Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello everyone! In today’s article, we’ll examine the recent performance of Tesla Inc. ($TSLA) through the lens of Elliott Wave Theory. We’ll review how the rally from the November 4, 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 stock.

5 Wave Impulse Structure + ABC correction​

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$TSLA 1H Elliott Wave Chart 11.15.2024:​

In the 1-hour Elliott Wave count from November 15, 2024, we see that $TSLA completed a 5-wave impulsive cycle beginning on November 4, 2024, and ending on November 12, 2024, at the blue (iii). 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 $304.08 and $278.90.
This setup aligns with a typical Elliott Wave correction pattern (ABC), where the market pauses briefly before resuming the main trend.

$TSLA 1H Elliott Wave Chart 11.18.2024:​

The most recent update, from November 18, 2024, shows that $TSLA reacted as predicted. After the decline from the blue (iii) peak, the stock 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 $TSLA?​

With the current rally, $TSLA appears well-supported. Based on the Elliott Wave structure, we expect the stock to continue its upward trajectory, targeting the $377 – $400 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 Tesla Inc. ($TSLA) suggests that it could continue its bullish run, with significant upside potential in the short term. Therefore, traders should monitor the $377 – $400 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/stock-market/tesla-inc-tsla-elliott-wave-analysis-rally-whats-next/

 

[Elliottwave-Forecast]

Shopify Inc. is a Canadian multinational e-commerce company in Ottawa, Ontario. Shopify (SHOP) is the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems. The Shopify platform offers online retailers a suite of services including payments, marketing, shipping and customer engagement tools.

Shopify ended a Grand Supercycle in July 2021 and we labelled it as wave ((I)). Since then, it entered in a flat correction as wave ((II)). Three swings drop ended at 128.46 as Wave (a). Then market breaks above 164.88 in another 3 swings suggesting a possible flat correction and we labelled wave (b) at 176.49. Down from this price, SHOP built a perfect impulse lower completing a big short at 23.75 and we labelled as wave (c) and also wave ((II)).

SHOP Daily Chart July 2024​

In the last chart, we saw a wave (I) ended at 71.43 high. The market broke below 60.22 indicating that wave (II) had arrived. This wave (II) developed a zig zag correction and ended at 45.50 low. From here, SHOP continued up ending another impulse as wave I at 94.57 high. Then, it did another correction and we called it wave II at 56.31 low forming the nest. We expected to continue up to complete another impulse like wave ((1)) and another correction ((2)) to make another nest until the market decides to resume the rally. The view was valid as the market stays above 56.31 low.

SHOP Daily Chart November 2024​

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In the current chart, the market broke the 56.31 low invalidating the last view, but it does not break 45.50 wave (II) low. Therefore, wave II did a double correction structure ended at 48.56 low. The market bounced ending wave ((1)) at 84.37 and pullback to 65.86 to complete wave ((2)) correction. Then, SHOP continued the rally breaking wave I high suggesting that wave III is on its way. The structure looks like an impulse and it should continue higher until wave III is finished. The best strategy for now, it is to buy dips after 3, 7 or 11 swings correction.

Source: https://elliottwave-forecast.com/stock-market/shop-rally-buying-dips/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View in EURUSD suggests cycle from 9.25.2024 high is in progress as a zigzag. Down from 9.25.2024 high, wave A ended at 1.076 and wave B rally ended at 1.09369. Wave C lower is in progress as a 5 waves impulse Elliott Wave structure. Down from 11.6.2024 high, wave (i) ended at 1.082 and wave (ii) rally ended at 1.0857. Wave (iii) lower ended at 1.0718 and wave (iv) ended at 1.078. Wave (v) lower ended at 1.0682 which completed wave ((i)) in higher degree. Rally in wave ((ii)) ended at 1.0825 with internal subdivision as a zigzag.

