Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of $YM_F, published in members area of the website. As our members know INDU ended cycle from the 34288 high as 5 waves, and now correcting it. Recovery looks incomplete and we expect to see more short term strength. Recently INDU made a short term pull back that has reached its target area and found buyers as expected. In the further text we are going to explain the Elliott Wave Forecast.

INDU Elliott Wave 1 Hour Chart 10.21.2022​

Dow Jones Feature is giving us correction against the 34288 high, targeting 31458+ area. We are getting intraday ((ii)) black pull back that still looks incomplete at the moment. We expect to see more downside in near term toward 30217-29820 area. Buyers should ideally appear at the marked zone for the further rally toward new high ideally or for a 3 waves bounce at least.

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

INDU Elliott Wave 1 Hour Chart 10.21.2022​

Pull back reached our target zone at 30217-29820 area. INDU found buyers at the marked zone and we are getting good reaction from there. Rally from the buyers zone made break of previous peak confirming next leg is in progress. Wave ((ii)) is done and we should be ideally trading within wave ((iii). You can check most recent charts with target levels in the membership area of the site.Keep in mind that market is dynamic and presented view could have changed in the mean time. . Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room



Source: https://elliottwave-forecast.com/stock-market/indu_-ym_f-_elliott-wave/

 

[Elliottwave-Forecast]

In this article we’re going to take a quick look at the Elliott Wave charts of $NQ_F, published in members area of the website. As our members know Nasdaq ended cycle from the 13740.55 high as 5 waves, and now in a recovery to correct this decline. According to Elliott wave theory, after a 5 waves impulsive decline, there should be a correction in 3 or 7 swings. In this article, we will look at some charts from members area and explain Elliott wave structure within the corrective bounce.

Nasdaq 1 Hour Elliott Wave Forecast October 18, 2022​

In the chart below we can see Nasdaq completed a zigzag Elliott wave structure at 11431.75 on 10.18.2022 when wave ((a)) ended at 11185, wave ((b)) ended at 10713 and wave ((c)) ended at 11431.75. After this, we can see a drop which we have labelled as wave ((a)). As bounce fails below 11431.75 high, we expect another push lower to complete wave X before it turns higher in wave Y or bounces in 3 waves at least.

Nasdaq 1 Hour Elliott Wave Forecast October 23, 2022​

In the chart below, we can see Nasdaq completed 3 waves pull back and is pushing higher again. Wave ((a)) took the form of a diagonal and completed at 11008, wave ((b) completed at 11328.75 and wave ((c)) of X completed at 10935.50. It already made a new high above red 10.18.2022 peak to create a short-term incomplete sequence against 10.21.2022 low. We expect wave ((b)) pull back to unfold in 3 or 7 swings and hold above 10.21.2022 low for extension higher to complete the sequence. Bear in mind, the chart shows wave ((b)) unfolding in 3 swings but while below ((a)) high, wave ((b)) can do 7 swings lower also.

Once seven swings up from 10.13.2022 low complete, expect the decline to resume for a new low below 10.13.2022 low or a larger 3 waves pull back at least to correct the cycle from 10.13.2022 low. Only a break of 10.21.2022 low would change this short-term view.



Source: https://elliottwave-forecast.com/stock-market/nasdaq-forecasting-rally-after-pullback/

Post automatically merged: Oct 25, 2022

ETHUSD (Ethereum) is one of the three crypto-currencies covered as a regular instrument at Elliottwave-Forecast. Other two crypto-currencies we cover on a regular basis are BTCUSD (Bitcoin) and LTCUSD (Litecoin). In today's article, we will be looking at Ethereum which has been dropping since forming a high on 08.14.2022. It dropped 43% from 2036 to 1155 within 2 months and has now started recovering. We will take a look at structure of the rally into 08.14.2022 peak and the decline since then and share our forecast about the next expected move.

ETHUSD 4 Hour Elliott Wave Analysis - 18 October 2022​

ETHUSD (Ethereum) formed a low on 06.18.2022 at $880 and started rallying. Rally took the form of a double three Elliott Wave Structure and ended on 08.14.2022 at $2036. Structure of the rally was a double three structure where wave ((W)) ended at $1663, wave ((X)) completed at $1356 and wave ((Y)) completed at $2036. It then turned lower and has completed a 5 waves impulse decline from the peak. Within this Elliott wave impulse, wave 1 ended at $1422.30, wave 2 completed at $1789.10, wave 3 completed at $1218.80, wave 4 was possibly a triangle with extreme point of the triangle coming at $1401.70 and wave 5 completed at $1155. This impulse decline could be wave (A) or (1). After every 5 waves decline, as per Elliott wave theory, we should see a recovery in 3, 7 or 11 swings so we expected a bounce to correct the decline from 08.14.2022 peak. First leg of the bounce i.e. wave A has completed at $1342.90, wave B remains in progress and should completed above $1155 low for another leg higher in wave C to complete wave (B) or (2).

