Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Good Day Traders and Investors. In this technical blog we are going to take a look at the Elliott Wave path in The Real Estate ETF (IYR). We will also help answer the question that many ask which is whether the Real Estate market is going to crash due to the Fed hiking rates.

The iShares U.S. Real Estate ETF seeks to track the investment results of the $DJUSRE index composed of U.S. equities in the real estate sector. It provides exposure to U.S. real estate companies and REITs, which invest in real estate directly and trade like stocks.

Third Wave Extension​

Different Types of Wave Extensions​

Before we deep dive into the charts, I want to explain that the overall structure looks like a nest. A nest is a series of 1-2. Most of the time a nest happens before a huge move takes place. The chart above shows what a nest looks like.

Real Estate ETF (IYR) Monthly Elliott Wave Analysis July 13th 2022​

The Monthly Chart above shows the cycle from all time lows back in 2009 unfold in a 5 waves impulse structure breaking 2007 peak creating a bullish sequence against 2009 low. After the peak in February 2020, a correction against 2009 low takes place and buyers appear to take it higher again to break February 2020 peak in another 5 waves structure. Are you starting to notice the series of nests that are unfolding in the chart?

IYR Weekly Elliott Wave Analysis July 13th 2022​

The Weekly Chart above shows the cycle from March 2020 low also unfold in another 5 waves impulse structure. Breaking all time highs and creating another bullish sequence against March 2020 low. After the peak in late December 2021, IYR is now favoured to be correcting against March 2020 low in a Double three structure (7 swings) and it is in the Blue Box area ($93.16 - 80.81) where a reaction higher can take place soon. From here, we would look to continue the rally and break the all time high at $116.89. If you've been following EWF for a while, then you should know our motto by now which is We like to buy dips in 3, 7 or 11 swings into blue boxes.

IYR Weekly EWF Alternative View July 13th 2022​

What about the alternative view? We at Elliottwave Forecast look at all the possibilities and try to educate our members on alternative counts. The Weekly Chart below shows the alternative view on IYR:



As you know already, after a 7 swings correction into a blue box area, buyers should appear for a reaction higher in minimum 3 waves. Any longs from the blue box area can get risk free. A break of the lows after the reaction higher is completed, will signal that it can be doing a triple three structure (11 swings) where we can attempt to buy again once we have the Double ((X)) connector set. Remember, We like to buy dips in 3, 7 or 11 swings into blue boxes for a continuation to the upside as long as the March 2020 lows at $56.27 remains intact.

To conclude, We at EWF view the Real Estate Market as bullish. We like to buy dips in 3, 7 or 11 swings into Blue Box areas. I hope this blog has helped shed light and answer some of the questions you might of had.

Source: https://elliottwave-forecast.com/elliottwave/will-rising-interest-rates-affect-realestate/

 

[Elliottwave-Forecast]

Ford Motor Company is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln luxury brand.

FORD January 30th Daily Chart​

Ford started a rally from March 2020 low after covid19 crash. From there, we can see 5 waves up forming an Impulse Structure ending on January 13th 2022. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory). Wave ((1)) ended an impulse structure at 16.45. Then Ford corrected in 3 swings making a double correction structure, ending wave ((2)) at 12.38. Another rally resumed from the low completing wave ((3)) at 21.49 and pullback again making a flat correction ended wave ((4)) at 19.05. Then, we can see last push higher completing wave ((5)) and wave I at 25.87. After peak, the stock dropped strongly losing more than 27% building an impulse structure. We called a zig zag correction to take place before continue higher.

FORD July 15th Daily Chart​

The expected wave ((A)) continued extending lower building 5 waves at 15.51. The bounce from here was too shallow, but at the end was wave ((B)) finishing at 17.83. The downtrend followed and it looks like is developing a 5 waves structure again as a wave ((C)) of a zig zag correction. Down from wave ((B)), wave (1) ended at 14.54 and wave (2) rally at 16.56. Then we could see 5 swings more ending wave (3) 12.06. Pullback as wave (4) finished at 13.98 and now we looking to complete wave (5). This last wave has taken the form as a ending diagonal. To complete this structure we need one more low below 10.62. Once broken the last low, we should end the wave (5) of ((C)) of II and continue with the rally again or 3 swings higher at least.

Source: https://elliottwave-forecast.com/stock-market/ford-ending-pullback-cycle-march-2020/

 

[Elliottwave-Forecast]

Albemarle Corporation (ALB) develops, manufactures & markets engineered specialty chemicals worldwide. It operates through three segments - Lithium, Bromine & Catalysts. It is based in Charlotte, NC, comes under Basic Materials sector & trades as “ALB” ticker at NYSE.

