Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Metals & Mining ETF ($XME). The rally from 5.31.2023 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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$XME 4H Elliott Wave Chart 8.05.2024:​

Here is the 4H Elliott Wave count from 8.05.2024. The 5 wave impulsive cycle from 5.31.2023 ended on 5.21.2024 at blue (3) and started a pullback. We expected the pullback to find buyers at the blue box area at 56.72 – 51.37 in 7 swings.

$XME 4H Elliott Wave Chart 8.11.2024:​

Here is the latest 4H update from 8.11.2024, showing the bounce taking place as expected. The cycle from the peak at red X 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 $68 – 72 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 blue (3) high will confirm the next leg higher and negate the possibility of a double correction.
Source: https://elliottwave-forecast.com/stock-market/spdr-metals-mining-etf-xme-reaction-blue-box/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of NASDAQ (NQ_F). We presented to members at the elliottwave-forecast. In which, the rally from the 13 October 2022 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:

NASDAQ (NQ_F) 4-Hour Elliott Wave Chart From 8.04.2024​

Here’s the 4-hour Elliott wave chart from the 8.04.2024 Weekend update. In which, the short-term cycle from the 1.06.2023 low ended in wave ((3))) as impulse at $20988 high. Down from there, the index made a pullback in wave ((4)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave (W) ended at $18725 low. Wave (X) bounce ended at $19717 high and wave (Y) managed to reach the blue box area at $17465- $16942. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

NASDAQ (NQ_F) Latest 4-Hour Elliott Wave Chart From 8.11.2024​

This is the latest 4-hour Elliott wave Chart from the 8.11.2024 Weekend update. In which the index is showing a reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $20988 high is still needed to confirm the next extension higher & avoid double correction lower.

Source: https://elliottwave-forecast.com/stock-market/nasdaq-nq_f-nice-reaction-higher/

 

[Elliottwave-Forecast]

Hello, traders. Here’s a new blog post where we discuss how Elliottwave-Forecast members found an opportunity in the GBPNZD forex pair. First, we’ll explain why we recommended this trade to our members. Then, we'll explore the trade's potential and how we want our members to manage it.

Let’s start with the background. We begin by analyzing the weekly chart to get an overview of the long-term price action of this currency pair. Identifying the long-term cycle is crucial, as we always aim to trade in the direction of the prevailing market trend. After reviewing the weekly chart, we narrow it down to the 1-hour chart to help members see the safer trading path.

Along the bullish path, we like to buy pullbacks in 3, 7, or 11 swings at the extreme. Conversely, when the market is bearish, we look for extreme bounces to sell from. It’s that simple!

GBPNZD Elliott Wave Analysis, Weekly Chart, 08.10.2024​

On 08.10.2024, we shared the chart above with our members. Since the October 2016 low, when the supercycle degree wave (I) ended, the GBPNZD currency pair has been trending upward. This is part of a corrective cycle for wave (II) of the supercycle degree, which has lasted over 8 years. One thing is clear: the sequence remains bullish. The price continues to break previous highs and lows, making new ones. From an Elliott Wave perspective, we identified this movement as a double zigzag structure. Wave w of (II) was completed in March 2020, and wave x finished in September 2022. Since September 2022, wave y of (II) has been evolving into another double zigzag.

By our projection, wave y of (II) could reach the equal leg of wave w at around 2.38. Therefore, there's still room for further rallies. Not only has wave y of (II) not yet reached its target, but the developing structure is also incomplete. Currently, the price is in wave (A) of ((Y)) of y of (II). With this in mind, we advised subscribers to focus only on buying pullbacks in 3, 7, or 11 swings. When there's a buying opportunity, members can identify the entry zone using the blue box on our charts. Additionally, we share entry and exit prices in the live trading room. We had one such opportunity on 08.13.2024.

GBPNZD Elliott Wave Analysis, 1-Hour Chart 08.13.2024​

We shared the 1-hour chart above with members on 08.13.2024. At that time, the pair had just reached its highest price since March 2020. A pullback began, which we identified as a double zigzag pattern for wave 4 of (A). We pinpointed the extreme of the pullback at 2.11610-2.0795 and recommended that members enter a buy trade from this zone. We anticipated an impulse recovery for wave 5 or at least a 3-swing bounce from the box.

