Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

SoFi Technologies, Inc., (SOFI) provides various financial services in the US, Latin America & Canada. It operates through three segments; Lending, Technology Platform & Financial services. It is based in San Francisco, CA, comes under Financial Services sector & trades as “SOFI” ticker at Nasdaq.

SOFI ended larger weekly correction at $4.24 low in December-2022 & resume higher. It favors upside in ((1)) of III & confirms bullish sequence, when it breaks above July-2023 high.

SOFI - Elliott Wave Latest Daily View: ​

Since inception, it made all time high of $28.26 in February-2021 & all time low at $4.24 in December-2022. Later, it reacted higher as impulse sequence in I, ended at $11.70 high. So, it expects one more push higher against December-2022 low to be 3 swing bounce. It placed ((1)) of I at $8.24 high, ((2)) at 4.45 low, ((3)) at $10.23 high, ((4)) at $7.71 low & ((5)) as I ended at $11.70 high. Below there, it ended II as zigzag correction at $6.01 low. In II, it placed ((A)) at $6.41 low, ((B)) at $10.49 high, ((C)) at $6.01 low in August-2024 low as II.

Above II low, it starts reacting higher in ((1)) of III. It placed (1) at $8.30 high, (2) at $6.75 low & favors upside in (3). Within (3), it placed 1 at $8.53 high, 2 at $7.57 low, 3 at $10.49 high & 4 at $9.62 low. Currently, it favors upside in 5 towards $10.45 – $11.41 area to finish (3) of ((1)) before correcting in (4). Later, it expects another push higher in (5) to finish ((1)) as 9 swings sequence. Further upside in III will confirm above $11.70 high & can extend towards $13.45 – 18.06 area. In that case, we like to buy the next pullback in 3, 7 or 11 swings at extreme areas.

Source: https://elliottwave-forecast.com/stock-market/sofi-technologies-sofi-continue-shortterm-rally/

 

[Elliottwave-Forecast]

Hello traders. Welcome to another trading blog post where we discuss trade setups that the Elliottwave-Forecast members took in recent days. In this one, we will discuss the META stock.

Meta Platforms, formerly Facebook, is a tech company focused on building the “metaverse.” It owns Facebook, Instagram, and WhatsApp, and develops virtual reality (VR) and augmented reality (AR) products. $META is one of the 26 instruments we cover for members in Group 2.

META has now gained over 500% in barely two years, making it one of the most profitable stocks. As technical analysts and traders, what's more interesting about this rally is the clear higher-high and higher-low sequence. Using Elliott wave terminology, this is a clear impulse wave sequence from October 31, 2024. When in a bullish sequence, we like buying pullbacks in 3, 7, or 11 swings. Likewise, when in a bearish sequence, we like selling bounces in 3, 7, or 11 swings. Trading can be that simple. We like keeping it simple using Elliott wave theory.

On October 3, we shared a blog post about the META 'buy-the-dip' setups we traded on September 24. From the entry, the stock rallied over 8.5% to reach a new all-time high, and members reached their full targets. Meanwhile, from the new record high, META started another pullback, opening up a new opportunity for our members to go long again. Let's check the setup.

META Elliott Wave Analysis, 10.22.2024​

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We identified the October 7 high as wave (3) of the impulse sequence from the July 2024 low. Thus, the pullback that followed was to be wave (4). In addition, the pullback emerged as a 7-swing structure. Therefore, we shared the chart above on October 22, 2024, with members, alerting them of a blue box support for wave (4). The blue box covers the 578.71-565.49 price area. We expected the stock to find support and complete wave (4) within the blue box. As a result, wave (5) should begin, or the price should make at least a 3-swing bounce.

We added a long position from 578.71 with a stop slightly below 565.49 to the trading journal. We intended to close half of the position at the 50% retracement of wave Y of (4).

META Elliott Wave Analysis, 10.22.2024




META reacted perfectly from the blue box, as we expected. We shared the chart above with members on October 23, 2024 — a day after the setup. The first reaction from the blue box is an impulse structure for wave 1 of (5). We expect further rallies from the wave 2 minor dip and then wave 3 to break above into a new record high. Alternatively, a 3 or 7 swing bounce may occur instead. This is why we like to close half of the position in profit and adjust the rest to the last pivot low when the price reaches 50% of the 3rd leg of the pullback, as we have in this case. This way, we can take the risk off the table in case the price is not as ambitious to the upside as we are.

