Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Short Term Elliott Wave View on GDX suggests that rally to 35.74 ended wave 3 on April 12, 2024. From there, the ETF pullback as a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 33.44 and wave (b) ended at 34.35. Wave (c) lower ended at 32.43 which completed wave ((w)). The ETF then rallied in wave ((x)) as as a double three structure in lesser degree. Up from wave ((w)), wave (w) ended at 33.95 and wave (x) ended at 33.11. Wave (y) higher ended at 34.31 which completed wave ((x)).

The ETF then extended lower in wave ((y)) as a zigzag Elliott Wave structure. Down from wave ((x)), wave (a) ended at 32.78 and wave (b) ended at 33.60. Wave (c) lower ended at 31.90 which completed wave ((y)) of 4. The ETF has turned higher in wave 5. Up from wave 4, wave i ended at 33.3 and wave ii ended at 32.79. Wave iii higher ended at 34.95 and pullback in wave iv ended at 34.07. Expect the ETF to extend higher in wave v to complete wave (i). Afterwards, it should pullback in wave (ii) to correct cycle from 4.23.2024 low before it resumes higher. Near term, as far as pivot at 31.9 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.

GDX 45 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-intraday-analysis-gdx-rally-expected/

 

[Elliottwave-Forecast]

Mastercard Incorporated (MA), provides transaction processing & other payment-related products & services in the United states & internationally. The company offers payment related products to integrated products & value-added services for account holders, merchants, financial institutions, digital partners, businesses, governments & other organizations. It is headquartered in New York, comes under Financial Services sector & trades as “MA” ticker at NYSE.

As expected from the previous article, MA broke to new high in weekly sequence as the part of (3) of ((3)) of I. It should remain supported in 3, 7 or 11 swings pullback to see further upside in I of (III).

MA - Elliott Wave Latest Weekly View: ​

It ended (I) at $401.50 high as impulse sequence from the all-time lows in April-2021 high. Below there, it placed (II) correction as double three structure at $276.87 low. Within (II) correction, it placed w at $306 low in November-2021 & x connector at $399.92 high in January-2022. Finally, it ended y of (II) at $276.87 low in October-2022 low. Above there, it already broke above (I) high, favoring upside in I of (III).

MA - Elliott Wave View From 7.03.2023: ​

It placed ((2)) of I at $340.21 low & (2) of ((3)) at $359.77 low. It ended (3) at $490 high as 1.618 Fibonacci extension & appears ended (4) at $452.58 low. Above that, it favors upside in (5) of ((3)), which confirms above $490 high & can extend towards $499.4 - $514 area to finish ((3)) of I. Alternatively, if it breaks below $452.58 low, it can extend (4) correction before turning higher. We like to buy the pullback in 3, 7 or 11 swings at extreme areas, when reached.

Source: https://elliottwave-forecast.com/st...-should-continue-rally-in-a-bullish-sequence/

 

[Elliottwave-Forecast]

Pan American Silver (PAAS) is a well-established Canadian silver mining company operating globally. It has assets primarily in the Americas, including Mexico, Peru, Bolivia, and Argentina. Known for its extensive experience and diversified portfolio, PAAS engages in exploration, development, and production of silver, gold, zinc, lead, and copper. Below we will look at the Elliott Wave outlook for the company.

PAAS Monthly Elliott Wave Chart​

Monthly Elliott Wave chart of Pan American Silver (PAAS) above shows wave ((II)) pullback ended at 5.32 on January 2016 low. The stock then started to turn higher with Wave (I) ended at 40.11. Wave (II) pullback likely has ended at 12.16. The stock has since turned higher in what looks to be an impulsive structure. This suggests the next leg higher has likely started.

