Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello traders. Welcome to another blog post where we share how members of Elliottwave-Forecast trade using the Elliott wave theory. In this post, the spotlight will be on the Bank of America Corporation BAC, which has the ticker $BAC.

BAC is one of the stocks still recovering from the 2008 global financial crisis. After plunging to nearly $2.50, it bottomed out in May 2009. Before the crash, the stock reached an all-time high of around $55 in November 2006. Since then, BAC has shown a clear bullish sequence from its 2009 low. However, it has yet to reclaim its previous record high. A new peak could be within reach if the price surpasses the January 2022 high.

We are bullish on this stock due to its evident bullish sequence from the 2009 low. Our strategy involves buying pullbacks when they complete zigzag, double zigzag, or triple zigzag structures. In this post, we’ll focus on a double zigzag pattern we traded earlier in December 2024 on the H1 chart.

BAC Elliott Wave Analysis, 12.05.2024 Update​

[caption id="attachment_952117" align="aligncenter" width="1024"] BAC, H1 Chart[/caption]
In late November, the price completed wave (3), forming a full bullish impulse sequence. We planned to buy in wave (4) if the pullback unfolded as a 3-swing or 7-swing structure (zigzag or double zigzag). As anticipated, the pullback began as a 7-swing structure.

We identified the extreme area and shared the blue box with members. This blue box highlighted the ideal zone for placing long orders and setting a stop loss. On December 5, 2024, we shared the updated chart, showing the stock finding support within the blue box as expected.

Following our trade management rules, we took partial profits when the price reached 50% of wave Y of (4). We refer to this as the "risk-free area," where we also adjusted the stop loss of the remaining trade to breakeven.

BAC Elliott Wave Analysis, 12.06.2024 Update​

[caption id="attachment_952116" align="aligncenter" width="1024"] BAC, H1 Chart[/caption]
A day after reaching the blue box, the price rallied sharply beyond the risk-free area (50% of wave Y of (4)). This gave members the opportunity to take partial profits while keeping the rest of the trade at breakeven. On December 6, 2024, we shared the updated chart with members, confirming the rally.

With no further risk, buyers can now hold the remaining position to capitalize on wave (5). For this stock, we continue to favor buying pullbacks as it moves toward a fresh record high.

Source: https://elliottwave-forecast.com/stock-market/bac-found-support-blue-box/

 

[Elliottwave-Forecast]

The ongoing conflict between Russia and Ukraine has raised concerns about the possibility of it escalating into a global conflict, potentially leading to World War III. While such a scenario remains speculative, the economic impact of a large-scale war would be profound, affecting various sectors of the financial markets, including stocks, commodities, forex, and cryptocurrencies.

Stock Market and Indices​

Geopolitical instability often triggers immediate reactions in the stock market. In the event of a world war, investors would likely liquidate equities due to fears of disruptions in global supply chains, trade, and economic activity. This risk aversion would drive capital into safer assets like government bonds, gold, or cash. Countries directly involved in the conflict or with significant trade relationships with the combatants would likely experience significant stock declines. For example, the U.S. stock market, which has ties to both Europe and Russia, would see major volatility, and indices such as the S&P 500, Dow Jones, and Nasdaq could fall as uncertainty over supply chains and rising energy costs takes hold.

Futures and Commodities​

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Futures markets for key commodities like oil, gas, and metals would be directly affected by a war. Russia’s role as a major exporter of oil and natural gas means that any disruption would send shockwaves through global energy markets. This could exacerbate inflation, especially in energy-dependent economies. European natural gas futures might spike as nations look to reduce dependence on Russian energy supplies. Commodities like gold and silver, traditionally seen as safe-haven assets, would likely rise as investors seek stability during global conflict. Additionally, agricultural commodities like wheat, corn, and barley would see price increases due to disruptions in Ukrainian exports.