Pair then turned lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 1.076 and rally in wave (ii) ended at 1.0809. Pair resumed lower in wave (iii) towards 1.059 and rally in wave (iv) ended at 1.0654. Pair extended lower 1 more time in wave (v) towards 1.0493 which completed wave ((iii)) in higher degree. Wave ((iv)) is in progress as a double three Elliott Wave structure. Up from wave ((iii)), wave (w) ended at 1.0593 and pullback in wave (x) ended at 1.0513. Expect wave (y) higher to complete at 1.061 - 1.067 area and this should complete wave ((iv)) in higher degree. From there, expect the pair to extend lower.

EURUSD 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-view-looking-downside-eurusd/

 

[Elliottwave-Forecast]

The VanEck Junior Gold Miners ETF (GDXJ) is an exchange-traded fund that tracks the overall performance of small-cap companies primarily involved in gold and silver mining. GDXJ includes a diverse portfolio of junior miners, which are smaller, often early-stage companies with significant growth potential.

GDXJ Monthly Elliott Wave View​

Monthly Elliott Wave view in Gold Miners Junior ETF (GDXJ) above shows that the ETF ended wave ((II)) or ((B)) at 16.14. The ETF is then rallying higher as a nested impulse. Up from wave ((II)), wave (I) ended at 52.5 and wave (II) pullback ended at 19.52. Wave (III) is currently in progress as another impulse in lesser degree. Rally in wave I ended at 65.95. Pullback in wave II then ended at 25.80. the ETF should continue to rally higher as far dips stay above wave II at 25.8 in the first degree, and more importantly above wave ((II)) low at 16.14.

GDXJ Daily Elliott Wave View​

Daily Elliott Wave Chart of GDXJ shows that rally in wave III is in progress as an impulse. Up from wave II, wave (1) ended at 41.16. Wave (2) pullback ended at 30.46 with internal subdivision as an expanded flat. Wave (3) ended at the recent peak at 55.58 and wave (4) pullback is now in progress to correct cycle from 10.4.2023 low. Potential support comes at 100% - 161.8% Fibonacci extension of wave A which comes at 38.1 - 42.8 area. While dips stay above 25.88 in the first degree, expect the ETF to find buyers in 3, 7, or 11 swing for further upside.

Source: https://elliottwave-forecast.com/video-blog/gdxj-correction-ending-soon/

 

[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.

As mentioned in the last article, SOFI confirmed bullish sequence as it broke above July-2023 high. Currently, it favors upside in (3) of ((1)) & expect rally to finish sequence from August-2024 low between $13.51 - $18.13 area. Later, it should pullback in ((2)) in 3, 7 or 11 swings, which provide buying opportunity.

SOFI - Elliott Wave Latest Daily View: ​

It made all time low at $4.24 in December-2022 & then resume higher. It is showing higher high sequence since December-2022 low in daily. It placed I as impulse sequence at $11.70 high & favoring upside in ((1)) of III from August-2024 low. Within I, it placed ((1)) at $8.24 high, ((2)) at 4.45 low, ((3)) at $10.23 high, ((4)) at $7.71 low & ((5)) as I 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.

SOFI - Elliott Wave View From 10.21.2024: ​

Above II low, it favors upside in (3) of ((1)) & expect small upside before it should pullback in (4). It placed (1) at $8.30 high & (2) at $6.75 low. Within (3), it placed 1 at $8.53 high, 2 at $7.57 low, 3 at $11.34 high & 4 at $9.77 low. Currently, it favors upside in 5 towards $14.79 – $15.34 area, while dips remain above $13.01 to finish (3) of ((1)) before correcting in (4). Later, it expects another push higher in (5) to finish ((1)) as 9 swings sequence from August-2024 low. The current scenario is less bullish. If it extends higher & erase momentum divergence, then it can be nest in (3), which can extend further. So, we like to buy the next pullback in 3, 7 or 11 swings at extreme areas & avoid selling it.

