Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of NIFTY published in members area of the website. As our members know, NIFTY is showing impulsive bullish sequences, suggesting further extension to the upside . 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.

NIFTY Elliott Wave 1 Hour Asia Chart 07.23.2024​

NIFTY remains bullish against the 21286.5 pivot. The Index is currently giving us pull back in 3 waves , wave (4) blue. The price made 5 waves from the peak, suggesting NIFTY ended only first leg A of (4) that is unfolding as Elliott Wave Zig Zag pattern. We expect NIFTY to make another leg down toward extreme area at 24108-23805 blue box ( buying zone). From there, NIFTY 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 red 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 23805 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.

NIFTY Elliott Wave 1 Hour London Chart 07.23.2024​

NIFTY made 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 red high. So members who took the long trade are enjoying profits now in a risk free positions. We would like to see break of (3) blue peak , 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/nifty-buying-dips-blue-box-area/

 

[Elliottwave-Forecast]

0x0 is a cryptocurrency project designed to enhance privacy and security featuring a variety of AI-based safety tools. In today's video bog, we’ll explore Elliott Wave pattern taking place within the daily cycle and explain the potential path based on the theory.0

Since February 2023, 0x0 rallied into an impulsive 5 waves advance and it ended that cycle in wave ((1)) on March 2024. Based on the Elliott Wave theory, 5 waves structure is followed by a corrective pullback within in 3 , 7 or 11 swings before the market resume the main trend.

The token decline from the peak unfolded as corrective 3 waves ZigZag structure and it already reached the equal legs area at $0.13 – $0.06. The blue box showing in our chart is a technical area where we expect 0x0 to end the corrective ZigZag Structure in wave ((2)). Up from there, the token will turn to the upside in a wave ((3)) looking for new all time highs or at least bounce in 3 waves from there. Consequently, investors bought the mentioned extreme area in anticipation for the daily reversal to take place.

0x0 Daily Chart 7.23.2024​

Source: https://elliottwave-forecast.com/video-blog/0x0-bullish-turning-point/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View in Oil (CL) suggests that cycle from 4.12.2024 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4.12.2024 high, wave (1) ended at 72.48 and rally in wave (2) ended at 84.55. The commodity has turned lower in wave (3) with internal subdivision as another impulse in lesser degree. Down from wave (2), wave (i) ended at 83.07 and rally in wave (ii) ended at 83.45. Oil then extended lower in wave (iii) towards 81.25 and wave (iv) ended at 82.16. Final leg wave (v) ended at 80.81 which completed wave ((i)) in higher degree. Wave ((ii)) unfolded in an expanded flat structure where wave (a) ended at 83.74. Wave (b) lower ended at 80.22, and rally in wave (c) ended at 83.82 which completed wave ((ii)).

Oil has turned lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 82.04 and rally in wave (ii) ended at 83.52. It then resumed lower in wave (iii) towards 76.40 and rally in wave (iv) ended at 77.51. Expect further downside to complete wave (v) of ((iii)), then it should rally in wave ((iv)) before it resumes lower again. Near term, as far as pivot at 84.55 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/oil-cl-turning-lower-elliott-wave-impulsive-structure/

 

[Elliottwave-Forecast]

Hello traders, welcome to a new blog post. Today, we will discuss USDCAD as the pair is set to break out of a range that has lasted over two years. How soon can the breakout happen?

In May 2021, USDCAD completed a five-year-long bearish corrective cycle that started in January 2016. Since then, the long-term bullish trend from 2007 has resumed. Despite that the pair has spent most of the last two years in a range, a breakout is imminent. The pair is expected to break out of the range in the long term. Afterward, the bullish sequence should extend beyond the January 2016 top towards prices not seen since 2003.