ETFs (Exchange-Traded Funds)​

ETFs, which allow investors to buy baskets of stocks, bonds, or commodities, would also experience significant price movements. Broad market ETFs, such as the SPDR S&P 500 ETF (SPY), would likely decline as stock markets suffer. However, sector-specific ETFs related to energy, defense, and commodities could benefit. Energy ETFs, such as the XLE, might rise with oil and gas price surges. Defense ETFs, like the iShares Aerospace & Defense ETF (ITA), could also see strong performance due to increased military spending during heightened tensions.

Forex (Foreign Exchange)​

The foreign exchange market would experience significant volatility. Currencies from countries involved in the conflict would likely depreciate. For example, the Russian ruble could fall further if sanctions increase. Safe-haven currencies like the U.S. dollar (USD), Japanese yen (JPY), and Swiss franc (CHF) would appreciate as investors seek stability. The Euro (EUR) might also weaken if the conflict impacts the European economy. Commodity-linked currencies, such as the Canadian dollar (CAD) and Australian dollar (AUD), could initially rise due to higher commodity prices but might face declines if global trade disruptions occur.

Cryptocurrencies

Cryptocurrencies, often seen as safe-haven assets, could experience increased volatility during a global crisis. While Bitcoin and Ethereum may rise due to their decentralized nature and limited supply, the extreme uncertainty could lead to short-term sell-offs. Stablecoins, pegged to fiat currencies, might see higher demand for their stability and ease of cross-border transactions.

Conclusion​

The financial markets are highly sensitive to geopolitical events, and a global conflict would have far-reaching consequences. Stock indices would likely decline, while commodities like oil, gold, and agricultural products would see price surges. The forex market would experience volatility, with safe-haven currencies strengthening. Cryptocurrencies could face both volatility and increased demand. Investors should remain vigilant, monitor developments closely, and consider risk management strategies during uncertain times.

Source: https://elliottwave-forecast.com/stock-market/impact-world-war-financial-markets/

 

[Elliottwave-Forecast]

Hello everyone! In today’s article, we’ll examine the recent performance of Alibaba Group ($BABA) through the lens of Elliott Wave Theory. We’ll review how the rally from the November 22, 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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$BABA 1H Elliott Wave Chart 12.06.2024:​

In the 1-hour Elliott Wave count from December 06, 2024, we see that $BABA completed a 5-wave impulsive cycle beginning on November 22, 2024, and ending on November 27, 2024, at the black ((a)). As expected, this initial wave prompted a pullback. We anticipated this pullback to unfold in 3 swings, likely finding buyers above $82.36.
This setup aligns with a typical Elliott Wave correction pattern (ABC), where the market pauses briefly before resuming the main trend.

$BABA 1H Elliott Wave Chart 12.09.2024:​

The most recent update, from this morning, shows that $BABA reacted as predicted. After the decline from the black ((a)) peak, the stock found support, 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 $BABA?​

With the current rally, $BABA appears well-supported. Based on the Elliott Wave structure, we expect the stock to continue its upward trajectory, targeting the $100 – $104 range. A break above $117.82 will open a bullish sequence towards $130 - 168.

Conclusion​

In conclusion, our Elliott Wave analysis of Alibaba Group ($BABA) suggests that it could continue its bullish run, with significant upside potential in the medium term. Therefore, traders should monitor the $100 – $104 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/un...ggests-alibaba-group-baba-can-reach-130-2025/

 

[Elliottwave-Forecast]

The Travelers Companies, Inc., TRV, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents.

Weekly TRV Chart July 2024​

In July, we saw a rally as expected, but missing the blue box by 5 dollars. Also, we adjusted the count in TRV weekly chart. We are still trading in wave ((III)), but with the new data, the stock is still in wave (I) of ((III)). Therefore, wave I higher ended at 187.98 and pullback as wave II finished at 149.65 low. The price rallied again breaking wave I high suggesting that wave III of (I) had started. Then, wave ((1)) of III ended at 194.51 and the correction that we are expecting to enter the market ended at 157.33 low as wave ((2)). From here, we can see a strong momentum to the upside ending wave ((3)) of III at 232.75 high. Wave ((4)) of III built a zigzag correction ended at 200.21 low.

