Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello Traders! In this technical blog we are going to take a look at the Elliott Wave path in Coinbase Global Inc. ($COIN) and explain why the stock should see more downside in a 7 swings WXY correction towards a Blue Box area.

Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work. It is the largest cryptocurrency exchange in the United States in terms of trading volume.

7 Swings WXY correction​

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$COIN Daily Elliott Wave View – Sep 09, 2024:​

The Daily chart above shows the cycle from Jan 2023 low unfold as a 5 waves impulse suggesting the start of a bullish trend. The rally peaked in March 2024 and started a double 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) reaching the blue box area $184.16 - 129.55. The bounce from the blue box area failed at ((X)) and continued to make new lows below ((W)). As a result, sellers are in control and therefore, bounces will likely fail in 3 or 7 swings. Meanwhile, buyers can wait for the 2nd blue box area highlighted above to re-enter. In conclusion, we expect the stock to remain weak and reach $89.30 – $31.55, where it may potentially react with a move higher.

Source: https://elliottwave-forecast.com/st...-coin-elliott-wave-structure-favors-downside/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the Elliott Wave Charts of the Eurostoxx (SX5E) index. We presented to members at the elliottwave-forecast. In which, the rally from the 23 October 2023 low ended as an impulse structure. But showed a higher high sequence with a bullish sequence stamp favored more upside extension to take place. 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:

EUROSTOXX(SX5E) Daily Chart From 8.04.2024 update​

Here’s the Daily Elliott wave chart from the 8.04.2024 Weekend update. In which, the cycle from the 10/27/2023 low ended as an impulse structure at 5121.71 high. Down from there, the index made a pullback to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave W ended at 4767.15 low. While wave X bounce ended at 4907.39 high. Then wave Y managed to reach the blue box area at 4550.88-4329.72 equal legs area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

EUROSTOXX(SX5E) Daily Chart From 9.08.2024 update​

This is the latest Daily Elliott wave Chart from the 9.08.2024 Weekend update. In which the index shows a reaction higher taking place, right after ending the 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 the 5121.71 high is still needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/eurostoxx-sx5e-perfect-reaction-higher/

 

[Elliottwave-Forecast]

Chevron Corporation (CVX) is a global leader in the energy sector. It engages in the exploration, production, and refining of crude oil and natural gas. They operate worldwide, with significant activities in North America, South America, Europe, Africa, the Middle East, and Asia-Pacific. Chevron also manufactures and markets petrochemicals through its affiliate, Chevron Phillips Chemical Company LLC. Below we update the long term technical Elliott Wave outlook for the company.

Chevron Monthly Elliott Wave Chart​

Monthly Elliott Wave Chart of Chevron (CVX) above shows that the stock has ended wave ((II)) Grand Super Cycle degree at 51.5 on March 2020. From there, it has started a new impulsive wave ((III)). Up from wave ((II)), wave (I) ended at 189.68 and wave (II) pullback is currently in progress. Near term, while pullback stays above 51.54, the stock should see further upside.

Chevron Daily Elliott Wave Chart​

Daily Elliott Wave Chart for Chevron above shows that wave (II) pullback is in progress to correct cycle from March 2020 low. Internal subdivision of the wave (II) pullback is unfolding as a double three Elliott Wave structure. Down from wave (I), wave w ended at 139.62 and wave x rally ended at 167.11. Wave y lower is currently in progress with internal subdivision as a zigzag structure. Potential target lower for the wave (II) is 100% - 161.8% Fibonacci extension of wave w which comes at 84.7 - 116.1 area.

Source: https://elliottwave-forecast.com/stock-market/chevron-cvx-looking-double-correction/

 

[Elliottwave-Forecast]

Costco Wholesale Corporation., (COST) engages in the operation of membership warehouse in the United States & globally 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 shown in the last article, COST ended ((4)) at $793 low & favors upside in ((5)) to finish III sequence in daily. It already broke to new high above ((3)) & expect short term extension towards $921.44 or higher levels to finish III.

COST - Elliott Wave Daily View From 7.29.2024: ​

In Weekly sequence, it placed ((I)) at $612.27 high in April-2022 as impulse sequence & ((II)) at $406.51 low in May-2022 as sharp pullback. It placed I of (I) of ((III)) at $564.75 high & pullback in II at $447.90 low in January-2023. Above there, it favors upside in III of (I) & expect short term upside, while dips remain above 5-August-2024 low in ((5)).