USDCAD Elliott Wave Analysis - Weekly Chart, 07.24.2024​

Recently, on 07.24.2024, we shared the USDCAD weekly chart with members of Elliottwave-Forecast to show the long-term path. Our Elliott wave analysis calls for the extension of wave (V) of the supercycle degree that started in May 2021, where wave (IV) ended at the equal leg. The blue box shows where long-term buyers entered into positions. They are now in a risk-free area where they can anticipate more gains. Meanwhile, the price has completed sub-waves I to IV of (V). Wave IV ended as a triangle structure that lasted over two years. Thus, we are calling for wave ((1)) of V to extend out of the range with a 5-wave structure. Along wave ((1))'s path, we will buy the pullbacks in 3, 7, or 11 swings at the extreme on the H4 or Daily chart.

USDCAD Elliott Wave Analysis - H4 Chart, 07.24.2024​

The chart above shows the shorter cycles on the H4 chart. We also shared this chart with members on 07.24.2024. The chart shows the early progress of wave V of (V). An impulse sequence appears to be emerging and close to completion from the July 2024 low. This bullish impulse sequence is expected to complete wave (1) of ((1)) of V of (V). Eventually, wave (1) will be completed, and a pullback in wave (2) will follow. Buyers will wait to buy again at the end of wave (2) if it completes a 3, 7, or 11 swing at the extreme.

Trading can be simple if we know how to identify the market's direction and follow it diligently. We can then trade in this direction by buying pullbacks within a bullish sequence and selling bounces within a bearish sequence. In the case of USDCAD, it's a bullish sequence. This is one of the features of our service. Members receive the best path to trade from the weekly time frame to the 1Hr/30 Min time frame. Traders can wait for the blue box for entry or trade with their strategies in the direction of our forecast. It’s a win/win for everybody.

Source: https://elliottwave-forecast.com/forex/usdcad-turning-upside-from-sideways/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View in Ethereum (ETHUSD) suggests the impulse sequence ended at $3562.6 high started from 7.05.2024 low. Below there, it favors corrective pullback in wave (2). In daily sequence, it ended ((4)) correction at $2811 low as double three structure against November-2022 low. Above ((4)) low, it ended wave (1) rally at $3562.6 high as the part of ((5)). Within (1), it placed 1 at $3081.6 high and 2 at $2824 low as dip pullback. It resumed higher in 3 as extended wave, ended at $3517.2 high as 2.618 Fibonacci extension of 1. Within 3 of (1), it placed ((i)) at $3213.6 high, ((ii)) at 3048.9 low, ((iii)) at $3499.1 high, ((iv)) at $3350 low & ((v)) at $3517.2 high. It placed 4 as 3 swing pullback at $3368.5 low and 5 as diagonal sequence ended at $3562.6 high as (1) as impulse sequence.

Below $3562.6 high, it favors corrective pullback in (2), which expects to stay above $2811 low to turn higher. It placed A of (2) at $3426 low and B at $3450.2 high. Below there, it favors downside in ((iii)) of C, while placed ((i)) at $3393 low and ((ii)) at $3500.6 high. It expects two minor lows to finish ((iii)) of C before any bounce in ((iv)) followed by final push lower. The pullback showing the extended C leg in (2) pullback, which can end soon before turning higher in (3). Further upside (3) will confirm above $3562.6 high. Alternatively, if it breaks below $2811 low, it can extend ((4)) as double correction against November-2022 low in daily sequence.

Ethereum (ETHUSD) 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-ethereum-ethusd-pullback-in-progress/

 

[Elliottwave-Forecast]

Short Term Elliott Wave view in CHFJPY suggests the decline from 7.11.2024 high unfolded as a zigzag structure. Down from 7.11.2024 high, wave A ended at 175.84 and rally in wave B ended at 177.64. The pair then extended lower in wave C with internal subdivision as an impulse. Down from wave B, wave ((i)) ended at 176.91 and rally in wave ((ii)) ended at 177.51. Pair then extended lower again in wave ((iii)) towards 173.15 and bounce in wave ((iv)) ended at 173.96. Final leg wave ((v)) lower ended at 172.28 which completed wave C of (4).