We were looking one more push to the upside to complete wave ((5)) of III and wave III of (I) before starting a retracement in wave IV of (I). The possible area to end wave ((5)) was in 240.74 - 253.27 where we are expecting a reaction lower to think that the cycle was ended.

Weekly TRV Chart December 2024​

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In December chart, we can see the market rallied reaching 269.56 high, above of the expected area in 240.74 - 253.27. Here, TRV reacted downwards giving the idea that wave IV had already started. Therefore, we called the 269.56 high as wave III. We expect to continue lower to complete wave IV in the form of a flat structure. This could end up in the 241.57 - 234.99 area, and then see one more rally on wave V. If the next rally is not extended, the wave V should end in 277.35 - 289.10 area, but we cannot rule out a bullish extension. After reaching the 277.35 - 289.10 area, the market should break below wave IV to confirm that wave V and wave (I) are over to avoid extensions, and that we have entered in the retracement of wave (II).

Source: https://elliottwave-forecast.com/stock-market/travelers-trv-upside-end-impulse/

 

[Elliottwave-Forecast]

Pan American Silver Corp. (PAAS) is a mining company headquartered in Vancouver, Canada. It specializes in the exploration, development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines. Established in 1979, the company operates mines across Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil.

PAAS Monthly Elliott Wave Chart​

Monthly Elliott Wave chart shows the stock completed Grand Super Cycle wave ((II) at 5.89. It has rallied higher in wave ((III)) with internal subdivision as an impulse. Up from wave ((II)), wave (I) ended at 40.11 and pullback in wave (II) ended at 12.16. The stock has turned higher as a nest in wave (III). As far as pivot at 5.89 low stays intact, expect the stock to extend higher.

PAAS Daily Elliott Wave Chart​

Daily Elliott Wave Chart shows that wave (II) ended at 12.18. The stock then resumed higher in wave (III) with internal subdivision as an impulse. Up from wave (II), wave wave I ended at 24.27. Pullback in II ended at 17.86. The stock then resumed higher in wave III in a nest. Up from wave II, wave ((1)) of III ended at 26.05 and pullback in wave ((2)) of III ended at 20.75. Near term, while above 12.43, expect the stock to continue higher.

Source: https://elliottwave-forecast.com/stock-market/pan-american-silver-paas-impulsive-rally-progress/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the Natural Gas futures ticker symbol: $NG_F. The rally from the 28 August 2024 low showed a higher high sequence & provided a short-term opportunity at the blue box area. In this case, the pullback managed to reach the Elliott wave blue box area & bounce higher. So, we advised members not to sell Natural Gas but to buy the blue box area for a minimum reaction higher to happen. We will explain the structure & forecast below:

Natural Gas 1-Hour Elliott Wave Chart From 12.04.2024​

Here’s the 1-hour Elliott wave Chart from the 12.04.2024 New York update. In which, the rally to $3.563 high ended wave 1 & made a pullback in wave 2. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $3.071 low. A short-term bounce to $3.500 high then ended wave ((x)) & started the next leg lower in wave ((y)) towards $3.009- $2.705 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.

Natural Gas Latest 1-Hour Elliott Wave Chart From 12.10.2024​

Above is the Latest 1-hour Elliott Wave Chart from the 12.10.2024 London update. In which the Natural Gas is showing a perfect reaction higher taking place from the equal legs area. Right after ending the double correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above $3.563 high is needed to confirm the next leg higher minimum towards the $4.336- $4.658 area & avoid deeper correction lower.

Source: https://elliottwave-forecast.com/commodities/natural-gas-bouncing-elliott-wave-blue-box/

 

[Elliottwave-Forecast]

RGTI has risen rapidly in value in recent days attracting the attention of investors. Here we have the 15-minute chart. Applying the Elliott Waves principle, the stock should find support in 5.89 - 7.07 area to complete a wave 4. This would generate a new rally on wave 5 that could reach around 8.94 - 10.25 or extend higher.