Source: https://elliottwave-forecast.com/stock-market/meta-approaches-risk-free-area-what-next/

 

[Elliottwave-Forecast]

AppLovin Corporation ( NASDAQ: APP ) is an American mobile technology company founded in 2012 and headquartered in Palo Alto, California. In today’s video bog, we’ll explore Elliott Wave pattern taking place within the mid-term cycle and explain the potential path based on the theory.

APP started an impulsive bullish cycle since December 2022 and it's currently showing 3 swings up into new all time highs. The wave I ended in July 2024 and it was followed by a wave II pullback which ended at $58.14. Then the stock traded higher into wave III and managed to reach the target area at equal legs $141 - $160.

APP is currently showing 5 swings within cycle from August low and it's extending within wave ((5)) of III. Therefore, the stock will be looking to end the 5 waves advance from 8/7/2024 and then a correction in wave IV will take place. The stock is expected to remain supported above $58.14 and consequently buyers will be looking to enter after 3 , 7 or 11 swings pullback.

APP 8 Hour Chart 10.23.2024​

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Source: https://elliottwave-forecast.com/video-blog/applovin-app-bullish-sequence/

 

[Elliottwave-Forecast]

General Electric (GE) is a high-tech industrial company founded in 1892 through the merger of Thomas Edison's Edison General Electric Company and Thomson-Houston Electric Company. GE operates through several key segments, including aerospace, renewable energy, and power. The company designs and produces commercial and military aircraft engines, renewable energy generation equipment, and various power generation systems. In this article and video, we will look at the Elliott Wave technical outlook for the company which will soon present an opportunity to buy the dips.

General Electric (GE) Monthly Elliott Wave Chart​

Monthly Elliott Wave View in General Electric (GE) above shows a very nice 7 swing structure pullback. The correction ended at 27.28 on 5.1.2020 low as wave (II). The stock then rallies higher from there in wave (III). Internal subdivision of the rally unfolds as a 5 waves impulse Elliott Wave structure. Up from wave (II), wave ((1)) ended at 72.29 and pullback in wave ((2)) ended at 37.30. The stock has extended higher in wave ((3)) with clear separation (extension). Expect wave ((3)) to end soon and the stock to pullback in wave ((4)) which should give a buying opportunity in 3, 7, or 11 swing.

General Electric Weekly Elliott Wave Chart​

Weekly Elliott Wave View on General Electric (GE) above shows that the rally from 5.11.2020 low is in progress as an impulse. Up from there, wave ((1)) ended at 72.29 and wave ((2)) pullback ended at 37.30. The stock has either ended wave ((3)) or expected to end wave ((3)) soon. Either way, a pullback in wave ((4)) is near. The pullback should unfold in 3, 7, or 11 swing before the next leg higher.

General Electric 4 Hour Elliott Wave Chart​

4 Hour Chart of General Electric (GE) above shows that the stock is close to ending wave 5 of (5) of ((3)). It either rallies 1 more leg to complete wave ((3)) or wave ((3)) has already ended at the last peak (196.77). Expect pullback in wave ((4)) to happen anytime to correct cycle from July 4, 2022 low. Pullback should unfold in 3, 7, or 11 swing before the next leg higher.

Source: https://elliottwave-forecast.com/vi...nters-wave-4-and-presents-buying-opportunity/

 

[Elliottwave-Forecast]

ULTA Beauty, Inc., (ULTA) operates as specialty beauty retailer in the United States. It offers branded & private label beauty products, including cosmetics, fragrance, haircare, skincare, bath & body products, professional hair products, salon styling tools through stores, shop-in-shops, e-commerce websites & mobile applications. It is based in Bolingbrook, IL, comes under Consumer Cyclical sector & trades as “ULTA” ticker as Nasdaq.

ULTA ended impulse sequence as ((I)) in weekly at $574.76 high in March-2024. Below there, it favors pullback in ((II)) as double correction & remain choppy to lower for few months.