ETHUSD 4 Hour Elliott Wave Analysis - 24 October 2022​

After ending wave (A) or (1) at $1155, bounce remains in progress. In the chart below, we can see wave B is over at $1279.20 and ETHUSD has already broken above wave A high at $1342.90 suggesting wave C is in progress. While above $1279.20 low, we expect ETHUSD to continue higher toward $1449.80 - $1570.04 to complete wave C of (B) or (2) and then resume the decline in wave (C) or (3) or pullback in 3 waves at least. Since the decline from 08.14.2022 high is impulsive, we expect 08.14.2022 high to hold for at least 1 more leg lower. Only a break of 08.14.2022 high will negate this view and the idea of another leg lower.



Source: https://elliottwave-forecast.com/cryptos/ethusd-impulsive-decline-calls-downside/

 

[Elliottwave-Forecast]

The series of rate hikes by the Fed has provided a challenge for the World Indices. World Indices continue to make a series of lower low since they formed the peak in 2021. One of the popular vehicles to trade Indices is QQQ. Invesco QQQ is an exchange-traded fund (ETF) that tracks the Nasdaq-100 Index™. The Index includes the 100 largest non-financial companies listed on the Nasdaq based on market cap. Below we will take a look at the Daily Elliott Wave chart for QQQ which favors further downside overall.

QQQ Daily Elliott Wave Chart​

Daily Chart of QQQ (ETF tracking Nasdaq-100 Index) shows that it has a bearish sequence from 11.22.2021 high. Structure of the decline is in a double three Elliott Wave structure. Down from 11.22.2021 high, wave (W) ended at 334.15 and wave (X) rally ended at 371.83. The ETF then extended lower in wave (Y) towards 269.28 which also completed wave ((W)). Wave ((X)) rally ended at 334.42 and the ETF has resumed lower. Wave ((Y)) is now in progress and should reach 100% - 123.6% at 161 - 194 area before buyers appear for a new leg higher or 3 waves rally at least. We continue to prefer the long side in 3, 7, or 11 swing.

Source: https://elliottwave-forecast.com/stock-market/qqq-shows-bearish-sequence-from-2021-peak/

 

[Elliottwave-Forecast]

NextEra Energy Inc. ticker symbol: $NEE is an electric power and energy infrastructure company. The company was founded in 1984 and is headquartered in Juno Beach, FL. It operates through the following segments: FPL and NEER. The FPL segment engages primarily in the generation, transmission, distribution, and sale of electric energy in Florida. The NEER segment produces electricity from clean and renewable sources, including wind and solar. It provides full energy and capacity requirements services, and engages in power and gas marketing and trading activities. It participates in natural gas production and pipeline infrastructure development and owns a retail electricity provider. We will look at the Elliott wave view for NEE below:

NextEra Energy Weekly Elliott Wave Chart​

Above is the Weekly time frame Elliott wave chart of NextEra Energy. In which, the stock is correcting the cycle from all-time lows. So far the decline from the 31 December 2021 peak is unfolding as an Elliott wave double three structure where the first leg ended in the wave (w) at $67.22 low. Up from there, a bounce to $91.35 high ended wave (x) and started the (y) leg lower. Now, as far as it remains below $91.35 high expect the stock to extend lower towards the $64.87- $48.44 blue box area. From there, buyers are expected to appear looking for the next cycle higher or should do a big 3 wave bounce at least.

Source: https://elliottwave-forecast.com/stock-market/nextera-energy-nee-bigger-pullback-taking-place/

 

[Elliottwave-Forecast]

The Swiss Market Index (SMI) is Switzerland's blue-chip stock market index, which makes it the most followed in the country. It is made up of 20 of the largest and most liquid Swiss Performance Index (SPI) stocks. The SMI is not adjusted for dividends.

SMI December 04th Daily Chart​

This is last year's chart, where we looked to end an impulse from the March 2020 low with an ending diagonal structure. From there we expected a retracement to correct the entire cycle.