RGTI 15 Min Chart 12.11.2024​

In any case, as long as the market respects the 5.89 - 7.07 area, RGTI must continue with the upward movement and break above wave 3 to reach at least 8.94 - 10.25. If the market were to break below 7.00, it would open the possibility that the value of the stock will drop to 4.00 before looking for another move higher.

Source: https://elliottwave-forecast.com/stock-market/rgti-looking-support-area/

 

[Elliottwave-Forecast]

Short Term Elliott Wave view in APPLE (AAPL) suggests that rally from 8.05.2024 low is incomplete & should continue upside as the part of daily bullish sequence. It is showing 3 swing higher since August-2024 low & expect more upside against 11.04.2024 low. It ended (1) at $237.49 high as diagonal & (2) correction at $219.71 low. Within (1), it placed 1 at $232.92 high, 2 at $213.92 low, 3 at $233.09 high, 4 at $221.14 low & finally 5 ended at $237.49 high as (1). Within (2) correction, it placed A at $227.30 low, B at $234.73 high & C at $219.71 low near 0.382 Fibonacci retracement of (1). Above (2) low, it favors upside in (3) of ((1)) & can extend towards $261.29 or higher levels before major pullback may seen.

Above $219.71 low, it placed 1 of (3) at $230.16 high, 2 at $225.71 low & favors upside in 3 of (3). Within 3, it placed ((i)) at $235.65 high, ((ii)) at 233.26 low & ((iii)) at $250.80 high as extended wave. Short term, it favors upside in ((v)), if ended ((iv)) at $246.02 low, which already reached between 0.236 - 0.382 Fibonacci retracement area of ((iii)). It needs price separation to confirm the view of further upside. Alternatively, if it extend lower from current level, it can either extend ((iv)) or 4 pullback in (3) as discussed in video. But in either the case, it should extend higher to finish sequence started from 11.04.2024 low as (3). We like to buy the pullback in 3, 7 or 11 swings at extreme areas, when reached. It expect more upside towards $261.29 or higher levels, while dips remain above 11.04.2024 low.

APPLE (AAPL) 45 Minutes Elliott Wave Chart​

Source: https://elliottwave-forecast.com/news/elliott-wave-view-aapl-continue-rally-bullish-sequence/

 

[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 an extension toward our buying zone: 66,813–63,855. The crypto found buyers at the Blue Box as expected, and we got a good reaction from there. Bitcoin made an impulsive rally that broke to new highs. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 66,797 low, we expect further strength to follow.

Dear traders, before you sign up, reach out to our sales department at vlada@elliottwave-forecast.com. We'll make sure you're getting the best deal possible with exclusive discounts and offers. Don't hesitate—send us an email and let's get you some savings

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Bitcoin ( BTCUSD ) Elliott Wave 1 Hour Chart 12.05.2024​

One month later, we can see that Bitcoin made further gains, just like we expected. The price kept pushing higher, breaking through key resistance levels and reaching new highs. Traders who stuck with their long positions are now enjoying solid profits. The strength we’re seeing now suggests that there could be even more upside ahead.
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/cryptos/btcusd-elliott-wave-buying-blue-box/

 

[Elliottwave-Forecast]

Bittensor TAO is a decentralized infrastructure for building and deploying machine learning models on the blockchain. It's pioneering the decentralized production of artificial intelligence and its coin TAO has currently a $4.62 Billion Market capitalization. In this article, we’ll explain the bullish Elliott Wave structure within the daily cycle and provide a potential projection of the future price.

Since August 2024, TAO started a new impulsive structure to the upside. Wave (1) ended at $680 and it was followed by a 3 waves pullback in wave (2) at $403. The coin then rallied in wave 1 of (3) and made new highs above October peak ( wave 1). Therefore, it managed to create an incomplete bullish sequence from the lows and it established a path higher toward target at equal legs $922 - $1044. Following this bullish development, investors are looking to buy the pullbacks in 3 , 7 or 11 swings against November low $403 and they will be looking for the rally to break into new all time highs.