PAAS Daily Elliott Wave Chart​

Daily Elliott Wave Chart of Pan American Silver (PAAS) above shows the rally from wave (II) low at 12.18. The structure of the rally impulsive with wave ((1))) ended at 13.28 and wave ((2)) ended at 12.2. The stock then sees further separation in subsequent rally in wave ((3)) with internal subdivision as another impulse in lesser degree. Expect the stock to extend higher 1 more leg to end wave ((3)). Afterwards, it should pullback in wave ((4)) before it resumes higher again in wave ((5)) to complete wave I. The stock should then pullback in wave II to correct cycle from 2.13.2024 low before it resumes higher. Near term, as far as pivot at 12.18 low stays intact, expect the stock to extend higher.

Source: https://elliottwave-forecast.com/video-blog/pan-american-silver-paas-rally-in-impulsive-structure/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Nikkei. We presented to members at the elliottwave-forecast. In which, the rally from the 08 March 2022 low unfolded as an impulse structure and showed a bullish sequence. Suggested that the index should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

Nikkei 1-Hour Elliott Wave Chart From 4.19.2024​

Here’s the 1-hour Elliott wave chart from the 4/19/2024 Asia update. In which, the cycle from the 10/04/2023 low ended in wave (3) as impulse at 40960 high. Down from there, the index made a pullback in wave (4) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave A ended at $38815 low. Wave B bounce ended at 39998 high and wave C managed to reach the blue box area at 37815- 36456. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

Nikkei Latest 1-Hour Elliott Wave Chart From 4.30.2024​

This is the latest 1-hour Elliott wave Chart from the 4/30/2024 NY update. In which the index is showing a reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above 40960 high is still needed to confirm the next extension higher towards 41954- 43564 area higher minimum and avoid double correction lower.

Source: https://elliottwave-forecast.com/stock-market/nikkei-offered-buying-opportunity/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View on IBEX suggests rally from 10.25.2023 low is in progress as a 5 waves impulse. Up from 10.25.2023 low, wave (1) ended at 10301.2 and pullback in wave (2) ended at 9798.80. The stock extended higher again in wave (3) towards 11139.9. Down from there, wave (4) unfolded as a double three Elliott Wave structure. Wave W ended at 10855.4 and wave X ended at 10932.20. Final leg wave Y ended at 10504.09 and this completed wave (4) in higher degree.

The Index has turned higher in wave (5). Up from wave (4), wave ((i)) ended at 10776.2 and pullback in wave ((ii)) ended at 10612.2. Index extended higher in wave ((iii)) towards 11110 and dips in wave ((iv)) ended at 10887.70. Final leg wave ((v)) ended at 11227 which completed wave 1 in higher degree. Pullback in wave 2 is now in progress to correct cycle from 4.16.2024 low before it resumes higher. Down from wave 1, wave ((a)) is expected to complete soon, then it should rally in wave ((b)). Afterwards, expect another leg down in wave ((c)) to complete wave 2 before Index resumes higher. Near term, as far as pivot at 10504.09 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.

IBEX 45 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-expects-ibex-pullback-lower/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to look at the Elliott Wave charts of Oil published in members area of the website. The commodity shows bullish sequences in the cycle from the 67.75 low. Consequently we are favoring the long side and recommending members to keep buying the dips in 3,7,11 swings when get a chance. However, short term cycle from the April 12th peak shows incomplete sequences, suggesting more downside in near term. In further text we’re going to explain the Elliott Wave analysis.

OIL Elliott Wave 1 Hour Chart 03.09.2024​

Oil is showing incomplete sequences in the cycle from the April 12th peak. The price structure is calling for more downside as far as 86.3 pivot holds. Current view suggests we are about to complete wave ((x)) connector as Elliott Wave Zig Zag Pattern. We don't recommend selling. Strategy is waiting for extreme zone to be reached before buying the commodity again.

OIL Elliott Wave 1 Hour Chart 03.13.2024​

The commodity completed 3 waves correction as ((x)) black, and made decline toward new lows as expected. The price is heading toward our target area 80.19-76.42 where we would like to be buyers again. We don't recommend selling the commodity and prefer the long side from the mentioned extreme zone.

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

New to Elliott Wave ? Check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.