Pair has turned higher in wave (5). Up from wave (4), wave (i) ended at 173.3 and pullback in wave (ii) ended at 172.6. Pair then rallied higher in wave (iii) towards 175.15 and pullback in wave (iv) ended at 174.11. Expect pair to extend higher in wave (v) which should complete wave ((i)) in higher degree. It then should pullback in wave ((ii)) to correct cycle from 7.25.2024 low before the rally resumes. Near term, as far as pivot at 172.28 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside.

CHFJPY 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/ne...analysis-chfjpy-bouncing-higher-support-zone/

 

[Elliottwave-Forecast]

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

Weekly TRV Chart July 2023​

One year ago, we wrote that TRV ended a great super cycle in the year of 2019 reaching a peak at $154.86 which we call the wave ((I)). Then the market made a quick and strong correction driven by the COVID19 pandemic in 2020. The company lost 50% of its value reaching $76.99 per share in March. This culminated wave ((II)) and we are currently building wave ((III)). Wave (I) of ((III)) ended at $194.51 in January 2023 building an impulse and it has been correcting in wave (II) of ((III)) ever since. We expected to continue the rally in wave (III) of ((III)) after reaching 152.52 - 131.87 blue box area.

Weekly TRV Chart July 2024​

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Currently, we can see the rally as expected, but missing the blue box by 5 dollars. Also, we adjusted the count in TRV weekly chart. We are still trading in wave ((III)), but with the new data, the stock is still in wave (I) of ((III)). Therefore, wave I higher ended at 187.98 and pullback as wave II finished at 149.65 low. The price rally again breaking wave I high suggesting that wave III of (I) had started. Then, wave ((1)) of III ended at 194.51 and the correction that we are expecting to enter the market ended at 157.33 low as wave ((2)). From here, we can see a strong momentum to the upside ending wave ((3)) of III at 232.75 high. Wave ((4)) of III built a zigzag correction ended at 200.21 low.

Now, we are looking one more push to the upside to complete wave ((5)) of III and wave III of (I) before starting a retracement in wave IV of (I). The correction should retest wave ((4)) low and then rally in wave V of (I). The possible area to end wave ((5)) comes in 240.74 - 253.27 where we should see a reaction lower to think that the cycle is ended.

Source: https://elliottwave-forecast.com/stock-market/travelers-trv-bullish-sequence/

 

[Elliottwave-Forecast]

Chevron Corporation is a global energy company that specializes in oil and gas. It's headquartered in San Ramon, California, and operates in more than 180 countries. Below we update the long term Elliott Wave outlook of the company.

Chevron Monthly Elliott Wave Chart​

Monthly Elliott Wave Chart of Chevron (CVX) above shows wave ((I)) Grand Super Cycle ended at 135.1. Pullback in wave ((II)) unfolded as a zigzag Elliott Wave structure. Down from wave ((I)), wave (A) ended at 69.58. Wave (B) corrective bounce ended at 133.88. Stock then resumed lower in wave (C) towards 51.54. This completed wave ((II)) in higher degree. The stock has turned higher in wave ((III)) which subdivides into impulsive structure. Up from wave ((II)), wave (I) ended at 189.68. Wave (II) pullback is proposed complete at 139.62 but the stock still needs to break above wave (I) at 189.68 to rule out a double correction. While above 51.54, expect pullback to find support in 3, 7, or 11 swing for further upside.

Chevron Daily Elliott Wave Chart​

Daily Elliott Wave Chart for Chevron above shows that rally in wave (I) ended at 189.68. Wave (II) is proposed complete at 139.62 with internal subdivision as a zigzag. The stock has turned higher in wave (III) as a 5 waves impulse, although it still needs to break above wave ((1)) at 167.11 to rule out a double correction. Up from wave (II), wave ((1)) ended at 167.11. There's scope for the stock to do another leg lower before ending wave ((2)). As far as it stays above 54.15, expect dips to find support in 3, 7, or 11 swing for further upside.

