Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Short Term Elliott Wave view in GBPUSD suggests that the rally to 1.3516 ended wave ((A)). This rally ended cycle from 9.3.2019 low as a 5 waves impulsive Elliott Wave structure. Pair is now correcting cycle from 9.3.2019 low within wave ((B)) as a zigzag Elliott Wave structure. A zigzag is a 3 waves structure with ABC label and subdivision of 5-3-5. The first leg wave A subdivides as a 5 waves impulse. Down from 1.3516, wave ((i)) ended at 1.3304 and wave ((ii)) bounce ended at 1.342. Pair then extended lower in wave ((iii)) towards 1.307 and wave ((iv)) bounce ended at 1.313.

Wave ((v)) is expected to end soon and this should complete wave A of ((B)). Afterwards, pair should bounce in wave B to correct cycle from 12/13/2019 high in 3, 7, or 11 swing before the decline resumes. We don't like buying the proposed bounce and expect sellers to appear in the sequence of 3, 7, or 11 swing as far as pivot at 1.3516 stays intact. Potential target for wave ((B)) is 50 - 61.8% Fibonacci retracement of the rally from 9.3.2019 low which comes at 1.232 - 1.273.

GBPUSD 1 Hour Elliott Wave Chart

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of BABA Stock published in members area of the Elliottwave-Forecast.com . As our members know, BABA is showing incomplete sequences in the cycle from the December 2018 low (129.61). Break above 3rd May peak made higher high sequences in proposed cycle.We’ve been calling for further extension higher toward 213.02 + area. Recently we got 3 waves pull back , when the price reached Blue Box- Buyers zone. The stock found buyers there as we expected. In further text we’re going to explain Elliott Wave Forecast and trading strategy

BABA 1 Hour Elliott Wave Analysis 11.27.2019
Current view suggests BABA is about to complete short term cycle from the 180.91 low as 5 waves rally. As far as pivot at the 180.91 low holds, we expect to see further strength in the Stock toward new highs. We expect to see 3 waves pull back ((b)) soon before proposed rally resumes.



BABA 1 Hour Elliott Wave Analysis 11.27.2019
BABA ended short term cycle from the 180.94 low as 5 waves rally. Now we are getting wave ((b)) pull back against the mentioned low. Current view suggests the pull back is unfolding as Elliott Wave Zig Zag Pattern. Decline from the peak looks impulsive and we believe it was only the first leg (a) blue of wave ((b)) black pull back. We can get another leg down toward Blue Box area: 193.1-188.3. At that area we expect buyers to appear for proposed rally. Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least.

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



BABA 1 Hour Elliott Wave Analysis 11.27.2019
BABA found buyers right at the blue box area : 193.1-188.3 . The pull back completed at the 189.88 low as Elliott Wave Zig Zag. We got nice rally from there, when the price broke toward new highs. At this stage short term cycle from the 189.88 also looks incomplete , suggesting further extension higher. 0

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.

 

[Elliottwave-Forecast]

In this blog, we will take a look at the recent price action of USDSEK since we published the short-term view for this pair in Chart of the day on 12.6.2019 Pair was showing an incomplete sequence down from 10.9.2019 (9.964) peak against 11.13.2019 (9.765) and was calling for more downside toward 9.3527 - 9.2549 area. The initial decline from 10.9.2019 (9.964) peak to 10.24.2019 (9.5544) was impulsive so we expected the decline from 11.13.2109 peak also to unfold as an impulse. Let's take a look at the chart from 12.6.2019 when we showed the pair was close to ending red wave 3.

USDSEK Short-term Elliott Wave Update 12.6.2019


USDSEK Weekend Update 12.8.2019
Chart below shows pair made a new low as expected to complete a diagonal wave ((v)) of red wave 3 and started bouncing. We have already seen a push higher that we labelled as wave ((a)) and pull back in wave ((b)) and now expecting another leg higher in wave ((c)) to complete wave 4 as a zigzag Elliott wave structure.



USDSEK Short-term Elliott Wave Update 12.10.2019
USDSEK made the push higher in wave ((c)) and reached 100% Fibonacci extension of ((a))-((b)) and now started to turn lower again. We expected the decline to resume in wave 5 provided price stayed below the red 4 peak. If the pair made a marginal new high, it could still be counted as wave ((c)) and part of red 4.



