Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

IBM, or International Business Machine Corporation, is a multinational technology company headquartered in Armonk, New York. IBM operates in over 175 countries and offers a wide range of products and services, including cloud computing, artificial intelligence, computer hardware, and software. The company is also a leader in quantum computing and has made significant advancements in this field. This article and video look at the Elliott Wave outlook of the IBM.

IBM Quarterly Elliott Wave Chart​

Quarterly Elliott Wave Chart of IBM above shows the stock formed a bullish sequence. It has broken above wave ((I)) peak, confirming the bullish sequence. Rally to 206.22 ended wave ((I)) in grand super cycle. Down from there, wave (w) ended at 111.66 and wave (x) rally ended at 174.59. Wave (y) lower ended at 86.50 which completed wave ((II)) in higher degree. The stock has resumed higher in wave ((III)) and should continue to extend higher.

International Business Machine (IBM) Weekly Elliott Wave Chart​

Weekly Elliott Wave View on IBM above shows wave ((II)) pullback ended at 87.62. Up from there, wave I ended at 153.21 and pullback in wave II ended at 120.55. Expect the stock to complete wave III soon, then it should pullback in wave IV before it resumes higher again in wave V to complete wave (I). While above 87.62, expect dips to find support in 3, 7, 11 swing for further upside.

Source: https://elliottwave-forecast.com/vi...sh-sequences-and-looking-for-a-400-00-target/

 

[Elliottwave-Forecast]

Johnson & Johnson (JNJ) is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. Its common stock is a component of the Dow Jones Industrial Average, and the company is ranked No. 36 on the 2021 Fortune 500 list of the largest United States corporations by total revenue.

JNJ Weekly Chart June 2024 ​

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In the last analysis, we had adjusted the labelling of the structure from 186.69 high. Down from the peak. We labeled a flat correction as wave ((W)) where wave (C) was an ending diagonal. Wave (A) ended at 159.17 low in Oct 2022 and wave (B) rally finished at 181.04 high. Then, the structure looked like as a double correction because we had a lot of waves traslaped. However, the momentum slowed down, suggesting that JNJ could be ready for a rally and the ending diagonal structure as wave (C) is the best option for this.

JNJ Daily Chart June 2024​

With a new Daily chart of JNJ, the price action broke below 144.95 wave 3 low, suggesting we are currently trading in wave 5 of (C). We said that, it was possible that wave 5 could be ended at 143.13 wave ((w)) low. However, we expected one more slighly low in 142. 25 - 138.52 area to end wave 5 of (C) and ((W)) as a double correction before resuming the rally.

JNJ Weekly Chart October 2024​

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Above we have last JNJ weekly chart updated. We can see the rally as expected ending wave (A) at 168.85 high and now it is pulling back in wave (B). As minimum we are looking for an (A), (B), (C) structure to complete wave ((X)) before resuming lower in wave ((Y)). However, we cannot rule out for now that JNJ breaks above wave I developing an impulse. If that happens, it is very possible that wave II could be completed.

JNJ Daily Chart October 2024​

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In the daily chart, we can see how the wave 5 end at 143.13 low developing a flat correction. Missing the slighly low to the bule box area. Wave ((W)) ended and the stock is bouncing in wave ((X)) correction. Wave (A) of ((X)) ended at 168.85 high and wave (B) is building a flat correction lower. The wave (B) could end in 155.87 - 152.82 area and then resume the rally in wave (C) of ((X)). So be it is not clear that JNJ is going to do an impulse or correction from 143.13 low, we prefer to remain bullish and look for buying opportunities.

Source: https://elliottwave-forecast.com/stock-market/jnj-continue-higher-complete-pullback/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of Silver (XAGUSD ) commodity , published in members area of the website. As our members know, Silver has recently given us correction against the September 6th low. The commodity reached our target zone and completed correction right at the Equal Legs ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.