Source: https://elliottwave-forecast.com/st...nologies-sofi-continue-rally-or-correct-soon/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of XLY We presented to members at the elliottwave-forecast. In which, the rally from the 23 October 2024 low unfolded as an impulse structure. Also showed a higher high sequence with a bullish sequence stamp. 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:

XLY 1-Hour Elliott Wave Chart From 11.15.2024​

Here’s the 1-hour Elliott wave chart from the 11.15.2024 Midday update. In which, the short-term cycle from the 10.31.2024 low ended in wave 3 as impulse at $220.39 high. Down from there, the ETF made a pullback in wave 4 to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $215.75 low. Wave ((x)) bounce ended at $219.54 high. Then wave ((y)) managed to reach the blue box area at $214.89- $212.02. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

XLY Latest 1-Hour Elliott Wave Chart From 11.19.2024​

This is the latest 1-hour Elliott wave Chart from the 11.19.2024 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. However, a break above $220.39 high is yet to be seen to confirm the next extension higher in wave 5 towards minimum extension target at $222.30- $225.35.

Source: https://elliottwave-forecast.com/stock-market/xly-responding-higher-blue-box-area/

 

[Elliottwave-Forecast]

Hello traders. Welcome to new blog post where we discuss trade setups across the major asset classes. In this post, we will discuss a recent setup on Gold (XAUUSD) for educational purposes.

Gold is in an all-time bullish sequence. The commodity continues to hit fresh record highs. It did that multiple times this year after breaking the previous record high of December 2023. As a result, trading Gold has been very straightforward for us. After breaking above the previous record high, we started buying the pullbacks in 3 or 7 swing structures across all the time frames. We kept our members updated and advised them to focus only on buying opportunities from the dips. Check out these recent setups we wrote about in August and October

12th November 2024 Gold (XAUUSD) Setup​

After price reached a fresh record high on 30th October, 2024, a sharp sell-off started. The pullback lasted for two weeks. Meanwhile, on 12th November, we shared the chart below with members of Elliottwave-Forecast. We identified a double zigzag structure emerging from the top of 2789.99. In addition, we showed members where the pullback should finish for buying opportunities. Thus, traders had enough time to prepare their long positions from the blue box.

14th November Gold Update​

Two days later, price made the last leg lower to complete the double zigzag structure in the blue box. From the blue box we expected recovery, in an impulse structure, to a fresh record high. However, we mentioned other possibilities which include a 3 or 7 swing bounce ending below 2789.99 and price turning lower. Thus, we recommended members to enter at 2563 and close half of their positions when price hits the 50% of wave (Y) and adjust rest of the position to the entry price. This way, they can run a risk-free trade to either make more profits or keep some profits.

19 November Gold Update​

Price found support in the blue box as we expected. The 19th November update shared with members shows recovery as an impulse. We expect at least a 3-swing bounce if not an impulse recovery. Price has already reached the 50% of wave (Y). Thus, traders already closed half position in profit and left the rest at breakeven and open for more profits.



Therefore, whatever happens from now, this is a risk-free trade. Our job now is to continue to monitor the wave development and present to traders the right side and path to trade.

Source: https://elliottwave-forecast.com/commodities/gold-puts-buyers-profit-blue-box/

 

[Elliottwave-Forecast]

In our previous article, BlackRock (NYSE: BLK) was expected to continue the rally to the upside based on the bullish sequence created from 2022 low. In today's video blog, we'll go over the new development in the technical structure of the stock and we’ll explain the potential path based on the Elliott Wave Theory .

BLK cycle from 2022 low remains in progress showing 5 swings to the upside with the 3rd one being the shortest. Therefore, we can expect the stock to remain supported to the upside within a 9 swings structure to establish the main 5 waves advance in wave I.

The break above 2021 peak was a key moment for BLK weekly structure because it's now showing an incomplete bullish sequence from all time lows. Consequently, investors are advised to keep buying the daily pullbacks in 3 , 7 or 11 swings.

The larger correction will only take place after the stock ends wave I and then it will be looking to find buyers again in wave II above $503.

BLK Weekly Chart 11.20.2024​

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Source: https://elliottwave-forecast.com/stock-market/blackrock-blk-weekly-breakout/

 

[Elliottwave-Forecast]

In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of Tesla Stock (TSLA) , published in members area of the website. As many of our members are aware, the stock has given us good buying opportunities recently. The stock is showing impulsive bullish sequences in the cycle from the 138.63 low and we were calling for a further rally. In the following sections, we’ll delve into the Elliott Wave pattern and explain the forecast.