SMI June 26th Daily Chart​

In this June 2022 chart, we can see SMI index ended wave I at 12997 and wave ((5)) as an ending diagonal structure. From here, market did a double correction structure to the blue box and we expected to continue the rally or see 3 swings higher at least. (If you want to learn more about double correction or Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

SMI October 28th Daily Chart​

The bounce could never have bullish momentum and after a short rally the market broke below 10340.75 creating a bearish sequence. We adjusted the count as a triple correction because rally was a bit short. SMI completed wave ((XX)) at 11248.61 and resumed down in 3 swings to end wave (W) at 10016.06. Currently, it is building the connector (X) as a flat correction. For this, we need at least one more high above 10821.77 to complete an impulse C before continue the move down in wave ((Z)).

The count is valid as long as it is below 11248.61. A break of this level the SMI would enter a much more complex correction. To complete the triple correction, we must break the low of 10016.06 in 3 swings at least. Once this is done, the market can continue to rally at any time or continue to run lower with 3 more swings.

Source: https://elliottwave-forecast.com/stock-market/smi-swiss-index-entered-triple-correction/

 

[Elliottwave-Forecast]

Good day Traders and Investors. In today’s article, we will look at the past performance of Caterpillar Inc. ($CAT). In our last article we explained that the stock has reached the Blue Box area where a bounce can happen. This is how we saw it back in Sep 2022.

Caterpillar ($CAT) ElliottWave October 2022 View (Weekly):​

Since Sep 2022 forecast, $CAT has managed to break below 07/11/2022 low in 3 swings at ((B)) with RSI divergence. It then found a bottom on 09.26.2022 and rallied impulsively. It is favoured to be correcting the cycle against May 2021 peak in an expanded flat structure and sellers should appear soon once the ((C)) has completed. Flats are tricky and they tend to trap many traders into thinking that the reaction is impulsive which can give the impression that a new trend is unfolding. The only way to confirm that the Bottom is in on $CAT is for the stock to break the all time highs at $246.69.

We at Elliottwave forecast have developed a system to improve the reliability of the forecast and keep us ahead by using Market correlation, cycles, swing sequence, and distribution system and that system is telling us that $CAT is not done to the downside.

Expanded Flat Structure:​

Here is the idea of how the expanded flat structure looks like.

Source: https://elliottwave-forecast.com/st...at-bounce-bull-trap-downside-take-place-soon/

 

[Elliottwave-Forecast]

Gold and related miners continue to suffer a setback as the Fed continues its aggressive rate hike to combat inflation. However, there's recent indication that the world's central banks may reduce the pace of the hike due to the rising probability of a recession. In this update, we will look at the technical outlook in Gold Miners Junior (GDXJ). We will use Elliott Wave to do the analysis.

GDXJ Monthly Elliott Wave View​

Monthly Elliott Wave chart for GDXJ (Junior Gold Miners ETF) above shows that wave ((II)//((b)) pullback has ended at $16.14 on January 2016 low. Up from there, wave (I) ended at $52.50 and pullback in wave (II) ended at $19.52. The ETF has resumed higher in wave (III). Up from wave (II), wave I ended at $65.95. Wave II pullback is in progress to correct cycle from 3.16.2020 low in 3, 7, or 11 swing before the rally resumes. While pivot at 19.4 low stays intact, expect the ETF to soon end wave II and resume higher.

GDXJ Daily Elliott Wave View​

Daily Elliott Wave Chart of GDXJ above shows that wave II pullback is in progress as a double three Elliott Wave structure. Down from wave I, wave (W) ended at $43.24, wave (X) rally ended at $55.79, and wave (Y) ended at $37.31. This completed wave ((W)). Rally in wave ((X)) ended at $51.92 with internal subdivision as expanded flat. Wave ((Y)) lower is in progress and can retest $19.40 low before the ETF resumes higher. While pivot at 19.40 stays intact, expect the ETF to soon form the bottom in wave II and turns higher.

Source: https://elliottwave-forecast.com/stock-market/gdxj-looking-form-bottom/

 

[Elliottwave-Forecast]

Hello fellow traders. As our members know, Amazon stock has completed 5 waves structure in the cycle from the 146.61. We were calling for a 3 waves bounce against the mentioned high after which we expected the price in stock to drop toward new lows. In previous blog on Amazon we shown how we called decline due to incomplete bearish sequences. In this technical article we’re going to take a quick look at the more recent Elliott Wave charts . We recommended members to avoid buying the stock and keep favoring the short side . Let's take a look at the charts

Amazon $AMZN Elliott Wave Analysis 10.12.2022​

Decline from the 146.61 turned out to be unfolding as 5 waves structure. The stock reached target at 115.01-100.86 where we expect it to complete "a red "cycle as 5 waves decline. Amazon should ideally make 3 waves bounce soon in b red, before further decline takes place. We don't recommend buying the stock in any proposed bounce and favor the short side.