ALB made a short-term low at $48.89 on 3/23/2020. While above there it made ATH at $291.48 within the impulse sequence labelled as I red. Currently, it favors ((Y)) of double correction in II & expect to correct lower between $152.38 - $77.41 area before upside resume.

ALB - Elliott Wave Latest Daily View :​

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It placed ((1)) at $101 high on 9/18/2020 & ((2)) at $79.06 low as 0.382 Fibonacci retracement of ((1)). While above there, it favored ended ((3)) at $188.35 high on 1/20/2021. It placed ((4)) at $133.82 low on 3/05/2021. Finally, it ended ((5)) as extended move at $291.48 high on 11/22/2021 as the part of I red impulse. While below there, it favors double correction lower in II.

Below $291.48 high, it placed ((W)) at $169.93 low & ((X)) at $273.68 high. While below ((X)) high, it proposed ended (A) at $189.25 low. Currently, it favors a bounce in (B) leg in 3 or 7 swings before downside resumes in (C) of ((Y)). We like to buy the blue box area for the next leg higher in III or at least larger 3 swing bounce.

Source: https://elliottwave-forecast.com/stock-market/alb-expect-further-weakness/

 

[Elliottwave-Forecast]

United Internet AG is a global internet services company. Founded 1988, headquartered in Montabaur, Germany, and traded under the ticker $UTDI in Frankfurt, it is a component of the TecDax index. First of all, United Internet comprises two units, Access and Applications. In particular, it owns the leading internet service providers in Germany as well as major email providers such as GMX, mail.com and web.de. In total, it has 16 brands and numerous subsidiaries. Also, company operates its own internet backbone. 2020, as a matter of fact, we saw technology stocks leading the rally in US. For the years 2023-2024, we expect the rally to continue. Hereby, United Internet as a heavyweight in TecDAX should become an excellent opportunity for technology oriented investors.

In the initial article from September 2020, we have forecasted the end of the initial advance from March 2020 lows and a consolidation lower. Indeed, the drop off August 2020 peak has initiated the correction. Here, we provide an update including the next area where investors and traders should be waiting to enter the market for the long side.

United Internet Monthly Elliott Wave Analysis 07.19.2022​

The monthly chart below shows the United Internet shares $UTDI traded at Frankfurt Stock Exchange. From the all-time lows, the stock price has developed a cycle higher in wave (I) towards 17.46 highs on November 2007. After the primary impulse higher, a correction lower in wave (II) has ended on November 2008 at 4.16.

From the November 2008 lows, a new cycle has started breaking the 17.46 highs. The red wave I has ended in December 2015 at 51.94. Hereby, within the impulsive advance, all the subwaves ((1)), ((3)) and ((5)) are impulsive waves, too. Wave ((3)) demonstrates a clear extension in price. From the December 2015 highs, a correction in wave II has unfolded as an expanded flat pattern. To recall, expanded flats are corrective structures which do, however, print a new high in price. As a matter of fact, we saw the all-time highs in wave ((B)) of II in January 2018 at 59.80. From there, the wave ((C)) has accomplished the pattern by printing the low in March 2020 at 20.76.

From the March lows, a new cycle in wave III of (III) may have started to the new highs. Break of 51.94-59.80 would confirm that. As of right now, the price action is showing a formation of first nest being black waves ((1))-((2)). Once finished and while above 20.76 lows, one should expect another extension higher in wave ((3)) of III. Long-term target for wave III will be 68.53-98.05 area and even beyond.

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United Internet Daily Elliott Wave Analysis 07.19.2022​

The Daily chart below shows the $UTDI shares price action in more detail. First, the cycle from March 2020 lows in black wave ((1)) has printed a top in August 2020 at 43.88. From the highs, a consolidation lower in wave ((2)) has started and is still in progress. The pattern of the pullback is an Elliott wave zigzag being a 5-3-5 structure. First, an impulse in blue wave (A) has ended in November 2020 at 29.35. Then, a connector in wave (B) has accomplished in February 2021 at 39.34. From there, wave (C) has broken below 29.35. As a matter of fact, that move has opened a bearish sequence. The target for a diagonal move in wave (C) is 24.80-20.76. Investors and traders should be looking to buy $UTDI from that area expecting acceleration higher within black wave ((3)) of red wave III.

As an outlook, the new cycle in red wave III should bring the prices towards 51.94-59.80 and above. The target for wave III will be 68.53-98.05 area and even higher.