COST - Elliott Wave Latest Daily View: ​

Above II low, it placed ((1)) at $530.05 high, ((2)) at $465.33 low & ((3)) at $896.67 high as extended wave. Within III, 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 as ((3)). It ended ((4)) at $793 low in August-2024 low, which missed the extreme areas. Currently, it favors upside in ((5)) to finish III towards $921.44 - $961.31 area. Short term, it favors pullback in (2) before resume upside in (3) & expect two more highs to finish III. Alternatively, if it breaks below $793 low, it should correct in IV, while placed III at last high, which will provide the next buying opportunity.

COST - Elliott Wave Latest Weekly View: ​

Source: https://elliottwave-forecast.com/stock-market/costco-cost-continue-bullish-rally/

 

[Elliottwave-Forecast]

Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments. The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.

PALANTIR (PLTR) Weekly Chart May 2024​

Palantir ended a cycle at $45.00 in January 2021. Then it did a deep pullback as a zig zag correction ending wave (II) at 5.91 low. The market started an impulse structure as wave ((1)) ended at $20.27. Then, wave ((2)) started and it did a running flat correction. The wave (A) ended at $13.68 low and rallied breaking wave ((1)) high completing wave (B) at $21.85. Last leg as wave (C) developed an ending diagonal structure ending at $15.66 low and wave ((2)) correction. Market rallied in 5 waves ending an impulse at $27.50 high as wave ((3)). Next pullback completed at $20.33 low and for us that was the end of wave ((4)) correction. We expected to continue higher to end a wave ((5)) and complete the whole wave I before seeing a correction in 3, 7 or 11 swings as wave II. This wave ((5)) should end in $29.23 - $32.00 area.

PALANTIR (PLTR) Weekly Chart September 2024​

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After 4 months, you can check above the current weekly count of PLTR. We have changed the degree of the count. The market conditions suggest PLTR is still in wave I; therefore, we change the wave I for wave ((1)). Wave ((1)) ended at $29.83 in $29.23 - $32.00 area where we were expecting to hit a target. Then, the price pullback to 21.23 where we called wave ((2)) completed resuming with a strong rally breaking above wave ((1)), supporting that wave ((3)) is underway. For now, we are looking to continue to the upside until completing wave ((3)). We should look for buying dips as price remains above wave ((2)) low.

Source: https://elliottwave-forecast.com/stock-market/palantir-pltr-rally-build-wave-3/

 

[Elliottwave-Forecast]

MicroStrategy (NASDAQ: MSTR) is currently still one of the best performing stocks of 2024. In our previous article, we explained the bullish nature of the impulsive structure taking place and what we expect next. In this article, we’ll take a look at the current correction and highlight the potential buying area.

MSTR ended the impulsive 5 waves advance at $200 , the highest level seen in 24 years. The peak in March 2024 marked wave I then the stock started it's correction lower in wave II. MSTR did a 3 waves ZigZag structure into our blue box area $119 - $86. From there the stock reacted higher within another 3 waves without breaking the previous peak. Since then, the stock sow another sharp decline in August without breaking May low $101. It's currently sitting within a sideways range for the recent 5 months and we can identify the next potential extreme area if price drops into new lows.

If MSTR breaks 8/5/2024 low $102.4, then it will confirm the double three corrective structure ((W))((X))((Y)). This move indicates another decline to take place toward the blue box area at equal legs $84 - $60. That high frequency area should present a buying opportunity for investor as price is expected to turn higher from there. MSTR will either resume the bullish trend into wave III or it will bounce at least within a 3 waves structure from there.

In Conclusion, MSTR remains bullish and the daily correction should present another investment opportunity. We don't recommend selling the stock and we only look to buy it if it manage to reach our mentioned bleu box area.