Source: https://elliottwave-forecast.com/commodities/oil-cl_f-elliott-wave-path/

 

[Elliottwave-Forecast]

$INJ is the native token of Injective Protocol, a blockchain protocol optimized for trading assets across different blockchains and it offer auto-executing smart contracts which empower faster, more innovative and groundbreaking applications. In today’s article, we’ll explore the Elliott Wave path taking place within the daily cycle.

Following the 4300% rally in the recent 2 years, $INJ ended the impulsive 5 waves advance in wave ((1)) at $53 and then it started a pullback in wave ((2)). The correction lower unfolded within a double three 7 swings structure. It traded into the equal legs area $22.6 - $10.9 marked by the blue box and consequently it found buyers for an initial reaction higher form there.

Injective coin is expected to establish a higher low then resume the rally within the daily bullish trend. The move to the upside within wave ((3)) is expected to reach a minimum target at $70 and will be looking for extension higher at $102 in the coming months.

INJECTIVE $INJ Daily Chart 4.30.2024​

Setup Recap

-Time Frame : Daily
-Entry Area : $22.6 – $10.9
-Invalidation Condition : Daily Close below $10
-Targets / Ratio : Target 1 at $70 (3.76 RR) – Target 2 at $102 (6.3 RR)
Source: https://elliottwave-forecast.com/video-blog/injective-inj-daily-target-100/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View on Gold (XAUUSD) suggests that rally from 11.13.2023 low is unfolding as a 5 waves impulse. Up from 11.13.2023 low, wave 1 ended at 2146.79 and dips in wave 2 ended at 1973.13. The metal extended higher in wave 3 towards 2431.78. Pullback in wave 4 is unfolding in a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 2323.86 and wave (b) ended at 2417.89.

Wave (c) lower ended at 2291.26 which completed wave ((w)) in higher degree. The metal then bounced in wave ((x)) with internal subdivision as a zigzag. Up from wave ((w)), wave (a) ended at 2337.31 and wave (b) ended at 2304.90. Wave (c) higher ended at 2352.76 which completed wave ((x)) in higher degree. The metal has turned lower in wave ((y)) with internal subdivision as a zigzag. Down from wave ((x)), wave (a) ended at 2281.3 and wave (b) ended at 2328.29. Near term, as far as pivot at 2352.76 high stays intact, expect the metal to extend lower. Potential target lower is 100% - 161.8% Fibonacci extension of wave ((w)). This area comes at 2124.1 - 2211 where buyers can appear.

Gold (XAUUSD) 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-7-swing-correction-gold-xauusd/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View on EURJPY suggests the rally from 12.7.2023 low is in progress as a 5 waves. Up from 12.7.2023 low, wave 1 ended at 163.71 and pullback in wave 2 ended at 160.21. Pair extended higher in wave 3 towards 171.58. The 60 minutes time frame below shows the rally which ended wave 3. Wave 4 pullback is currently in progress with internal subdivision as a zigzag Elliott Wave structure. Down from wave 3, wave (i) ended at 170.41 and rally in wave (ii) rally ended at 171. Pair extended lower in wave (iii) towards 166.31 and rally in wave (iv) ended at 168.55.

Final leg wave (v) lower ended at 165.6 which completed wave ((a)) in higher degree. Pair then bounced in wave ((b)) with internal subdivision as a zigzag in lesser degree. Up from wave ((a)), wave (a) ended at 167.99 and pullback in wave (b) ended at 166.34. Final leg wave (c) higher ended at 168.68 which completed wave ((b)) in higher degree. Pair extended lower in wave ((c)) with internal subdivision as 5 waves. Down from wave ((b)), wave (i) ended at 163.97 and wave (ii) rally ended at 167.38. Near term, as far as pivot at 168.68 high stays intact, expect pair to continue lower. Potential target lower is 100% - 161.8% Fibonacci extension of wave ((a)). This area comes at 159 - 162.7 area where support can be seen.

EURJPY 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-eurjpy-expects-support-soon/

 

[Elliottwave-Forecast]

Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments. The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.