TESLA H1 Update 11.04.2024​

The stock has given us correction against the 212.12 low. The pullback has already reached the extreme zone at 245.17-233.93 and we believe pull back could be done. At this stage, we advise against selling the stock and favor the long side from the marked extreme zone. As the main trend is bullish, we believe TSLA could either see a rally toward new highs.

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

TESLA H1 Update 11.12.2024​

The stock responded exactly as expected. It found buyers at the Blue Box Area, making rally toward new highs. TESLA stock should ideally keep finding buyers in 3,7,11 swings against the 238.7 pivot.

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/stock-market/tesla-tsla-stock-elliott-wave-2/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of USDCHF Forex pair published in members area of the website. Our members know USDCHF recently made a clear three-wave correction. The pull back completed as Elliott Wave Double Three pattern and made rally toward new highs as expected. In this discussion, we’ll break down the Elliott Wave pattern and forecast.

Elliott Wave Double Three Pattern

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

USDCHF Elliott Wave 1 Hour Chart 11.20.2024​

USDCHF is showing higher high sequences in the cycle from the September 6th low , suggesting further strength ahead. The structure of this pullback shows clear 7 swings - Double Three Pattern. The first leg, shows a clear 3-wave structure a,b,c red, followed by a 3-wave bounce in (x) blue. We can also count 3 swings in (y) blue leg. We advise against selling $USDCHF and instead favor the long side. While the price stays above ((iv)) black low, we expect to see further rally toward new highs.

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.

USDCHF Elliott Wave 1 Hour Chart 11.24.2024​

USDCHF found buyers as expected. The forex pair has reacted strongly and eventually we got a break toward new highs. Now, intraday pull backs should ideally keep finding buyers as far as 0.8783 pivot holds.

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.



Source: https://elliottwave-forecast.com/forex/usdchf-calling-rally-double-three/

 

[Elliottwave-Forecast]

Hello Traders! Today, we’ll dive into the weekly Elliott Wave structure of Modine Manufacturing Co. ($MOD) and explain why a potential corrective pullback could present an excellent buying opportunity. Let’s analyze the price action and forecast the next steps.

About Modine Manufacturing Co.​

Modine Manufacturing, established in 1916, is a global leader in thermal management solutions. For over a century, it has delivered innovative systems for heating, cooling, and improving air quality across commercial, industrial, and vehicular markets. Whether in HVAC systems or vehicle components, Modine plays a vital role in everyday life around the world.

5 Wave Impulse Structure + ABC correction​

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$MOD Weekly Elliott Wave View November 25th 2024:​

The weekly Elliott Wave chart for $MOD reveals a 5-wave impulse structure that began from the May 2023 low. This structure indicates a strong bullish trend, and the current cycle is approaching its completion. Here’s how the sequence has unfolded so far:

1. Wave (1) concluded on October 9, 2023, marking the first impulsive move upward.
2. Following this, $MOD experienced a 3-wave correction (ABC), which bottomed at wave (2).
3. The stock then rallied strongly, completing wave (3) on July 29, 2024.
4. Afterward, another 3-wave correction (ABC) occurred, bottoming out at wave (4) on August 5, 2024.
5. Since then, $MOD has rallied in wave (5), which is nearing completion, indicating the end of the current impulse cycle for wave ((3)).

What’s Next for $MOD?​

Once wave (5) concludes and the current 5-wave impulsive cycle ends, we expect a larger 3-wave correction (ABC) to unfold. This pullback will correct the broader cycle that started in May 2023. Importantly, the corrective phase will likely provide an opportunity for buyers to re-enter the market at favorable levels.

Based on Elliott Wave Theory, this correction should unfold into a Blue Box area, a high-probability reversal zone. Traders should watch for price action to find support here before the next bullish wave resumes.