SILVER H1 Update 09.30.2024​

The commodity is giving us wave (iv) blue correction. The pull back has incomplete structure at the moment. Consequently, we are looking for another short term low toward the extreme zone ( Blue Box ). However, we don't recommend selling it. We expect it to attract buyers at the Blue Box zone. The commodity could make either rally towards new highs or a larger corrective bounce in three waves at least. Once the bounce reaches the 50% Fibonacci retracement level against the connector high – x red, we’ll secure our position by moving the stop-loss to breakeven. Break below the marked invalidation level : 30.44 would invalidate the trade.

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.

SILVER H1 Update 10.01.2024​

The commodity made another leg down and found buyers within the Blue Box area as expected. We got a nice rally from our buying zone, consequently counting 4 red pull back completed at 30.86 low. The bounce has exceeded the 50% Fibonacci retracement level against the connector peak – currently marked as ((x)) black. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 30.86 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 3 red peak.

SILVER H1 Update 10.05.2024​

Eventually the commodity made break of 3 red peak as we expected. We expect Silver to keep trading higher ideally as far as pivot at 30.86 low holds.

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/silver-xagusd-buying-blue-box-2/

 

[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 blue box area for a minimum reaction higher to happen. We will explain the structure & forecast below:

Gold 1-Hour Elliott Wave Chart From 9.30.2024​

Here’s the 1-hour Elliott wave Chart from the 09/30/2024 NY update. In which, the rally to $2685.58 high ended wave 3 & made a pullback in wave 4. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $2643.02 low. Then a short-term bounce to $2665.99 high-ended wave ((x)) & started the next leg lower in wave ((y)) towards $2623.88- $2597.89 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 10.07.2024​

Above is the Latest 1-hour Elliott Wave Chart from the 10.07.2024 London 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 $2685.58 high would still be needed to confirm the next leg higher minimum towards the $2699.74- $2723.00 area & avoid double correction lower.

Source: https://elliottwave-forecast.com/commodities/gold-found-buyers-blue-box-area/

 

[Elliottwave-Forecast]

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

$XLU Weekly Elliott Wave View – October 2023:​

In October 2023, we explained that $XLU had reached the Blue Box area at $55.81 – $44.73. A bounce was anticipated at this level. This area was a critical support zone identified by our Elliott Wave analysis.

$XLU Weekly Elliott Wave View – May 28, 2024:​

In May 2023, we explained that $XLU has bounced from the Blue Box area. As a result, the ETF has moved higher, allowing long positions to become risk-free. We expect $XLU to continue its rally towards the $74.00 – $79.00 range in a 5-wave pattern. This rally is favored to happen before another pullback occurs. Traders should look for re-entry opportunities at black ((2)) in 3 or 7 swings. Moreover, a break above the all-time highs (ATHs) will start a bullish sequence towards the $89 – $111 range.

$XLU Weekly Elliott Wave View – Oct 07, 2024:​

The latest weekly update is showing that the ETF has broke above the all-time highs. As a result, it has opened a bullish sequence. We expect The ETF to continue its rally towards the $83.64 – $92.58 range in a series of wave 4 and 5 pattern. Traders can look for re-entry opportunities at red 4 and blue (4) in 3 or 7 swings. Once the pattern is complete, a larger degree pullback in black ((2)) is expected to take place to correct the entire cycle from Oct 2023 low.

Source: https://elliottwave-forecast.com/stock-market/riding-xlu-impressive-rally/

 

[Elliottwave-Forecast]

NextEra Energy, Inc., (NEE) is an American Energy company through its subsidiaries generates, transmits, distributes & sells electric power to retail & wholesale customers in North America. The company generates electricity, through wind, solar, nuclear, natural gas & other clean energy. It is based in June Beach, Florida, comes under Utility sector & trades as “NEE” ticker at NYSE.

In daily, it favors upside from October-2023 low & confirms bullish sequence, when break above $93.73 high. Currently, it favors upside in ((5)) to finish I & soon will starts correcting in II in 3, 7 or 11 swings pullback.