USDSEK Short-term Elliott Wave Analysis 12.11.2019
Chart below shows pair dropped to new lows below wave 3 low and has started the decline in wave 5 toward 9.3527 - 9.2549. Pair looks to have completed wave (iii) of ((v)) of 5 and expected to make at least 2 more lows to complete 5 waves in wave 5, complete 5 waves decline from 11.13.2019 peak and also complete 3 waves from 10.9.2019 peak.

 

[Elliottwave-Forecast]

Back in September 2019, we said Eurostoxx break above July 25 2019 created an incomplete bullish sequence from December 27, 2018 low. This called for extension higher toward 3849 - 3993 area to complete the sequence from December 27, 2018 low. Let's take a look at the chart we shared in our public social media feeds back in September 2019.

$SX5E (Eurostoxx) Daily Chart 9.24.2019
Chart below shows initial rally from December 27, 2018 low was in 5 waves which was followed by an expanded FLAT correction to 3239.81 low (8.15.2019) and then we can see a new high above wave ((b)) high confirming start of the next leg higher with a target of 3849 - 3993 area. Break above ((b)) high created a bullish sequence suggesting any pull back should remain supported in 3, 7 or 11 swings against 3239.81 low for extension higher.



$SX5E (Eurostoxx) Elliott Wave Analysis 12.3.2019
Chart below shows the rally from 3239.81 (8.15.2019 low) is unfolding in 5 waves where wave ((ii)) ended at 3397.18 and wave ((iii)) completed at 3733.45. Wave ((iv)) pull back appears to be a zigzag and has already reached the blue box i.e. 100 - 161.8% Fibonacci extension of (a)-(b). As far as price stays above 3590.2 (161.8% Fibonacci extension), we expected wave ((iv)) to complete and Eurostoxx to resume the rally in wave ((v)) for a new high above 3733.45 or bounce in 3 waves at least to allow any longs from the blue box to get into a risk free position.



$SX5E (Eurostoxx) Elliott Wave Analysis 12.19.2019
Chart below shows Index found buyers in the blue box area between 3644.15 - 3590.22 and went on to make a new high above 3733.45 to confirm wave ((v)) higher to be in progress. In the chart below, we can see 3 waves up from 3595.88 low so we expected wave iv pull back to end between 3722.84 - 3700.40 area and buyers to appear there for a new high in wave v or a 3 waves bounce at least to allow any longs from blue box to get into a risk free position.


$SX5E (Eurostoxx) Elliott Wave Analysis 12.23.2019


Latest 1 Hour chart shows Index found buyers in the blue box area between 3722.84 - 3700.40 and is very close to making a new high above proposed red wave iii peak at 3778.47. A break above this level will complete 5 waves up from 3595.88 low and even though this could be enough to call wave ((v)) completed but we are still treating it as wave (i) of ((v)) and looking for an extended wave ((v)) because Index is still short of the blue box area (3849 - 3993) that we showed back in September. As far as dips hold above wave ((iv)) low, Index is expected to extend higher toward 3849 - 3993 area. We don't like selling the Index and expect buyers to appear in the dips in 3, 7 or 11 swings as far as wave ((iv)) low and the pivot at the same level remains intact in our distribution system.

 

[Elliottwave-Forecast]

Short-term Elliott wave view in EURUSD suggests that the main cycle from October 01, 2019 low is showing 5 swings corrective sequence favoring more upside to take place towards $1.1286-$1.1358 area next before a recovery could end. Also, it's important to note that the pair is showing a bullish sequence tag favoring more upside to take place against $1.0979 low. On the Chart below, a pullback to $1.0979 low ended wave (X) pullback. Up from there, wave W unfolded as Elliott wave zigzag structure where wave ((a)) ended in 5 waves at $1.1116. Down from there, wave ((b)) pullback ended at $1.1038 low.

Above from there, pair made another 5 waves rally in lesser degree cycles & ended wave ((c)) at $1.1199 high. Down from there, the pair made a pullback & corrected the cycle from November 29, 2019 low ( $1.0979). The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $1.1110 low. Wave ((x)) bounce ended at $1.1174 high. And wave ((y)) ended at $1.1065 low, after reaching the blue box area i.e 100%-161.8% Fibonacci extension area of ((w))-((x)). Near-term, while dips remain above $1.1065 low and more importantly above $1.0979 low the pair is expected to resume the upside or should do a 3 wave bounce at least. We don't like selling the pair & expect more upside to take place from the blue box area as far as the pivot from $1.0979 low stays intact.