ULTA - Elliott Wave Latest Weekly View: ​

In weekly, it placed (I) of ((I)) at $368.83 high in July-2019 & (II) as zigzag correction at $124.05 low in March-2020. Later, it ended (III) at $556.60 high in May-2023 & (IV) at $368.02 low as around 0.382 Fibonacci retracement of (III) in October-2023. Finally, it ended impulse (V) as impulse ((I)) at $574.76 high as diagonal in weekly. Below there, it favors correction in ((II)) against all time low & expect choppiness before another push lower. Below $574.76 high, it ended (w) of ((II)) at $318.17 low in August-2024. Within (W), it placed a at $375.31 low, b at $421.21 high & c at $318.17 as (w) in double correction.

It is relatively underperforming the US market & so expect another push lower in coming months after (x) ends. Currently, it favors pullback in x against August-2024 low, while placed w at $412 high before resume higher in y. Once it ends (x) in few weeks, it should resume lower in (y) towards 1.0 – 1.618 Fibonacci extension to finish ((II)), where it should see at least 3 swing bounce. We like to buy the next extreme areas in (y) of ((II)). Alternatively, it can be a flat correction in (IV) ended at $318.17 low & resume higher in (V), which later confirms with new high. So, do not like selling it in any pullback.

Source: https://elliottwave-forecast.com/stock-market/ulta-beauty-ulta-remain-sideways/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of NASDAQ Futures (NQ_F) published in members area of the website. Our members know NQ_F is showing impulsive bullish sequences and we are favoring the long side. In this discussion, we’ll break down the Elliott Wave pattern and forecast.

NASDAQ Elliott Wave 1 Hour Chart 10.23.2024​

NASDAQ is giving us wave ((ii)) black correction. The futures has reached extreme zone from the peak at 20129- 19837 area. NQ_F shows clear 3 waves from the high, suggesting pull back could be ending any moment. Consequently , we expect rally in wave ((iii)) to happen any moment. We recommend members to avoid selling the futures and keep favoring the long side. As the main trend is bullish we expect to see rally toward new highs ideally or 3 waves bounce from the equal legs alternatively.

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

NASDAQ Elliott Wave 1 Hour Chart 10.23.2024​

NASDAQ responded exactly as anticipated at the equal legs. The futures found buyers and made a substantial rally from our recommended buying zone. Eventually we got break of ((i)) black peak , confirming next leg up is in progress. The futures should ideally keep finding buyers in 3,7,11 swings sequences against the 20077.5 pivot.

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



Source: https://elliottwave-forecast.com/trading/nasdaq-nq_f-forecasting-rally-equal-legs/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of SPDR Health Care ETF ($XLV). The rally from 8.07.2024 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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$XLV 1H Elliott Wave Chart 9.29.2024:​

Here is the 1H Elliott Wave count from 9.29.2024. The 5 wave impulsive cycle from 8.07.2024 ended on 9.03.2024 at red 3 and started a pullback. We expected the pullback to find buyers at the blue box area at 153.35 – 150.72 in 3 swings.

$XLV 1H Elliott Wave Chart 10.14.2024:​

Here is the 1H update from 10.14.2024, showing the bounce taking place as expected. The cycle from the peak has ended and the ETF has reacted higher from the blue box area allowing longs to get risk free. The bounce has failed and continued lower in a 7 swings correction where we like to enter again. Our members are able to see the next blue box area in 7 swings where the bounce is anticipated to take place.
Source: https://elliottwave-forecast.com/stock-market/spdr-health-care-etf-xlv-found-buyers-blue-box-area/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of QQQ. We presented to members at the elliottwave-forecast. In which, the rally from the 05 August 2024 low unfolded as an impulse structure and showed a higher high sequence. Suggested that ETF should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

QQQ 1-Hour Elliott Wave Chart From 10.23.2024​

Here’s the 1-hour Elliott wave chart from the 10.23.2024 Midday update. In which, the short-term cycle from the 10.01.2024 low ended in wave ((i)) as impulse at $498.83 high. Down from there, the ETF made a pullback in wave ((ii)) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave (a) ended at $487.57 low. Wave (b) bounce ended at $497.44 high and wave (c) managed to reach the blue box area at $486.19- $479.21. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

QQQ Latest 1-Hour Elliott Wave Chart From 10.29.2024​

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This is the latest 1-hour Elliott wave Chart from the 10.29.2024 Post-Market update. In which the ETF is showing a reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the ETF has managed to make a new high above $498.83 high confirming the next extension higher towards $506.53- $519.81 area before profit taking & a pullback happens in another 3 swings at least.