NEE - Elliott Wave Latest Weekly View: ​

In Monthly sequence, it ended ((I)) at $93.73 high in December-2021, since its inception. It corrected lower in ((II)) as double correction, which ended at $47.15 low in October-2023 low. Within ((II)), it placed (w) at $67.22 low, (x) at 76.67 high as triangle structure & (y) at $47.15 low.

Above ((II)) low, it favors upside in I of (I) of ((III)) & need to break above $93.73 high to confirm the bullish sequence. Above $47.15 low, it placed ((1)) of I at $64.59 high as diagonal, ((2)) at $53.95 low, ((3)) at $80.47 high & ((4)) at $68.97 low. Currently, it favors upside in ((5)) started from June-2024 low & expect small upside to finish I while high comes with momentum divergence. Later, it should correct in II in 3, 7 or 11 swings against October-2023 low before resume higher. If it extends higher & erase the momentum divergence, then it will be nesting in (I). We like to buy the pullback in 3, 7 or 11 swings, once it confirms bullish sequence. Until it breaks above December-2021 high, it can remain choppy or do larger double correction in ((II)), if breaks below $47.15 low.

Source: https://elliottwave-forecast.com/stock-market/nextera-nee-continue-bullish-trend-correcting-lower/

 

[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. PLTR has been rallying strongly since forming a low in December 2022. The rally has gained momentum recently and keeps extending. Today, we take a closer look at the big picture view of Palantir and also look at the internal structure of the rally from the December 2022 low.

PLTR [Palantir] Weekly Elliott Wave Analysis [10.8.2024]​

Palantir ended a cycle at $45.00 in January 2021. Then it did a deep pullback as a Zig Zag Elliott Wave correction ending wave (II) at 5.91 low. The market started an impulse structure in wave ((1)) which completed at $21.87. This was followed by a pullback in wave ((2)) which completed at $15.61 in January 2024. Stock then resumed the rally in wave ((3)) which is still in progress. Price has already exceeded 161.8% Fibonacci extension of wave (1)-(2) at $36.35 and 261.8 Fibonacci extension of wave (1)-(2) comes at $46.15 which could be the next ideal target area to complete wave (3). 100% Fibonacci extension of wave (I) related to wave (II) is at $50.90 and this is the first major target for the rally which started in December 2022. This is above the previous all-time peak of $45 seen back in January 2021.

PLTR [Palantir] Daily Elliott Wave Analysis [10.8.2024]​

The daily chart below shows wave ((2)) pullback completed at $15.61. Up from there wave (1) completed at $27.53, wave (2) pullback completed at $20.39 and it's currently trading higher in wave (3). Currently, we see 11 swings higher from the wave (2) low. 11 swings is a corrective sequence which means we need more upside within the current cycle to complete the impulsive advance before wave (3) concludes. After that we should see a pullback in wave (4) and an extension higher in wave (5) to complete wave ((3)).



Source: https://elliottwave-forecast.com/stock-market/pltr-elliott-wave-new-highs/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View in GDX suggests the zigzag correction should find support towards extreme areas before resume higher to finish the impulse sequence from 5-August, 2024 low. It is showing higher high sequence in daily from September-2022 low and expect short term rally to continue against August-2024 low. Since 5-August, 2024 low, it placed 1 at 39.97 high and 2 correction at 36.22 low as 0.618 Fibonacci retracement. Above 36.22 low, it placed ((i)) of 3 at 36.89 high, ((ii)) at 36.44 low, ((iii)) as extended wave at 40.98 high, ((iv)) at 39.02 low and finally ((v)) as 3 at 42.12 high.

