recent breakout confirmed the bearish bias we shared with members of Elliottwave-Forecast. So, what is next for this pair in the coming weeks?

On April 29, 2024, the pair completed the medium-term bullish corrective cycle that began in December 2023. Since then, it has continued to decline and is about to break below the second low, continuing the bearish sequence. Prior to this breakdown, we shared the weekly chart below with members to show the long-term path.

USDCHF Weekly Chart - 07.14.2024​

On July 14, 2024, we shared the chart above with members, highlighting the high likelihood of a bearish run from late April 2024. The weekly chart shows that the price completed the supercycle 4th wave - wave (IV) - in December 2016. Therefore, it began wave (V) from that point. From the top of December 2016, we laid out the path for wave I of (V). Price completed waves ((1)), ((2)), ((3)), and ((4)) of I in January 2021, October 2022, July 2023, and April 2024, respectively. Thus, from the peak of April 2024, we called for the last leg - wave ((5)) of I - to continue downwards and break below the December 2023 low. Therefore, members understood the direction we had our bias for in the weeks to follow. Additionally, we zoomed in on the H4 and H1 charts to monitor this development and trade along when there are bounces.

USDCHF H4 Chart - 07.16.2024​

A few days later, we shared this H4 chart with members. A week before this time, we had recognized the end of wave (1) of ((5)) and monitored the development of the corresponding wave (2) correction. Since we wanted to sell bounces, we identified 0.9029-0.9101 as the extreme where wave (2) should end and wave (3) downwards should begin. The price respected the extreme and turned downwards for wave 1-2-((i))-((ii)) nesting. We called for a breakdown for wave ((iii)) of 3 as part of the larger degree wave (3). Eventually, the pair broke down below the start of wave (1), confirming the market’s commitment to the path we expected.

USDCHF H4 Chart- 07.17.2024​

A day later, on July 17, 2024, we shared the H4 chart above with members. As the chart shows, wave ((iii)) is now in progress as the price seeks to break below wave (i) properly. The current sharp decline is wave (i) of ((iii)). The idea is to sell the bounces on both the H1/30Mins and H4 charts. Next, on the shorter cycles, we aim to sell for wave (iii) of ((iii)) after the price completes the next bounce for wave (ii) in 3, 7, 11 swings at our proprietary blue box.

In conclusion, it’s safe and profitable to trade in the direction of the trend. As the saying goes, "the trend is your friend." Therefore, there is no need to trade against the trend when it’s not broken. As for USDCHF, we want to remain sellers and not buyers until this current bearish cycle is over.

Source: https://elliottwave-forecast.com/forex/usdchf-elliott-wave-favors-bounces/

 

[Elliottwave-Forecast]

SHRAP is a cryptocurrency associated with the blockchain-based game Shrapnel, developed by gaming company Neon Machine nad it aims to create an intensely competitive AAA extraction shooter game. In today's bog, we’ll explain the daily Elliott Wave structure taking place and explain the potential outcome for the token.

Since December 2023, SHRAP started its decline leading to almost a 90% loss of value. The current move from the peak is unfolding within a 3 waves ZigZag structure and it's considered as a corrective Elliott Wave structure which will result on a reversal to take place after it ends. The token is already trading lower within wave 5 of (C) and it entered the final phase of the decline. It also reached the equal legs area at $0.10 - $0.03 from where it's expected to end the daily move to the downside.

The blue box showing in our chart is a technical area where we expect SHRAP to find Buyers and finish the correction within the ZigZag Structure. Up from there, it's expected to turn to the upside starting a new bullish cycle or at least bounce in 3 waves from there.

Elliott Wave ZigZag Structure​

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SHRAP Daily Chart 7.18.2024​

Source: https://elliottwave-forecast.com/cryptos/shrapnel-shrap-correction/

 

[Elliottwave-Forecast]

On March 4, 1957, the Standard & Poor's 500 < SPX> was introduced. The S&P 500 index has became synonymous with the term "U.S. stock market." It is one of the leading benchmarks for the market, even though others, including the Russell and Wilshire indexes, are broader measures of the market. In this video, we are going to take a deep look at the long term Elliott Wave count for the Index. We will explain why it's possible for S&P 500 to reach 10,000 in the next few years. Since 2009 crash of the Indices, most traders have been bearish the Indices. Even until now, we continue to hear from many traders how Indices are overbought and will crash.