EURUSD 1 Hour Elliott Wave Chart

 

[Elliottwave-Forecast]

Boeing is all over the news today with the firing of C.E.O Dennis Muilenburg. As we always do at elliottwave-forecast.com, we placed a lot of attention to the Technical path. We use a complex system that includes Cycles, Sequences, Distribution, correlations, and The Elliott wave System to come out with the highest probability forecast. The company has been mired in the worst crisis in its 103-year history since the crashes of two 737 Max jets killed 346 people.

The plane has been ground since March and Boeing has faced cascading delays as it tries to return the Max to the air. We were able to forecast this crisis early this year, explained in this previous blog. The instrument has been sideways and giving lower low and lower high since the peak, but also showing five swings since the peak in 9.25.2019 and should remain trading to the downside for the months to come. The following chart:

Boeing Weekly Elliott Wave Chart 12/23/2019

Shows that the Grand Super degree cycle and the most aggressive view is that we are trading within a wave (IV) in blue, and next year, we should be seeing new highs again and a big three-wave pullback. Many World Indices are ending 2009, and that opens the door for Boeing to have already finished the cycle and consequently, also, now completing the first leg of the most significant seven big waves lower. Either way, the 4 Hour path is very clear, and it is calling for more downside into the $275.00 target; their buyers will be waiting for either of the two possibilities presented above. The following chart:

Boeing Daily Elliott Wave Chart 12/23/2019

Shows the 4 Hour path, and how this bounce is coming from our Blue Box area between $320.29-303.25. We expect this bounce to remain below $391.45, and turn lower into the target. Boeing is part of the World Trading, and we hope everyone agrees with us that the company will not go anywhere, but we need to understand that Market trade, as a whole, and last week $ S.P.X. Finally took the $3189 level, which makes the Grand Supercycle an impulse like shown in the following chart:

Boeing Quarterly Elliott Wave Chart 12/23/2019

The break represents positive support for Boeing, but we need to understand that a wave (IV) is soon to happen in the Index, which will negatively affect Boeing, the same way. The following chart:

Boeing Weekly Elliott Wave Overlay Chart

Here's an overlay of Boeing and $ S.P.X., showing the cycles and Elliott wave labels. Knowing and relating all these instruments across the world is key because it all depends on the levels and timing. One thing is clear. World Indices remain a buy in the dips, but a period of choppiness, the biggest since 2009 will make many Stocks and ETFs also to trade lower or sideways. Boeing's new C.E.O. will see the light at the end of the tunnel but will have a period of turbulence on the horizon, not only because the company is dealing with the crisis of the 737 Max Jets, but because of the timing of the World Indices.

 

[Elliottwave-Forecast]

In this technical blog we’re going to take a quick look at the Elliott Wave charts of NZDUSD pair published in members area of the Elliottwave-Forecast.com . As our members know, cycle from the 10/01 low is unfolding as 5 waves structure. Recently we got 3 waves pull back against the 0.6316 low. The pair found buyers at the Equal Legs, blue box area as we expected. We were calling for further rally within the October cycle. In further text we’re going to explain Elliott Wave Forecast.

NZDUSD 1 Hour Elliott Wave Analysis 12.17.2019
NZDUSD ended short term cycle from the 0.6316 low as 5 waves rally, labeled as wave (3) blue. Now we are getting wave (4) blue pull back against the 0.6316 low. Current view suggests the pull back is unfolding as Elliott Wave Zig Zag Pattern. Correction looks incomplete at the moment. The price hasn't reached equal legs/ blue box area yet. We expect to see another leg down toward Blue Box area: 0.65548-0.65185. At that area we expect buyers to appear for proposed rally or 3 waves bounce at least. As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.

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



NZDUSD 1 Hour Elliott Wave Analysis 12.20.2019
NZDUSD found buyers at 0.65548-0.65185 , the Blue Box area. We got nice reaction from there so far. At this stage we are calling wave (4) blue pull back completed at 0.65518 low. We would like to see further extension higher and break above 12/13 high to confirm next leg up is in progress. Otherwise break below current short term low : 0.65518 would open possibility for a deeper correction in 7 swings.