MicroStrategy (NASDAQ: MSTR) Daily Chart 9.11.2024​

Source: https://elliottwave-forecast.com/stock-market/microstrategy-mstr-buying-area/

 

[Elliottwave-Forecast]

Short Term Elliott Wave view on NIFTY suggests that rally to 25078.3 ended wave ((3)). Pullback to 23900 ended wave ((4)) with internal subdivision as a zigzag Elliott Wave structure. Down from wave ((3)), wave (A) ended at 24723.7 and rally in wave (B) ended at 24835.10. Wave (C) lower ended at 23900.8 which completed wave ((4)) in higher degree. The Index has turned higher in wave ((5)). Internal subdivision of wave ((5)) is unfolding as a 5 waves impulse. Up from wave ((4)), wave 1 ended at 24472.8 and pullback in wave 2 ended at 24099.7. Index then resumed higher as a nest.

Up from wave 2, wave ((i)) ended at 24403.55 and wave ((ii)) ended at 24204.50. Wave ((iii)) higher ended at 25129.6 and wave ((iv)) ended at 25017.5. Wave ((v)) higher ended at 25174.55 which completed wave 3 in higher degree. Pullback in wave 4 ended at 24998.50. Final leg wave 5 ended at 25333.65 which completed wave (1) in higher degree. Wave (2) pullback is in progress to correct cycle from 8.5.2024 low in 7 swing before it resumes higher. Down from wave (1), wave W ended at 24753.15 and wave X ended at 25130.50. Expect wave Y to extend lower to correct cycle from 8.5.2024 low in 7 swing before it turns higher. As far as pivot at 23900.88 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.

NIFTY 60 Minutes Elliott Wave Chart​

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-nifty-remains-bullish-august-low/

 

[Elliottwave-Forecast]

Hello traders, welcome to another trade review blog post where we discuss setups from the blue box. In this one, we will look at a recent setup on the EURCAD. We shared this setup with members of Elliottwave-Forecast.

EURCAD has maintained a bullish sequence from the low in August 2022. From that low, the bullish sequence could either complete a 3-wave or a 5-wave structure. Based on the path of least resistance, the price should complete at least a 3-swing sequence. On the weekly chart, we identified the first swing from the August 2022 low to the April 2023 high as wave ((A)). Afterward, a pullback occurred and completed in September 2023, as wave ((B)).

Since September 2023 low, the pair has started the third swing, which we identify as wave ((C)). Wave ((C)) could extend as high as 1.58, which is 805 pips above the current price of 1.4995. With this in mind, we plan to buy pullbacks in 3, 7, or 11 swings along the path of wave ((C)). However, before last week's rally, we had already shared a trade setup with our members.

EURCAD H4 Analysis, 08.29.2024​

[caption id="attachment_947492" align="aligncenter" width="1024"] EURCAD H4[/caption]
After the price broke above the top of wave ((A)) on both the weekly and daily charts, we informed our members in live analyses and trading rooms that the stage was set to buy the next pullback. The pullback matured about a month later. On August 29, 2024, we shared the H4 chart with members, expecting to go LONG from the blue box. The price reached the blue box, and the LONG trade was triggered with the parameters we provided in the trading journal. Our stop loss was set below the blue box. Additionally, as usual, we planned to take partial profit at 50% of wave (c) of ((iv)).

EURCAD H4 Analysis, 09.11.2024​

[caption id="attachment_947493" align="aligncenter" width="1024"] EURCAD H4[/caption]
The chart above shows how EURCAD bounced from the blue box and reached 50% of wave (c). As a result, members who went LONG have already closed half of their position in profit, with the remaining half adjusted to the low of wave (c). This is now a risk-free trade, allowing traders to allocate risk elsewhere. Moving forward, we expect the bullish sequence to extend as an impulse wave ((v)) above the August 5 high. Therefore, as long as the bullish sequence remains intact, we are looking to buy from the dips.

Source: https://elliottwave-forecast.com/forex/eurcad-bullish-sequence-extends-blue-box/

 

[Elliottwave-Forecast]

AT&T Inc. (T) is an American multinational telecommunications holding company headquartered in Dallas, Texas. It is the world's largest telecommunications company by revenue and the third-largest provider of mobile telephone services in the U.S.

AT&T (T) Monthly Chart April 2024 ​

Above we have montly chart from 5 months ago. We can see that AT&T shares finished an all-time high with a price of $45.23 as wave ((I)). Since the beginning of 1999, the value held a downtrend and we were looking to end this correction. Using the Elliott Wave Principle, a double correction structure (w), (x) and (y) can be clearly seen. From the peak, we have 3 waves in a flat structure that ended wave (w) at $14.17 low. Then, we had another flat structure that built a wave (x) ending in the value of $33.33 high.