In conclusion, TAO daily cycle has a bullish impulsive structure and it's expected to continue the path by breaking above 1K and it has a technical extension at $1242.

TAO Daily Chart 12.12.2024​

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Source: https://elliottwave-forecast.com/cryptos/bittensor-tao-bullish-path-1000/

 

[Elliottwave-Forecast]

Hello traders. Welcome to a new blog post where we discuss trades that Elliottwave-Forecast members took from the blue box. In this post, we will discuss Cardano with symbol ADAUSD ($ADA.X).

Cardano is a decentralized blockchain platform and cryptocurrency (ADA) designed to provide a more secure and scalable infrastructure for the development of decentralized applications (dApps) and smart contracts. Launched in 2017 by the Cardano Foundation and developed by IOHK (Input Output Hong Kong), Cardano is unique for its research-driven approach, leveraging peer-reviewed academic studies to guide its development. It operates on a proof-of-stake consensus mechanism called Ouroboros, which enhances energy efficiency and network security.

Cardano completed a bearish cycle in June 2023. From June 2023 low, the cryptocurrency rallied in a 5-wave structure up to March 2024 before another pullback emerged and was completed in August 2024. Thus, the resultant rally emerges into another impulse structure. When the crypto breached the March 2024 high, we prepared to buy the next pullback if it completes a 3 or 7 swing structure as usual. 3-swing structures are zigzags while 7-swing structures are double zigzag Elliott wave patterns.

Cardano (ADAUSD) Elliott Wave Chart - 12.11.2024​

[caption id="attachment_952475" align="aligncenter" width="1024"] ADAUSD, H1[/caption]
On 12.11.2024, we shared the chart above with members citing a 7-swing structure for wave 4 on the H1 chart. In addition, we identified the 1.037-0.909 as the key blue box zone. We expected new buyers from the blue box to cause at least a 3-swing bounce if not a 5-wave recovery for wave 5. Price reached the blue and bounced as we expected. For trade management, we advised members to take partial profit at 1.066.

Cardano (ADAUSD) Elliott Wave Chart - 12.12.2024​

[caption id="attachment_952476" align="aligncenter" width="1024"] ADAUSD, H1[/caption]
On 12.12.2024, a day after, we shared the chart above with members. The price shows a swift separation from the blue box just as we expected. In addition, price surpassed the risk-free area. Thus, traders now run a risk-free trade after taking partial profit. Going forward, we expect wave ((i)) of 5 to finish. Afterwards, a retracement in wave ((ii)) will follow. For as long as the pullback ends above 0.911, the upside should continue.

Source: https://elliottwave-forecast.com/cryptos/cardano-journeys-toward-blue-box/

 

[Elliottwave-Forecast]

Hello everyone! In today’s article, we’ll examine the recent performance of Alphabet Inc. ($GOOGL) through the lens of Elliott Wave Theory. We’ll review how the rally from the November 21, 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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$GOOGL 1H Elliott Wave Chart 12.13.2024:​

In the 1-hour Elliott Wave count from December 13, 2024, we see that $GOOGL completed a 5-wave impulsive cycle beginning on November 21, 2024, and ending on December 12, 2024, at the red 3. 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 $189.56 and $186.14.
This setup aligns with a typical Elliott Wave correction pattern (ABC), where the market pauses briefly before resuming the main trend.

$GOOGL 1H Elliott Wave Chart 12.16.2024:​

The most recent update, from December 16, 2024, shows that $GOOGL reacted as predicted. After the decline from the recent 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 $GOOGL?​

With the current rally, $GOOGL appears well-supported. Based on the Elliott Wave structure, we expect the stock to continue its upward trajectory, targeting the $202 – $220 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 Alphabet Inc. ($GOOGL) suggests that it could continue its bullish run in the short term. Therefore, traders should monitor the $202 – $220 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...oogl-blue-box-area-offers-buying-opportunity/

 

[Elliottwave-Forecast]

Broadcom Inc., (AVGO) designs, develops & supplies various semiconductor devices with focus on complex digital & mixed signal complementary metal oxide semiconductor. The company operates in two segments, Semiconductor Solutions & Infrastructure Software. It is based in Palo Alto, CA, comes under Technology Sector & trades as “AVGO” ticker at Nasdaq.