Source: https://elliottwave-forecast.com/stock-market/qqq-produced-perfect-reaction-higher/

 

[Elliottwave-Forecast]

Binance is the number one cryptocurrency broker in the world and BNB is one of the best performing Layer 1 coins currently up 92% compared to 71% for Bitcoin.

BNB made new all time highs back in June 2024 marking wave ((3)) and it did pullback in 3 waves within wave ((4)) in August 2024. Since then, the coin started a new cycle to the upside within wave ((5)). The rally is currently showing an incomplete bullish sequence from 8/5 low and still expected to see more upside at least toward equal legs area at $666. As long as short term pullback stays above 10/3 low $534, then the next push higher will turn the structure into a bullish 5 swings advance which will support more extension to the upside.

The break into new all time highs will open new targets to the upside at equal legs area $888 - $1025 and from there BNB could be looking to end the entire rally from 2022 low. It's recommended to only look for buying opportunity within daily pullback in 3 , 7 or 11 swings.

BNB Daily Chart 10.30.2024​

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Source: https://elliottwave-forecast.com/cryptos/binance-coin-bnb-new-time-highs/

 

[Elliottwave-Forecast]

Hello Traders! Today, we will look at the Weekly Elliott Wave structure of Novo Nordisk A/S ($NVO) and explain why the stock should soon react higher from a Blue Box area.

Novo Nordisk A/S is a Danish multinational pharmaceutical company headquartered in Bagsværd with production facilities in nine countries and affiliates or offices in five countries. Novo Nordisk manufactures and markets pharmaceutical products and services, specifically diabetes care medications and devices.

5 Wave Impulse Structure + ABC correction​

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$NVO Weekly Elliott Wave View November 4th 2024:​

The weekly chart of Novo Nordisk A/S ($NVO) reveals key patterns based on Elliott Wave Theory. This analysis provides a roadmap for traders to plan their next steps effectively.

Breaking Down $NVO’s Recent Price Action​

Since the January 2021 low, $NVO has followed a classic 5-wave impulse pattern, indicating a strong trend. Here’s what has happened so far:

1. Wave ((1)) ended on December 13, 2021, marking the first impulse.
2. Afterward, the stock pulled back in a 3-wave correction (ABC), eventually bottoming out at wave ((2)).
3. $NVO then rallied once more, completing wave ((3)) on June 24, 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 $110.08 to $91.75.

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 $91.75, 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, NVO could start a new upward leg, aiming for fresh highs with wave ((5)).

Conclusion​

With NVO 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 $91.75 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/vi...tial-rally-elliott-wave-signals-bullish-move/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of QQQ Invesco NASDAQ ETF, published in members area of the website. As many of our members are aware, the ETF is forming impulsive 5 waves rally in the cycle from the 420 low and it has given us good buying opportunities recently. QQQ made another pull back that reached extreme zone from the peak 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 forecast.

QQQ H1 Update 11.01.2024​

ETF is giving us correction that is unfolding as 3 waves pattern , labeled as (((a))((b))((c)) black. The pullback has already reached the extreme zone (Blue Box) . However we expect to see another marginal push down in near term. At this stage, we advise against selling the ETF and expect buyers to appear at the marked Blue Box area. QQQ could either see a rally to new highs or a 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.

QQQ H1 Update 11.03.2024​

ETF responded exactly as anticipated at the Blue Box Area. We got another marginal low and buyers appeared. QQQ made decent bounce from the buyers zone - Blue Box area. Bounce has reached 50 fibs against the connector's peak ((b)) high, so any longs from there should be already risk free.

Keep in mind not every chart is trading recommendation. 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.