The last leg of the double correction is the wave (y). We had already completed wave a and b of (y), and we were developing wave c as an ending diagonal. The market had already reached the blue box in the $8.58 – $16.75 area expecting a rally soon because the market had break wave (w) low and the cycle could have ended. However, we were looking for one more leg lower to complete a clear structure below $13.43 to end wave ((II)) correction and resume the rally.

AT&T (T) Monthly Chart September 2024 ​

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On the current monthly chart, we can see the rally that left the blue box. This invalidated the bearish continuation of the ending diagonal as wave c. The rally does not mean that T cannot resume to the downside again. To confirm that wave ((II)) is over at $13.43 low, the market needs to break above of wave (x) high. Until then, T could make perfectly any other structure that leads us to lower prices.

AT&T (T) Weekly Chart September 2024 ​

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The weekly chart above shows how the wave ((5)) of c of the ending diagonal completed the structure. The (A), (B), (C) looks like more as the wave ((1)) and we were looking for one more like wave ((3)). That is why we were calling for more one more leg lower. Wave ((II)) ended at $13.43 low and rally and it should be developing an impulse higher as wave I. The first leg higher as wave ((1)) ended at $18.16 high. Wave ((2)) pullback finished at $15.94 low and rally again. AT&T has pushed strongly higher breaking the pivots of the RSI in the weekly timeframe, suggesting the market cycle is over. Now, we should expect to build an impulse structure as the chart before seeing 3, 7 or 11 swings correction as wave II.

Source: https://elliottwave-forecast.com/stock-market/att-t-blue-box-rally-must-continue/

 

[Elliottwave-Forecast]

Berkshire Hathaway Inc., (BRK.B) is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. It operates as Insurance as major operations along with subsidiaries operate in diverse sectors such as confectionery, retail, railroads, home furnishings, machinery, jewelry, apparel, electrical power & natural gas distribution. It trades as “BRK.B” ticker at NYSE & comes under Financial services sector.

Since March-2020 low, it favors upside in weekly bullish sequence & favors I of (III), while placed (II) at $259.85 low. Above October-2022 low, it favors upside in ((5)) to finish I impulse, while dips remain above August-2024 low.

BRK.B - Elliott Wave Latest Daily View: ​

Since March-2020 low, it placed (I) of ((III)) at $362.10 high in March-2022 & (II) at $259.85 low 0.5 Fibonacci retracement. Above (II) low, it placed ((1)) at $321.32 high & ((2)) at $292.42 low. It resumed upside in extended ((3)), which ended at $449.25 high. Within ((3)), it ended (1) at $373.34 high, (2) at $330.58 low, (3) at $430 high, (4) as triangle at $403.82 low & (5) as ((3)) at $449.25 high. Later, it ended ((4)) at $406.11 low as sharp correction on 5th August-2024 low.

Above $406.11 low, it favors upside in ((5)). Short term rally should finish I sequence started from October-2022 low, while price holds the trend channel. It placed (1) at $484.82 high & appears ended (2) at $445.25 low. Above there, it expects two more highs to finish ((5)), which confirm above $484.82 high as long as momentum divergence remains intact. Do not like chasing the strength at current level. Later, it should pullback in bigger II correction as 3, 7 or 11 swings, which will provide next buying opportunity.

Source: https://elliottwave-forecast.com/stock-market/will-brk-b-continue-rally-correcting-soon/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of GBPUSD Forex Pair , published in members area of the website. As our members know, GBPUSD has recently given us correction against the 1.2664 low. The pair 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.

GBPUSD H4 Update 09.09.2024​

GBPUSD is correcting cycle from the 1.2664 low. The pull back shows lower low structure. Current view suggests another push down toward the extreme zone ( Blue Box ). Despite the expected extension lower, we advise against selling GBPUSD 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) blue , we’ll secure our position by moving the stop-loss to breakeven. To safeguard our trade, we’ll closely monitor for any break below the marked invalidation level : 1.2941

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.

GBPUSD H4 Update 09.14.2024​

The pair 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 1.2999 low. The bounce has exceeded the 50% Fibonacci retracement level against the connector peak – (b) blue. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 1.2999 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 ((i)) black high.