Key Takeaways for Traders​

1. Trend Completion: The current 5-wave impulse cycle from May 2023 is nearing its end, signaling a corrective pullback is on the horizon.
2. Correction Opportunity: The expected 3-wave ABC correction offers an opportunity to buy into the uptrend once support is established.
3. Blue Box Strategy: Monitor the Blue Box area closely, as it provides a high-probability reversal zone for the next upward cycle.
4. Long-Term Outlook: After the correction, $MOD is likely to resume its bullish trend, continuing the broader rally.

Conclusion​

Modine Manufacturing Co. ($MOD) has shown a textbook Elliott Wave pattern, and the upcoming correction should present a compelling buying opportunity. As the 5-wave impulsive cycle nears completion, traders should prepare to take advantage of the anticipated pullback within the Blue Box area. Stay vigilant, and use this analysis to plan your next move in $MOD.

With over a century of innovation and leadership in thermal management, Modine remains a strong contender for long-term growth. Keep an eye on the charts and let the Elliott Wave roadmap guide your strategy!

Source: https://elliottwave-forecast.com/vi...-nears-completion-setting-buying-opportunity/

 

[Elliottwave-Forecast]

The SPDR S&P Biotech ETF (XBI) is an exchange-traded fund that tracks the biotechnology segment of the S&P Total Market Index. This ETF allows investors to gain exposure to large, mid, and small-cap biotech stocks. If you’re interested in biotechnology, XBI could be worth exploring further. Here are some of its top holdings and their percentage weights: United Therapeutics Corporation (UTHR): 2.92%. Exact Sciences Corporation (EXAS): 2.91%. Gilead Sciences, Inc. (GILD): 2.89%. Sarepta Therapeutics, Inc. (SRPT): 2.87%. Amgen Inc. (AMGN): 2.84%. Alnylam Pharmaceuticals, Inc. (ALNY): 2.65%. Regeneron Pharmaceuticals, Inc. (REGN): 2.64%. Vertex Pharmaceuticals Incorporated (VRTX): 2.60%. AbbVie Inc. (ABBV): 2.60%. BioMarin Pharmaceutical Inc. (BMRN): 2.56%.

In July, we explained how we bought a blue box on XBI and how we generated over 18% in profits. In addition, we kept open the possibility that the ETF will continue to rise and could reach around 108.45. To see how we handled the trade from the blue box, you can check out the old blog here: Biotech ETF (XBI) Rallied from the Blue Box Hitting Target

XBI Weekly Chart March 23rd 2024 ​

In the chart above for the month of March, we can see the path we are expecting for XBI. It had finished a Great Super Cycle at 174.79 high and then made a correction. The pullback developed a zig zag structure where wave (a) ended at 118.23 low. Immediately, we had a short wave (b) that reached 141.50 high and then resumed with the bearish movement. Wave (c) extended reaching the 61.78 low to complete wave ((II)). At this point, we looked for a bullish continuation; however, by that date the structure was not clear. Since with only have 3 waves, it could be a diagonal or a nest-type structure. The coincidence with the 2 structures is that both had to correct before continuing upwards and we lean towards the diagonal because it is more conservative, as we see in the chart.

XBI Weekly Chart November 25th 2024​

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The wave I of the diagonal ended at 95.17 high. Then wave II built a zig zag correction with a flat structure in the middle. This pullback ended at 63.80 low and rally again. Wave III did a strong rally as wave I reaching 103.53 high. The retracement as wave IV finished at 81.14. The last push to the upside was a little irregular. It could be labelled as a ending diagonal to 105.47 high, completing wave V and wave (I). Currently, the wave (II) has started and we are looking to end 3, 7 or 11 swings correction where we like to buy the dips against 61.78 low.

Source: https://elliottwave-forecast.com/stock-market/biotech-xbi-looking-buying-dips/

 

[Elliottwave-Forecast]

Gold-to-Silver Ratio (AUG) is a ratio of the underlying metals (i.e. Gold and Silver). The ratio is simply calculated by dividing Gold price and Silver price, thus the name Gold to Silver ratio. Since the 1970s, after the gold standard was abandoned, the long-run average gold-to-silver ratio is around 65:1. Over the past 50 years, the average has been slightly over 60:1. The current ratio is above 80, which is at the higher end side. Historically, the ratio has hovered around 15:1 during periods when it was fixed by the governments, such as in ancient Rome and medieval Europe.