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Source: https://elliottwave-forecast.com/stock-market/qqq-found-intraday-buyers-blue-box-area/

 

[Elliottwave-Forecast]

McDonald's (MCD) is the world's largest fast food restaurant chain, serving over 69 million customers daily in over 100 countries in more than 40,000 outlets as of 2021. It is best known for its hamburgers, cheeseburgers and french fries, although their menu also includes other items like chicken, fish, fruit, and salads.

McDonald's MCD Weekly Chart January 2024​

In March 2020, MCD ended a corrective cycle as wave ((II)) at 124.23 low and continued the rally. The new structure could have built a leading diagonal as wave (I); therefore, we called wave I completed at 271.15 high and pullback as wave II ended at 217.68 low. The market resumed to the upside in a choppy way finished wave III at 299.35 high. Next correction as wave IV ended a zig zag structure at 245.73 low and MCD rally again. Last January, we called that wave V of (I) should end soon and see a pullback in wave (II).

McDonald's MCD Weekly Chart June 2024​

After 5 months, we called wave V of (I) ended almost immediately at 302.39 high and started wave (II) correction. We believed that wave "a" of (II) has not ended yet. We expected to drop to 245.79 - 240.41 area (1.236 - 1.618 inverse Fib retracement) where buyers should appear to see 3 or 7 swings bounce in wave "b" before resuming lower in wave "c" of (II) to end the correction.

McDonald's MCD Weekly Chart October 2024​

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However, after one more low to complete wave "a", MCD rallied again avoiding a deep correction as (II). Therefore, we are proposing a nest (I), (II) and I, II to continue to the upside. This means that as price action remains above 243.53 low, it should to the upside. Currently, we are calling a wave ((2)) pullback. This correction could drop to 281 - 271 area where buyers should be waiting to continue the rally in wave ((3)) of III. Only if the market breaks below 243,53 low, that we cannot rule out, we will return to the first idea, that wave (II) is in progress.

Source: https://elliottwave-forecast.com/stock-market/mcd-built-nest-structure-pullback/

 

[Elliottwave-Forecast]

The Indian rupee (USDINR) is the official currency of India. The rupee is subdivided into 100 paise (singular: paisa), though as of 2022, coins of denomination of 1 rupee are the lowest value in use whereas 2000 rupees is the highest.

Quarterly USDINR Log Chart December 2022​

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In the quarterly log chart, we could see USDINR is building an impulse since 1970. Wave I ended at 9.35 and pullback as wave II finished at 7.66. Then the pair had a big rally reached 49.16 as wave III. We could see wave III in the Stoch how in long term kept above 80 until wave IV appeared. Wave IV started in 2002 after Tech's recession and continued until when Housing's recession started. Since 2008, pair extended the rally from 39.01. It is developing a wave V of (I) that it looks like is not going to end soon. However, we could see an interesting pullback around 88.26 where it is the equal legs taken from wave III and IV.

Monthly USDINR Chart July 2023​

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Seven months later, the rupees were consolidating. This means the currency was building some wave 4, in this case wave (iv). Therefore, any breakout above 83.28 should be a wave (v) of ((iii)) and we should wait for a pullback in wave ((iv)). Thus, the market would continue with the bullish movement in groups of 3 and 4 waves. We were expecting that wave 3 should hit 88.26 before entering in wave 4.

Monthly USDINR Chart October 2024​

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After more than a year ago, the consolidation resulted to be a wave (iv) triangle and not a flat correction as we proposed. The pair rallied and it is developing wave (v) of ((iii)). If this count is correct and there is not extension higher, then wave (v) of ((iii)) should end in 84.00 - 85.00 area. Therefore, it would not be a surprise to see a retracement from the current levels as wave ((iv)). If we see this correction in 3, 7 or 11 swings, we should buy to look for our target of 88.26. In the end, if there is no pullback, the target remains the same 88.26.

Source: https://elliottwave-forecast.com/forex/indian-rupees-usdinr-buying-correction/

Post automatically merged: Nov 6, 2024

Berkshire Hathaway Inc. (NYSE: BRK.B) is trading to the upside within a strong Bullish trend since October 2022. In this article, we dive into the latest developments and signals that suggest a promising bullish trajectory based on Elliott Wave Theory.