PALANTIR (PLTR) Weekly Chart May 2024​

Palantir ended a cycle at $45.00 in January 2021. Then it did a deep pullback as a zig zag correction ending wave (II) at 5.91 low. The market started an impulse structure as wave ((1)). The wave (1) finished at $10.31 high. The pullback as wave (2) ended at $7.17 and rallied in 5 swings completing an impulse and wave (3) at $17.17. Then, market made a little stop for a retracement and built a flat Elliott wave structure as wave (4) ended at $13.55 in June. At this point, PLTR made a last push higher as an impulse completing wave (5) at $20.27 and also ending the whole impulse from December 2022 low as wave ((1)).

Then wave ((2)) started and it did a running flat correction. The wave (A) ended at $13.68 low and rallied breaking wave ((1)) high completing wave (B) at $21.85. Last leg as wave (C) developed an ending diagonal structure ending at $15.66 low and wave ((2)) correction. Market rallied in 5 waves ending an impulse at $27.50 high as wave ((3)). Next pullback completed at $20.33 low and for us that was the end of wave ((4)) correction. Currently, PLTR should continue to the upside to end a wave ((5)) and complete the whole wave I before seeing a correction in 3, 7 or 11 swings as wave II. This wave ((5)) should end in $29.23 - $32.00 area. If market breaks above $32.00, then Palantir is still in wave ((3)) and we should see higher prices in the stock.

Source: https://elliottwave-forecast.com/stock-market/buying-opportunities-palantir-pltr/

 

[Elliottwave-Forecast]

In this technical blog, we are going to take a look at the past performance of EURGBP 4-Hour Elliott wave Charts that we presented to our members. In which, the decline to 2/14/2024 low took place as an impulsive structure and showed a lower sequence with a bearish right side tag calling for more downside to happen. Therefore, our members knew that selling the bounces in the direction of the right side tag remained the preferred path. We will explain the Elliott wave structure & selling opportunity our members took below:

EURGBP 4-Hour Elliott Wave Chart From 4.20.2024​

EURGBP 4-Hour Elliott Wave Chart from 4/20/2024 Weekend update. In which the decline to 0.8497 low ended wave 1 as an impulse sequence. Up from there, the pair made a bounce in wave 2. The internals of that bounce unfolded as a double three structure where wave ((w)) ended at 0.8602 high. Wave ((x)) pullback ended at 0.8519 low. And wave ((y)) was expected to reach the blue box area. From there, sellers were expected to appear looking for further downside or a minimum 3-wave reaction lower.

EURGBP Latest 4-Hour Elliott Wave Chart From​

This is the latest 4-Hour view from the 5/04/2024 Weekend update. In which the pair 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. But a break below the 0.8497 low remains to be seen to confirm the next extension lower towards the 0.8376- 0.8210 area & avoid double correction higher.

Source: https://elliottwave-forecast.com/forex/eurgbp-perfectly-reacting-lower-blue-box/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of XME ETF, published in members area of the website. As our members know XME is showing impulsive bullish sequences and we have been favoring the long side of the ETF. Recently, we experienced a pullback consisting of three clear waves, which found buyers right at our buying zone (blue box). In the following text, we’ll delve into the Elliott Wave forecast and trading setup.

XME H1 Post-Market Update 04.19.2024​

The current view suggests that XME is undergoing a wave ((iv)) correction. The pullback appears incomplete at the moment. We expect to see another leg down toward the Blue Box: 59.55-57.23 area (buying zone). We don't advise selling the ETF and favor the long side from the marked blue box area. Given the prevailing bullish trend, we anticipate at least a three-wave bounce from this area. Once the price touches the 50% Fibonacci retracement level against the (x) blue connector, we will secure positions, setting the stop loss at breakeven and booking partial profits. However, it’s important to note that breaking below the 1.618 Fibonacci extension level at 57.23 would invalidate the trade.