The ratio can indicate the future direction of the underlying metals. When the ratio is going higher, it indicates the price of Gold and Silver going down and vice versa. In the chart and video below, we will try to see the long term outlook of this ratio.

Gold-to-Silver (AUG) Daily Elliott Wave Chart​

Daily Elliott Wave Chart of Gold-to-Silver ratio above seems to suggest a sideways pattern since it formed the low on 2.2.2021 at 62.51. The sideways price action may suggest a symmetrical triangle is in play. Up from 2.2.2021 low, wave ((A)) of the triangle ended at 96.489. Then it moved in sideways to form the ((B)) wave of the triangle on 72.74. Wave ((C)) bounce of the triangle ended at 89.91 while wave ((D)) ended at 78.828. Wave ((E)) is currently in progress to complete wave b before it resumes lower again as far as pivot at 96.49 high stays intact.

Source: https://elliottwave-forecast.com/video-blog/gold-silver-ratio-can-triangle-consolidation/

 

[Elliottwave-Forecast]

Hello traders. Welcome to another trading and educational blog post. We will discuss the Zigzag corrective sequence today while using the Dow Futures YM ($YM_F) as a case study.

About the Zigzag Structure​

The zigzag structure is one of the three core corrective patterns explained in the Elliott wave theory. The other two are the Flat and Triangle structures. Typically, a zigzag structure is counter trend i.e. it develops against the prevailing market direction. Structurally, it's a 3-swing structure - ABC structure.



Wave A is a 5-wave structure - could either be an impulse or a diagonal. Meanwhile, wave B could be any of corrective structures - zigzag, flat or triangle. Lastly, wave C can also be an impulse or diagonal. Meanwhile, while wave A and B can both be impulse, it's very rare seeing both being a diagonal. Here are some other useful rules/guidelines:

1. Wave B does not correct more than 100% of wave A
2. Wave C breaks the low of wave A in a bearish structure and the high of wave A in a bullish structure
3. Wave C often extends to 100-123% of wave A from wave B. While it could extend more than 123.6%, it rarely extends more than 161.8% of wave A

At Elliottwave-forecast, the zigzag structure is one of our 'bread and butter' structure. We like buying at the 100% of wave A from B in a bearish zigzag structure along a bullish sequence. On the other hand, we like selling at the 100% of wave A from B in a bullish zigzag along a bearish sequence. While we like trading at the 100%, we like putting stop at the 161.8%. Let's check a case study - a recent $YM_F setup.

Dow Futures (YM) Chart - 11.15.2024​

Since August 2024, the Dow futures (YM) resumed the larger bullish sequence from September 2022. In the short term, our intention was to buy pullbacks when they complete a 3-swing (zigzag) or a 7-swing (double zigzag) structure. A double zigzag pullback finished in early November and the Dow rallied sharply. However, another pullback would soon follow toward mid-November. Indeed, we identified a 3-swing structure (zigzag) which we expected to finish at the 43529-43063 Fibonacci zone. We then notified members with the chart below.

Dow Futures (YM) Chart - 11.28.2024​

We shared the chart below on 28th November 2024 - barely two weeks later. The Dow reached the extreme as we expected having completed a zigzag structure. Several days after, the index rallied for another impulse structure. The chart also shows another pullback emerging. This is a textbook example of a zigzag structure in a bullish sequence.



While the bullish sequence persists, buyers will continue to wait for pullbacks and buy at the extreme of a 3 or 7 swing structure.