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/gbpusd-elliott-wave-blue-box/

 

[Elliottwave-Forecast]

In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLF a Financial ETF, which we presented to members at elliottwave-forecast.com. In which, the rally from 05 August 2024 lows, showed the higher high sequence in higher time frame charts favored more strength. Also, the right side tag pointed higher against $40.50 low seen on 8.05.2024 low called for more upside. We will explain the structure & forecast below:

XLF 1-Hour Elliott Wave Chart From 9.11.2024​

XLF 1 hour Elliott Wave Chart from 9.11.2024 Post-Market update, in which the ETF ended the 5 waves rally from 8.05.2024 low at $45.88 high. Down from there, the XLF made a pullback to correct that cycle. The pullback unfolded as a double three structure and managed to reach $43.57-$42.52 100%-161.8% Fibonacci extension area of W-X. Thus provided buying opportunity to our members at the blue box area looking for the next extension higher or for 3 wave reaction higher at least.

XLF 1-Hour Elliott Wave Chart From 9.15.2024​

Here’s 1 Hour Elliott Wave Chart from 9.15.2024 Weekend update, in which the ETF is showing reaction higher taking place from the blue box area. And shortly after taking the trade the ETF bounced strongly & allowed longs to get into a risk-free position. However, a break above $45.88 area is yet to be seen to confirm the next extension higher & avoid double correction lower.

Source: https://elliottwave-forecast.com/stock-market/xlf-reaction-reaching-blue-box/

 

[Elliottwave-Forecast]

Hello Traders! In this technical blog we are going to take a look at the Elliott Wave path in Invesco Commodity Index Fund ($DBC) and explain why the ETF should see more downside in a ZigZag ABC correction towards a Blue Box area.

The fund pursues its investment objective by investing in a portfolio of exchange-traded futures on Light Sweet Crude Oil (WTI), Heating Oil, RBOB Gasoline, Natural Gas, Brent Crude, Gold, Silver, Aluminum, Zinc, Copper Grade A, Corn, Wheat, Soybeans, and Sugar. The index is composed of notional amounts of each of these commodities.

5 Wave Impulse Structure + ABC correction​

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$DBC Weekly Elliott Wave View – Sep 16, 2024:​

The weekly chart above clearly illustrates the cycle that started from the March 2020 low, unfolding as a 5-wave impulse. This structure suggests the beginning of a bullish trend. However, after the rally peaked in June 2022, the market began to correct in a Zig-Zag pattern.

Initially, the first leg down unfolded in a 5-wave structure. Subsequently, a bounce occurred in 3 swings, which corrected the downward movement. Despite this bounce, it failed at wave ((B)), and sellers managed to push the price below wave ((A)), creating a bearish sequence. As a result, sellers are currently in control and any bounces are likely to fail in either 3 or 7 swings.

On the other hand, buyers may wait for the blue box area for the next opportunity to enter the market. In conclusion, the ETF is expected to remain weak and reach $16.94 to $11.58, where a higher reaction might occur.

Source: https://elliottwave-forecast.com/st...d-dbc-elliott-wave-structure-favors-downside/

 

[Elliottwave-Forecast]

NexGen Energy Ltd. (NXE) is a uranium exploration and development company based in Vancouver, British Columbia. They focus on high-impact projects in the Athabasca Basin in Saskatchewan, Canada. This area is known for having the highest-grade uranium deposits in the world. Below is the latest long term update of the stock.

$NXE Weekly Elliott Wave Chart as of September 17. 2024​

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Weekly chart of NXE above shows that the stock ended Super Cycle degree wave (II) at 0.53. From there, the stock then rallies in wave (III) with internal subdivision as a 5 waves impulse. Up from wave (II), wave I ended at 6.5 and pullback in wave II ended at 3.4. The stock has rallied higher in wave III. Up from wave II, wave ((1)) ended at 8.88 and dips in wave ((2)) is proposed complete at 4.95. Expect the stock to extend higher in wave ((3)) while it stays above 4.95, and more importantly above 0.53 low.

$NXE Daily Elliott Wave Chart as of September 17, 2024​

Daily Elliott Wave Chart of NextGen Energy (NXE) above shows that the stock ended wave ((1)) 8.88. Afterwards, the stock corrected cycle from July 2022 in wave ((2)) with internal subdivision as a double three structure. Down from wave ((1)), wave (W) ended at 6.57 and wave (X) ended at 7.61. Wave (Y) lower ended at 4.98 which completed wave ((2)). The stock then turns higher in wave ((3)). Up from wave ((2)), wave 1 ended at 6.62 and wave 2 pullback ended at 5.19. Near term, as far as pivot at 4.98 low stays intact, expect the stock to extend higher.