BRK.B is looking to establish an impulsive 5 waves advance before ending 2022 cycle. Wave I at $321, wave II at $292 and It ended wave III in September 2024 at $484. Down from there, the stock started a pullback in wave IV which is expected to find buyers in 3 , 7 or 11 swings to resume the rally higher again in wave V.



We can see in the above daily chart that BRK.B is showing 3 swings down from the peak and it's looking to finish the Zigzag structure in wave IV pullback then makes a turn to the upside. Consequently, if the stock resume the rally into new all time highs above September peak, then it can be looking for targets higher at extreme area $506 - $584 before it ends the 5 waves advance from 2022 low and start a larger 3 waves pullback.

To sum up, the trajectory of Berkshire Hathaway continues to be bullish and investors are advised to look for buying opportunities during forthcoming daily retracements in 3 , 7 or 11 swings.

Source: https://elliottwave-forecast.com/stock-market/berkshire-hathaway-brk-b-bullish-trend/

 

[Elliottwave-Forecast]

In this article we’re going to take a quick look at the Elliott Wave charts of Bitcoin BTCUSD published in members area of the website. As our members know BTCUSD is showing impulsive bullish sequences in the cycle from the 52598 low , that are calling for a further strength. Recently we got a pull back that has ended at the Blue Box zone,our buying area. In the further text we are going to explain the Elliott Wave Forecast and trading setup.

BTCUSD Elliott Wave 1 Hour Chart 11.04.2024​

BTCUSD is giving us correction that is unfolding as a Elliott Wave Double Three pattern. At the moment structure is still incomplete. Pull back shows lower low sequences. Bitcoin can see more downside toward 66813-63855 blue box ( buying zone). We don’t recommend selling Bitcoin and prefer the long side. From the marked zone, BTCUSD should ideally make either rally toward new highs or in 3 waves bounce alternatively. Once bounce reaches 50 Fibs against the ((x)) black high , we will make long position risk free ( put SL at BE) and take partial profits.

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

Bitcoin ( BTCUSD ) Elliott Wave 1 Hour Chart 11.06.2024​

BTCUSD made extension toward our buying zone : 66813-63855. The crypto found buyers at the blue box as expected and we got good reaction from there. Bitcoin made impulsive rally that broke toward new highs. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 66865 low, we believe the next leg up can be in progress.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels 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

New to Elliott Wave ? Check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.

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Source: https://elliottwave-forecast.com/trading/btcusd-elliott-wave-buying-blue-box/

 

[Elliottwave-Forecast]

In the last years, the renminbi made a pause in his attempt to get stronger against USD dollar. In February 2014, renminbi found support at 6.0153 as wave ((III)) and from there it made a perfect zig – zag correction structure to equal legs at 7.1964 high in September 2019. After these 3 swings, USDCNH should have continued with the downtrend. However, the pair turning up again breaking 7.1964 high suggesting that the pair was developing a double correction structure.

USDCNH July 2023 Weekly Chart​

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More than a year ago, the wave "a" began at 6.0153 (2014 low) and moved higher in 3 waves structure almost hit 7.00 dollars ending at 6.9854 high. After this zig zag correction, we had a huge drop to 6.2359 developing a double correction structure to end wave "b". The volatility did not leave things like that and an enormous rally took place in the beginning of wave "c". This movement developed again 3 waves higher completing wave "c" at 7.1964 and also wave (w) reaching the equal leg extension.

After that, we could see that an expanded flat correction took place as wave (x) completing as an ending diagonal at 6.3058 low in 2022. Almost the whole year, the USDCNH moved higher building an impulse structure. We labelled as wave "a" ended at 7.3748 high above wave (w) confirming the bullish sequence. Then, the pair made a wave "b" correction ended at 6.6883 low and bounced in the last leg higher.