GBPNZD Elliott Wave Analysis, 1-Hour Chart 08.14.2024​

We shared the chart above with members on 08.14.2024, a day after entry. The pair is now moving away from the blue box. Members have closed half of their positions to lock in some profit. They have also adjusted the stop for the remaining trade to just below wave ii of (i), around breakeven.

As long as the price stays above the wave ii low, buyers will continue to hold until we reach the target we set in the trading room. However, if a corrective bounce occurs and the price drops below the stop, traders will keep the small profit already secured. Our analysts guide members through the entire process—identifying a clear sequence, making blue box entries, and managing the trade.

Source: https://elliottwave-forecast.com/forex/gbpnzd-found-buyers-from-blue-box/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the Gold. The rally from the 25 July 2024 low showed a higher high sequence & provided a short-term extreme trading opportunity. In this case, the pullback managed to reach the equal legs area & provided a perfect reaction higher. So, we advised members not to sell Gold but to buy the equal legs area for a minimum reaction higher to happen. We will explain the structure & forecast below:

Gold 1-Hour Elliott Wave Chart From 8.22.2024​

Here’s the 1-hour Elliott wave Chart from the 08/22/2024 NY update. In which, the rally to $2531.67 high ended wave ((iii)) & made a pullback in wave ((iv)). The internals of that pullback unfolded as Elliott wave double three structure where wave (w) ended at $2493.70 low. Then a short-term bounce to $2519.11 high-ended wave (x) & started the next leg lower in wave (y) towards $2481- $2457 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.

Gold Latest 1-Hour Elliott Wave Chart From 8.26.2024​

Above is the Latest 1-hour Elliott Wave Chart from the 8.26.2024 NY Midday update. In which the metal is showing a perfect reaction higher taking place from the equal legs area. Right after ending the correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above $2531.67 high would still be needed to confirm the next leg higher minimum towards the $2546.49- 2569.93 area before the next pullback takes place.

Source: https://elliottwave-forecast.com/commodities/gold-continuing-find-support-pullbacks/

 

[Elliottwave-Forecast]

GBPUSD recently broke above previous peak on 7.14.2023 high at 1.3143 and shows a higher high bullish sequence from 9.26.2022 low. This leaves no doubt about the right side and direction of the pair which is higher. Near term, rally from 4.22.2024 low is ongoing as a 5 waves impulse Elliott Wave structure. Up from 4.22.2024 low, wave 1 ended at 1.3045 and pullback in wave 2 ended at 1.266. Pair has turned higher and broken above wave 1 suggesting wave 3 is in progress.

Up from wave 2, wave (i) ended at 1.277 and dips in wave (ii) ended at 1.272. Pair extended higher again from there. Up from wave (ii), wave i ended at 1.287 and pullback in wave ii ended at 1.2798. Pair extended higher in wave iii towards 1.313 and wave iv pullback ended at 1.307. Final leg wave v ended at 1.323 which completed wave (iii). Expect pair to end wave (iv) and rally 1 more leg to end wave (v) which should complete wave ((i)). Then it should pullback in wave ((ii)) to correct cycle from 8.8.2024 low in 3, 7, 11 swing before the rally resumes. Near term, as far as pivot at 1.266 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.

GBPUSD 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-intraday-shows-bullish-sequence-gbpusd/

 

[Elliottwave-Forecast]

SIL (Silver Miners ETF) is a financial product designed to mirror the performance of silver mining companies. It offers investors a straightforward way to gain exposure to the silver market without directly purchasing physical silver or individual mining stocks. SIL diversifies risk by spreading investments across multiple companies within the sector, potentially providing a hedge against volatility in silver prices. In this article, we will look at the Elliott Wave outlook for the ETF.

SIL (Silver Miners ETF) Monthly Elliott Wave Chart​

Monthly Elliott Wave chart of SIL above shows the ETF has been in consolidation since 2016 low at 14.94. We labelled this low as Grand Super Cycle wave ((II)). Up from there, the ETF is nesting higher as an impulse. Wave I ended at 54.34 and pullback in wave II ended at 15.61. The ETF then extended higher again in wave III. Up from wave II, wave ((1)) ended at 52.87 and pullback in wave ((2)) ended at 21.26. As far as pivot at 15.61 low is intact, expect the ETF to extend higher.

