Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

PNC Financial Services (NYSE: PNC) is down more than 20% in the recent 4 months. Investors are looking for clues into the current decline to prepare a plan for the next move. We’ll use the Elliott Wave Theory to define the technical structure and understand the potential path.

Since December 2024 peak, PNC is showing a clear 3 swings decline and we can define it as an Elliott Wave Zigzag structure. Wave ((A)) ended in 12.20.2024 at $185, wave ((B)) ended in 1/29/2025 at $205 and the wave ((C)) remains in progress. In other words, the current move to the downside is corrective and it's still expected to end wave (5) of ((C)) at the equal legs with the Blue Box area $170.68 - $149.25.

PNC 4 Hour Elliott Wave Chart​

The blue box in the above charts is a High-frequency area where the market is likely to end the current cycle and make a turn. Consequently, we expect PNC to react to the upside as buyers will be looking for the trend to resume or will be looking for a 3 waves bounce at least.

In conclusion, PNC is showing a corrective decline and we only recommend buying the pullback in 3 , 7 or 11 swings as we expect a reaction higher to take place in the second quarter of this year.

Source: https://elliottwave-forecast.com/stock-market/pnc-financial-services-upside/

 

[Elliottwave-Forecast]

Understanding Fortinet’s Long-Term Growth Potential Through Elliott Wave Analysis

Fortinet Inc. (FTNT) remains in a long-term bullish cycle, with Elliott Wave analysis signaling further upside. The stock recently completed a significant correction and appears ready for the next move higher.

Weekly Elliott Wave Analysis:​

The weekly chart of FTNT highlights a clear five-wave impulsive advance, which completed wave III at a peak in 2022. Afterward, the stock entered a complex corrective phase, labeled as wave IV. This correction found support near $54.54, aligning with key Fibonacci retracement levels. With this correction now over, FTNT has begun a new bullish cycle.

Short-term Elliott Wave Outlook:​

On the daily timeframe, FTNT has already completed an initial five-wave advance, marking wave ((1)) of a new uptrend. Currently, the stock is experiencing a wave ((2)) pullback, which is expected to be fail in 3, 7 or 11 swings above the low of wave IV in the near term. Once this phase concludes, another strong rally should follow. The projected target for wave ((3)) lies between $120 and $150, indicating substantial upside potential.

Right Side and Trading Strategy​

The "Right Side" tag confirms the primary trend is bullish. Traders should focus on buying opportunities rather than shorting. The bullish outlook stays valid as long as FTNT holds above $54.54.

The "Turning Up" tag indicates that the stock is resuming its uptrend. Traders can look for pullbacks as potential entry points while managing risk carefully.

Conclusion​

Fortinet Inc. remains structurally bullish, with wave ((3)) likely to accelerate higher. Investors should consider buying on pullbacks while watching the $54.54 support level. With a strong Elliott Wave setup, FTNT is well-positioned to reach new highs in the coming months.

Source: https://elliottwave-forecast.com/st...lliott-wave-forecast-bullish-trend-continues/

 

[Elliottwave-Forecast]

In recent years, the renmembi paused its attempt to strengthen against the USD. In February 2014, the renminbi found support at 6.0153 as wave ((III)). From there, it formed a perfect zig-zag corrective structure, reaching equal legs at the 7.1964 high in September 2019. Following these three swings, USDCNH was expected to continue its downtrend. However, the pair turned upward again, breaking above the 7.1964 high, which suggested that it was developing a double correction structure.

USDCNH October 2024 Weekly Chart​

In the previous chart, the first leg of wave "c" completed successfully. Starting from the 6.6883 wave "b" low, the pair climbed higher in 5 swings, forming an impulse that peaked at the 7.3679 high, labeled as wave ((1)). The wave ((2)) pullback then unfolded, following a zig-zag structure (A), (B), and (C), and ended precisely at the 6.9705 low within the expected range of 7.12 - 6.95.

After completing wave ((2)), the pair resumed its rally, building an impulse as wave "c" toward the target area of 7.4899 - 7.7679 This move aimed to finalize wave (y) and complete the double correction as wave ((IV)), allowing the renminbi to continue its downtrend in monthly timeframe.

USDCNH March 2025 Weekly Chart​

Currently, we can see the rally of wave (1) of ((3)) that concluded at the 7.3700 high. This movement has not broken into new highs which is crucial for sustaining bullish momentum. We have also witnessed a pullback that is likely wave (2) of ((3)). Despite the sharp depreciation of the dollar in recent weeks, the pair has not moved to the same magnitude as the dollar, which is a positive indicator for maintaining the bullish structure. As in previous months, we expect the upward trend to continue targeting to 7.4899 - 7.7679 area completing a double correction Elliott Wave pattern. At this level, we should see a bearish reactions in the USDCNH.