Source: https://elliottwave-forecast.com/stock-market/nexgen-energy-nxe-may-ended-correction/

 

[Elliottwave-Forecast]

Short term Elliott Wave view on Nasdaq (NQ) shows that rally from 8.5.2024 low is unfolding as a 5 waves impulse. Up from 8.5.2024 low, wave (1) ended at 20025.25. Pullback in wave (2) ended at 18338.45 with internal subdivision as a double three Elliott Wave structure. Down from wave (1), wave W ended at 19140.25 and wave X ended at 19693.50. Wave Y lower unfolded as another double three in lesser degree. Down from wave X, wave ((w)) ended at 18825.75 and wave ((x)) ended at 19150.50. Wave ((y)) lower ended at 18338.45 which completed wave Y of (2) in higher degree.

The Index has turned higher in wave (3) with internal subdivision as a 5 waves impulse. Up from wave (2), wave ((i)) ended at 18927.5 and pullback in wave ((ii)) ended at 18547. Wave ((iii)) higher ended at 19813.50 and pullback in wave ((iv)) ended at 19529. Near term, expect Index to extend higher to end wave ((v)) and this should complete wave 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 9.7.2024 low in 3, 7, 11 swing before it resumes higher.

Nasdaq (NQ) 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-view-nasdaq-nq-calling-next-bullish-leg-started/

 

[Elliottwave-Forecast]

Hello traders. Welcome to another trading blog where we discuss chart setups that Elliottwave-Forecast members traded. In today's blog, the spotlight will be on AUDUSD as the pair recently reacted as expected from an extreme area thus providing profitable trade ideas for members.

Since the low of October 2022, AUDUSD has rallied and faltered multiple times. The pair has been in a range between the high of February 2023 and the low of October 2022. However, even within a range, traders can spot opportunities in the shorter time frames. As for the Aussie, the pair completed the supercycle degree wave (I) in March 2020. Since the end of wave (I), the pair has rallied sharply with an impulse sequence that ended in February 2021. Since then, it has been in a corrective cycle that we have identified as a double three structure. We update the detailed weekly and daily charts every weekend, or sometimes within the week, for members to understand the long-term path.

Our long-term forecast sees the rally from the October 2022 low as a connector that could lead to the extension of the larger bearish corrective sequence from February 2021. Meanwhile, the last setup on AUDUSD was along the path of the connector—upside. Within the 30-month range, we expected the pair to hit at least 0.6955. With this in mind, we shared a bullish bias with members on the H4 and H1 charts. Let's look at the latest setup on this pair.

AUDUSD Elliott Wave Analysis. 09/09/2024 Update​

On 09.09.2024, we shared the H4 chart above with members. After the price completed wave (X) of ((X)) on 08.05.2024, it rallied sharply with an impulse structure. We identified the impulse sequence from 08.05.2025 as wave A of (Y) of ((X)). In addition, we identified the pullback that followed as a corrective double three structure, labeled as wave B. Thus, we expected that wave B would find support in the extreme zone between 0.6629 and 0.6543. From the extreme, we anticipated at least a 3-swing bounce. We provided the extreme zone for independent members who would like to buy in this kind of scenario. While that was the path we expected, we would prefer to buy after wave A's high is breached. Consequently, we can buy the next pullback.

AUDUSD Elliott Wave Analysis. 09/09/2024 Update​

[caption id="attachment_947907" align="aligncenter" width="1024"] AUDUSD, H4[/caption]
Price reached the extreme as expected, confirming the completion of a double zigzag structure for wave B. Afterwards, an impulse rally followed in wave ((i)) of C. Thus, wave C could extend to 0.7090. Meanwhile, we are expecting a breach of wave A high, opening more room to the upside and confirming that wave B has finished. Afterward, we would like to buy pullbacks when they complete 3, 7, or 11 swings.

Source: https://elliottwave-forecast.com/forex/audusd-rally-extreme-within-correction/

 

[Elliottwave-Forecast]

PENDLE is a DeFi protocol focused on yield trading, allowing users to both fix or leverage their yield. In today’s blog, we’ll explain the daily Elliott Wave structure taking place and show the potential outcome for the token.