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

Amazon $AMZN Elliott Wave Analysis 10.27.2022​

The stock made 3 waves bounce in b red. Correction ended as truncation Elliott Wave Double Three pattern at 121.51 peak. We got sharp decline toward new lows as expected. Now the stock remains bearish against the 121.51 pivot in first degree and against the 146.61 pivot in 2nd degree. As far these 2 pivots hold, Amazon $AMZN should ideally keep finding sellers in 3,7,11 swings.

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.



Source: https://elliottwave-forecast.com/stock-market/amazon-amzn-elliott-wave-calling-decline/

 

[Elliottwave-Forecast]

Ternium S.A. (TX) through its subsidiaries, manufactures & processes various steel products in Mexico, Brazil, US & other countries. It operates through two segments, Steel & Mining. The company founded in 1961 & based in Luxembourg. It comes under Basic materials sector & trades as ‘TX’ ticker at NYSE.

TX made low at $9.59 on 3/19/2020 in March-2020 sell off. Then it started higher high sequence & made ATH at $57.35 on 8/30/2021 as impulse sequence in wave I. Below there, it favors correcting lower in II in 3 or 7 swings before upside resumes.

TX - Elliott Wave Latest Weekly View since March-2020 Low :​

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Above March-2020 low, it placed ((1)) at $19.89 high on 6/08/2020. Below there, it placed ((2)) at $14.12 low as slightly below 0.5 retracement of ((1)). Then it started third wave extension & favored ended at $41.98 high on 4/28/2021. Wave ((3)) was 2.618 extension of wave ((1)). It proposed ended ((4)) at $32.46 low on 6/17/2021. While above there, it finally ended ((5)) at $57.35 high on 8/30/2021 as I wave. Below there, it expect downside in wave II.

TX - Elliott wave Short term Daily View :​

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Below 8/30/2021 high, it placed ((A)) at $35.95 low & ((B)) at $50.36 high on 4/11/2022 high. It already confirms lower low below ((A)) wave & favors a corrective bounce in (4) before turning down in (5) of ((C)). It expect further downside between $29.03 – $15.82 area to finish wave II in zigzag correction before resumes upside in III or at least can see larger 3 swing bounce.

Source: https://elliottwave-forecast.com/st...ion-to-extend-downside-before-turning-higher/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of 4-hour Elliott Wave Charts of META. In which, the decline from 21 July 2022 high unfolded as an impulse sequence and showed a lower low sequence within the bigger cycle from November 2021 peak. Therefore, we knew that the structure in Meta is incomplete to the downside & should see more weakness. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

META 4 Hour Elliott Wave Chart​

Here’s 4 hour Elliott wave Chart from the 10/25/2022 update. In which, the decline to $122.53 low ended 5 waves from the 7/21/2022 high in wave (A) & made a bounce in wave (B). The internals of that bounce unfolded as an Elliott wave flat correction where wave A ended at $137.84 high. Then a pullback to $124.57 low ended wave B pullback and started the C leg higher towards $139.74- $149.10 blue box area from where sellers were expected to appear looking for more downside or for a 3 wave reaction lower at least.

META Latest 4 Hour Elliott Wave Chart​

This is the Latest 4-hour view from the 10/31/2022 update. In which the stock is showing a reaction lower taking place from the blue box area allowing shorts to get into a risk-free position shortly after taking the position. Currently, the stock has already made a new low confirming the next extension lower towards $79.92- $65.12 area lower minimum before a bounce happens.

Source: https://elliottwave-forecast.com/stock-market/meta-facebook-perfect-reaction-lower/

 

[Elliottwave-Forecast]

In this technical blog we’re going to take a look at some Elliott wave charts of yellow metal (Gold) published in members area of the website. Gold formed a high on October 4, 2022 (1729.46) and started declining. Decline took the form of an impulse, we will explain the internals of this impulsive decline, the bounce which we expected and current forecast.