Source: https://elliottwave-forecast.com/stock-market/united-internet-buying-area/

 

[Elliottwave-Forecast]

There has been good news lately within the Uranium industry. Japanese Prime Minister Fumio Kishida has said that they want to have as many as nine nuclear reactors operating this winter. Many of Japan's nuclear reactors have been idle due to the Fukushima incident in 2011. However, rising fuel prices, surging inflation, and unstable power supplies due to war in Ukraine have changed the situation. South Korea has also restarted construction of two reactors.

Germany may also extend the life of its three remaining nuclear power plants as it faces gas crisis. Falling gas supplies from Russia through Nord Stream 1 pipeline has created a fear for the coming energy crisis in the coming winter. Uranium and Uranium Miners have reacted well lately but the overall market however remains risk off due to the hawkish Fed and aggressive rate hike. The Elliott Wave view outlook below suggests further downside still can't be ruled out.

URA Monthly Elliott Wave Chart​

Monthly Elliott Wave chart of Uranium Miners ETF (URA) above suggests that the ETF is correcting the rally from wave ((II)). It has touched the horizontal support line around $20 but as we will see in the daily chart below, it has not fully reached the ideal 100% from 11/9/2021 peak. As a result, we still can't rule out another leg lower before wave II correction is completed and then the ETF can resume the next bullish cycle.

URA Daily Elliott Wave Chart​

URA Daily Elliott Wave View above shows that cycle from 11/9/2021 peak has not reached the ideal 100% extension at $15.71. Structure of wave II decline is unfolding as a double three Elliott Wave structure. Down from wave I, wave ((W)) ended at 18.71 and rally in wave ((X)) ended at 28.49. Expect the ETF to extend lower towards $7.77 - $15.71 area to complete wave II before the rally resumes.

Source: https://elliottwave-forecast.com/stock-market/uranium-miners-ura-correction-likely-still-incomplete/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of 10 Year Note. As our members know, ZN_F has been giving us good trading opportunities recently. We have explained trading setup in our previous technical article on 10 Year Note. In this blog we are going to take a look at short term H1 charts and explain what we expect in near term.

10 Year Note ZN_F H1 Elliott Wave Analysis 07.12.2022​

ZN_F reached our selling zone at 120’12-122’28. and gave us nice reaction from there. Wave ((4)) recovery ended at 120'16. As far as the price stays below that peak , we can be trading lower in ((5)) black toward 112'23-110'1 area. Now, we are getting short term recovery 2 red against the 120'16 peak. Current view suggests we are ending only first leg ((a)) black of 2 red. After short term pull back we should ideally see another leg up before further decline resumes.

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

ZN_F H1 Elliott Wave Analysis 07.21.2022​

10 Year Note ZN_F Given us 3 waves bounce in 2 red as expected. Correction ended at 119'05 and now trading lower. We would like to see break below 1 red low-07/08 to confirm 3 red is in progress. As far as the price stays below 119'05 , next short term tech zone to the downside comes at 116'1-115'2

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.



Elliott Wave Forecast
Source: https://elliottwave-forecast.com/trading/10-year-note-elliott-wave-bounce/

 

[Elliottwave-Forecast]

Summary of the Fund:​

ARK Invest (ARKK) is an actively managed Exchange Traded Fund (ETF). It seeks long-term growth of capital by investing in domestic and foreign equity securities of companies that are relevant to the Fund’s investment theme of disruptive innovation.

ARK defines ‘‘disruptive innovation’’ as the introduction of a technologically enabled new product or service that potentially changes the way the world works.

Companies within ARKK include those that rely on or benefit from the development of new products or services, technological improvements and advancements in scientific research relating to the areas of:

• DNA Technologies and the “Genomic Revolution”
• Automation, Robotics, and Energy Storage
• Artificial Intelligence and the “Next Generation Internet”
• Fintech Innovation

$ARKK - Elliott Wave Latest Weekly View​

Since IPO in 2014, ARKK rallied in a 5 swings impulse and peaked in February 2020 at I. The pullback during the Covid crash found a bottom in March 2020 at II. The rally from March 2020 also unfolded in another 5 swing impulse structure and peaked in February 2021 to end a super cycle in (I). If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory) Since then, it has erased all gains correcting cycle against all time lows. The Chart above illustrates the idea that the correction is unfolding as a 3 wave structure called a zigzag (5-3-5) with an extended c leg. Near term, $ARKK can be bouncing in 7 swings to correct cycle against Nov 2021 in ((4)). After ((4)) is completed, sellers should appear and resume the downside trend to end ((5)) of c of (II). Once the sequence is completed, buyers should enter to start the next rally higher.