Source: https://elliottwave-forecast.com/vi...le-correction-possible-trend-remains-bullish/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of USDSGD Forex pair , published in members area of the website. As our members know, USDSGD has recently given us 3 waves recovery against the 1.36703 peak. The pair has made a bounce in a 3-wave pattern, when sellers appeared right at the equal legs zone. Let’s break down our Elliott Wave forecast further in this article.

USDSGD H4 Update 06.25.2024​

The current view suggests that USDSGD pair is doing a 2 red recovery, which is correcting the cycle from the 1.36703 peak. Proposed recovery can be unfolding as a Elliott Wave Flat Pattern . The price has already reached important technical area at 1.35448-1.36162. We expect potential sellers to appear in this area, which could lead to a further decline towards new lows or a three-wave pull back at least. We do not recommend buying this pair. Instead, we favor short positions from the marked area.

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

USDSGD H4 Update 07.28.2024​

USDSGD has encountered sellers as expected, resulting in a significant decline from the Equal Legs zone. We believe the wave ((ii)) correction concluded at the 1.35977 high. The pair has broken the previous low, confirming that the next leg down is in progress. We advise against buying USDSGD during any suggested bounce and recommend favoring the short side. The optimal strategy is to sell the rallies in 3, 7, or 11 swings against the 1.35977 pivot.

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/usdsgd-elliott-wave-decline/

 

[Elliottwave-Forecast]

Costco Wholesale Corporation., (COST) engages in the operation of membership warehouse in the United States, Puerto Rico, Canada, United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China & Taiwan together with its subsidiaries. It offers branded & private-label products in the range of merchandise categories. It also operates e-commerce websites in the US, Canada, UK & many other countries. It is based in Issaquah, Washington, comes under Consumer Defensive sector & trades as “COST” ticker at Nasdaq.

As discussed in last article, COST finished ((3)) sequence started from $697.27 low, which ended at $896.67 high. Currently, it favors corrective pullback towards $782.04 - $737.32 area, where it should find support to turn higher.

COST - Elliott Wave View From 5.06.2024:​

In Weekly sequence, it placed ((I)) at $612.27 high in April-2022 & ((II)) pullback at $406.51 low in May-2022. It already broke above ((I)) high, calling for upside in ((III)) in weekly bullish sequence. It placed I of (I) of ((III)) at $564.75 high & II pullback at $447.90 low in January-2023. Above there, it placed ((2)) pullback of III at $465.33 low in March-2023 & ((3)) at $896.67 high as extended wave.

COST - Elliott Wave Latest Daily View: ​

Within ((3)), it placed (1) at $576.19 high, (2) at $540.23 low, (3) at $787.08 high, (4) at $697.27 low & (5) at $896.67 high. Currently, it favors pullback in ((4)) as proposed zigzag & expect weakness towards $782.04 - $737.32 area, where buyers expect to enter the market. It placed (A) at $825.11 low & (B) at $854.58 high. Below there, it should extend lower to finish the ((4)) correction. We do not recommend selling it in any pullback. We only like to buy, if it reaches the blue box area. Alternatively, if it breaks above $854.58 high, then it may extend higher in ((5)).

COST - Elliott Wave Latest Weekly View: ​

Source: https://elliottwave-forecast.com/stock-market/cost-pull-back-rally-resume/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of Soybeans Futures ( $ZS_F ) , published in members area of the website. As our members know, ZS_F has recently given us 3 waves recovery against the 1.36703 peak. The commodity found sellers appeared right at the equal legs zone. Let’s break down our Elliott Wave forecast further in this article.