AVGO is trading at all time high in weekly sequence. It favors upside in ((3)) of I within impulse sequence started from August-2024 low. It expects to extend rally started from 27, November-2024 low towards $273 or higher levels before larger pullback may start.

AVGO - Elliott Wave Latest Daily View: ​

In Weekly, it placed ((I)) at $67.78 high in December-2021 & ((II)) at $41.51 low in October-2022 low. Above there, it placed (I) of ((III)) at $185.16 high in June-2024. Within (I), it placed I at $92.32 high, II at $79.51 low, III at $143.82 high, IV at $119.76 low & finally V as (I) at $185.16 high. It placed (II) correction at $128.50 low in August-2024 low as 0.382 Fibonacci retracement.

Above $128.50 low, it favors upside in (3) of ((3)) & expect to remain supported in 3, 7 or 11 swings pullback to resume higher. It placed ((1)) as diagonal at $186.42 high & ((2)) at $157.54 low on 27, November-2024 low. Above there, it placed (1) at $180.68 high & (2) at $169.73 low. It favors upside in (3) of ((3)) towards $251 - $273.15 area before pullback starts in (4) followed by final push higher in (5) to finish ((3)). It should rally towards $273 - $309 area to finish I of (III) sequence started from August-2024 low. We like to buy the pullback in 3, 7 or 11 swings at extreme areas, when reached.

Source: https://elliottwave-forecast.com/stock-market/broadcom-avgo-favors-bullish-sequence-towards-273/

 

[Elliottwave-Forecast]

IONQ, Inc. develops and manufactures quantum computers. The firm specializes in quantum computing and quantum information processing. The company was founded by Christopher Monroe and Jung Sang Kim in 2015 and is headquartered in College Park, MD. In this blog we are going to take a look at the technical analysis for IONQ ticker symbol: $IONQ. In which, we will look at the weekly chart showing two channels to the upside from all time lows. Supporting a possible nest structure in the making favoring more upside.

In which the rally to $35.90 high ended wave ((I)) and down from there made a pullback lower. The internals of that pullback unfolded as a double three structure where wave (w) ended at $9.16 low. Then a bounce to $17.66 high ended wave (x) bounce. And wave (y) ended at $3.03 low, thus completed wave ((II)) pullback. Up from there, the stock is rallying higher in an impulse sequence where wave I ended at $21.60 high and wave II pullback ended at $6.22 low. Above from there, the stock is taking extension higher in wave III already and expected to reach $43.31- $54.79 200%-261.8% Fibonacci extension higher. Suggesting that bulls needs to be careful at this stage of the market because soon IONQ should be entering into wave IV pullback. We don't recommend selling it and next pullback should offer buying opportunity later on in 3, 7 or 11 swings.

IONQ Elliott Wave Weekly Analysis From 12.17.2024​

Source: https://elliottwave-forecast.com/stock-market/ionq-soon-entering-wave-iv-pullback/

 

[Elliottwave-Forecast]

The Global X Uranium ETF (URA) is an exchange-traded fund (ETF) that seeks to provide investment results that correspond generally to the price and yield performance of the Solactive Global Uranium & Nuclear Components Total Return Index. In this article, we will look at the long term technical outlook using Elliott Wave method.

$URA Elliott Wave Chart Monthly Chart​

Uranium ETF (URA) Monthly Chart shows the EF has a bullish sequence after ending wave ((II)) at 7.01. Up from there, wave I ended at 31.6 and pullback in wave II ended at 17.65. The ETF then nested higher in impulsive structure with wave ((1)) ended at 33.66 and pullback in wave ((2)) ended at 22.79. Expect the ETF to continue higher in wave ((3)). Overall, it's bullish against March 2020 low at 7.01 and pullback should find support in 3, 7, 11 swing.