Source: https://elliottwave-forecast.com/stock-market/ym-extends-bullish-sequence-zigzag/

 

[Elliottwave-Forecast]

The Draft Kings, Inc. ticker symbol: DKNG is a digital sports entertainment and gaming company engaged in providing online sports betting. Online casinos, daily fantasy sports product offerings, Draft Kings Marketplace. Retail sports betting, media and other gaming product offerings. consumption. It operates through the following segments: Business-to-Consumer (B2C) and Business-to-Business (B2B). The business-to-consumer segment includes sports betting, iGaming and DFS product offerings, as well as media and other consumer product offerings. The Business-to-Business segment includes the design and development of gaming software. The company was founded by Jason D. Robins, Matthew Kalish, and Paul Liberman on December 31, 2011 and is headquartered in Boston, MA.

In this blog, we will look at the technical analysis on DKNG. In which, the super cycle degree wave (I) ended at $74.38 high and made a 3 wave pullback against all time lows within wave (II). The internals of that pullback unfolded as zigzag correction where wave cycle degree wave a ended at $39.93 low. Wave b bounce ended at $64.58 high and wave c ended at $9.78 low. Thus completed wave (II) pullback. Up from there, the stock made a 5 waves rally & ended cycle degree wave I at $49.57 high. Down from there, the stock made a 7 swings lower pullback and completed wave II pullback at $28.69 low. Near-term, as far as dips remain above $28.69 low and more importantly above $9.78 low expect stock to resume the upside.

DKNG Weekly Elliott Wave Analysis​

Source: https://elliottwave-forecast.com/stock-market/dkng-resume-higher-completing-pullback/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GOLD (XAUUSD), published in members area of the website. As our members know the pair is showing impulsive bullish sequences in the cycle from the 2537.3 low. Consequently , we were calling for the further rally in the commodity. Recently GOLD made a pull back that has had a form of Elliott 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.

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.

If you are new to Elliott Wave we recommend you to check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.



At the chart below we can see what Elliott Wave Zig Zag pattern looks like in real market.

GOLD H1 London Update 11.26.2024​

GOLD ended cycle from the 2538 low as 5 waves structure. The commodity has given us pull back against the 2538 low that unfolded as Zig Zag pattern. Extreme zone has been already reached at 2626.04-2586.8 ( buying zone) We don’t recommend selling the commodity and expect further rally to resume from the marked area.

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

GOLD H1 London Update 10.24.2023​

The commodity has given us nice reaction from the marked extreme zone. Now, as far as the price holds above 2606 low, we can have correction completed and see the further strength. We need to see break above (1) blue - 11.22 high to confirm next leg up is in progress.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent updates in the membership area of the website. Remember that not every chart is trading recommendation. 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. You can check most recent charts in the membership area of the site.



Source: https://elliottwave-forecast.com/elliottwave/gold-xauusd-elliott-wave-zig-zag-2/

 

[Elliottwave-Forecast]

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

NU ended I sequence at $16.15 high as showing in the previous article. It ended ((5)) in diagonal structure started from August-2024 low. Below $16.15 high, it should pullback in II correction in 3, 7 or 11 swings against June-2022 low.

NU - Elliott Wave Latest Weekly View: ​

It ended impulse sequence I at $16.15 high from June-2022 low. Within I sequence, it placed ((1)) at $5.88 high & ((2)) at $3.39 low as dip pullback. It ended ((3)) as extended sequence at $13.64 high in July-2024 & ((4)) as sharp pullback at $9.67 low as 0.382 Fibonacci retracement of ((3)). Finally, it ended ((5)) as diagonal sequence from August-2024 low at $16.15 high as I expected from last update.

NU - Elliott Wave View From 9.02.2024: ​

Within ((5)), it placed (1) at $15.11 high, which pop up with massive volume. It ended (2) at $12.89 low, (3) at $15.98 high, (4) at $14.29 low & (5) at $16.15 high on 12th November to finish I. Below I high, it favors lower in (3) of ((A)) as the part of II correction. Within ((A)), it placed (1) at $13.19 low & (2) at $12.37 high. Currently, it favors lower in (3), which can extend towards $11.54 – $9.71 area before bounce in (4). It expects 5 swing lower in ((A)) followed by 3 swing bounce in ((B)) connector. We like to buy it later in ((C)) at extreme areas when finishing II correction.