ZS_F H1 Update 07.19.2024​

The current analysis indicates that the ZS_F commodity is undergoing a ((iv)) black recovery, which is correcting the cycle from the 1169'6 peak. This recovery appears to be unfolding as an Elliott Wave Zig Zag Pattern. However, the price structure of the correction remains incomplete at this moment. Consequently, we anticipate further upside movement in the near term, targeting the 1116'1-1133'0 area, which is identified as the selling zone. Within this zone, we expect sellers to emerge, which could potentially lead to a further decline towards new lows. Therefore, we do not recommend buying this commodity. Instead, we advise taking short positions from the marked area.

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

ZS_F H1 Update 07.31.2024​

Soybeans Futures has found sellers as expected, resulting in a significant decline from the Equal Legs zone. As a result, the commodity has broken the previous low, confirming that the next leg down is in progress. We advise against buying the commodity during any bounce. We keep favoring the short side. The optimal strategy is to sell the rallies in 3, 7, or 11 swings against the 1169'6 pivot.

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/commodities/soybeans-futures-zs_f-elliott-wave/

 

[Elliottwave-Forecast]

DSYNC Destra Network is a decentralized cloud solutions project utilizing AI computing mechanisms and advanced technologies like IPFS and ENS. In today’s article, we’ll explain the daily Elliott Wave structure taking place and explore the potential outcome for the token.

In March 2024, DSYNC reached a high of $0.5 marking the first rally from the lows as a wave ((1)). Since then, the token started a corrective decline unfolded as a Double Three structure. Despite losing 82% of its value during the decline, the moment it reached the blue box area at equal legs $0.11 - $0.04 buyers showed up as expected looking for a reversal to take place from there or at least a larger 3 waves bounce to happen.

DSYNC ended the proposed wave ((2)) at the blue box area then it started the next cycle to the upside within a wave ((3)). The initial rally from the lows is showing a 5 swings advance which is considered as a bullish sequence either to define a 5 waves structure or it could turn out to be a nesting structure. Both scenarios are supporting the idea of more upside to take place and any correction should remain supported in 3 , 7 or 11 swings above July 2024 low $0.09.

DSYNC Daily Chart 8.1.2024​

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Source: https://elliottwave-forecast.com/cryptos/destra-network-dsync-bullish-sequence/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View in Oil (CL) suggests that cycle from 4.12.2024 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4.12.2024 high, wave (1) ended at 72.48 and rally in wave (2) ended at 84.55. The commodity has turned lower in wave (3) with internal subdivision as another impulse in lesser degree. Down from wave (2), wave (i) ended at 83.07 and rally in wave (ii) ended at 83.45. Oil then extended lower in wave (iii) towards 81.25 and wave (iv) ended at 82.16. Final leg wave (v) ended at 80.81 which completed wave ((i)) in higher degree. Wave ((ii)) unfolded in an expanded flat structure where wave (a) ended at 83.74. Wave (b) lower ended at 80.22, and rally in wave (c) ended at 83.82 which completed wave ((ii)).

Oil has turned lower in wave ((iii)) ended at 76.40 low. The market built an expanded flat correction as wave ((iv)) finishing at 78.60 high and turned lower again. CL broke below wave ((iii)) to end wave ((v)) of 1 at 74.59 low and also we ended wave 1 of (3). Up from wave 1, the market bounce in a zig zag correction ending wave 2 at 78.88 high and starting wave 3 of (3) to the downside. After 5 swings lower, wave ((i)) of 3 completed at 71.67 low and currently we are calling 3 swings higher to end wave ((ii)) pullback before resuming lower. Therefore, we expect further downside to complete wave ((iii)) of 3. Near term, as far as pivot at 78.88 high stays intact, expect rallies 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/commodities/oil-cl-lower-build-impulsive-structure/

 

[Elliottwave-Forecast]

Deckers Outdoor Corporation (DECK), designs, markets & distributes footwear, apparel & accessories for casual lifestyle use & high-performance activities in US and internationally. It sells products through domestic & international sellers, distributors & directly its consumers through direct to consumer (D2C) business. It is based in Goleta, CA, comes under Consumer Cyclical sector & trades as “DECK” at NYSE.