Source: https://elliottwave-forecast.com/elliottwave/ark-invest-arkk-bottomed-downside/

 

[Elliottwave-Forecast]

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 website. SB_F ended a cycle from 04.13.2022 peak as a Zigzag Elliott wave structure. and bounced. Based in correlation with other commodities and US Dollar Index calling for more upside, we called for the bounce to fail below 04.13.2022 peak in 3 or 7 swings and Sugar to resume the decline. In the remainder of the article, we are going to show some charts from members area of Elliottwave-Forecast to show how we forecasted Elliott wave path and then the decline which followed.

Sugar (SB_F) 12 July 4 Hour Elliott Wave Update​

SB_F 20 July 4 Hour Elliott Wave Update​

SB_F 25 July 4 Hour Elliott Wave Update​

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Source: https://elliottwave-forecast.com/commodities/sugar-forecasting-elliott-wave-path-calling-decline/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Palladium ( $PA_F ) . As our members know, Palladium is showing incomplete bearish sequences in the cycle from the March peak (3425). Recently the commodity has given us 3 waves bounce against the 2354 high . Recovery unfolded as Elliott Wave Zig Zag pattern . Once the price made 5 waves up in ((C)) leg sellers appeared so we got the expected turn lower. 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 pattern.

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.

Palladium H4 Elliott Wave Analysis 07.10.2022​

Palladium features is correcting the cycle from the 2534.1 peak. Recovery looks incomplete at the moment. We got 5 waves up in the first leg ((A))- leading diagonal, which suggests we are doing Elliott Wave Zig Zag Pattern . Consequently we expect to see 5 waves up in the ((C)) leg as well. For now ((C)) leg shows only 3 waves, so we expect pull back in (4) and last push up in (5). Approximate area where b red correction can complete is equal legs from the lows at 2093-2239.We don’t recommend buying the commodity and favor the short side due to incomplete sequences.

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

Palladium H4 Elliott Wave Analysis 07.17.2022​

The price made 5 waves up in ((C)) wave and find sellers at the extreme zone 2093-2239 as expected. We got nice decline from there. Wave b red correction ended at 2188 peak. Now we would like to see further extension down and break below a red low – 06/13 low which would be confirmation wave c red is in progress.

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.



Elliott Wave Forecast
Source: https://elliottwave-forecast.com/elliottwave/palladium-pa_f-elliott-wave-zig-zag/

 

[Elliottwave-Forecast]

America Movil, S.A.B. de C.V. (AMX) provides telecommunication services in Latin America & internationally. The company offers wireless & fixed voice services, including local, domestic & international long distance services & network interconnection services along with data services. It is based in Mexico, comes under Communication services sector and trades as “AMX” ticket at NYSE.

Since 2007, AMX made a lower low at $10.12 during global sell off on 4/16/2020. While above there, it favored ended impulse sequence at $22.65 high. Currently, it favors correcting in II as zigzag towards $16.83 – $14.48 area.

AMX - Elliott Wave Latest Daily View :​

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It favored ended ((1)) at $14.77 high on 6/08/2020 & ((2)) at $11.59 low on 9/24/2020. ((2)) was 0.618 Fibonacci retracement of ((1)). Above there, it shows third wave extension. It ended ((3)) at $22.60 high on 4/18/2022. While below there, it placed ((4)) at $18.19 low as 0.382 Fibonacci retracement. Finally, it ended ((5)) at $22.65 high on 5/27/2022 as wave I as minor high above ((3)). Below there, it favors correcting lower in II as zigzag correction.

It placed ((A)) at $18.88 low and ((B)) at $20.64 high. Below there, it favors a corrective bounce in (2) of ((C)) before downside resumes. Ideally ((C)) leg expect to extend lower towards $16.83 – $14.48 area to finish II correction. It expect to resume upside later in III or at least 3 swing larger bounce from the blue box area.

Source: https://elliottwave-forecast.com/stock-market/amx-should-expect-short-term-pullback/

 

[Elliottwave-Forecast]

In the last years, the renminbi made a pause in his attempt to get stronger against USD dollar. On February 2014, renminbi found support at 6.0153 and from there it made a perfect zig – zag correction structure to equal legs at 7.1964 in June 2020. After that, the USDCNH continue with the downtrend.

Renminbi December 2021 Weekly Chart​

The wave (a) began at 6.0153 and moved high in a 5 waves structure almost hit 7.00 dollars ending at 6.9854. After this 5 waves impulse, we have a huge drop to 6.2359 developing a double correction structure to end wave (b). The volatility did not leave things like that an enormous rally took place in the beginning of wave (c). This movement developed again 5 waves higher, but in this occasion as an ending diagonal structure. Wave (c) finished at 7.1974 reaching the equal leg extension, using Fibonacci tool, taking wave (a) from wave (b) to get wave (c) at 100% Fibonacci extension.