Silver Miners ETF Daily Elliott Wave Chart​

Daily Elliott Wave Chart of Silver Miners ETF (SIL) above shows rally from wave ((2)) low is in progress. Up from wave ((2)), wave 1 ended at 33.24 and wave 2 ended at 22.57. The ETF extended higher in wave ((i)) towards 36.75 and dips in wave ((ii)) ended at 28.02. Near term, as far as pivot at 21.16 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

Source: https://elliottwave-forecast.com/video-blog/silver-miners-etf-sil-starting-the-next-bullish-leg/

 

[Elliottwave-Forecast]

Targa Resources Corp., (TRGP) owns, operates, acquires, & develops a portfolio of complementary domestic midstream infrastructure assets in Oil & Gas in North America. It operates in two segments, Gathering & processing, & Logistics & transportation. It is based in Houston, Texas, comes under Energy sector & trades as “TRGP” ticket at NYSE.

TRGP made an all-time low of $3.66 during global sell-off during March-2020. Above there, it favors upside in I of (III) sequence in weekly. Short term, it favors upside in ((5)) of I started from August-2024 low.

TRGP - Elliott Wave Latest Daily View: ​

In Weekly, above $3.66 low, it placed (I) at $81.50 high & (II) at $55.56 low. Within (I), it placed I at $26.17 high, II at $13.08 low, III at $58.18 high, IV at $47.57 low & finally V as (I) at $81.50 high in April-2022. Above (II) low, it started impulse I of (III) sequence in daily & expect short term upside to finish it. Within I sequence, it placed ((1)) as diagonal at $79.70 high, ((2)) at $64.85 low, ((3)) as extended move at $139.35 high & ((4)) at $122.56 low.

TRGP - Elliott Wave Latest Weekly View: ​

Above ((4)) low of $122.56, it favors upside in (1) of ((5)) and soon will correcting in (2). It expects correction later in (2) in 3, 7 or 11 swings against 5-August-2024 low before resume upside in (3). It favors short upside in ((5)) towards $143.42 - $154.54 area to finish I before correcting in II against July-2022 low. The pullback in II will provide the next buying opportunity in 3, 7 or 11 swings pullback.

Source: https://elliottwave-forecast.com/stock-market/trgp-continues-rally-bullish-sequence/

 

[Elliottwave-Forecast]

Hello everyone! In today’s article, we will follow up on the past performance of iShares 20+ Year Bond ETF ($TLT) forecast. We will also review the latest 4H count. First, let’s take a look at how we analyzed it back in June 2024.

$TLT 4H Elliott Wave View – June 04, 2024:​

In our last article, we explained that $TLT was showing a bullish sequence from Oct 2023 low due to the 5 waves impulse. We also suggested that a nest is taking place and expect price to rally towards 106 area eventually.

Third Wave Extension​

Different Types of Wave Extensions​

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A nest is a series of 1-2. Most of the time a nest happens before a huge move takes place. The chart above shows what a nest looks like.

$TLT 4H Elliott Wave View – August 26, 2024:​

The latest 4H update suggests that $TLT is still nesting and can be looking for a powerful move soon towards the $106 - 110 area. Traders should look to buy the dips in 3 or 7 swings. Moreover, a break above black ((1)) at $100.57 will confirm that the next leg higher has started.

Source: https://elliottwave-forecast.com/vi...r-bond-etf-tlt-can-nesting-bullish-structure/

 

[Elliottwave-Forecast]

SUI is the native token of the Sui blockchain network which is a permissionless smart contract platform that uses the Move programming language. SUI tokens can be used to govern the network, pay for gas fees, and participate in staking. 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.

SUI lost 78% of it’s value since March 2024. The coin declined 4 months in a row until it found a bottom on 5Th of August 2024. The move from the peak unfolded within 3 waves and it formed a corrective Elliott Wave structure called ZigZag. This type of correction is followed by a reversal in trend and SUI in this case is proposed to have ended a wave ((2)) pullback therefore it’s expected to resume the rally to the upside within a wave ((3)).

The recent impulsive rally from 8/5/2024 low confirmed that correction has ended. Consequently, SUI either started the new cycle to the upside or at least it will be looking for a larger 3 waves bounce against $2.18$ peak. As long as the short term pullbacks stays above $0.4625 then the coin is expected to see further upside within it’s daily cycle. Traders are recommended to look for a short term bullish sequence then they can start buying pullbacks in 3 , 7 or 11 swings.

SUI Daily Chart 8.27.2024​

Source: https://elliottwave-forecast.com/video-blog/sui-token-turn-higher/

 

[Elliottwave-Forecast]

Robinhood Markets Inc. (HOOD : NASDAQ) is a California-based financial technology (fintech) company that operates an online discount brokerage with commission-free trading. In this article, we will analyze the technical structure based on the Elliott Wave Theory and highlight its potential growth.