NZDUSD 1 Hour Elliott Wave Analysis 12.24.2019
Eventually we got further separation higher and the pair broke 12/13 high as we expected. Current view suggests further extension higher within wave (5) as far as pivot at 0.65518 low stays intact.

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.

 

[Elliottwave-Forecast]

The UK election result pushed GBP higher after the Conservatives, led by Prime Minister Boris Johnson, won the majority in parliament with a landslide victory. This is the Tories’ biggest victory since Margaret Thatcher days. Johnson can finally get his Withdrawal Agreement Bill passed now that the Parliamentary blockage out of the way.



However, getting the bill passed is just the starting point for the Brexit process. Johnson will have to negotiate a future trade deal with EU by 31 December 2020. If the UK and EU cannot agree to a trade deal during the transition period next year, no- deal Brexit is very much a possibility. UK can still request an extension before July 2020. But, Johnson has ruled out the possibility of any extension, which would prolong the Brexit uncertainty longer.

Pound climbed higher after the election and reached 1.3515 high, but it has dropped considerably since the election high. One of the reasons is the aforementioned possibility of a no-deal Brexit. Johnson has said the UK will either have a comprehensive trade deal with the European Union or it will leave without a deal. The other reason is because market is back to focusing on what Bank of England (BoE) will do with the rate decision. BoE is still in wait-and-see mode right now. Though, 2 members of MPC dissented and voted to cut rate by 25 bps at the last meeting. The probability of BoE rate cuts is pretty high if UK data don't improve next year. So, with uncertainty in Brexit deal and the possibility of BoE rate cut, Pound could see more decline in the near term.

GBPUSD 1 Hour London 12.18.2019




Looking at the chart, GBPUSD have ended the cycle up from 09.03.19 low at 1.3516. The pair is correcting that cycle in a wave ((B)) pullback. In the near term, wave (A) remains in progress and could be ending the 5 waves move down soon. The pair could see a bounce in wave (B) in 3,7,11 swings afterward. As long as 1.3516 high remains intact, expect the bounce in 3,7,11 swings to fail. Subsequently,the pair should resume lower to complete wave (C) of ((B)).

 

[Elliottwave-Forecast]

Short-term Elliott Wave view in $XAUUSD suggests that the rally from November 12, 2019 low can be nesting higher as an impulse structure looking for more upside still. However, if it continues to see strength higher and see a break above $1529.19 level then the rally could become impulse structure as well. Up from 11/12/2019 low, a rally to $1487 high ended intermediate wave (1) as a leading diagonal structure. Down from there, a 3 wave pullback to $1461.70 low ended intermediate wave (2). Above from there, the metal is showing an impulse rally with extension in lesser degree cycles favoring few more highs to come before a pullback could take place.

Up from $1461.70 low, the initial rally in wave ((i)) unfolded as a leading diagonal structure. Whereas a lesser degree wave (i) ended at $1475.50 high. Wave (ii) ended at $1465.19 low, wave (iii) ended at $149.90 high, wave (iv) ended at $1473.60 low and wave (v) ended at $1480.50 high. Down from there, the pullback in wave ((ii)) unfolded as a zigzag structure where wave (a) ended at $1474 low. Wave (b) ended at $1479.26 high and wave (c) ended at $1470.19 low.

Above from there, wave ((iii)) is unfolding as impulse structure where lesser degree wave (i) ended at $1485.21 high. Wave (ii) ended at $1480.30 low, wave (iii) ended at $1512.60 low and wave (iv) ended at $1506.50 low. Near-term, the metal can be looking to extend higher towards $1521.40-$1524.90 (v)=(i) target area before a rally from December 18, 2019 low ( $1470.19) ends in wave ((iii)). And a pullback in wave ((iv)) could develop in 3, 7 or 11 swings before more upside can be seen. We don't like selling the metal and expect more upside to take place as far as a pivot from $1470.19 low stays intact.

$XAUUSD 1 Hour Elliott Wave Chart

 

[Elliottwave-Forecast]

Johnson & Johnson (NYSE: JNJ) released its third-quarter earnings and revenue in mid October 2019 which beat Wall Street’s expectations. Despite facing a sell-off during that week, the stock managed to establish a major low in October and it has been rallying higher since then looking to challenge 2018 peak.