This zig zag structure took place as wave ((IV)), it is telling us that the renminbi should appreciate against the USD in long term. In June 2020, the pair dropped again possibly doing a leading diagonal, that was the pattern we drew in the chart. If that structure played out we should see a bounce before continue with downtrend. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).

Renminbi July 2022 Weekly Chart​

After six months, we could see that the leading diagonal played out bouncing hard from 6.3052 where we called wave (I) ended. This move higher looks like an impulse and we labeled as wave a ended at 6.8387. We need at least 3 swings to complete a corrective pattern as wave (II); therefore, we are calling a drop to complete a wave b and then higher again above 6.8387 to end wave c fo (II) and turning lower again.

Only a break lower of 6.3052 level will confirm that wave (II) is completed and the bearish trend will continue. For long term traders the USDCNH, certainly, must break 6.0153 in sometime.

Source: https://elliottwave-forecast.com/forex/renminbi-started-correction-expected/

 

[Elliottwave-Forecast]

Good day Traders and Investors. In today's article, we are going to follow up on Canopy Growth Corporation ($CGC) forecast posted back in April 2022 and take a look at the latest 4H count. You can find the article here: https://elliottwave-forecast.com/stock-market/canopy-growth-corporation-cgc-lucrative-investment/

Company Profile:​

“Canopy is a global, best-in-class cannabis company and CPG organization with the intention to unleash the power of cannabis to improve lives. From expanding personal health and wellness to creating economic opportunity and working on social justice initiatives, Canopy is demonstrating the ability of cannabis as a positive agent for change.

Canopy Growth and its medical division Spectrum Therapeutics advance a range of research initiatives aimed at furthering the understanding of – and unleashing – the full potential of cannabis.

Canopy Growth has conducted research into the long-term impacts of CBD, as well as the potential for cannabinoids to displace other less desirable drugs in long-term care, while also exploring the role cannabis can play in helping people with opioid use disorder stay on their treatment plans. Through Spectrum Therapeutics, we undertook the important work of identifying the tolerability and safety of cannabinoids in cats and dogs to help determine appropriate dosing levels.”

Canopy Growth Corporation Elliottwave April 2022 View (Weekly):​

The cycle from the peak remains alive and the decline has extended in the Blue Box Area ($6.21 - 1.01). How deep can wave ((5)) extend before finding buyers? Lets downgrade to the 4H to find out.

Canopy Growth Corporation Elliottwave Latest View (4H)​

The decline since the wave ((4)) peak has been pretty technical, unfolding in 5 waves. We can be trading at the tail end of this decline and do one more push lower in 5 waves from (4) to end (5) of ((5)) of c of (II). The area where buyers will be waiting to appear comes at $1.82 - 1.34 (1.236 - 1.1618 inverse fib). As long as the Invalidation level at $1.01 remains intact, we expect buyers to appear to start the next leg higher or produce a bounce in minimum 3 swings higher.

Source: https://elliottwave-forecast.com/stock-market/updated-canopy-growth-corporation-cgc-4h-forecast/

 

[Elliottwave-Forecast]

Verizon Communications Inc., commonly known as Verizon, is an US American telecommunications giant. Founded in 1983 as Bell Atlantic, it is a result of the break up of the Bell System into seven regional Baby Bells. Headquartered in New York, USA, Verizon is a part of DJIA, S&P100 and S&P500 indices. One can trade it under the ticker $VZ at NYSE.

Verizon Monthly Elliott Wave Analysis 07.27.2022​

The monthly chart below shows the Verizon stock $VZ traded at NYSE. From the all-time lows, the stock price has developed a grand super cycle in black wave ((I)) towards the all-time highs on October 1999 at 64$. Hereby, the middle part in red wave III of blue wave (III) shows a separation which is a typical feature of an impulse wave. From the October 1999 highs, a correction lower in black wave ((II)) has found its bottom in October 2008 at 21.56 low. From there, a new cycle within wave ((III)) has started and is currently in progress. The target for wave ((III)) will be 85.66-125.31 area and possibly higher.

A closer look on the wave ((III)) reveals that Verizon develops an initial nest before acceleration higher can take place. Hereby, wave (I) of super cycle degree has ended in December 2019 at 62.22. From the highs, a pullback in wave (II) should find support in 3, 7, 11 swings above 21.56 lows. Then acceleration higher in wave (III) of ((III)) should take place.

Verizon Weekly Elliott Wave Analysis 07.27.2022​

The weekly chart below shows in more detail the pullback in blue wave (II). It shows 3 swings either as a regular flat or as an Elliott wave zigzag pattern. Hereby, the 3rd swing should be in 5 waves. First, the cycle in red wave a has ended in March 2020 at 48.84 lows. From there, a bounce in connector wave b has printed a top in November 2020. From there, the price has broken the 48.84 lows opening up a bearish sequence. The minimum target has been reached, but the pattern looks incomplete. The ending diagonal can still see more downside within waves ((3))-((5)) of red wave c.