HOOD main cycle started in June 2022 establishing an impulsive structure to the upside. Wave I ended in November 2022 then the stock corrected lower in wave II until November 2023. Up from there, It rallied into 5 waves structure within wave III with a 200% increase in price. The stock peaked on July 2024 at $24.88 and then it dropped 44% within a corrective decline.

The move lower in wave IV unfolded as 3 waves ZigZag structure. HOOD reached our Blue Box area at equal legs $16.67 - $13.81 as presented on the daily chart. The blue box showing in our chart is a technical area where we expect the correction to end then a start of the next leg to the upside in a proposed wave V.

The Initial reaction from the lows is expected to be wave ((1)) of V. Consequently HOOD is expected to remain supported above August low $13.98. It will be looking to resume the daily rally looking for new highs with an initial target area at $27.5 – $31.6.

HOOD Daily Chart 8.28.2024​

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

 

[Elliottwave-Forecast]

Short Term Elliott Wave in $IBEX suggests decline to 10307.61 ended wave ((4)). The Index has turned higher in wave ((5)) but it still needs to break above wave ((3)) peak at 11469 to rule out a double correction. Internal subdivision of wave ((5)) is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave ((4)), wave ((i)) ended at 10488.6 and wave ((ii)) pullback ended at 10308.9. Index then rallied higher in wave ((iii)) towards 10632 and wave ((iv)) dips ended at 10445.7. Final leg wave ((v)) ended at 10687.7 which completed wave 1 in higher degree. Pullback in wave 2 ended at 10572.20.

Index has resumed higher in wave 3. Up from wave 2, wave ((i)) ended at 10714.4 and pullback in wave ((ii)) ended at 10611.4. Wave ((iii)) higher ended at 11151.2 and pullback in wave ((iv)) ended at 11056.5. Final wave ((v)) ended at 11207.5 which completed wave 3. Index then pullback in wave 4 which ended at 11156.3. Expect the Index to extend higher a few more highs before ending wave 5 and it should then complete wave (1) in higher degree. Afterwards, it should pullback in wave (2) to correct cycle from 8.5.2024 low in larger degree 3, 7, 11 swing before it resumes higher. Near term, as far as pivot at 10307.6 low stays intact, expect dips to find buyers in 3, 7, 11 swing for more upside.

IBEX 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/ibex-elliott-wave-cycle-early-month-mature-may-pullback/

 

[Elliottwave-Forecast]

Since its stock became available for trading, FTNT has continued to make profits for its investors. Similarly, speculators have been able to find positions from pullbacks as the stock has maintained a bullish sequence since 2009. This blog post will reveal when traders can jump into another trade from the dip. This is from the perspective of the Elliott wave theory as we see it.

Fortinet, Inc. (FTNT) is a leading cybersecurity company known for providing a wide range of security solutions, including firewalls, antivirus, intrusion prevention, and endpoint security. Founded in 2000 by Ken Xie, the company is headquartered in Sunnyvale, California. Fortinet's flagship product is the FortiGate firewall, but it also offers a broad portfolio of products covering areas such as cloud security, network security, and advanced threat protection.

Fortinet went public in 2009 and trades on the NASDAQ under the ticker symbol FTNT. The company has consistently shown strong revenue growth, driven by the increasing demand for cybersecurity solutions in the face of rising cyber threats. It serves a global customer base across various industries, including government, healthcare, finance, and education.

FTNT Elliott Wave Analysis, Weekly Chart - 08.28.2024​

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The weekly chart above shows the bullish sequence from the all-time low. A clear impulse sequence is evolving for the grand supercycle degree wave ((I)). The impulse structure already completed the supercycle degree waves (III) and (IV) of ((I)) in December 2021 and October 2022 respectively. From the low of October 2022, the stock prices rallied again to break above the December 2022 high and reached a fresh all-time high in July 2023. The top of July 2023 marked the start of wave (V) of ((I)) as wave I of (V). A corrective zigzag pullback followed as wave II of (V) of ((I)) at 44.12. Wave III is already progressing upwards and should make an impulse rally into a fresh all-time high.