$URA Daily Elliott Wave Chart​

Daily chart above shows that rally to 33.66 ended wave ((1)) on May 20, 2024 high. Pullback in wave ((2)) ended a t 22.85 with internal subdivision as a zigzag Elliott Wave structure. Down from wave ((1)), wave (A) ended at 28.56 and wave (B) rally ended at 31.52. Wave (C) lower ended at 22.85 which completed wave ((2)) in higher degree. The ETF has turned higher in wave ((3)). Up from wave ((2)), wave 1 ended at 27.55 and wave 2 dips ended at 22.89. Wave 3 higher ended at 30.37 and pullback in wave 4 ended at 29.11.

Final leg wave 5 higher ended at 33.99 which completed wave (1) in higher degree. Wave (2) pullback is in progress to correct cycle from 8.5.2024 low in zigzag structure before it resumes higher. Near term, as far as pivot at 22.85 low stays intact, expect dips to find support in 3, 7, 11 swing for more upside.

Source: https://elliottwave-forecast.com/stock-market/uranium-miners-etf-ura-correction-find-support/

 

[Elliottwave-Forecast]

Hello, fellow traders. In this technical article, we’ll take a quick look at the Elliott Wave charts for the EURGBP forex pair, published in the members' area of the website.
As our members know, EURGBP is showing incomplete bearish sequences, suggesting further decline. The pair recently gave us a bounce in a 3-wave pattern, with sellers appearing right at the equal legs zone. Let’s break down our Elliott Wave forecast further in this article.

EURGBP H1 Asia Update 12.15.2024​

The current view suggests that EURGBP is doing a ((iv)) recovery, which is correcting the cycle from the 0.83651 peak. Proposed recovery can be unfolding as a Elliott Wave Zig Zag Pattern. The price has already reached important technical area at 0.82989- 0.83301. ( sellers zone). We expect potential sellers to appear in this area, which could lead to a further decline towards new lows or a three-wave pull back at least.

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

EURGBP H1 Asia Update 12.17.2024​

EURGBP has found sellers as expected and made a nice decline from the Equal Legs zone. Current analysis suggests the wave ((iv)) correction has completed at the 0.83278 high. We are looking for a break of previous ((iii)) black low as confirmation wave ((v)) is in progress. We advise against buying EURGBP in during any suggested bounce and favor the short side.

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Source: https://elliottwave-forecast.com/forex/eurgbp-elliott-wave-equal-legs-area/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View in Bitcoin (BTCUSD) suggests rally from 6 September 2024 low is in progress as a 5 waves impulse. Up from 6 September, wave 1 ended at 66508 and dips in wave 2 ended at 58867. The crypto-currency has extended higher in wave 3 towards 103647 as the 1 hour chart below. Pullback in wave 4 unfolded as a zigzag Elliott Wave structure. Down from wave 3, wave ((a)) ended at 97917 and wave ((b)) ended at 99577. Wave ((c)) lower ended at 92310 which completed wave 4 in higher degree.

Bitcoin has resumed higher in wave 5. Up from wave 4, wave ((i)) ended at 101251 and wave ((ii)) pullback ended at 94249 as a zigzag structure. Down from wave ((i)), wave (a) ended at 98752 and wave (b) ended at 101407. Wave (c) lower ended at 94249 which completed wave ((ii)) in higher degree. The crypto-currency has extended higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 102582 and pullback in wave (ii) ended at 99250. Wave (iii) higher ended at 107821. Pullback in wave (iv) is in progress as an expanded flat before it turns higher again. Near term, as far as pivot at 92310 low stays intact, expect dips to find support in 3, 7, or 11 swing and the crypto-currency to extend higher.

Bitcoin (BTCUSD 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-view-bitcoin-btcusd-reached-inflection-area/