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

XME H1 Midday Update 05.06.2024​

XME has given us a nice reaction from the buying zone as expected. The bounce reached and exceeded 50% Fibonacci retracement against the connector's high, so we consider pull back completed. Consequently, long positions should now be risk-free, and partial profits should be saved. We anticipate a break of the (3) blue peak to confirm that the next leg up is in progress.

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

New to Elliott Wave ? Check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.



Source: https://elliottwave-forecast.com/trading/xme-buying-dips-blue-box/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Energy Select Sector ($XLE). The rally from 1.18.2024 low at $78.98 unfolded as 5 waves impulse. We expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

5 Wave Impulse Structure + ABC correction​

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$XLE 4H Elliott Wave Chart 5.02.2024:​

Here is the 4H Elliott Wave count from 5.02.2024. We expected the pullback to find buyers after a 3 swings Zig-Zag correction (ABC) at the blue box area at 91.40 – 87.99.

$XLE 4H Elliott Wave Chart 5.06.2024:​

Here is the latest 4H update from 5.06.2024 showing the bounce taking place as expected. The ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $101 – 104 before another pullback can happen.
Source: https://elliottwave-forecast.com/vi...ctor-xle-found-buyers-blue-box-area-expected/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View on Nvidia (NVDA) suggests the stock ended correction on 4.20.2024 at 756.06. From there, the stock starts a new impulsive rally. Up from 4.20.2024, wave 1 ended at 846.07 and pullback in wave 2 ended at 776.80. The stock extends higher in wave 3 towards 887 and dips in wave 4 ended at 852.66. FInal leg wave 5 ended at 888.19 which completed wave (1) in higher degree. The stock then pullback in wave (2) with internal subdivision as a zigzag Elliott Wave structure. The stock has resumed higher in wave (3).

Up from wave (2), wave ((i)) ended at 860 and dips in wave ((ii)) ended at 823. The stock then nested higher with wave (i) ended at 856.6 and pullback in wave (ii) ended at 832. Wave i of (iii) ended at 866.84 and dips in wave ii of (iii) ended at 859.17. Stock resumed higher in wave iii of (iii) towards 922.2 and pullback in wave iv of (iii) ended at 910.31. Expect the stock to extend higher 1 more leg to end wave v of (iii). Afterwards, it should pullback in wave (iv) to correct cycle from 5.2.2024 low before it resumes higher again. Near term, as far as pivot at 812.4 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

Nvidia (NVDA) 45 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-expects-new-time-high-nvidia-nvda/

 

[Elliottwave-Forecast]

Costco Wholesale Corporation., (COST) engages in the operation of membership warehouse in the United States, Puerto Rico, Canada, United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China & Taiwan together with its subsidiaries. It offers branded & private-label products in the range of merchandise categories. It also operates e-commerce websites in the US, Canada, UK & many other countries. It is based in Issaquah, Washington, comes under Consumer Defensive sector & trades as “COST” ticker at Nasdaq.

COST favors bullish weekly sequence & expect to remain supported in 3, 7 or 11 swings pullback to extend higher. Short term, it favors upside in ((3)) of III of (I).

COST - Elliott Wave Latest Daily View: ​

In Weekly sequence, it placed ((I)) at $612.27 high in April-2022 as impulse sequence since all time lows. It ended corrective pullback of ((II)) at $406.51 low in May-2022 as sharp pullback. It already broke to new high above ((I)), calling for further upside in ((III)) sequence in weekly. It placed I of (I) of ((III)) at $564.75 high. It ended 3 swing corrective pullback in II at $447.90 low in January-2023. Above there, it placed ((2)) pullback of III at $465.33 low in March-2023. Currently, it favors upside in ((3)) of III & expect one more push higher in (5) to finish it, while dips remain above $697.27 low.

COST - Elliott Wave Latest Weekly View: ​

Within ((3)), it placed (1) at $576.19 high in October-2023 & (2) at $540.23 low in late October-2023 as shallow pullback. Above there, it placed (3) at $787.08 high & (4) at $697.27 low. Currently, it favors upside in 3 of (5), while placed 2 of (5) at $702 low. It needs to break above (3) high of 787.08 to be a (5) to finish ((3)) & extend towards $808.44 - $843 area before it may pullback in ((4)). It expects series of third & fourth waves in weekly to finish (I) of ((III)).