FTNT Elliott Wave Analysis, H4 Chart - 08.28.2024​

On the H4 chart, Wave ((1)) and ((2)) of III have been completed. Price is now in wave ((3)) of III which should reach at least 92.5 and ideally 127.8. Each pullback, either in wave (IV), II or even ((2)), presented buyers the opportunity to enter LONG positions at lower prices. What we can notice is that each of these pullbacks either completed a 3 or 7 swings corrective sequence. This is typical of corrective structures. As the price breached wave ((1)) high, we can confirm ((2)) has finished. The most recent surge from 08.05.2024 can now be wave (1) of ((3)). Therefore, buyers will find opportunities again at the end of the wave 2 pullback, especially in the lower time frames.

Source: https://elliottwave-forecast.com/stock-market/ftnt-bullish-sequence-attracts-buyers/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in $NVDA suggests that pullback to 90.7 ended wave IV. The stock has turned higher in wave V with internal subdivision as a 5 waves impulse. Up from wave IV, wave (1) ended at 109.25 and wave (2) pullback ended at 97.15. The stock has resumed higher as a nest. Up from wave (2), wave 1 ended at 108.3 and pullback in wave 2 ended at 97.52. Up from there, wave ((i)) ended at 109 and wave ((ii)) ended at 101. Wave ((iii)) higher ended at 125, pullback in wave ((iv)) ended at 121.15, and final wave ((v)) ended at 130 which completed wave 3. Pullback in wave 4 ended at 125.8 and final wave 5 ended at 131 which completed wave (3).

Stock then pullback in wave (4) towards 123.1 and made another leg higher in wave (5) towards 131.26. This completed wave ((1)) in higher degree. Wave ((2)) pullback is now in progress to correct cycle from 8.5.2024 low in 3, 7, or 11 swing before it resumes higher again. Down from wave ((1)), wave A ended at 124.37 and wave B ended at 129.18. Expect wave C of (W) to end soon, then it should rally in wave (X) before turning lower again in wave (Y) of ((2)). As far as pivot at 90.7 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside.

NVDA 60 Minutes Elliott Wave Chart​

Source: https://elliottwave-forecast.com/news/elliott-wave-intraday-nvda-looking-pullback/

 

[Elliottwave-Forecast]

CrowdStrike Holdings, Inc. (CRWD) is an American cybersecurity technology company based in Austin, Texas. It provides cloud workload and endpoint security, threat intelligence, and cyberattack response services.

CrowdStrike (CRWD) July 2021 Daily Chart​

The chart above shows the daily view that we forecast 3 years ago. We were expecting to end an very important market cycle in the blue box area between 303.60 - 271.69. This cycle would end an impulse on CRWD since it listed on the stock exchange. Once the impulse would end as wave (I), we expected a big correction as wave (II).

CrowdStrike (CRWD) February 2022 Daily Chart​

Six months later, We can see the wave (I) ended in the proposed blue box area at 298.48 high developing an ending diagonal. The market reacted perfectly to the downside and we called completed a double correction as wave (II) at 150.02 low. Exactly at the 50% Fibonacci retracement, the stock bounce suggesting the pullback was over and the rally should continue to break 298.48 high in a new cycle.

CrowdStrike (CRWD) August 2024 Daily Chart​

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After 3 years, we have above the current weekly chart. We can see the cycle we called completed the wave (II) at 150.02, it just was part of a bigger double correction. Therefore, the cycle that ended at 150.02 was wave "w", then we have expanded flat correction as wave "x" ending at 205.73. Last push lower finished wave "y" at 92.25 low completing wave (II) pullback. The rally we thought went to start in Jan 2022, started at Jan 2023.

Source: https://elliottwave-forecast.com/stock-market/crowdstrike-crwd-bull-trap-ahead/

 

[Elliottwave-Forecast]

Pan American Silver Corp. (PAAS) is a Canadian mining company headquartered in Vancouver, British Columbia. It focuses on the exploration, development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines across the Americas. Below is the long term Elliott Wave technical update of the stock.

PAAS Monthly Elliott Wave Chart​

Monthly Elliott Wave chart of Pan American Silver (PAAS) above shows the stock has ended Grand Super Cycle wave ((II) correction at 5.32. It has since turned higher in wave ((III)) as an impulse. Up from wave ((II)), wave (I) ended at 40.11 and pullback in wave (II) ended at 12.16. As far as pivot at 5.32 low stays intact, expect the stock to extend higher.