Let's take a look at the technical picture for JNJ using Elliott Wave Theory to understand the overall structure and look for the next path :

JNJ 4H Chart


The stock is currently showing an incomplete impulsive Elliott Wave structure from August 2019 low as it managed to break above the 1.618 fib ext level $147 suggestion further continuation higher within the 3rd wave which started since 10/24/2019. Wave ((3)) is usually the strongest within the cycle, therefore JNJ is expected to remain supported above $126 and can see extension higher toward target area $152 - $158 before ending the 4 Hour cycle.

JNJ saw a sideways consolidation in the recent 2 years within a Bullish Triangle and the stock is currently in the process of breaking out of that range . It's also approaching 2018 peak $151 and a break above that level will confirm the extension higher within the monthly cycle since 2009 low.

JNJ Weekly Chart


In conclusion, JNJ overall structure remains bullish as the daily cycle is still looking for further which will allow the stock to see further gains next year before a larger 3 waves pullback takes place to correct the previous cycle.

 

[Elliottwave-Forecast]

Hello fellow traders. Another instrument that we have been trading lately is USDX. In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDX, published in members area of the website. As our members know, USDX has incomplete bearish sequences in the cycle from the 10/01 peak, targeting 96.02-95.43 area . Consequently, we advised members to avoid buying USDX and keep on selling the rallies in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.

USDX 4 Hour Elliott Wave Analysis 12.17.2019
Break of 11/01 low made USD Index bearish against the 98.56 peak . Cycle from the October 10th peak looks incomplete now, calling for further weakness. We don’t recommend buying USDX in any proposed recovery. Strategy is waiting for the clear 3 waves bounce and then sell the Index in 3,7,11 swings when get chance.



USDX 1 Hour Elliott Wave Analysis 12.17.2019
USDX is correcting the cycle from the 98.55 peak. At this stage bounce looks incomplete. It's showing 5 swings up from the lows. We expect to see another leg up toward 97.59-97.99 (sellers area). At the marked blue box sellers should ideally appear for proposed decline or 3 wave pull back alternatively. We don’t recommend buying USDX in proposed leg up, and favor the short side – selling the index in the blue box.

As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. H1 Trend is bearish and we expect to see sellers in the blue box for further decline or 3 waves pull back at least. As soon as the pull back reaches 50 fibs against the ((x)) black low, we will make short positions risk free. Invalidation level for sellers is break above 1.618 fib extension: 97.99.



USDX 1 Hour London Elliott Wave Analysis 12.26.2019
USDX made leg up and reached ((w))-((x)) equal selling area at 97.59-97.99. Sellers appeared right at the blue box and the price is already showing reaction from there. We are calling X red recovery completed at 97.82 high. However we need to see further separation down from the peak to get confirmation we have ended 3 waves from the lows at least.



USDX 1 Hour London Elliott Wave Analysis 12.27.2019
97.82 high held nicely and we got further separation down as expected. The decline reached 50 fibs against the ((x)) black low. So members who took short positions from the blue box should be already risk free.

It’s crucial to fully understand our official strategy: trading the equal legs and sequences in 3,7,11 swings. Combined with Trend Trading it gives you very powerful system that protects your account and makes you profit. If not already familiar with this strategy, all you have to do is to sign up for 14 days Free Trial and watch our Free Educational Video in membership area. If still having some questions after watching it, feel free to let us know and we will help. You can ask questions in 24 Hour Chat Room and in Live Analysis Sessions.

 

[Elliottwave-Forecast]

EURUSD is another forex pair that we have been trading lately . In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURUSD, published in members area of the website. As our members know, EURUSD is showing higher high sequences in the cycle from the 10/01 low, calling for further strength. Consequently, we advised members to avoid selling EURUSD and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.

EURUSD 4 Hour Elliott Wave Analysis 12.19.2019
Cycle from the October 1st low looks incomplete now, calling for further rally in the pair ideally. Break of 10/21 peak made EURUSD bullish against the 1.0980 pivot. At this stage we don’t recommend selling the pair in any proposed pull back. Strategy is buying the pair in 3,7,11 swings against the 1.0980 low. Pull back is unfolding as Elliott Wave Double Three Pattern ( 7 swings pattern).

You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.



EURUSD 1 Hour Elliott Wave Analysis 12.19.2019
At this stage pull back looks incomplete. It’s showing 5 swings down from the peak. We expect to see another leg down toward 1.1085-1.1030 (buyers area) where it should ideally complete 7 swings . At the marked zone buyers should appear for proposed rally or 3 wave bounce at least. We don’t recommend selling the pair and favor the long side – buying the pair at the blue box. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.