USDCNH October 2024 Weekly Chart​

In the current chart, looks like the first leg of the wave "c" is completed. Up from 6.6883 wave "b" low, we can see 5 swings higher creating an impulse that ended at 7.3679 high and we labelled as wave ((1)). Also, the wave ((2)) pullback finished. The correction made a zig zag structure (A), (B) and (C), ending at 6.9705 low. Exactly in the expected area of 7.12 - 6.95. After ending wave ((2)), pair should continue the rally to build an impulse as wave "c" to 7.4866 - 7.7646 area. This also will finish the wave (y) and the double correction as wave ((IV)), where renminbi should resume the downtrend.

Source: https://elliottwave-forecast.com/forex/renminbi-usdcnh-buyers-bullish/

 

[Elliottwave-Forecast]

Toast, Inc. (TOST) operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale. In addition, the company offers payroll and team management. Further, it offers reporting and analytics, Toast shop, and Toast partner connect and application programming interfaces. The company was formerly known as Opti Systems, Inc. and changed its name to Toast, Inc. in May 2012. Toast, Inc. was incorporated in 2011 and is headquartered in Boston, Massachusetts.

TOST May 2024 Weekly Chart ​

TOST completed a grand super cycle in 2012 reaching a share price of $69.93. We called this high wave ((I)). From here, the stock started to plummet and it reached a value of $11.91 in less than a year. We labeled this low as wave ((II)). Then the price started to move sideways fluctuating between $12 and $27 dollars. For this reason, we started to label nests looking for the stock to recover. The first group ended wave (I) at $26.04 high. The corrective wave (II) drew an expanded flat structure that ended at $13.27 low and then the market rally. The next bullish momentum reached its maximum at $27.90 and we labeled it as wave I. Therefore, we expected a correction as wave II before continuing a new rally again.

TOST November 2024 Weekly Chart​

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Currently weekly chart, we can see the correction as wave II. It ended at $21.32 low in June and continued moving sideways. We were waiting to break above wave I high to confirm that wave II has completed. In September, the market breaks above $27.90 and the bullish market was confirmed. TOST created a separation from the lows after US elections, suggesting a wave III higher. This wave III looks incomplete and we should see higher prices until the structure is ended and start a wave IV correction. The weekly chart is valid as price action stays above $11.91 low.

TOST November 2024 16H Chart​

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To get a closer look at what is happening in TOST, we are showing the 16-hour chart. We are not using the daily chart because it did not show the retracement of wave (4). We can clearly see the structure of wave III. Wave ((1)) of III ended at $27.95 high. Then, a correction finished at $21.76 low, close to breaking the low of $21.32, and we marked as wave ((2)). The wave ((3)) of III is still developing we expect to reach $43.00 - $45.00 area before starting a wave ((4)) pullback. The stock should continue moving higher to sideways until wave III is completed.

Source: https://elliottwave-forecast.com/stock-market/better-restaurants-toast-tost-support/

 

[Elliottwave-Forecast]

Hello everyone! In today’s article, we’ll examine the recent performance of the SPDR Consumer Discretionary ETF ($XLY) through the lens of Elliott Wave Theory. We’ll review how the rally from the October 23, 2024, low unfolded as a 5-wave impulse and discuss our forecast for the next move. Let’s dive into the structure and expectations for this ETF.

5 Wave Impulse Structure + ABC correction​

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$XLY 1H Elliott Wave Chart 10.31.2024:​

In the 1-hour Elliott Wave count from October 31, 2024, we see that $XLY completed a 5-wave impulsive cycle beginning on October 23, 2024, and ending on October 28, 2024, at the red 1. As expected, this initial wave prompted a pullback. We anticipated this pullback to unfold in 3 swings, likely finding buyers in the equal legs area between $197.51 and $194.97.
This setup aligns with a typical Elliott Wave correction pattern (ABC), where the market pauses briefly before resuming the main trend.

$XLY 1H Elliott Wave Chart 10.15.2024:​

The most recent update, from November 10, 2024, shows that $XLY reacted as predicted. After the decline from the red 1 peak, the ETF found support in the equal legs area, leading to a renewed rally. As a result, traders could adjust to go risk-free, which confirmed that the bullish trend remains intact.

What’s Next for $XLY?​

With the current rally breaking into new all-time highs, $XLY appears well-supported. Based on the Elliott Wave structure, we expect the ETF to continue its upward trajectory, targeting the $235–$278 range before another potential pullback. Therefore, it is essential to keep monitoring this zone as we approach it.