Daily Elliott Wave Chart of PAAS above shows that the stock ended wave (II) at 12.18. Up from there, wave (III) is in progress as a 5 waves impulse. Up from wave (II), wave I ended at 24.27 and pullback in wave II is proposed complete at 17.86. The stock still needs to break above wave I peak at 24.27 to rule out a double correction. As far as pivot at 12.18 low stays intact, expect pullback to find buyers in 3, 7, or 11 swing for further upside.

Source: https://elliottwave-forecast.com/stock-market/pan-american-silver-paas-may-resumed-bullish-cycle/

 

[Elliottwave-Forecast]

NU Holdings Ltd., (NU) provides digital banking platform in Brazil, Mexico, Colombia, Germany, Argentina, United States & Uruguay. It offers spending solutions comprising credit & prepaid cards, mobile payment solutions & integrated mall that enables customers to purchase goods & services from various ecommerce retailers. It is based in Brazil, comes under Financial services sector & trades as “NU” ticker at NYSE.

NU favors bullish I impulse sequence started from June-2022 low of $3.26. It already made new high above December-2021 & expect pullback to remain supported in 3, 7 or 11 swings.

NU - Elliott Wave Latest Weekly View: ​

It is showing 5 swings higher since June-2022 low as impulse sequence in weekly with third wave extension. Above all time low, it placed ((1)) of I at $5.88 high & ((2)) at $3.39 low as dip pullback. It started ((3)) as extended sequence, which ended at $13.64 high. Within ((3)), it placed (1) at $5.53 high, (2) at $4.13 low, (3) at $8.29 high, (4) at $6.61 low & finally (5) extended wave at $13.64 high. Later, it finished ((4)) as sharp correction at $9.67 low on 5-August-2024. Above $9.67 low, it favors upside in ((5)) of I & expect short term pullback in 3, 7 or 11 swings to extend higher to finish I.

It traded with unusual high volume in last trading session, which provides few scenarios. (1st scenario) It can extend higher, while dips remain above ((4)) low as ((5)) while momentum divergence remains intact to finish I towards $14.59 - $16.11 area. (2nd scenario) It can be ended I at last peak, which confirms, when price fails to make new high in few sessions & later breaks below $9.67 low. (3rd scenario) It will extend higher & erase the momentum divergence to confirm the upside as nest & manage to trade above price channel. In either the scenarios, we like to buy the pullback in 3, 7 or 11 swings at extreme areas.

Source: https://elliottwave-forecast.com/stock-market/nu-continue-rally-unusual-volume/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of SPDR Industrial ETF (XLI) , published in members area of the website. As many of our members are aware, the ETF has given us good buying opportunities recently. XLI hit our buying zone and completed a correction at the Equal Legs (Blue Box Area). In the following sections, we’ll take a look into the Elliott Wave pattern and our trading setup.

XLI H4 Update 08.04.2024​

The ETF is giving us correction that is unfolding as 3 waves pattern , labeled as (A)(B)(C) blue. The pullback has already reached the extreme zone (Blue Box) . However we expect to see more short term weakness in near term. At this stage, we advise against selling the ETF and favor the long side from the H4 Blue Box area. XLI could either see a rally to new highs or a larger corrective bounce in at least three waves.

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.

XLI H4 Update 09.01.2024​

XLI responded exactly as anticipated at the Blue Box Area, attracting buyers and initiating a substantial rally from our recommended buying zone. We got break toward new highs confirming next leg up is already in progress.

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/spdr-etf-xli-buyers-blue-box-area/

 

[Elliottwave-Forecast]

Hello Traders! In this technical blog we are going to take a look at the Elliott Wave path in C3 AI Inc. ($AI) and explain why the stock should see more downside in a Zig-Zag correction towards a Blue Box area.

C3 AI Inc, founded in 2009, is an American technology company specializing in enterprise artificial intelligence. Based in Redwood City, California. Originally the "C" in the company's name was a reference to "carbon" and the "3" was a reference to "measure, mitigate and monetize" because the company's original goal was to help manage corporate carbon footprints.

5 Wave Impulse Structure + ABC correction​

$AI Daily Elliott Wave View – Sep 03, 2024:​

The Daily chart above shows the cycle from Dec 2022 low unfold as a 5 waves impulse suggesting the start of a bullish trend. The rally peaked in June 2023 and started a Zig-Zag correction. The first leg lower unfolded in a 5 waves structure followed by a bounce in 3 swings to correct it. The bounce failed at ((B)) and sellers were able to break below wave ((A)) creating a bearish sequence. As a result, sellers are now in control and any bounces are expected to fail in 3 or 7 swings. Buyers can now wait for the blue box area highlighted above to enter again. In conclusion, the stock is favored to remain weak and reach $12.60 - 6.54 where a reaction higher can take place from.