DECK favors corrective pullback in II against May-2022 low & remain sideways before resume upside as the part of (III).

DECK - Elliott Wave Latest Daily View: ​

It placed (I) at $451.49 high in September-2021 as impulse sequence & finished (II) at $212.93 low in May-2022. Above there, it confirmed higher high bullish sequence as I of (III), ended at $1106.89 high. It placed ((1)) of I at $568.47 high, ((2)) at $484.02 low, ((3)) at $951.52 high, ((4)) at $788.37 low as flat structure & ((5)) at $1106.89 high. Below I high, it favors corrective pullback in II in proposed zigzag correction.

Below I high, it favors downside in ((A)) of II. It placed (1) at $820.52 low, (2) at $980 high & (3) at $806.90 low. Currently, it favors bounce in (4), which expect to fail below $980 high to turn lower in (5) to finish ((A)) as diagonal. Later, it should bounce in ((B)) connector followed by downside in ((C)). We like to buy the pullback later in ((C)) at extreme areas, when reached. Alternatively, it placed ((A)) at $820.52 low & favors bounce in flat correction of ((B)), while placed (B) at $806.90 low. In that case, it expects bounce in (C) to finish ((B)) against June-2024 high before turning lower. In either the case, the overall view remains same, favoring sideways to lower. It should find buyers in next extreme areas to resume rally.

Source: https://elliottwave-forecast.com/stock-market/deck-favors-sideways-correction-rally/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of Invesco Nasdaq ETF ($QQQ) . The rally from 10.23.2023 low 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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$QQQ 4H Elliott Wave Chart 8.04.2024:​

Here is the 4H Elliott Wave count from 8.04.2024. The 5 wave impulsive cycle from 4.19.2024 ended on 7.10.2024 at black ((3)) and started a pullback. We expected the pullback to find buyers at the blue box area at 422.71 – 389.96 in 7 swings.

$QQQ 4H Elliott Wave Chart 8.05.2024:​

Here is the latest 4H update from 8.05.2024, showing the bounce taking place as expected. The cycle from the peak at black ((3)) has ended and the ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $522 – 553 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 11 swings correction so chasing now can be risky. A break of black ((3)) high will confirm the next leg higher and negate the possibility of a double correction.
Source: https://elliottwave-forecast.com/st...tf-qqq-found-buyers-blue-box-area-expected-2/

 

[Elliottwave-Forecast]

Cisco Systems, Inc., commonly known as Cisco (CSCO), is an American-based multinational digital communications technology conglomerate corporation headquartered in San Jose, California. Cisco develops, manufactures, and sells networking hardware, software, telecommunications equipment and other high-technology services and products.

CSCO Daily Chart March 2024​

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In the chart above, we can see a double correction structure formed from wave X. Down from 58.19 high, CSCO dropped in 3 swing ending wave (W) at 50.95. Wave (X) pullback did a small bounce at 53.50 high and continue lower. The movement was strong finishing at 44.70 to complete wave (Y) structure and also Wave ((W)) in higher degree. The market rallied and CSCO built wave ((X)) connector. Up from 44.70 low, market did 3 swings higher to end wave ((X)) at 52.86. From here, we expected to resume to the downside to develop a double correction structure as wave ((Y)).

CSCO Daily Chart August 2024​

The chart above, it is showing the last daily update of CSCO. Currently, it is near to complete the double correction as wave ((Y)) that we were looking for. Down from wave ((X)) peak, we can see 3 swings lower ending wave (W) at 46.60 low. The market bounced sharply completing wave (X) at 50.11 high. Then, CSCO built 3 swings more to the downside and we expect to end wave (Y) below 44.64 low and also ((Y)). This correction is not enough to complete a wave y in red because the correction should break wave w that ended at 38.60 low. Therefore, we are calling another connector higher as wave ((X))((X)) to build a triple correction to break 38.60 low. Once wave ((X))((X)) is completed, CSCO should continue lower in a new double correction (W), (X), (Y) to develop wave ((Z)) and then resuming to the upside.