Gold: 21, October 2022: 1 Hour Elliott Wave Analysis​

In the chart below we can see Gold is an impulsive 5 waves decline from October 4, 2022 (1729.46) high. Wave (i) ended at $1700, wave (ii) ended at $1725.55, wave i of (iii) ended at $1706, wave ii of (iii) ended at $1715.16, strongest part of the impulse i.e. wave iii of (iii) ended at $1660.30, wave iv of (iii) ended at $1683.94, wave v of (iii) took the form of an Ending Diagonal and ended at $1639.30, wave (iv) ended at $1668.42. We can already see 3 swings down from blue (iv) peak so expecting another low to complete wave (v) and cycle from October 4, 2022 peak before a bounce.

Gold: 22 October, 2022: 1 Hour Elliott Wave Analysis​

As per Elliott Wave Theory, after a 5 waves decline, there should be a recovery in minimum 3 waves. In the chart below, we can see Gold made a new low to complete wave (v) at $1616.80 on October 21, 2022 and bounced strongly. First leg of the bounce is close to ending, after which we expect a pull back and one more leg higher to complete three waves bounce before the decline resumes.

Gold: 1 November, 2022: 1 Hour Elliott Wave Analysis​

In the chart below, we can see yellow metal completed 3 waves bounce on October 26, 2022 at $1674.94 and has turned lower again. Since decline from October 4, 2022 peak was an impulse, forecast is for XAUUSD to resume the decline and make a new low below October 21, 2022 ($1616.80) low. Alternate view suggests it can hold the low at October 21 , 2022 for seven swings higher before the decline resumes but as far as October 4, 2022 high remains intact, forecast is for Gold to resume the decline and break below October 21, 2022 low.



Source: https://elliottwave-forecast.com/elliottwave/gold-forecasting-bounce-5-waves-decline/

 

[Elliottwave-Forecast]

Good day Traders and Investors. In today’s article, we will look at the past performance of 4 Hour Elliottwave chart of Nike Inc. ($NKE). The decline from 08.16.2022 high unfolded as 5 swings which created a bearish sequence in the 4H timeframe. Therefore, we knew that the structure in $NKE is incomplete to the downside & should see more weakness in 3 or 7 swings against 08.16.2022 peak. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box area. We will explain the structure & forecast below:

$NKE 4H Elliottwave Chart 10.31.2022:​

Here is the 4H Elliottwave count from 10.31.2022. The decline from 08.16.2022 unfolded in 5 waves breaking below 07.01.2022 low creating a bearish sequence. We were calling for the bounce to fail in 7 swings at black ((Y)) of IV where we like to sell it at the equal legs at $96.24 with a stop at $102.91.

$NKE Latest Elliottwave Chart:​

Here is the 11.02.2022 4H update showing the move taking place as expected. The stock has reacted lower from the blue box to reach the 50% back from black ((X)) allowing any shorts to get risk free shortly after taking the position.

Source: https://elliottwave-forecast.com/stock-market/nike-inc-nke-perfect-reaction-lower-blue-box-area/

 

[Elliottwave-Forecast]

Infineon Technologies AG is a German semiconductor manufacturing corporation. It has been founded 1999 as a spin-off from Siemens AG and the headquarteres of the company are in Neubiberg, Germany. Today, Infineon belongs to the DAX index and one can trade it under the ticker $IFX at Frankfurt Stock Exchange. The company is the world leader in automotive and power semiconductors. Worldwide, Infineon counts more than 50’000 employees.

In the initial article from April 2021, we have called for an extension higher within cycle from March 2020 lows. Since then, the market has advanced from €35.60 to €43.845. Now, the stock price is correcting that cycle providing an opportunity to enter again at low price. Here, we provide an update.

Infineon Monthly Elliott Wave Analysis 11.06.2022​

The monthly chart below shows the Infineon shares $IFX traded at Frankfurt Stock Exchange. From the all-time lows, the stock price has developed a cycle higher in wave ((I)) towards the 77.57 highs. There, in June 2000, it has printed the all-time highs. After the primary impulse higher, a correction lower in wave ((II)) has ended on March 2009 at 0.315.

From the March 2009 lows, a new cycle in wave ((III)) has started and develops a series of nests. First of all, a cycle higher as a blue wave (I) has ended in June 2018 at 25.76. Hereby, within the impulsive advance, all the subwaves I, III and V are impulsive waves, too. Wave III demonstrates a clear extension in price. From the June 2018 highs, a correction in wave (II) lower has unfolded as a double three pattern. It has printed the low in March 2020 at 10.13.

From the March 2020 lows, a new cycle in wave (III) of ((III)) has already started. As a matter of fact, break of 25.76 has confirmed that. In November 2021, the price has ended wave I at 43.845. Now, it is setting back in red wave II of blue wave (III). It is expected to find support above 10.13 lows in 7 or 11 swings. Then, acceleration higher in red wave III should take place.