Below 3 high, it favors zigzag correction in 4 against 6-September, 2024 low before resume higher. Below 42.12 high, it favors pullback in ((c)) of 4 started from 40.79 high. It placed ((a)) of 4 at 39.35 low as 5 swing sequence, while placed ((b)) at 40.79 high. Within ((a)), it placed (i) at 41.22 low, (ii) at 41.95 high, (iii) at 39.96 low, (iv) at 40.75 high and (v) as ((a)) at 39.35 high. Below ((b)) high, it placed (i) at 39.12 low and (ii) at 40.19 high. Currently, it favors lower in (iii) and expect short term weakness towards 38.03 or lower levels to finish zigzag before resume higher in 5 as possible diagonal from August-2024 low.

GDX 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-view-gdx-favors-pullback-before-rally/

 

[Elliottwave-Forecast]

Hello traders. Welcome to a new 'blue box' blog post where we discuss our most recent trade setups shared with Elliottwave-Forecast members. In this one, we will discuss the Qs - QQQ (Investico QQQ ETF).

The Invesco QQQ ETF tracks the Nasdaq-100 Index, focusing on 100 large non-financial companies, mainly in technology, healthcare, and consumer sectors. It's a popular choice for investors seeking exposure to large-cap tech companies.

The post-COVID recovery for U.S. markets began in October 2022, and since then, the market has sustained a bullish cycle, producing a series of higher highs and higher lows. In such bullish sequences, we prefer to buy pullbacks in 3, 7, or 11 swings. The QQQ ETF has followed a similar pattern, with its price recovering from every pullback before July 2024.

Notably, the bullish impulse sequence that started in October 2022 still appears incomplete, leading us to continue buying this ETF on dips. The most recent pullback occurred between July and August 2024, followed by a resurgence that has yet to break the previous high from July 2024. However, a higher-high sequence emerged when the ETF breached its August high, presenting an opportunity within the shorter cycles.

QQQ Elliott Wane Analysis - 10.01.2024 Update
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We identified an impulse wave sequence in the shorter cycles after the price broke above the August 2024 high. Consequently, we informed our members that we would look to buy the next 3, 7, or 11 swings pullback at the equal leg. To illustrate this, the abridged chart above illustrated end of wave 4, highlighting the blue box area, indicating a buy at 477/478 with a stop at 470.

Our plan was to adjust the stop to either the entry point or the low of wave (c) once the price made a significant bounce to what we call the "risk-free area." At that point, we typically close half of the position for profit and reduce the stop on the remaining portion. This strategy aims to create a risk-free trade.

QQQ Elliott Wane Analysis - 10.09.2024 Update ​

We shared the chart on 10/09/2024, showing the expected price bounce from the blue box. Members have already closed half of their positions for profit and adjusted the rest to breakeven. This allows them to hold the remaining position risk-free until the target is reached. This frees up capital to allocate toward other opportunities. However, if the price turns lower from this point to form a deeper wave 4, we won’t hesitate to buy again. In that case, we will provide an updated chart with a new blue box for members to follow.

Source: https://elliottwave-forecast.com/stock-market/qqq-reaches-risk-free-from-blue-box/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View in META suggests that rally from 7.25.2024 low is in progress as an impulsive structure. Up from 7.25.2024 low, wave (1) ended at 544.23. Wave (2) pullback ended at 495.51 as the 1 hour chart below shows. Up from there, the stock extended higher in wave ((3)) as an impulse. Wave 1 of (3) ended at 527.94 and pullback in wave 2 of (3) ended at 517.11. Stock extends higher again in wave 3 of (3) towards 583.04 and wave 4 of ((3)) ended at 566.4. Final leg wave 5 ended at 602.95 which completed wave (3).

Wave (4) pullback is currently in progress as a double three Elliott Wave structure. Down from wave 93), wave W ended at 581.61 and rally in wave X ended at 592.18. Expect Wave Y to extend lower towards 100% - 161.8% Fibonacci extension of wave W. This area comes at 557.7 - 579.8 where wave Y of (4) should end. From this area, the stock should resume higher again or at least rally in 3 waves. Near term, as far as pivot at 495.51 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

META 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/ne...e-correction-meta-provide-buying-opportunity/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the Elliott Wave charts of Copper Futures HG_F, published in members area of the website. As our members know, Copper is showing impulsive sequences in the cycle from the 3.9230 low. Consequently we are favoring the long positions at this stage. The commodity has recently given us a 3-waves pull back, when buyers appeared right at the equal legs zone. We are going to explain Elliott Wave forecast further in this article.