Source: https://elliottwave-forecast.com/stock-market/cost-favors-rally-to-continue-in-bullish-sequence/

 

[Elliottwave-Forecast]

Chevron Corporation (CVX) is a multinational energy corporation operating in all facets of the oil and gas industry. This includes exploration, production, refining, and marketing. Headquartered in San Ramon, California, Chevron has a global presence with operations spanning over 180 countries. This article looks at the long term Elliiot Wave outlook of the company.

Chevron Monthly Elliott Wave Chart​

Monthly Elliott Wave Chart of Chevron (CVX) above shows rally to 135.1 ended wave ((I)). wave ((II)) pullback took the form of a zigzag Elliott Wave structure. Down from wave ((I)), wave (A) ended at 69.58. The stock then rallied in wave (B) towards 133.88. Wave (C) lower resumed lower towards 51.54 which completed wave ((II)) in higher degree. Wave ((III)) higher is currently in progress as an impulsive structure. Up from wave ((II)), wave (I) ended at 182.4. Pullback in wave (II) ended as a zigzag structure at 139.62 and the stock has resumed higher. As far as pivot at 51.54 low stays intact, expect the stock to extend higher.

Chevron Daily Elliott Wave Chart​

Daily Elliott Wave Chart for Chevron above shows that wave (I) rally ended at 182.4. Pullback in wave (II) has also ended at 139.62 and the stock has resumed higher. Up from wave (II), wave ((1)) ended at 167.11. Expect wave ((2)) pullback to stay above 139.62 for further upside. Near term, as far as pivot at 139.62 low and more importantly pivot at 54.15 low stays intact, expect the stock to extend higher.

Source: https://elliottwave-forecast.com/stock-market/chevron-cvx-ended-correction-and-resumed-higher/

 

[Elliottwave-Forecast]

Short Term Elliott Wave View in Dow Futures (YM) suggests the Index ended wave (4) correction at 37473. The Index has now turned higher in wave (5). However, it still needs to break above the previous wave (3) peak on 4.1.2024 at 40358 to rule out a double correction. Up from wave (4), wave ((i)) ended at 38451 and pullback in wave ((ii)) ended at 382808. Wave ((iii)) ended at 38682, dips in wave ((iv)) ended at 38428, and final wave ((v)) higher ended at 38801. This completed wave 1 in higher degree.

Pullback in wave 2 unfolded as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 37944 and wave ((b)) rally ended at 38592. Wave ((c)) lower ended at 37866 which completed wave 2 in higher degree. The Index has turned higher again in wave 3 of (5). Up from wave 2, wave (i) ended at 38527 and pullback in wave (ii) ended at 38037. Wave (iii) higher ended at 38958 and dips in wave (iv) ended at 38661. Near term, as far as pivot at 37473 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

Dow Futures (YM_F) 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-dow-futures-ym-favors-upside/

 

[Elliottwave-Forecast]

Toncoin $TON is the native cryptocurrency of The Open Network blockchain (previously Telegram Open Network). It is used for network operations, transactions, games or collectibles. In today’s article, we’ll dive into the daily Elliott Wave structure taking place and explore the potential path based on the Theory.

$TON started a new bullish trend in June 2022. Since then, it rallied from $0.73 to a high of $7.6 ( +900% move ). The recent April peak is proposed to be a wave ((3)) within the current daily cycle and the coin already did a minimum of a 3 waves pullback to finish the wave ((4)). The downside correction unfolded within a Zigzag structure and it did reach the buying area around equal legs at $4.62 - $3. The blue box showing in our chart is a technical area where we expect the correction to end then the start of the next leg to the upside in a proposed wave ((5)).

The daily bullish structure for $TON should support the coin during corrective pullbacks in 3, 7 or 11 swings and it will provide investors with good buying opportunity for a higher targets toward $8.5 - $10.5 area before the next daily correction takes place.