In case of a reaching deeper into the box and breaking below 10.13 pivot, then alternative wave count will be applied whereby the reaction higher will become red wave I of blue (III).

​

Infineon Daily Elliott Wave Analysis 11.06.2022​

The Daily chart below shows the $IFX shares price consolidation from November 2021 highs in more detail. Firstly, black wave ((W)) has ended in March 2022 at 25.69 lows. Then, a bounce in black wave ((X)) has set a connector the same month at the 33.26 highs. Finally, black wave ((Y)) has broken the 25.69 lows opening up a bearish sequence. Now, the price should continue lower towards 15.14 and lower.

Investors and traders can be looking to buy $IFX from 15.14-3.91 area targeting the €43.845 highs and above in medium term and 77.97-125.94 area in a longer view.



Source: https://elliottwave-forecast.com/stock-market/infineon-opportunity-pullback/

 

[Elliottwave-Forecast]

DOGEUSD promotes the currency as the "fun and friendly Internet currency". Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world. Dogecoin had established a dedicated blog and forum, and its market value has reached US$8 million, once jumping to become the seventh largest electronic currency in the world.

DOGEUSD November Daily Log Chart​

DOGEUSD completed a bullish cycle in May 2021 peak and since then it held a bearish corrective movement. We present the logarithmic chart of the cryptocurrency in order to identify better the waves. Given the extent of the correction that led Dogecoin to lose over 93% of its value, we can see a triple correction structure. Wave (w) ended a sharp drop at 0.3515. It then had a corrective rally towards 0.5934 to complete wave (x), and finally we had 3 bearish swings to finish wave (y) at 0.1641.

From August 2021, the correction continued after completing another connector as wave (xx) retested at 0.3515. The bearish movement was very prolonged lasting almost a year. We can see a 5, 3, 5 structure to complete wave (z). Wave “a” completed an impulse at 0.1071. The bounce as wave “b” ended at 0.1802 and from there we continue in the downtrend. The market drew a new impulse with an extended wave ((5)) ending at 0.0494 to complete wave “c” of (z) and wave ((II)). (If you want to learn more about double correction or Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

Is A New Bullish Cycle Starting?​

Apparently, the correction that lasted more than a year of downtrend has come to the end. This conclusion is not due to the bullish structure of this last year, but rather because the RSI has broken all pivots suggesting the correction is over. That is why we drew an impulse as wave I from 0.0494. Although the structure has a form of a flat correction that could take DOGEUSD back below 0.0494, we will take the RSI suggestion that the correction is completed. Therefore, we have an impulse wave I that ended at 0.1640 and we are going to look for a deep retracement to avoid being surprised by a possible break of 0.0494.

For the next few months, we will see a downward correction that reaches levels close to 0.07. A very interesting level due to certain previous supports and resistances that could act as a bounce zone to prevent the cryptocurrency from returning to levels close to 0.0494.

Source: https://elliottwave-forecast.com/forex/new-bullish-cycle-starting-dogeusd/

 

[Elliottwave-Forecast]

Platinum (PL) continues to trade sideways and the metal is in the process of forming an important low before the next major bullish cycle starts. The Federal Reserve has aggressively hiked rates multiple times, creating a sideways to lower movement in the commodity sectors. There's however no doubt that the longer term outlook of commodities is bullish. At this stage, there's enough number of swing to call the daily and monthly correction completed. However, we still need more data and evidence to call the correction completed. In the meantime, we still give a possibility for the metal to extend lower until the market says otherwise. Below is the update of the Elliott Wave chart in Platinum.

Platinum Monthly Elliott Wave Chart​

Monthly Elliott Wave Chart of Platinum (PL) above shows that the rally from January 1992 low ended with wave ((I)) at 2308.8 as an impulse Elliott Wave structure. Pullback in wave ((II)) ended at 562 as a zigzag structure. The metal has resumed higher in wave ((III)). Up from wave ((II)), wave (I) ended at 1348.2, and wave (II) pullback is in progress to correct the rally from wave ((II)) before the metal resumes higher again. It has enough number of swing to end wave (II), but we need more data and confirmation to call the correction completed. A close above the descending trend line from wave ((I)) should the first sign that wave (II) has ended and the metal ready to extend higher. From the structure, it looks like 2023 would be a bullish market for the metal.