EURUSD 1 Hour London Elliott Wave Analysis 12.24.2019
EURUSD made 7th swing down and reached ((w))-((x)) equal legs- buying zone at 1.10848-1.10295. Buyers appeared at the blue box and the price is already showing reaction from there. We are calling X red pull back completed at 1.1064 low, although bounce is still shallow. Now, we need to see further separation up from that low to get confirmation we have ended cycle from the peak. EURUSD should ideally see break above 12/13 peak to get confirmation next leg up is in progress. Anyway at least 3 waves bounce should be seen as h1 trend is bullish. As soon as the pull back reaches 50 fibs against the ((x)) black high, we will make long positions risk free. Invalidation for buyers positions is break below 1.618 fib extension: 1.10295.



EURUSD 1 Hour London Elliott Wave Analysis 12.30.2019
We got expected separation from the low. Mentioned 1.1064 low held nicely and we got nice rally when the price eventually broke previous peak. The break above 12/13 peak has made the pair bullish against the 1.10646 low. Members who took long positions from the blue box should be already risk free.

It’s crucial to fully understand our official strategy: trading the equal legs and sequences in 3,7,11 swings. Combined with Trend Trading it gives you very powerful system that protects your account and makes you profit. If not already familiar with this strategy, all you have to do is to sign up for 14 days Free Trial and watch our Free Educational Video in membership area. If still having some questions after watching it, feel free to let us know and we will help. You can ask questions in 24 Hour Chat Room and in Live Analysis Sessions.

 

[Elliottwave-Forecast]

Elliott Wave view in $DAX suggests that the cycle from December 27, 2018 low remains incomplete and ideally reaches 13652 - 14217 area. As a result, the Index can still see further upside and dips can continue to find support. Short term Elliott Wave chart below suggests the decline to 12889.7 on December 10, 2019 ended wave 4 and Index has resumed higher in wave 5. Up from 12889.74, wave (i) rally ended at 13219.03 and pullback in wave (ii) ended at 13105.07.

Index then resumed higher in wave (iii) towards 13423.4 and pullback in wave (iv) ended at 13255.55. Final leg wave (v) ended at 13398.34 which also completed wave ((i)) of 5 in higher degree. Index is currently correcting cycle from December 10, 2019 low within wave ((ii)) as a Flat Elliott Wave structure before the rally resumes. A Flat is labelled as ABC with subdivision of 3-3-5. Down from 13398.34, wave (a) ended at 13140.22 as 3 waves. Wave (b) bounce ended at 13381.44 also as 3 waves. Wave (c) lower is in progress as 5 waves and can reach 12919.2 - 13096.1 before buyers appear. We don't like selling the Index and expect buyers to appear from the above area for more upside or 3 waves bounce at least.

$DAX 1 Hour Elliott Wave Chart

 

[Elliottwave-Forecast]

In this blog, we’re going to take a quick look at the Elliott Wave charts of EURJPY pair. EURJPY ended short term cycle in wave ((iii)) as 5 waves rally from 11.14.2019 low at 117.05 to 12.13.2019 high at 122.66. Then, the pair pulled back to correct the cycle up from 11.14.2019 low in 3 waves to 121.44 low. Afterwards, it bounced to reach 122.46 high, which did not break the previous high of wave ((iii)) at 122.66. The failure to break the previous high resulted in a turn lower for the pair. The break of wave (w) low at 121.44 means that the pair is doing a double three correction. The 100% extension for the correction is between 120.43-121.21 and was highlighted with a blue box. The blue box area is the area where we expect buyers to appear for an extension higher or 3 waves bounce at least.



EURJPY 12.20.2019 1 Hour Asia Elliott Wave Update



EURJPY 12.26.2019 1 Hour London Elliott Wave Update


In the chart above from 12.26.2019 update, the pair reached the blue box area and ended wave ((iv)) pullback at 121.03 low. From there, the pair got a nice reaction and rallied higher. This allow members who bought from the blue box area a risk free position.



EURJPY 12.30.2019 1 Hour London Elliott Wave Update


Latest 1-hour chart update shows that wave (i) remains in progress. The pair can extend higher to complete wave v of (i). Afterwards, the pair should do a pullback in 3,7,11 swings before resuming to the upside as long as 121.03 pivot level stays intact.