Investors and traders can be looking to buy Verizon in pullback from 48.60-40.32 area for long-term strength or for a bounce in 3 waves as minimum. The target for wave (III) will be 62.22 and higher.



Source: https://elliottwave-forecast.com/stock-market/verizon-communications-buying-area/

 

[Elliottwave-Forecast]

ONEOK, Inc., (OKE) together with its subsidiaries, engages in gathering, processing, storage & transportation of natural gas in the United States. It operates through Natural gas gathering & processing, Natural gas liquids & Natural gas pipelines segments. The company has headquartered in Tulsa, Oklahoma, comes under Energy sector and trades as “OKE” ticker at NYSE.

OKE has ATH at $78.48 in February-2020 & later dropped to $12.16 low during global selloff in 2020. It has finished impulse at $75.07 high as wave I & below there, it favors correction in II in 3 or 7 swings.

OKE - Elliott Wave Latest Daily View :​

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Since March-2020 low, it has ended ((1)) at $48.36 high on 6/08/2020 low. Below there, it placed ((2)) at $23.28 low on 9/24/2020 as 0.618 Fibonacci retracement. It ended ((3)) at $66.78 high on 10/26/2021. It placed ((4)) at $55.55 low as 0.236 Fibonacci retracement. Finally, it ended ((5)) at $75.07 high on 4/21/2022 as wave I impulse sequence from March-2020 low. Below there, it correcting lower in wave II, which expect to unfold in double correction.

Below $75.07 high, it ended ((W)) at $52.19 low, which unfolded as zigzag correction. While above there, it expect to extend higher in ((X)) leg in double three structure, where (W) is in progress. Soon, it expect to start pulling back in (X) leg followed by one more leg higher in (Y) to finish ((X)) connector. Later, it expect resume downside in ((Y)) leg to finish II correction towards equal leg areas before upside resumes. Alternatively, it can do flat correction in wave II before turning down.

Source: https://elliottwave-forecast.com/st...pect-more-weakness-after-a-corrective-bounce/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of Amazon stock. We have been calling for the rally in the stock due to impulsive bullish sequences in the cycles from the June lows. Consequently, we recommended members to avoid selling the stock, while keep favoring the long side in near term. In the further text we are going to explain the Elliott Wave Forecast.

Amazon Elliott Wave 1 Hour Chart 07.28.2022​

We assume that cycle from the 06/30 low is unfolding as 5 waves structure. Wave 4 red ended at 114.53 low. As far as the price holds above that level we expect to see further rally toward new highs targeting at least 127.9-132.1 area. 15 min cycle from the 114.53 low looks completed as 5 waves structure. We expect to see 3 waves pull back in ((ii)) before rally takes place toward new highs

Amazon Elliott Wave 1 Hour Chart 07.31.2022​

114.53 low held nicely during the short term pull back and we got rally toward new highs as expected. Rally from the 114.53 was strong and RSI divergency got erased so we believe we are still within wave 3 red instead of doing 5 red as labeled on previous chart. Currently doing ((iv)) pull back which is correcting the cycle from the 114.53 low. While below last short term high (x) blue, we can be doing (y) of ((iv)) toward 130.9-126.7 . At that area buyers should ideally appear for further rally toward new highs.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room



Elliott Wave Forecast
Source: https://elliottwave-forecast.com/elliottwave/amazon-amzn-elliott-wave-impulsive/

 

[Elliottwave-Forecast]

Starbucks Corporation (SBUX) is an American multinational chain of coffeehouses and roastery reserves. It is the world’s largest coffeehouse chain. As of November 2021, the company had 33,833 stores in 80 countries, 15,444 of which were located in the United States. Out of Starbucks’ U.S.-based stores, over 8,900 are company-operated, while the remainder are licensed.

Starbucks ($SBUX) Elliott Wave Analysis - February Daily Chart​

Starbucks (SBUX) completed an impulse structure from March 2020 low. It topped at $126.32 on July 2021. At that price, the stock started a correction of all cycle from March 2020. We can see from the peak a double correction, that means a ((W)), ((X)) and ((Y)) structure where each one is formed by 3 waves (A), (B), and (C) (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory). The first 3 waves of ((W)) ended at 104.02, then we can see a pullback in 3 waves ending ((X)) at 117.80.

From here, we expected see 3 swings more down to complete a double correction. Wave (A) made an impulse ending at 93.79, then a shallow correction as wave (B) completed at 99.15. We were already in wave (C) and we were calling more downside looking for an impulse structure.