Source: https://elliottwave-forecast.com/stock-market/c3-ai-inc-ai-elliott-wave-structure-favors-downside/

 

[Elliottwave-Forecast]

Analog Devices, Inc. ADI is a global leader in designing and manufacturing integrated circuits and analog, mixed-signal, and digital signal processing (DSP). Founded in 1965, the company specializes in converting real-world phenomena like sound, light, and temperature into digital data, which is crucial for various applications in industries such as automotive, healthcare, industrial automation, and communications.

Analog Devices went public in 1969 and trades on the NASDAQ under the ticker symbol $ADI. The company has a strong reputation for innovation and has consistently performed well financially, benefiting from the growing demand for advanced electronics and the expansion of connected devices across multiple industries.

ADI Elliott Wave Analysis, Weekly Chart 09.04.2024​

[caption id="attachment_947163" align="aligncenter" width="1024"] $ADI Weekly Chart (09.04.2024)[/caption]
The right side is bullish against the all-time low. From the all-time low, the impulse sequence is advancing upwards for the Grand Super Cycle degree wave ((I)). Waves (I) and (II) of ((I)) were completed in August 2000 and December 2008, respectively. The bullish impulse sequence of Wave I of (III) has emerged from the December 2008 low. All of this can be observed on the monthly chart.

On the daily chart, the stock completed wave ((4)) of I in October 2022 and then rallied above the wave ((3)) high, confirming the progress of wave ((5)) of I. After completing waves (1) and (2) of ((5)), wave (3) is currently emerging from the October 2023 low of 154.99. In the minor degree, the price has completed waves 1 and 2 of (3) and is now in wave 3 of (5). A break above the top of wave 1 would confirm wave 3 if the current dip holds above 153.99. Therefore, the right trade plan is to wait for pullbacks in 3, 7, or 11 swings to buy from. At Elliottwave-Forecast, we provide the blue box on our chart where traders can find LONG and SHORT entries. The H4 chart below shows one such blue box on ADI as of August 5th, 2024.

ADI Elliott Wave Analysis, 4-Hour Chart 09.04.2024​

[caption id="attachment_947162" align="aligncenter" width="1024"] $ADI 4-Hour Chart (09.04.2024)[/caption]
The H4 chart shows the blue box marking the end of wave 2 of (3). The pullback completed a zigzag, forming a 3-swing structure. Additionally, the blue box captured the extreme where buyers found an entry at the top of the box, with a stop loss placed a few points below the blue box. Wave 2 found support in the blue box as expected and rallied to a safe area. At the safe area, members can close half of the position in profit and adjust the rest to breakeven. This way, no matter what happens next, it’s already a winning trade.

WHAT NEXT?​

1. The price completes wave ((2)) above 198.73 and rallies to break above the wave 1 high with wave ((3)). If this occurs, we will hold the current half position and add another long position at the blue box of the next pullback. The next pullback to buy could be wave (2) of ((3)), wave (4) of ((3)), or wave ((4)).

2. The price drops below 198.73. If this happens, the half position at breakeven will close. Afterward, wave 2 may extend lower, offering buyers an opportunity to buy from the next blue box.

Source: https://elliottwave-forecast.com/stock-market/adi-found-buyers-blue-box/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of GBPJPY Forex pair , published in members area of the website. As our members know, GBPJPY has recently given us daily correction. The pair reached our target zone and found buyers right at the Equal Legs zone ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.

GBPJPY Daily Update 08.03.2024​

The pair is giving a daily correction, which is forming as a Elliott Wave Double Three pattern. The pull back looks incomplete at the moment. Our analysis forecasts more short term weakness in GBPJPY toward the 186.879-179.111 area ( blue box).

Despite the expected extension lower, we advise against selling GBPJPY against the main bullish trend. 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)) black, we’ll secure our position by moving the stop-loss to breakeven. To safeguard our trade, we’ll closely monitor for any break below the marked invalidation level :179.111 .

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.

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

GBPJPY Daily Update 08.03.2024​

The pair found buyers within the Blue Box area as expected. We got a nice rally from our buying zone. 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 180.32 low, we expect to see more strength in another leg up against the 208.12 peak at least.

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/gbpjpy-buying-blue-box/