Since April 2024, PENDLE started its correction to the downside and it lost 75% of its value. The move from the peak unfolded within a 3 waves ZigZag structure. This Elliott Wave corrective structure results on a reversal to take place. The token reached the equal legs area at $3.5 – $1.25 from where it ended the daily move to the downside.

The blue box showing in our chart is a technical area where we expect PENDLE to find Buyers and react higher. Up from there, it’s expected to turn to the upside either to start a new 5 waves advance or at least bounce in 3 waves from there.

Elliott Wave ZigZag Structure​

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PENDLE Daily Chart 9.18.2024​

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Source: https://elliottwave-forecast.com/cryptos/token-pendle-daily-blue-box-area/

 

[Elliottwave-Forecast]

Coca-Cola Co (NYSE: KO) started a new bullish cycle on October 2023. As discussed in our previous article, the stock rallied from our blue box area after ending a corrective double three structure. The impulsive rally suggested the start of wave III to the upside and this year KO managed to break above 2022 into new all time highs.

KO Daily Chart 12.2.2023​

The stock is currently showing 3 swings up from 2020 low and consequence it's considered as an incomplete bullish sequence looking to do a 5 waves advance. It's currently trading within wave ((3)) of III and it will be looking to end rally from 2023 before starting 3 waves pullback in wave IV.

KO still has a weekly target to the upside at equal legs area $82.5 - $89.8. Buyers will continue to buy the stock during pullbacks in 3, 7 or 11 swings until it reaches the target or the cycle from 2020 ends.

KO Weekly Chart 9.19.2024​

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Source: https://elliottwave-forecast.com/stock-market/coca-cola-ko-weekly-bullish-sequence/

 

[Elliottwave-Forecast]

Short term Elliott Wave view on EURJPY suggests cycle from 8.16.2024 high ended at 155.14 as wave A. Internal subdivision of wave A unfolded as 5 waves impulse. Down from 8.16.2024 high, wave ((i)) ended at 160 and wave ((ii)) rally ended at 162.89. Wave ((iii)) lower ended at 155.446 and rally in wave ((iv)) ended at 157.51. The pair then extended lower in wave ((v)) towards 155.14 which completed wave A.

Wave B rally is currently in progress to correct cycle from 8.15.2024 high. Internal subdivision of wave B is unfolding as a double three Elliott Wave structure. Up from wave A, wave (a) ended at 157.1 and pullback in wave (b) ended at 156.04. The pair then rallied higher in wave (c) towards 158.33 which completed wave ((w)). Pullback in wave ((x)) ended at 157.03 and it has since turned higher again in wave ((y)). Up from wave ((x)), wave (a) ended at 158.03 and pullback in wave (b) ended at 157.10. Wave (c) higher is now in progress towards 160.25 - 162.24 and this should also complete wave ((y)) of B in higher degree. Near term, as far as pivot at 162.91 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.

EURJPY 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-view-eurjpy-expects-rally-fail/

 

[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 Energy ETF (XLE) , published in members area of the website. As many of our members know, the ETF has found buyers at the extreme zone recently. XLE hit our target area and completed a correction at the Equal Legs (Blue Box Area). In the following sections, we’ll take a look into the Elliott Wave forecast.

XLE H4 Update 09.12.2024​

The ETF is giving us correction that is unfolding as 3 waves pattern , labeled as (W)(X)(Y) blue. The pullback has already reached the extreme zone (Blue Box). We are aware that turn higher can happen any moment. However, we still see possibility of another marginal push lower. At this stage, we advise against selling the ETF. We favor the long side from the H4 Blue Box area. XLE could either see a rally to new highs or a larger corrective bounce in at least three waves.

If you want to learn more about Elliott Wave Patterns, we invite you to explore our Free Elliott Wave Educational Web Page.

XLE H4 Update 09.12.2024​

The ETF responded as expected. XLE found buyers at the Blue Box Area. As a result, ETF made a substantial rally from our reversal zone. We got a decent bounce confirming cycle from the peak has ended. While above 83.01 low, we can consider pull back completed , looking for a further rally ideally.

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/stock-market/spdr-energy-etf-xle-blue-box/