Starbucks ($SBUX) Elliott Wave Analysis - July Daily Chart​

The impulse was lower than expected. The market built an extended ending diagonal. Down from wave (B), wave 1 ended at 78.92. Then bounce as a zig zag correction completed wave 2 at 92.42. Starbucks continued dropping ending wave 3 at 73.34. A fast bounce took place finish wave 4 at 82.84. This wave 4 rally got in the wave 1 area, that is why this wave (C) is an ending diagonal. Last move lower ended at 68.29 completing wave 5 of (C) and wave ((Y)) finishing the whole correction as wave II.

After this, market bounce to 81.27 and we are labeling as wave (1) and pullback as wave (2) ended at 70.29. Near term, while above 70.29 we are calling to complete an impulse higher as wave 1 then make 3 or 7 swings correction as wave 2 and then continue with the rally. We cannot rule out a rally in 3 or 7 swings correction only to reach the Fibonacci ideal area of 97.34 – 104.20 and then turning lower again.

Source: https://elliottwave-forecast.com/stock-market/starbucks-sbux-ended-correction/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPUSD . As our members know, GBPUSD is in process of forming Elliott Wave Zig Zag Pattern in the cycle from the 07.14 low. 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 pattern.

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.

Now, let's see what Elliott Wave Zig Zag looks like in real market example

GBPUSD H1 Elliott Wave Analysis 07.26.2022​

GBPSD is showing higher high sequences from the 07/14 low. We got 5 waves up in the first leg ((a)). Then the price has given us corrective pattern (7 swings) in ((b)) black, after which we got rally toward new highs again. Current price structure suggests we are in ((c)) leg up as far as 1.1891 pivot holds. Recovery looks incomplete at the moment, calling for further strength toward 1.2170-1.2344 . As the first leg of correction has 5 waves structure, we assume recovery is having form of Elliott Wave Zig Zag. Consequently we expect to see 5 waves up in the ((C)) leg as well. At the moment we are doing (ii) of ((c)) which should be ending soon around trend line.

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

GBPUSD H1 Elliott Wave Analysis 07.29.2022​

1.189 pivot held well during the short term correction and Wave (ii) found support around the trend line as we expected. We got rally in the pair and target area is already reached at 1.2170-1.2344. However there is no any sign yet suggesting cycle is over. If we take a close look at the rally from the 1.1891 low, we can count 3 waves up so far. So, another leg up would be ideal to have 5 waves in ((c)) leg. We believe (iv) blue is done at 1.2056 and we are doing (v) blue toward 1.2289-1.236.

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.



Elliott Wave Forecast
Source: https://elliottwave-forecast.com/elliottwave/gbpusd-elliott-wave-zig-zag-pattern/

 

[Elliottwave-Forecast]

Commodities have been pulling back after the first half year rally due to inflation and war in Ukraine. The Fed has hiked rates a few times to tame the inflation, and all types of commodities have taken a step back in the past month or two, including silver. Below is a technical update for Pan American Silver Corporation (ticker: PAAS). The company is engaged in the production and sale of silver, gold, zinc, lead and copper.

PAAS Monthly Elliott Wave Chart​

Monthly chart of PAAS above shows cycle from January 2016 low takes the form of a nest. Up from January 2016 low, wave (I) ended at 21.59 and pullback in wave (II) ended at 10.26. The stock then extends higher in wave (III) which subdivides in another 5 waves in lesser degree. Up from wave (II), wave I ended at 40.11. Wave II pullback is in progress and may see further downside to complete a 7 swing ((W))-((X))-((Y)) structure. As long as it stays above $5.5 however, the stock should extend higher.

PAAS Daily Elliott Wave Chart​

Daily Elliott Wave chart above shows the decline from wave I peak on August 1, 2020 high is unfolding as a double three Elliott Wave structure. Down from 8.1.2020 high, wave ((W)) ended at 20.73 and wave ((X)) rally ended at 30.54. Stock has resumed lower again in wave ((Y)). Down from wave ((X)), wave (W) ended at 17.26, and wave (X) rally is in progress to correct cycle from 4/18/2022 high in 3, 7, or 11 swing before the decline resumes.

PAAS 4 Hour Elliott Wave Chart​

The 4 hour chart of PAAS above shows cycle from 4/18/2022 high has ended with wave (W) at 17.24. Wave (X) rally is in progress now with internal subdivision as a zigzag Elliott Wave structure. Near term, while dips stay above 17.24, expect the stock to continue higher within wave (X). Possible target for now is 50% - 61.8% Fibonacci retracement of wave (W) which comes at 23.9 - 25.48 area before it resumes lower again.