 

[Elliottwave-Forecast]

Short Term Elliott Wave view in $EURUSD suggests that the cycle from October 1, 2019 low remains incomplete and pair can see further upside. Near term, pullback to 1.1064 on December 21, 2019 low ended wave X. Pair has resumed higher in wave Y with subdivision unfolding as a zigzag Elliott Wave structure. Wave ((a)) of Y ended at 1.1239 as 5 waves impulsive Elliott Wave structure. Up from 1.1064, wave (i) ended at 1.11023 and wave (ii) pullback ended at 1.1081. Pair then resumes higher again in wave (iii) towards 1.122, and wave (iv) pullback ended at 1.1195. The last leg wave (v) ended at 1.1239 and this completed wave ((a)) as well.

Pair is currently proposed to be correcting the cycle from December 21, 2019 low within wave ((b)) before the rally resumes. The pullback should unfold in the sequence of 3, 7, or 11 swing and as far as pivot at 1.1064 low stays intact, expect buyers to appear and pair to extend higher. The near-term support area comes at 1.1175 - 1.1194 which is the 100%-123.6% fibonacci extension area where wave (y) is equal to wave (w).

$EURUSD 1 Hour Elliott Wave Chart

 

[Elliottwave-Forecast]

In this technical blog, we are going to take a look at the past performance of 10 Year T-Note Futures ticker symbol: $ZN_F 1-Hour Elliott wave Charts that we presented to our members. In which, the rally from November 11, 2019 low ( $127'31) showed a 5 wave impulse structure. Thus suggested that the structure is incomplete to the upside & the $ZN_F should do another 5 waves rally to complete the Elliott Wave zigzag structure. We will explain the Elliott wave structure below:

$ZN_F 1 Hour Elliott Wave Chart From 11.27.2019




1 Hour Elliott wave Chart from 11/30/2019 London update, in which $ZN_F ended the 5 waves impulse rally in wave (A) at $130'02 high. Down from there, the instrument made a 3 waves pullback in wave (B) to correct the cycle from 11/11/2019 low ( $127'31). The internals of that pullback also unfolded as a lesser degree zigzag structure where wave A ended at $129'10. Wave B ended at $129'24 high. And wave C was expected to reach $129-$128'17 100%-161.8% Fibonacci extension area of A-B. Afterwards, the $ZN_F was expected to see a rally higher in another 5 waves within wave (C) to complete the zigzag structure.

$ZN_F 1 Hour Elliott Wave Chart From 12.04.2019


Here's 1 hour Elliott Wave Chart from 12/04/2019 London update, in which $ZN_F managed to reach the blue box area i.e $129-$128'17 100%-161.8% Fibonacci extension area of A-B. And got the reaction higher as expected in lesser degree 5 waves impulse structure. Please note that after collecting further data we changed the structure of the wave (B) pullback into a double three structure instead of being zigzag.

 

[Elliottwave-Forecast]

Soybean (ZS_F) cycle from May 13, 2019 low shows an incomplete 5 swing sequence, favoring further upside to end 7 swing double zigzag structure. On the 4 hour chart below, we can see the rally to 945.4 ended wave (W) and pullback in wave (X) ended at 868.2. Wave (Y) higher is unfolding as a zigzag Elliott Wave structure where wave A of (Y) remains in progress. The internal subdivision of wave A is unfolding as an impulsive structure. Up from 868.2, wave ((i)) ended at 903.4 and pullback in wave ((ii)) ended at 888.2.

The instrument has resumed higher in wave ((iii)) towards 941.4 and pullback in wave ((iv)) ended at 927.2. Expect wave ((v)) of A to end soon. Afterwards, Soybean should correct the cycle from December 3, 2019 low within wave B before the rally resumes. We don't like selling the proposed pullback and expect buyers to appear in the sequence of 3, 7, 11 swing for more upside as far as pivot at 868.2 low stays intact. Potential target higher is 100% - 123.6% Fibonacci extension from May 13, 2019 low which comes at 1021 - 1057 area.