Copper H1 Asia Update 10.09.2024​

The current view suggests that the Copper commodity is doing a 4 red pullback. Structure of the correction is still incomplete, suggesting more short term weakness. We expect to see another leg down toward equal legs : 4.3758-4.3069 ( buyers zone). Once extreme zone is reached , we expect potential buyers to appear in that area, which could lead to a further rally towards new high or a three-wave bounce at least.

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

Copper H1 Asia Update 10.12.2024​

The commodity made another wave down as we expected. The price has reached the extreme zone at 4.3758-4.3069 area. The commodity found buyers and made a rally from the Equal Legs-Buyers zone, completing pull back at the 4.3729 low. Copper can remain supported as far as the price stays above 4.3729 low.

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/elliottwave/copper-futures-hg_f-elliott-wave/

 

[Elliottwave-Forecast]

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

XAUUSD 1-Hour Chart From 10.08.2024 NY Update​

Here’s the 1-hour Elliott wave Chart from the 10.08.2024 NY update. In which, the rally to $2685.58 high ended wave 3 & made a pullback in wave 4. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $2624.54 low. Then a short-term bounce to $2673.14 high-ended wave ((x)) & started the next leg lower in wave ((y)) towards $2611.86- $2573.73 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.

XAUUSD Latest 1-Hour Chart From 10.14.2024 NY Update​

Above is the Latest 1-hour Elliott Wave Chart from the 10.14.2024 NY update. In which the metal is showing a perfect reaction higher taking place from the equal legs area. Right after ending the double correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above $2685.58 high would still be needed to confirm the next leg higher minimum towards the $2705.22- $2737.27 area & avoid double correction lower.

Source: https://elliottwave-forecast.com/commodities/xauusd-perfectly-reacting-higher/

 

[Elliottwave-Forecast]

Aptos APT is an independent Layer 1 blockchain platform focused on safety and scalability driving growth within a decentralized network and developer ecosystem. In today’s blog, we’ll dive into the daily Elliott Wave structure taking place and show the potential outcome for the coin.

On the 5th of August 2024, APT ended a corrective Zigzag structure at $4.32 then turned higher from there. The coin started rallying within an impulsive structure and it reached the initial target area at $8.7 - $9.5. It's expected to soon end wave 3 and then pullback in wave 4 before another push higher in wave 5.

APT continues to create a higher high sequence followed by a higher low and therefore the next short term pullback is expected to remain supported above 10/1 low $7.23. The upside move could extend toward the 1.618 Fibonacci extension from August low at $10.7 and the coin can end wave (1) there before starting a larger pullback in wave (2).

APT Daily Chart 10.8.2024​

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Source: https://elliottwave-forecast.com/cryptos/aptos-apt-bullish-structure/

 

[Elliottwave-Forecast]

Solana (SOL) is highly functional project that banks on Blockchain technology’s permission less nature to provide the decentralized finance (DeFi) solutions. It was officially launched in March-2020 with the headquarters in Geneva, Switzerland.

Since April-2020 low, SOL:Binance made all time high of $267.52 in November-2021 as (I) impulse sequence. Currently, it favors upside in ((3)) of I after correction of (II) ended at $7.96 low in December-2022 low. It needs to break above November-2021 high to confirm the next bullish sequence.

SOL - Elliott Wave Latest Daily View: ​

Since April-2020 low, it placed I of (I) at $61.44 high, II at $19.04 low, III at $221.38 high, IV at $115.45 low & V at $267.52 high. After that it corrected lower in (II) as dip pullback in double correction at $7.96 low in December-2022. Within (II), it placed w at $75.34 low, x at $143.17 high & y at $7.96 low.