Source: https://elliottwave-forecast.com/st...n-silver-paas-still-may-see-further-downside/

 

[Elliottwave-Forecast]

Good day Traders and Investors. In today’s article, we are going to follow up on Draft Kings ($DKNG) forecast posted back in January 2022 and take a look at the latest Daily count. You can find the article here: https://elliottwave-forecast.com/stock-market/draft-kings-dkng-poised-bounce/

Company profile:​

"“DraftKings is an American daily fantasy sports contest and sports betting provider. The company allows users to enter daily and weekly fantasy sports–related contests and win money based on individual player and team performances in five major American sports (MLB, the NHL, the NFL, the NBA and the PGA), Premier League and UEFA Champions League soccer, NASCAR auto racing, Canadian Football League, the XFL, Mixed martial arts (MMA) and Tennis.”"

Draft Kings Elliottwave Latest View (Daily):​

Draft kings peaked at $74.38 back in March 22, 2021 at red I and started the decline to correct cycle against all time lows. The initial ((A)) wave down is favoured to be in 5 waves, with a 3 wave reaction into ((B)). ((B)) peaked in September 2021. After ((B)) peaked, the stock unfolded into another impulse lower in an extended ((C)) wave. Momentum has been diverging on the Daily which is the case in an ending diagonal in wave (5). It managed to extend deep into the Blue Box area but found buyers on May 12, 2022 at $9.77. Since May 12, 2022, the stock has been making progress bouncing in a series of 5 waves and is favoured to be nesting. Momentum is also picking up and is breaking previous pivots on the Daily timeframe.

In conclusion, as long as it remains above the invalidation level at $8.88, it should continue higher. The stock is only turning up and any trades in the blue box would be against $8.88. We don’t like to sell it short down here in the blue box as that would be high risk.

Source: https://elliottwave-forecast.com/st...ings-dkng-bottomed-and-ready-to-rally-update/

 

[Elliottwave-Forecast]

Trinseo (formerly Styron) is a global materials company based in Berwyn, Pennsylvania, USA. The stock being a component of the Russel2000 index can be traded under ticker $TSE at NYSE. Trinseo offers a broad line of plastics, latex and synthetic rubber. The primary markets are automotive, appliances, electronics, packaging, tire industries, among others. In long perspective, we can see commodities like oil, rubber, cotton turning higher. However, last 18 month, strength in US dollar has created a pullback in those values. Soon, a new cycle in commodities to the upside is expected. Therefore, Trinseo being an important player in the manufacturing of synthetic materials should be a great opportunity for investors to diversify their portfolio by indirect investement in the rising commodity prices.

In the initial article from May 2021, we have forecasted the end of the correction in 3 swings and a new cycle up. As a matter of fact, the 54.20-44.25 area has provided a 3 waves bounce. Now, we see 7 swings lower in progress. Therefore, another opportunity arises to enter the market. In this blog, we provide an update.

Trinseo Weekly Elliott Wave Analysis 08.07.2022​

The Weekly chart below shows the Trinseo shares $TSE traded at NYSE. First, the stock price has developed an impulse higher in red wave I of a cycle degree. It has printed the all-time highs on the 29th of January 2018 at 85.35. From the highs, a correction lower in red wave II has unfolded as an Elliott wave zigzag pattern with a truncated ((C)) wave. Frequently, lack of space to the downside makes many stocks truncate in the last swing without reaching the usual extension of 100%. Trinseo has printed an important bottom on the March 12th 2020 at 14.16. As a matter of fact, the stock price has lost 83% of its value within 25 months.

From 2020 lows, a new cycle in wave III has already started and should extend towards 85.35 highs and beyond. Then, the target for wave III will be towards 99.26-151.82 area and even higher.

Double Three Correction​

In shorter cycles, from March 2020 lows a cycle higher in black wave ((1)) has ended on 18th of March 2021 at 76.49. From the highs, a correction lower in black wave ((2)) is still in progress and should correct the March 2020 cycle before Trinseo will resume the rally. Hereby, the wave ((2)) develops as a double three correction. First 3 swings of wave (W) have reached the intermediaray 54.20-44.25 area. As a matter of fact, buyers from there have seen 3 waves bounce which has failed to reach into the new highs. Therefore, connector wave (X) has been formed. From the 61.63 highs, another leg lower has started. It has broken the 44.20 lows opening up a bearish sequence. Now, more downside within wave ((Y)) should take place. Investors and traders can be looking to buy pullback in 7 swings from 29.39-14.16 area.



Source: https://elliottwave-forecast.com/stock-market/trinseo-provides-opportunity-7-swings/