Platinum Daily Elliott Wave Chart​

Daily Elliott Wave Chart for Platinum above shows that the metal is correcting cycle from 3.17.2020 low in wave (II). Internal subdivision of wave (II) is unfolding as a zigzag Elliott wave structure. Down from wave (I), wave a ended at 886, and rally in wave b ended at 1197. Wave c is in progress as 5 waves impulse structure. Down from wave b, wave ((1)) ended at 796.8. Wave ((2)) is in progress to correct cycle from 3.9.2022 high before the metal turns lower again in wave ((3)) of c. If the metal manages to close above the descending trend line from wave (I), we can consider wave (II) completed at 796.8.

Source: https://elliottwave-forecast.com/commodities/platinum-pl-searching-bottom/

 

[Elliottwave-Forecast]

Hello fellow traders. Another trading setup we have had recently was selling the rallies in SPY ETF. In this technical blog we’re going to take a quick look at the Elliott Wave charts of SPY published in membership area of the website. As our members know, SPY is showing incomplete bearish sequences in the cycle from the 480.05 peak. That makes the ETF bearish against the 431.81 pivot against which we have been selling the rallies. Recently SPY has given us good trading opportunity. We got 3 waves recovery which found sellers right at equal legs area as we expected. In the further text we are going to explain the Elliott Wave Forecast and trading setup.

SPY 1h Elliott Wave Analysis 10.26.2022​

SPY made 5 waves down in the cycle from the 431.81 peak and now it's correcting it. Recovery looks incomplete at the moment. Wave (B) blue recovery can see more upside toward 389.3-406.2 area ( blue box). As the ETF is currently in bearish cycle, we expect sellers to appear at the marked blue box area for further decline toward new lows ideally or for a 3 waves pull back at least . Once pull back reaches 50 Fibs against the X red low, we will make short position risk free ( put SL at BE) and take partial profits. However if price breaks above 1.618 fib ext : 406.2 before pull back happens that would invalidate the trade. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a reaction.

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

SPY 1h Elliott Wave Analysis 11.06.2022​

SPY made rally toward blue box area and found sellers as expected. Recovery (B) blue ended at 390.76 high. We got nice decline from the Blue Box (selling zone) that has reached and exceeded 50 dibs against the connector. As a result, members who took short trades mad positions risk free. ( Put SL at BE) and took partial profits.

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



Source: https://elliottwave-forecast.com/trading/spy-selling-rallies-blue-box-area/

 

[Elliottwave-Forecast]

Bank of Montreal (BMO) provides diversified financial services primarily in North America. The company’s personal banking products & services include checking & savings accounts, credit cards, mortgages, financial & investment advice services & commercial banking products & services. It is based in Montreal, Canada, comes under Financial services sector & trades as “BMO” at NYSE.

As discussed in last blog, BMO started impulse from March-2020 low & ended wave I at $122.77 high. Below there, it favors a corrective pullback in II as proposed zigzag structure.

BMO - Elliott Wave View from 8/07/2022 :​

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Above March-2020 low, it placed ((1)) at $55.34 high & ((2)) at $43.26 low. ((2)) was 0.618 Fibonacci retracement against ((1)). Above there, it started third wave extension & ((3)) ended at $106.88 on 6/04/2021 high. It favored ended ((4)) at $95.37 low on 7/20/2021 as shallow correction. It finally ended ((5)) as ending diagonal at $122.77 as ATH on 3/22/2022 as wave I. Below there, it correcting in II as zigzag down.

BMO - Elliott Wave Latest Weekly View :​

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Below wave I high, it placed ((A)) at $90.44 low & ((B)) at 105.40 high. While below there, it confirms lower low in ((C)) leg, calling for more weakness to continue. It placed (1) at $81.57 low. Above there, it expect a corrective bounce in (2), which expect to fail below ((B)) high to resume lower in (3) of ((C)) leg. ((C)) leg expect to extend towards $72.80 - $52.66 area to finish II correction. We like to buy the dips towards blue box area, when reached.

BMO - Elliott wave Latest Short term Daily view:​

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Source: https://elliottwave-forecast.com/stock-market/bmo-expect-correcting-lower-towards-support-zone/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts of NIKE $NKE stock , presented in members area of the of our website. As our members know, NIKE has been showing higher high bullish sequences in the cycle from the 82.14 low. Consequently , we recommended members to avoid selling the stock and keep favoring the long side toward 102.69-111.27 area . Recently we got nice 3 waves pull back that unfolded as Elliott Wave Double Three Pattern. The stock found buyers and made rally toward new highs. In further text we are going to explain Elliott Wave Forecast and Double Three Pattern.

Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.

Elliott Wave Double Three Pattern

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

NIKE Elliott Wave 1 Hour Chart 11.10.2021​

The stock has made 5 waves up in the rally from the 88.71 low. Currently NIKE is doing (B) blue correction that is unfolding as Elliott Wave Double Three Pattern with WXY red inner labeling. First leg W is showing corrective sequences – 3 waves down ((a))((b))((c)). Then we got 3 waves bounce in X red finally doing Y red that also should have corrective sequences. We expect buyers to appear soon and to get another leg up. It's important that 88.71 pivot holds for a proposed view.

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

NIKE Elliott Wave 1 Hour Chart 11.11.2021​

The stock completed wave (B) blue pull back as a clear 7 swing pattern. The buyers appeared and we got rally toward new highs. NIKE should ideally keep find buyers in 3,7,11 swings. We expect further strength toward our proposed target 102.69-111.27 area.

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.



Source: https://elliottwave-forecast.com/elliottwave/nike-nke-elliott-wave-double-three/

 

[Elliottwave-Forecast]

Xiaomi Inc. is a Chinese designer and manufacturer of consumer electronics and software. Behind only Samsung and since 2021 surpassing Apple, it is the second largest manufacturer of the smartphones in the world. Most of them run the MIUI operating system. It is also a major manufacturer of appliances including televisions, smartwatches, flashlights, unmanned aerial vehicles. These and other products are connected by Internet of Things (IoT) and Xiaomi Smart Home platforms. Founded 2010, it is headquartered in Haidian District, Beijing, China. International investors can trade it under the ticker $1810 at HKEX. The company is a part of Hang Seng index. Also, one can trade Xiaomi under the ticker $XIACF in US in form of ADRs. Today, Xiaomi is employing more than 33’000 people and owns such brands as Redmi, Pocophone, BrandShark among others.

Xiaomi Weekly Elliott Wave Analysis 11.13.2022​

The monthly chart below shows the Xiaomi shares $1810 traded at HKEX. From the IPO in July 2018, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards 35.90 all-time highs in January 2021. After the impulsive structure higher, a correction lower in blue wave (II) is unfolding as an Elliott wave zigzag pattern being 5-3-5 structure.

Firstly, red wave a of blue wave (II) has printed a low at 20.65 in March 2021. Then, a bounce has set a connector wave b at 30.45 highs in June of the same year. Later on, the price has broken 20.65 lows opening up a bearish sequence. As a consequence, red wave c should find support from 15.23-5.80 area. As a matter of fact, the price has reached that area and the RSI reading points towards idea that the entire correction as wave (II) has ended. While above the lows of October 2022 at 8.31, a new bullish cycle in blue wave (III) might have started and is now in the initial stages.

Investors and traders can be looking to buy the stock of Xiaomi from 15.23-5.80 area targeting 44.23-66.44 area and even higher in the long run.



Source: https://elliottwave-forecast.com/stock-market/xiaomi-trading-buying-area/

 

[Elliottwave-Forecast]

WOOD tracks the S&P Global Timber & Forestry Index, a cap-weighted index of the 25 largest forestry firms around the world. The fund starts with all the eligible securities from the S&P Global BMI that are classified under agriculture, forestry, homebuilding, and paper industry.

ETF WOOD Daily Chart​

ETF WOOD ended an uptrend cycle in May 2021 reaching the 99.05 level. Since then, it began a corrective movement that was oscillating sideways for a year and then turned down. We have called the structure of this retracement a double correction ((W)), ((X)) and ((Y)), which ended in September 2022. (If you want to learn more about double correction or Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

From 99.05 we can see that we had a double correction ending at 81.69 as ((W)). Connector ((X)) bounced in 3 waves ending at 94.35 to continue the drop. The decline started strongly, ending wave (A) of ((Y)) at 71.50 as an impulse. Then we saw a retracement (B) reaching 81.93, to fall again in wave (C). This completed a zigzag structure ((Y)) at 63.78 and wave II.

Since then, the rally has continued and appears to be building an impulse. Wave 1 made a leading diagonal that ended at 72.02. Wave 2 pullback ended at 68.51 and the market moved higher again. We now expect to complete an impulse as wave (1), as the chart indicates, and then see a retracement in 3, 7, or 11 swings as wave (2). This retracement must hold above 68.51 for the count to be valid and continue with the rally.

Source: https://elliottwave-forecast.com/stock-market/price-wood-started-rise/