Source: https://elliottwave-forecast.com/forex/riding-usdcnh-dollar-strength-persist/

 

[Elliottwave-Forecast]

DexCom Inc., (DXCM) prominent player in the healthcare sector, specializes in continuous glucose monitoring systems, helping improve diabetes management. Listed on Nasdaq under the ticker "DXCM," the company operates on a global scale.

This stock reflects a notable trading pattern, with anticipated market movements providing insights for investors. From a technical perspective, DXCM has been navigating a double three correction pattern since its November 2021 peak.

DXCM - Elliott Wave Latest Weekly View: ​

The company's grand super cycle ((I)) reached its zenith at $164.86, marking a high from its all-time low. Following this, the stock has exhibited a corrective wave ((II)), forecasting a gradual decline against the March-2024 high. Within wave ((I)), various smaller waves, such as (w), (x), & (y), have contributed to its dynamic movement. The stock recently broke below the (w) low, suggesting continued weakness towards $44.11 or lower levels—a critical point for investors.

Elliott Wave pattern suggest short-term strategies, such as selling during rebounds in three, seven, or eleven swings, as long as the stock remains below February-2025 high of $93.25, once it breaks below $62.34 low. Alternatively, if the stock surpasses $93.25 while holding above July-2024 low, a potential double correction could manifest. For long-term investments, the next blue box area in wave y might offer opportunities when the stock approaches this zone in the weekly chart. Navigating DXCM’s technical patterns demands careful observation & a strategic approach for investors aiming to capitalize on potential market movements.

Source: https://elliottwave-forecast.com/stock-market/dxcm-forecasting-trends-key-levels-in-correction/

 

[Elliottwave-Forecast]

Hello everyone! In today’s article, we’ll examine the recent performance of SPDR Industrial ETF ($XLI) through the lens of Elliott Wave Theory. We’ll review how the decline from the November 27, 2024 high unfolded as a 7-swing correction and discuss our forecast for the next move. Let’s dive into the structure and expectations for this stock.

7 Swing WXY correction​

$XLI 4H Elliott Wave Chart 3.12.2025:​

In the 4H Elliott Wave count from March 12, 2025, we saw that $XLI is completing a 7-swing correction beginning on November 27, 2024. We anticipated this pullback to unfold in 7 swings, likely finding buyers in the equal legs area between $128.66 and $125.53.
This setup aligns with a typical Elliott Wave correction pattern (WXY), where the market pauses briefly before resuming the main trend.

$XLI 4H Elliott Wave Chart 3.23.2025:​

The 4H update, from March 23, 2025, shows the reaction take place as predicted. After the decline from the recent peak, the ETF found support in the equal legs area, leading to a renewed rally. As a result, buyers were able to get risk-free at $135 which is the 50% retracement from the wave ((X)) connector.

What’s Next for $XLI?​

With the current price action, the ETF appears to be positioned for a bounce. Based on the Elliott Wave structure, we expect the ETF to remain above 128.21 and trade higher, targeting the $148– $154 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 SPDR Industrial ETF ($XLI ) suggests that it could rally in the medium term. Therefore, traders should monitor the $148– $154 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...-xli-blue-box-area-offers-buying-opportunity/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to look at the Elliott Wave charts of Dollar Index DXY published in members area of the website. As our members know , Dollar shows bearish sequences in the cycle from the 110.157 peak. In the following text, we will explain the Elliott Wave forecast in more detail.

Dollar Index DXY Elliott Wave 1 Hour Chart 04.02.2025​

As mentioned earlier, Dollar is showing bearish sequences - 5 waves pattern from the 110.15 high, and we expect further weakness in the US Dollar. Current Elliott Wave analysis suggests that DXY completed a three-wave recovery at the 104.68 high, marked as wave 4 red. As long as the price remains below this level, we anticipate continued downside in Dollar index..

At this stage, we do not recommend buying and favoring the short side.

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Dollar Index DXY Elliott Wave 1 Hour Chart 04.03.2025​

The price remained below the marked invalidation level, leading to a further decline as anticipated. Eventually, it broke the previous low at 103.22, confirming that the next leg down is underway. The Dollar Index remains bearish as long as it holds the 104.67 pivot. We anticipate continued weakness, with a downside target of 101.51 (wave 5 = wave 1).

Remember, the market is dynamic, and the presented view may have changed in the meantime. For the most recent charts and target levels, please refer to the membership area of the site. The best instruments to trade are those with incomplete bullish or bearish swing sequences. We put them in Sequence Report and best among them are presented in the Live Trading Room

Reminder for members: Our chat rooms in the membership area are available 24 hours a day, providing expert insights on market trends and Elliott Wave analysis. Don’t hesitate to reach out with any questions about the market, Elliott Wave patterns, or technical analysis. We’re here to help.

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Source: https://elliottwave-forecast.com/forex/dollar-index-dxy-elliott-wave-3/