Source: https://elliottwave-forecast.com/stock-market/csco-weakness-triple-correction/

 

[Elliottwave-Forecast]

Hello, traders! Welcome to a new blog post where we discuss how our Blue Box strategy helps ElliottWave-Forecast members identify high-confidence trade opportunities across 78 instruments. In this post, we'll focus on the FTSE. The $FTSE is an index that tracks the top 100 companies listed on the London Stock Exchange by market capitalization.

The FTSE ended a decline that lasted over 22 months in March 2020. Since bottoming out in March 2020, the index has recovered in an impulsive wave structure for most of the last four years. To assist our members in tracking this 4-year bullish cycle, we update the weekly FTSE chart every weekend to prepare them for the week ahead. We also update daily, H4, and H1 charts for all 78 instruments over the weekend. Below is the most recent weekly chart, which we shared on 08.03.2024

FTSE Weekly Chart, 08/03/2024​

[caption id="attachment_945359" align="aligncenter" width="1024"] FTSE Weekly Chart, 08/03/2024[/caption]
In the weekly chart above, the impulse cycle from March 2020 represents wave (III) of the Supercycle degree. Price has completed waves I and II of (III) and is now in wave III of (III). Within wave III, the price was in wave (4) of ((1)) of III. Based on this, we anticipated one more swing high to complete wave (5) of ((1)) of III. Once the impulse cycle for ((1)) is complete, we expect a larger pullback in ((2)) before the broader bullish impulse cycle for III of (III) continues. This chart helps us understand the current price position within the larger framework of price action.

Naturally, we focused on buying opportunities and avoided selling, when in a bullish sequence. Therefore, we recommended that members buy the wave 4 pullback when it completes a 3, 7, or 11 swing pullback at the extreme of the corrective sequence

FTSE 4-Hour Chart, 08/03/2024​

[caption id="attachment_945360" align="aligncenter" width="1024"] FTSE H4 Chart, 08/03/2024[/caption]
On the same weekend, 08.03.2024, we shared the H4 chart above with our members. This chart illustrates the sub-waves of wave (4). From this chart, we identified that the index was close to completing a double zigzag (7-swing) structure within the 7979.57 to 7717.06 range. Therefore, the trade plan was to buy at 7979.57 or below, with a stop placed below 7717.06, as this would indicate that the corrective structure had become overstretched and thus unreliable.

FTSE 4-Hour Chart, 08/07/2024​

[caption id="attachment_945361" align="aligncenter" width="1024"] FTSE H4, 08.07.2024[/caption]
The chart above shows FTSE's reaction at the time of writing this post. The index dropped into the Blue Box to complete wave C of (4). As expected, it quickly bounced off the box and moved away from it. Meanwhile, after reaching 8159, the trade plan was to close half of the position and adjust the stop for the remainder to break even. This approach allowed members to secure some profits while cutting risk to zero. Moving forward, we anticipate an impulsive recovery for wave (5). Currently, the price is in wave ((i)) of 1 of (5). We expect either a full recovery above the wave (3) top or at least a 3-swing bounce.

Two outcomes are possible. Firstly, the price could recover above the wave (3) top, allowing members to hold for further gains. Secondly, it could complete a 3-swing bounce and drop back below the box, reaching a new extreme. In the latter scenario, members have already secured profits and face no risk. Meanwhile, our analysts will continue working around the clock to provide updates on FTSE and 77 other instruments, from weekly down to the 30-minute/1-hour time frame.

Source: https://elliottwave-forecast.com/stock-market/ftse-bounces-from-blue-box/

 

[Elliottwave-Forecast]

ONDO Finance is one of the leading applications for enabling real-world asset tokenisation (RWA). ONDO is the governance token for Flux Finance and the Ondo DAO. In today’s article, we’ll explore the daily Elliott Wave structure and explain the potential bullish outcome after the recent decline.