Above (II) low, it resumed higher in ((1)) of I, which ended at $210.03 high in March-2024. In ((1)), it placed (1) at $26.78 high, (2) at $12.82 low, (3) at $126.35 high, (4) at $78.87 low & finally (5) at $210.03 high as ((1)). It corrected in ((2)) as zigzag correction, which ended at $109.89 low. Within ((2)), it placed (A) at 118.89 low as 5 swings, (B) at $194.07 high as flat & (C) at $109.89 low as ((2)). The zigzag correction missed the extreme areas before turning higher.

Above ((2)) low, it placed (1) at $163.56 high & (2) at $120.40 low. It is choppy at the moment & need to break above (1) high to confirm the next move higher to be (3) to extend towards $174.84 – $208.07 area or higher levels as nest in (3). We like to buy the next pullback in 3, 7 or 11 swings, once it breaks above ((1)) high,. Alternatively, if it breaks below $109.89 low, it can do double in ((2)) correction against December-2022 low.

Source: https://elliottwave-forecast.com/cryptos/solana-sol-ready-continue-next-rally/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Consumer Staples ETF ($XLP). The rally from 5.31.2024 low unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

5 Wave Impulse Structure + ABC correction​

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$XLP 4H Elliott Wave Chart 10.03.2024:​

Here is the 4H Elliott Wave count from 10.03.2024. The 5 wave impulsive cycle from 5.31.2024 ended on 9.16.2024 at blue (3) and started a pullback. We expected the pullback to find buyers at the blue box area at 81.33 – 80.00 in 3 swings.

$XLP 4H Elliott Wave Chart 10.15.2024:​

Here is the latest 4H update from 10.15.2024, showing the bounce taking place as expected. The cycle from the peak at blue (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 $85 – 87 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 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/949454/

 

[Elliottwave-Forecast]

Hello traders, welcome to a new Forex blog post. In this one, we will discuss AUDUSD short-term Elliott wave analysis. We believe the forex pair is still within a bearish corrective cycle from late September 2024. Thus, the current minor bounce should fail at some point, leading to a further intraday sell-off.

From the perspective of Elliott wave theory, price action evolves in a series of 5-waves and 3-waves that depict trend and correction, respectively. The theory also postulates that a trend develops in 5-waves. When a 5-wave sequence is completed, a 3-wave correction should occur against the direction of the trend. These 5-waves and 3-waves combine to form market cycles across all time frames.

A bullish sequence evolved in AUDUSD from the low of August 2024. This sequence completed a 5-wave impulse structure on September 30th. The expectation was that a 3-wave correction to the downside would follow. Meanwhile, corrections can take different forms. However, the most recognizable and tradable are what we call zigzags. Zigzags can either complete a 3, 7, or 11 swing structure, i.e., A-B-C, W-X-Y, or W-X-Y-XX-Z sequences, respectively. When the first sub-structure within the corrective phase is a 5-wave, we often anticipate an A-B-C structure. A-B-C structures are 5-3-5 wave sequences, which we refer to as zigzag patterns.

AUDUSD Elliott Wave Analysis - 10.17.2024 Update​

We shared the chart above on 10/17/2024 with Elliottwave-Forecast members, showing the path in the shorter cycles. The chart displays a bearish correction of the bullish sequence from the low of August. The first reaction was a 5-wave down, completing wave (A). With this structure, we can anticipate an A-B-C zigzag pattern involving a 5-3-5 wave sequence. Thus, the price is currently in wave (B) if it extends higher to at least the 23.6% retracement zone at 0.6725. However, if the current bounce ends below 0.6725, then it's not sufficient for (B). In that case, we could consider it as a new wave 4 of (A) or wave ((ii)) of 5, leading to a further sell-off for wave (A).