Source: https://elliottwave-forecast.com/stock-market/nu-holdings-pullback-next-rally/

 

[Elliottwave-Forecast]

The VanEck Junior Gold Miners ETF (GDXJ) is an exchange-traded fund that tracks the overall performance of small-capitalization companies primarily involved in gold and silver mining. Launched in 2009, GDXJ provides investors with exposure to a diversified portfolio of junior gold mining companies, which are often in the early stages of exploration and development.

GDXJ Monthly Elliott Wave View​

Monthly Elliott Wave chart in Gold Miners Junior ETF (GDXJ) shows wave ((II)) Grand Super Cycle ended at 16.14. The ETF has turned higher with internal subdivision as a possible nested impulse. Up from wave ((II)), rally in wave (I) ended at 52.5. Pullback in wave (II) ended at 19.52 and wave (III) takes the form of an impulse in lesser degree. Wave I of (III) ended at 65.95 and wave II of (III) dips ended at 25.80. Expect the ETF to extend higher as far wave II at 25.8 stays intact in the first degree, and more importantly above wave ((II)) low at 16.14.

GDXJ Daily Elliott Wave View​

Daily Elliott Wave Chart of GDXJ above shows that pullback to 25.88 ended wave III. Wave III rally is in progress as a 5 waves impulse. Up from wave II, wave (1) ended at 41.16. Pullback in wave (2) ended at 30.46 as an expanded flat. The ETF resumed higher in wave (3) which ended at 55.58. Pullback in wave (4) is proposed complete at 44.11 as a zigzag structure. The ETF still needs to break above wave (3) at 55.58 to rule out any potential double correction. Near term, as far as pivot at 25.88 low stays intact, expect the ETF to extend higher.

Source: https://elliottwave-forecast.com/stock-market/gold-miners-junior-gdxj-correction-ended/

 

[Elliottwave-Forecast]

KARRAT coin is a governance token supporting the KARRAT Protocol, a decentralized gaming infrastructure layer. In this article, we’ll plain the current bullish Elliott Wave structure taking place within the daily cycle.

Since April 2024, KARRAT did a corrective 3 waves ZigZag structure in wave ((2)). The decline took the coin lower toward $0.25 where it ended the move on September 2024. Up from there, it started the new cycle to the upside in wave ((3)). The current initial move is showing a bullish sequence from the lows within a nesting structure. The coins spent 3 months within a sideways range building the nest structure and it's currently starting the breakout higher in wave ((iii)) of 3 which is considered the strongest wave within the cycle.

Consequently, Karrat will remain supported above the recent November low $0.43. Investors and buyers will be looking to keep buying the pullbacks in 3 , 7 or 11 swings. The daily target after it breaks into new all time highs comes at $1.9.

KARRAT Daily Chart 12.5.2024​

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Source: https://elliottwave-forecast.com/cryptos/karrat-coin-bullish-nest-breakout/

 

[Elliottwave-Forecast]

Short Term Elliott Wave in American Airlines (AAL) suggests that rally from 11.6.2024 low is in progress as an impulse. Up from 11.5.2024 low, wave ((i)) ended at 15.13 as the 1 hour chart below shows. Pullback in wave ((ii)) unfolded as a double three Elliott Wave structure. Down from wave ((i)), wave a ended at 14.7 and wave b ended at 15.05. Wave c lower ended at 14.46 which completed wave (w). Rally in wave (x) ended at 14.81. Down from there, another zigzag unfolded with wave a ended at 14.5 and wave b ended at 14.6. Wave c lower ended at 14.38 which completed wave (y) of ((ii)).

The stock has resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 14.74 and pullback in wave (ii) ended at 14.44. The stock resumed higher again in wave (iii). Up from wave (ii), wave i ended at 15.05 and pullback in wave ii ended at 14.61. Wave iii higher ended at 17.8. Expect wave iv to end soon, and stock to resume rally higher again in wave v to complete wave (iii). Near term, as far as pivot at 14.39 low stays intact, expect pullback to find buyers in 3, 7, 11 swing for more upside.

American Airlines (AAL) 30 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/ne...ve-rally-american-airlines-aal-favors-upside/