Since January 2024, ONDO started trading within an impulsive 5 waves advance reaching a high of $1.48 on June 2024. The rally marked the end of wave ((1)) after an impressive 1755% advance and then it was followed by a 66% decline in wave ((2)).

The correction to the downside unfolded within a double three structure (W)(X)(Y) and it reached the equal legs area at $0.5 - $0.35. The token found buyers at the mentioned extreme level and it started bouncing higher from there. It still needs a break above July peak $1.13 to confirm that a higher low was in place and extend into new higher higher within wave ((3)).

ONDO Daily Chart 8.7.2024​

Setup Recap

-Time Frame : Daily
-Entry Area : $0.5 – $0.35
-Invalidation Condition : Daily Close below $0.1
-Targets / Ratio : Target 1 at $1.9 (3.5 RR) – Target 2 at $2.7 (5.6 RR)
Source: https://elliottwave-forecast.com/cryptos/ondo-finance-bullish-reversal/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of GOLD (XAUUSD ) commodity , published in members area of the website. As many of our members are aware, we've seen significant gains in GOLD over the past few years. Since September 2022, we've maintained long positions in GOLD. The commodity hit our buying zone and completed a correction at the Equal Legs (Blue Box Area). In the following sections, we'll delve into the Elliott Wave pattern and our trading setup for further insight.

GOLD Weekly Update 06.10.2024​

The commodity is currently in a corrective cycle from the 1041.6 low. The pullback has already reached the extreme zone (Blue Box). At this stage, we advise against selling GOLD and expect that it will soon attract buyers in the Blue Box zone. We could either see a rally to new highs or a larger corrective bounce in at least three waves. Once the bounce reaches the 50% Fibonacci retracement level against the connector high Black (B), we will safeguard our position by moving the stop-loss to breakeven. To further secure our trade, we will closely monitor for any break below the invalidation level of 1420.66.

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.

If you want to learn more about 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.

GOLD Weekly Update 06.10.2024​

The commodity responded exactly as anticipated at the Blue Box Area, attracting buyers and initiating a substantial rally from our recommended buying zone. GOLD completed its pullback at the 1615 low and has since continued to attract buyers, pushing toward new highs. With impressive gains exceeding 45% from our entry point, traders who followed our long positions are now enjoying secure profits.

To capitalize on these opportunities and stay ahead, consider exploring our expert services and insights. 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/gold-xauusd-soars-45-since-2022-buy/

 

[Elliottwave-Forecast]

American Express Company (Amex), symbol AXP, is an American multinational financial services corporation that specializes in payment cards. Headquartered in New York City, it is one of the most valuable companies in the world and one of the 30 components of the Dow Jones Industrial Average.

AXP Weekly Chart April 2024​

The stock was building an extension as wave (V) of ((I)). Wave I ended at 189.03 high. Then wave II built an expanding flat correction ending at 130.65 low. The wave ((1)) of III completed at 182.15 and pullback as a flat correction ended wave ((2)) at 140.91. From here, AXP started a strong rally that was wave ((3)) of III and the market was trading in wave (3) of ((3)). We were calling one more leg higher to end wave (3) and any pullback after wave (3) was ended, we looked for buying opportunities to trade in favor of the trend.

AXP Weekly Chart August 2024​

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After 4 months, AXP continued the rally as expected. It ended wave (3) of ((3)) at 244.41 high. The pullback as wave (4) finished at 220.74 low and market resumed to the upside in wave (5) of ((3)). This cycle ended at 256.24 high and we had strong pullback as wave ((4)) retesting last wave (4) low around 222.03. Actually, the market is trading in wave ((5)) higher. If there is not more extensions. This wave ((5)) of III could reach 264.28 - 277.31 area where AXP could begin a large correction in wave IV.

Source: https://elliottwave-forecast.com/stock-market/last-buying-opportunitty-axp/