On the other hand, if the bounce develops above 0.6725 to qualify for wave (B), we will expect a 3, 7, or 11 swing structure and anticipate where wave (B) should end. At the extreme of (B), we expect new attempts by sellers to push lower below (A) along the path of (C). However, to join the sellers, we would like to confirm the end of wave (B) by waiting for the price to breach the low of wave (A). Afterward, we would sell on bounces in 3, 7, or 11 swing structures, targeting 100% of wave (A) from (B). When it's time to sell, our members will be alerted in the trading room and by the blue box on our charts. The blue box provides entry and exit prices. Additionally, in the trading room, our analysts share trade management tips for every setup.

Source: https://elliottwave-forecast.com/forex/audusd-favors-downside-bounces/

 

[Elliottwave-Forecast]

Micron Technology, Inc. (MU) designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.

MU Weekly Chart March 2023​

As we see in the chart above, we ended an impulse as wave I at $96.96 high. Then, the market did an expanded flat correction (3-3-5) causing the price to drop to $48.43. We labelled this low as wave II. From here, we expected to continue the rally as long as the price stays above wave II.

MU Weekly Chart July 2024



In July, we adjusted the labels by calling (I) and (II) where waves I and II were on the chart a year ago. As you could see, MU hit the bottom and started a new bullish cycle breaking above $150.00. This generated a return of more than 200% of the capital. We called a wave III of (III) at $157.54 high and wave IV ended at $127.27 low. We expected to trade higher in wave V of (III) to reach the ideal zone of $164.83 - $176.47 where we should see a market reaction.

MU Weekly Chart October 2024

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This is the latest update of Micron. Wave IV failed to withstand the market onslaught and broke below $127.27. This ended the cycle that started in December 2022 and we adjusted the movement as wave I of (III) ended at $157.57 high. MU did a bearish impulse ending at $84.12 low and we called it wave ((A)) of II. Currently, it is trading in the corrective wave ((B)). Wave (A) ended at $106.75 high. The correction ended wave (B) at $98.94 low. Now wave (C) has already started a new rally and we expect to reach the $130.03 - $149.15 area to culminate wave ((B)) and turn lower in ((C)). The idea is valid as long as the market stays below $157.57 or above $48.43. If the market breaks above wave I, then wave II is most likely over.

Source: https://elliottwave-forecast.com/stock-market/micron-mu-ended-cycle-december-2022-low/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of OIL Futures CL_F published in members area of the website. As our members know the commodity has been showing incomplete sequences in the cycle from the 94.63 peak. Recently OIL has given us the recovery that reached our selling zone. The commodity found sellers right at the Blue Box area and made the decline as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

OIL Elliott Wave H4 Chart 10.05.2024​

The commodity is giving us clear 3 waves correction , forming Elliott Wave Zig Zag Pattern. The price has already reached the extreme zone at 74.35-78.91 (Blue Box – sellers zone). We don’t recommend buying OIL and prefer the short side from the blue box zone. As the main trend is bearish, we expect to see at least 3 waves pullback from our selling zone. Once the decline reaches 50 Fibs against the (b) blue low, we will make the short position risk-free (put SL at BE) and take partial profits.

Quick reminder:

Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

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

OIL Elliott Wave H4 Chart 10.17.2024​

The commodity found sellers at the Blue Box area: 74.35-78.91. We are receiving a good reaction from the selling zone. The decline made has reached and exceeded 50 Fibs against the (b) blued low. So, members who took the short trade are currently enjoying profits in risk-free positions.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room



Source: https://elliottwave-forecast.com/commodities/oil-cl_f-selling-rallies-blue-box-area/

 

[Elliottwave-Forecast]

Hello Traders! Today, we will look at the Daily Elliott Wave structure of TransMedics Group Inc. (TMDX) and explain why the stock should soon reach a Blue Box area and react higher.

TransMedics Group, Inc., a commercial-stage medical technology company, engages in transforming organ transplant therapy for end-stage organ failure patients in the United States and internationally. The company was founded in 1998 and is headquartered in Andover, Massachusetts.