We at EWF have been a proponent of the Indices and we have consistently called for bullish move throughout the years. In a similar way, when many people today think Indices are overbought and will crash again, we call for even more upside based on our analysis. Below is the popular view of S&P 500 within wave (V)

S&P 500 (SPX) 5 Waves Within Grand Super Cycle​

In this popular view, S&P 500 is currently in wave (V) Super Cycle degree from the all-time low. However, even if it is going to end wave (V), the Index still needs another leg higher to complete 5 waves up from 2020. Elliott Wave was developed in 1930 based on several rules. However, at that time, there's still no other tool. Over the years, we have implemented new tools such as the momentum indicator which includes RSI and Stochastic RSI. As the last wave, wave (V) often lacks momentum and thus shows momentum divergency in RSI. Furthermore, the Stochastic RSI in wave (IV) needs to fully reset. However, in the case of S&P 500, when looking at the yearly and quarterly chart, you will find the stochastic RSI does not reset and still sits at the high. This is in fact typical of a wave (III), not a wave (V). Thus, we believe that S&P 500 is not in wave (V), but rather in wave (III).

S&P 500 as Multiple Nest​

The chart above shows the Index is nesting higher as impulse structure. In yearly time frame, the high in 2021 in fact has erased the divergence in previous years. This suggests that the Index shouldn't be in wave (V). Thus the Index is currently still in a wave ((3)) of III of (III). In other words, the Index shows a quadruple nest. This suggests the Index should continue to rally higher in the next few years and easily reach 10,000 within the next few years.

Source: https://elliottwave-forecast.com/video-blog/a-path-to-10000-a-nesting-on-the-making/

 

[Elliottwave-Forecast]

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

$IYR Weekly Elliott Wave View – March 2023:​

In our last article, we said that "we don’t believe in a crash but a correction is clearly unfolding and soon buyers will appear at the Blue Box area for a reaction higher. Once the reaction higher unfolds, we will be able to tell if the low is in place and continue higher or more downside will follow."

$IYR Weekly Elliott Wave View – July 22, 2024:​

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The latest weekly update confirms that $IYR has ended the cycle lower after bouncing from the Blue Box area at $73.53 - 56.27. As a result, the ETF has moved higher, allowing long positions to become risk-free. We expect $IYR to rally in one more push to make a 5-wave pattern before another pullback occurs. Traders should look for re-entry opportunities at blue (2) in 3 or 7 swings due to the incomplete bullish sequence with a target of $101 - 114.

Source: https://elliottwave-forecast.com/stock-market/riding-wave-iyr-impressive-rally-coming/

 

[Elliottwave-Forecast]

The SPDR S&P Biotech ETF (XBI) is an exchange-traded fund that tracks the biotechnology segment of the S&P Total Market Index. This ETF allows investors to gain exposure to large, mid, and small-cap biotech stocks. If you’re interested in biotechnology, XBI could be worth exploring further. Here are some of its top holdings and their percentage weights: United Therapeutics Corporation (UTHR): 2.92%. Exact Sciences Corporation (EXAS): 2.91%. Gilead Sciences, Inc. (GILD): 2.89%. Sarepta Therapeutics, Inc. (SRPT): 2.87%. Amgen Inc. (AMGN): 2.84%. Alnylam Pharmaceuticals, Inc. (ALNY): 2.65%. Regeneron Pharmaceuticals, Inc. (REGN): 2.64%. Vertex Pharmaceuticals Incorporated (VRTX): 2.60%. AbbVie Inc. (ABBV): 2.60%. BioMarin Pharmaceutical Inc. (BMRN): 2.56%.

XBI 4 Hour Chart April 18th 2024​

The chart above shows the 4-hour XBI picture of April. We can see that we called ended a cycle as wave III in the high of February. From here, the market began a pullback forming a double correction structure. We expected this cycle to end in the blue box area 82.65 - 76.74 and continue the bullish movement.

