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/