Soybean ($ZS_F) 4 Hour Elliott Wave Chart

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of SUGAR ( $SB_F ) published in members area of the Elliottwave-Forecast.com . As our members know, SUGAR is showing incomplete sequences in the cycle from the September 12th low (10.68). Break above 2nd October peak made higher high sequences in proposed cycle. Consequently we’ve been calling for further extension higher . The Commodity Futures is targeting 14.32 + area within the proposed cycle. Recently we got 3 waves pull back , when the price reached Blue Box- Buyers zone. The Commodity found buyers there as we expected. In further text we’re going to explain Elliott Wave Forecast and trading strategy.

SUGAR 1 Hour Elliott Wave Analysis 12.29.2019
Current view suggests SUGAR is giving us correction against the 12.05 low. Proposed pull back is unfolding as Elliott Wave Zig Zag pattern, when we can be now in ((c)) leg down toward 13.16-12.89 area . As far as the price stays below 13.68 high, we can get another leg down toward Blue Box area:13.16-12.89 ( buyers zone). Although we are calling for proposed decline, we don't recommend selling the commodity against the main bullish trend. Strategy is waiting for Blue Box to be reached. At that area we would like to be buyers for proposed rally.
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least. Invalidation level for the long trade would be break below 1.618 Fib extension:12.89.

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



SUGAR 1 Hour Elliott Wave Analysis 1.03.2020
SUGAR has been trading sideways in short term. Eventually , the commodity gave us proposed leg down toward blue box. It found buyers right at the blue box area : 13.16-12.89 . At this stage we are calling pull back completed at the 13.10 low as Elliott Wave Zig Zag. However, we need to see break above 13th December peak to get confirmation next leg up is in progress. Until that happens we should be aware that 13.1 low is more vulnerable and we don't recommended buying short term dips against that level. Members who took long trades should be already risk free.

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.

 

[Elliottwave-Forecast]

Crude Oil prices jumped by more than $2 after US drone strike killed top Iranian general. Fears mount that Iran may target the oil industry infrastructure across the region in the event of further tit-for-tat escalation. Last year, there were precedent that Iran or its proxies targeted oil facilities and shipment. Iran has seized two oil tankers in the Strait of Hormuz. Additionally, Iran-backed Houthi rebels also claimed responsibility for the drone attack which crippled Saudi's oil facility. The drone attack has forced Saudi Arabia to shut down half of its production. It has also caused the biggest jump in global oil prices since 1988. The latest development raises the prospect that Iran intensifies its retaliation.

The geopolitical conflict also prompted global stock markets to pullback from the recent rally. Traditional safe haven instrument such as Gold and government bonds enjoy newly-found bid after the pause since summer of 2019. Over the weekend, Iran said it would no longer be bound by uranium enrichment restriction in 2015's nuclear deal. The U.S State Department has said there's a heightened risk of missile attacks near military bases and energy facilities in Saudi Arabia. Oil continues the volatile swing as President Trump tweeted on the weekend that the US is ready to strike 52 Iranian targets in disproportionate manner if Tehran retaliates.





Crude Oil Daily Elliott Wave Outlook


Light Crude Oil (CL_F) is close to break above previous April 23, 2019 high ($66.6). A break above that level should open a bullish sequence from Dec 24, 2018 low favoring further upside. From the chart above, the rally from December 24, 2018 low unfolded as 5 waves impulsive Elliott Wave structure and ended either wave ((1)) or ((A)). Wave ((2)) or ((B)) pullback ended at $51 as a running flat Elliott Wave structure.

Oil is now within wave ((3)) or ((C)) higher and a break above $66.6 should confirm this view. The next potential target, if $66.6 breaks, is the 100% - 123.6% Fibonacci extension from December 24, 2018 low which comes at $75 - $81.

 

[Elliottwave-Forecast]

Barrick Gold Corporation (NYSE: GOLD) is the second-largest gold mining company in the world. As the precious metal price has been soaring recently, let's take a look at the technical structure of the stock.

GOLD established a major low back in September 2015 from where the stock rallied strongly within an impulsive 5 waves advance which was followed by a technical 3 waves zigzag structure into equal legs area $11 - $8. Up from there, it started a new bullish cycle aiming for an upside target at $21 - $24 before another 3 waves pullback takes place which is expected again to find support before the trend resumes higher. The blue boxes presented in charts are a High-frequency areas where the instrument is likely to end cycles and make a turn in favor of the previous cycle.

Barrick Gold still needs to break above 2016 peak to open a higher highs sequence and establish a strong bullish trend where buyers will be looking to jump into any pullback in 3 or 7 swings looking for further rallies.