XBI 4 Hour Chart June 6th 2024​

Market hit the blue box ended the wave IV correction at 81.14 low and continued the rally as expected. Then, XBI managed to build an impulse as wave ((1)) and wave ((2)) developed an expanded flat correction ending at 86.98 low. Here, we calculated the first target resulting at 97.41. Looking very probable as XBI continued the rally from wave ((2)) low.

XBI 4 Hour Chart July 20th 2024​

After sideways movement in the whole month of June, the market resumed to the upside again. The target 1 was hit generating aroung 18% of profits. Currently, we are still looking for more upside to complete a wave V. The structure is trading in wave (4) of ((3)) of V, suggesting that XBI has more way to run. If you want to trade XBI, the next target comes around 108.85. This view is valid as price action does not break below 94.80 and in worst case 88.69 low.

Source: https://elliottwave-forecast.com/stock-market/xbi-rally-target-blue-box/

 

[Elliottwave-Forecast]

Toll Brothers, Inc., (TOL) designs, builds, markets, sells & arranges finance for the range of detached & attached homes in Luxury residential communities in the United States. It also owns & operates architectural, engineering, mortgage, title, land development, insurance, smart home technology, landscaping, lumber distribution, house component assembly & manufacturing operations. It is headquartered in Fort Washington, comes under Consumer Cyclical sector & trades as “TOL” ticker at NYSE.

TOL favors upside in I of (III) & expects small upside in ((5)) before starts correcting in II sequence against October-2022 low. We like to buy the next pullback of II in 3, 7 or 11 swings at extreme areas.

TOL - Elliott Wave Latest Daily View: ​

It ended (II) correction at $39.53 low against March-2020 low & favors impulse sequence in I of (III). It ended ((1)) of I at $84.57 high & ((2)) pullback at $68.08 low as 0.382 Fibonacci retracement of ((1)). Within ((1)), it placed (1) at $62.61 high, (2) at $55.44 low, (3) at $83.72 high, (4) at $74.26 low & (5) at $84.57 high as ((1)). It ended ((3)) at $135.37 high & ((4)) at $108.86 low as 0.382 Fib retracement of ((3)). Within ((3)), it placed (1) at $105.91 high, (2) at $95.46 low, (3) at $130.63 high, (4) at $111.27 low & (5) at $135.37 high as ((3)).

Above ((4)) low, it already broke above ((3)) high, confirmed upside to be ((5)) of I. It expects ((5)) to extend towards $141.66 – $151.84 area to finish I before correcting lower in II. It expects further upside, which confirms above $137.20 high. In that case, it expects at least two more highs to finish ((5)). Alternatively, if it breaks the price trendline, then it should be in II correction, while placed I at last high. In either the case, we only like to buy the pullback in 3, 7 or 11 swings in II correction. We do not like selling it in any pullback shown by dotted line. If it extends higher & erase the daily momentum divergence, then it can be nest structure in (III).

Source: https://elliottwave-forecast.com/stock-market/tol-pull-back-providing-another-opportunity/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View in Copper (HG) suggests that correction from 5.20.2024 high remains in progress. The internal subdivision of the correction is unfolding as a double three Elliott Wave structure. Down from 5.20.2024 high, wave (W) ended at 4.305 and rally in wave (X) ended at 4.7015. Wave (Y) lower is in progress as a zigzag structure. Down from wave (X), wave ((i)) ended at 4.551 and rally in wave ((ii)) ended at 4.657. The metal then extends lower again in wave ((iii)).

Down from wave ((ii)), wave (i) ended at 4.476 and rally in wave (ii) ended at 4.6025. The metal turns lower again in wave (iii) ended at 4.2 and wave (iv) rally ended at 4.242. Wave (v) lower ended at 4.162 which completed wave ((iii)) in higher degree. Rally in wave ((iv)) is currently in progress to correct cycle from 7.10.2024 high in 3, 7, or 11 swing before it resumes lower again. Near term, as far as pivot at 4.701 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower is 100% - 161.8% Fibonacci extension from 5.20.2024 high. This area comes at 3.6 - 3.81 where support can be seen.

Copper (HG) 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/copper-hg-double-three-elliott-wave-correction-progress/