5 Wave Impulse Structure + ABC correction​

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TMDX Daily Elliott Wave View October 21st 2024:​

The daily chart of TransMedics Group (TMDX) reveals key patterns based on Elliott Wave Theory. This analysis provides a roadmap for traders to plan their next steps effectively.

Breaking Down TMDX’s Recent Price Action​

Since the February 2022 low, TMDX has followed a classic 5-wave impulse pattern, indicating a strong trend. Here’s what has happened so far:

1. Wave ((1)) ended on July 19, 2023, marking the first impulse.
2. Afterward, the stock pulled back in a 3-wave correction (ABC), eventually bottoming out at wave ((2)).
3. TMDX then rallied once more, completing wave ((3)) on August 23, 2024.
4. Now, wave ((4)) is in progress, and the price is approaching a potential support area known as the Blue Box, which ranges from $125.11 to $97.78.

The Blue Box: A Key Area to Watch​

The Blue Box represents a crucial zone where buyers could step in and start the next rally toward wave ((5)). Typically, corrections occur in 3, 7, or 11 swings, so traders should remain cautious and manage their risk.

Here’s What to Keep in Mind:

• Stay above the Invalidation Level: As long as the price holds above $97.78, the bullish outlook remains intact. A drop below this level would require a new analysis.
• Avoid Short Selling: The anticipated decline toward the Blue Box might tempt some to sell, but this carries risks. A truncation could occur, cutting the move short. Instead, watch for signs of a bounce in the Blue Box as a signal for the next rally.

Smart Risk Management​

Because the correction could extend into 7 swings, consider taking partial profits on the first bounce. By doing this, you protect some gains and make your remaining position risk-free, setting yourself up for the potential wave ((5)) rally.

Why Elliott Wave Theory Points to a Rally​

Elliott Wave Theory helps traders understand market trends and sentiment shifts. In this case, it suggests that once wave ((4)) finishes, TMDX could start a new upward leg, aiming for fresh highs with wave ((5)).

Conclusion​

With TMDX nearing a crucial support zone in its Elliott Wave cycle, traders should stay alert for a potential rally. As long as the stock remains above the $97.78 level, the chances of a bullish move increase. Use this analysis to guide your trading strategy and anticipate what’s next.

Source: https://elliottwave-forecast.com/st...oup-inc-tmdx-poised-rally-soon-blue-box-area/

 

[Elliottwave-Forecast]

The VanEck Junior Gold Miners ETF (GDXJ) is an exchange-traded fund that aims to replicate the performance of the MVIS Global Junior Gold Miners Index. This index tracks the overall performance of small-capitalization companies primarily involved in mining for gold and silver.

GDXJ Monthly Elliott Wave View​

Gold Miners Junior ETF (GDXJ) ended wave ((II)) in grand super cycle degree at 16.14. From there, The ETF is rallying in the form of an impulse. Wave (I) rally ended at 52.5 and dips in wave (II) pullback ended at 19.52. The ETF is rallying higher in wave (III) as a nest. Up from wave (II), wave I ended at 65.95. Wave II pullback ended at 25.80. The ETF should continue to extend higher as far as it stays above 16.14.

GDXJ Daily Elliott Wave View​

Daily Elliott Wave Chart of GDXJ shows that wave III rally is in progress as an impulse. Up from wave II, wave ((1)) ended at 41.16 and pullback in wave ((2)) ended at 30.46 with internal subdivision as an expanded flat. The ETF then rallied again in wave ((3)) as a nest. Up from wave ((2)), wave (1) ended at 49.13 and pullback in wave (2) ended at 40.26. The ETF has extended higher again in wave (3). Up from wave (2), wave 1 ended at 48.47 and wave 2 pullback ended at 42.51. Expect the ETF to continue higher within wave (3) of ((3))

Source: https://elliottwave-forecast.com/video-blog/gold-miners-junior-gdxj-impulsive-rally-in-progress/