Conclusion​

In conclusion, our Elliott Wave analysis of the SPDR Consumer Discretionary ETF ($XLY) suggests that it could continue its bullish run, with significant upside potential in the short term. Therefore, traders should monitor the $235–$278 zone as the next target, keeping an eye out for any corrective pullbacks. By using Elliott Wave Theory, we can identify potential buying areas and enhance risk management in volatile markets.
Source: https://elliottwave-forecast.com/st...retionary-etf-xly-found-buyers-blue-box-area/

 

[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 previous article dated 9.09.2024, COST favors upside in ((5)) of III from August-2024 low. It already broke above ((3)) high & expected few more highs to finish the III as long as remain above daily price trendline.

COST - Elliott Wave View From 9.09.2024: ​

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. It ended 3 swing corrective 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)). 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.

COST - Elliott Wave Latest Daily View: ​

Currently, it favors upside in (3) of ((5)), while placed (2) at $867.16 low as flat correction. It placed 1 of (3) at $910 high, 2 at $867.34 low & 3 at $962 high. It favors pullback in 4 & expect small pullback before resume higher to finish (3), while above $910. If it breaks below $910 level in pullback, it can unfold as diagonal in ((5)) & pullback can be (4), which stay above $867.16 to see final push higher to finish III. We like to buy the next pullback in IV in 3, 7 or 11 swings at extreme areas, when reached.

COST - Elliott Wave Latest Weekly View: ​

Source: https://elliottwave-forecast.com/stock-market/costco-wholesale-cost-providing-opportunity-buy/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of AMD stock published in members area of the website. As our members know, AMD recently gave us a correction from the 241.58 peak, after which we called the drop in the stock. Recovery formed Elliott Wave Wave Zig Zag Pattern. In the further text we are going to explain the Elliott Wave Pattern and the Forecast.

Before we take a look at the real market example, let’s explain Elliott Wave Zigzag pattern.

Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and ideal retracements.

AMD H1 Elliott Wave Analysis 10.29.2024​

is showing 5 waves down from the 175.04 peak . That indicates the stock ended only first leg of the larger pull back and we should ideally see further weakness once B red recovery completes. Wave B red correction looks to be unfolding as Elliott Wave Zig Zag pattern. First leg ((a)) of B is counted as 5 waves, which means C leg should also have a form of 5 waves pattern. Approximate area where (B) can end is equal legs ((a))- ((b)) . We don’t recommend buying the stock and expect to see decline in a 3 waves pull back at least or toward new lows ideally.

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

AMD H1 Elliott Wave Analysis 10.31.2024​

The stock made decline after completing B red bounce as Elliott Wave Zig Zag pattern at 169.31 peak. We got a break down toward new lows as expected. As far as the price stays below 169.31 high, we can can see further weakness in near term.

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



Source: https://elliottwave-forecast.com/elliottwave/amd-elliott-wave-calling-zig-zag/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of XLF. In which, the rally from the 05 August 2024 low unfolded as an impulse structure and showed a higher high sequence. Suggested that ETF should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

XLF 1-Hour Elliott Wave Chart From 10.31.2024​

Here’s the 1-hour Elliott wave chart of XLF from the 10.31.2024 Midday update. In which, the short-term cycle from the 9.25.2024 low ended in wave ((iii)) as impulse at $47.81 high. Down from there, the ETF made a pullback in wave ((iv)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave (w) ended at $46.52 low. Wave (x) bounce ended at $47.43 high and wave (y) managed to reach the blue box area at $46.14- $45.34. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

XLF Latest 1-Hour Elliott Wave Chart From 11.12.2024​

This is the latest 1-hour Elliott wave Chart from the 11.12.2024 Post-Market update. In which the ETF 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. Since then the ETF has managed to make a new high above $47.81 high. Confirming the next extension higher towards $50.48- $51.53 area before profit taking & a pullback happens in another 3 swings at least.

Source: https://elliottwave-forecast.com/stock-market/xlf-new-highs-after-reaching-blue-box/