Toncoin $TON Daily Chart 5.8.2024​

Setup Recap
-Time Frame : Daily
-Entry Area : $4.62 – $4
-Invalidation Condition : Daily Close below $3
-Targets / Ratio : Target 1 at $9.5 (2.84 RR) – Target 2 at $15 (6.3 RR)
Source: https://elliottwave-forecast.com/cryptos/toncoin-ton/

 

[Elliottwave-Forecast]

BTCUSD (Bitcoin) has been in a strong uptrend since November 2022. The previous all-time peak was seen on November 8, 2021 and was broken in March 2024 when Bitcoin made a new all-time high at 73794 on March 14, 2024. It has since seen a pull back which reached a low of 56500 on May 1, 2024 and is now turning higher again. Today, we will take a look at the bigger picture of Bitcoin, what are the upside targets and any possible detours which can take place.

BTCUSD Weekly Elliott Wave Chart 7 May 2024​

The Bitcoin chart below shows it completed an expanded FLAT correction in November 2022 and resumed the rally. Wave ((1)) ended at 31035, wave ((2)) completed at 24920 after which it resumed the rally in wave ((3)). Within wave ((3)), wave (1) competed at 49048, wave (2) completed at 38505, wave (3) ended at 73794, and wave (4) is also proposed to be over at 56500. As dips hold above this level, we are expecting a continuation higher in wave (5) of ((3)). Inverse 123.6 Fibonacci extension of wave (4) pullback comes at 77379. After a new high to complete wave ((3)), we expect another pullback in wave ((4)) to correct the cycle from September 2023 low and higher again in wave ((5)) toward 80578 - 84737 area which is 100% Fibonacci extension of the first leg up from all-time low projected higher from November 2022 low. We have two different 100% Fibonacci extension levels based on whether we count wave (I) at April 2021 or November 2021.

BTCUSD Weekly Elliott Wave Chart 7 May 2024 [Alternate View]​

The Bitcoin chart below shows the possibility that wave ((3)) is already in place and we end up with a double three Elliott wave correction in wave ((4)). If we fail to break above the high at 73794 and see a break lower, that will support the alternate view. The target area on the upside remains to be between 80578 - 84737. We don't recommend selling and in case of a double correction lower and will be looking for a buying opportunity at the next extreme area in case we get a double correction lower.

BTCUSD 1 Hour Elliott Wave Chart 7 May 2024​

Bitcoin Short-term view suggests rally from May 1, 2024 is so far in 3 waves but it is extended and wave ( iii ) extended more than 261.8% Fibonacci extension of wave (i) related to wave (ii). This supports the idea that the rally should turn into an Elliott wave impulse. Once a new high has been seen, that will complete 5 waves up from the low and support the idea that pull backs should hold the low for at least 1 more leg higher.



Source: https://elliottwave-forecast.com/video-blog/btcusd-bitcoin-new-time-high-next-target/

 

[Elliottwave-Forecast]

USDJPY has been in a roller coaster in the last few weeks due to the Bank of Japan (BOJ) Intervention. In this article, we will look at the short term Elliott Wave path for the currency post the intervention. We are calling the structure of the rally from 12.28.2023 low as a 5 waves Elliott Wave impulse. Up from 12.28.2023 low, wave 1 ended at 150.88 and pullback in wave 2 ended at 146.485.

The pair then extended higher in wave 3 towards 160.21. The 45 minutes chart below shows the starting point of wave 3 high. Pullback in wave 4, which is supposedly when the BOJ intervened, took the form of a zigzag structure. Down from wave 3, wave ((a)) ended at 154.48 and wave ((b)) ended at 157.98. Wave ((c)) lower ended at 151.81 which completed wave 4 in higher degree. The pair has turned higher in wave 5. Up from wave 5, wave (i) ended at 154 and wave (ii) ended at 153.4. Near term, as far as pivot at 151.8 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

USDJPY 45 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-usdjpy-recovery-post-boj-intervention/