Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Greetings fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of EURJPY, published in members area of the website. As many of you already know, we've been leaning towards long positions in YEN pairs. EURJPY recently pulled back in a 3-wave pattern, with buyers stepping in right at the equal legs zone. Let's break down our Elliott Wave forecast further in this article.

EURJPY H4 Weekend Update 04.13.2024​

The current view suggests that the EURJPY pair is undergoing a 4 red pullback, which is correcting the cycle from the 160.229 low. This pullback appears to be forming an Elliott Wave Flat pattern. Notably, the price has already reached the extreme zone within the range of 162.397-160.685. We anticipate potential buyer activity in this area, which could lead to a further rally towards new highs, or at the very least, trigger a three-wave bounce.

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

EURJPY H4 Update 04.16.2024​

EURJPY has shown a favorable response from the Equal Legs-Buyers zone, as anticipated. We consider the wave 4 red pullback completed at the 162.2428 low. Confirmation of the next leg up will come with a break of the 3 red peak. We advise against selling the pair during any suggested pullback and favor the long side.

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

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/forex/eurjpy-found-buyers-3-waves/

 

[Elliottwave-Forecast]

Short term Elliott Wave view in EURJPY suggests that rally to 165.35 ended wave 3. Wave 4 pullback unfolded as a double three Elliott Wave structure. Down from wave 3, wave ((w)) ended at 162.59 and wave ((x)) ended at 165.17. Down from there, wave (w) ended at 163.85 and wave (x) ended at 164.69. Wave (y) lower ended at 162.26 which completed wave ((y)) of 4 in higher degree. Pair has turned higher in wave 5.

Up from wave 4, wave (i) ended at 163.15 and wave (ii) dips ended at 162.62. Wave (iii) higher ended at 164.12, wave (iv) ended at 163.79, and wave (v) ended at 164.43 which complete wave ((i)). Pair then pullback in wave ((ii)) towards 163.6. Pair has resumed higher again afterwards in wave ((iii)). Up from wave ((ii)), wave i ended at 164.25 and wave ii ended at 163.66. Wave iii ended at 164.67 and wave iv ended at 163.69. Expect wave v to end soon which should complete wave (i). Pair should then pullback in wave (ii) to correct cycle from 4.15.2024 low before it resumes higher. Near term, as far as pivot at 162.26 low stays intact, expect pair to find buyers in any dip in 3, 7, 11 swing for further upside.

EURJPY 45 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-theory-suggests-eurjpy-remains-bullish/

 

[Elliottwave-Forecast]

Short term Elliott Wave view in EURUSD suggests that cycle from 12.28.2023 high is in progress as a zigzag Elliott Wave structure. Down from 12.28.2023 high, wave A ended at 1.0694 and rally in wave B ended at 1.098. Wave C lower is in progress as a 5 waves impulse Elliott Wave structure. Down from wave B, wave ((i)) ended at 1.072 and rally in wave ((ii)) ended at 1.0885. Pair extends lower in wave ((iii)) with internal subdivision as another 5 waves in lesser degree. Down from wave ((ii)), wave (i) ended at 1.0846 and wave (ii) ended at 1.0866.

Wave (iii) lower ended at 1.071 and rally in wave (iv) ended at 1.0756. Final wave (v) lower ended at 1.06 which completed wave ((iii)). Wave ((iv)) rally is unfolding as an expanded Flat structure. Up from wave ((iii)), wave (a) ended at 1.065 and dips in wave (b) ended at 1.06. Wave (c) higher ended at 1.069 which completed wave ((iv)). Pair then extends lower again in wave ((v)). While below 1.069, expect pair to extend lower in wave ((v)) to complete wave C of (2) before pair turns higher.

EURUSD 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/forecast-elliott-wave-technique-calling-eurusd-extend-lower/

 

[Elliottwave-Forecast]

PayPal Inc. is a leading force in digital finance, transforming online transactions since its inception in 1998. With a reputation for security and user-friendly services, PayPal facilitates seamless global payments for individuals and businesses alike. From peer-to-peer transfers to e-commerce solutions, PayPal remains a trusted name, empowering millions worldwide to transact securely and effortlessly.

PAYPAL Elliott Wave Analysis - Weekly Chart. April 2024​

Between July 26, 2021, when PayPal exchanged for $310.16, and October 23, 2023, its stock price plummeted to $50.25. That was over 80% in the red, making it one of the worst-performing stocks on NASDAQ in recent years. However, looking at the chart structure through the prism of the Elliott wave theory, the decline is in the last leg of a corrective cycle that followed a bullish impulse prior. The weekly chart captures this clearly - a bullish impulse to complete wave (I) of the super cycle degree and now a correction for the corresponding wave (II). Price is currently in the cycle degree sub-wave c of (II) as a zigzag correction. Taking a closer look, the price is precisely in wave ((2)) of c of (II) correcting wave ((1)) of the primary degree. This implies that recovery is expected in the coming weeks but should be limited.

PAYPAL Elliott Wave Analysis - Daily Chart. April 2024 ​

The daily timeframe shows the sub-waves of ((2)) from October 27, 2023. The chart shows a path for a double three structure for wave (B) of ((2)). Wave Y is expected to reach at least the equality of W from X (at 55.76) before wave (C) begins upwards. However, if the current dip from March 27, 2024, fails to reach the equal leg, traders should prepare for an alternative scenario as shown below.

PAYPAL Elliott Wave Analysis - Weekly Chart. April 2024. Alternative View​

Alternatively, Wave (B) could have been completed on August 2, 2024. Thus, the current surge is part of an impulse rally to complete the wave (C) of ((2)). Provided the current dip does not break below wave B low, this scenario is a solid option.

In conclusion, PayPal is in a medium-term recovery that could continue to the $70-80s region in the coming weeks. However, a few weeks of decline could precede the rally. Overall, the long-term corrective bearish cycle should resume after this recovery.

Source: https://elliottwave-forecast.com/stock-market/paypal-analysis-far-will-recovery-go/

 

[Elliottwave-Forecast]

Abercrombie & Fitch Co., (ANF) operates as an omnichannel retailer in the United States, Europe, Middle East, Asia & Asia-Pacific & Internationally. The company offers an assortment of apparel, personal care products & accessories for men, women & kids under Abercrombie & Fitch, Abercrombie kids, Hollister & Gilly Hicks brands through stores, various wholesale, franchise, licensing arrangements & e-commerce platform. It comes under “Consumer Cyclical” sector under Apparel Retail & trades at NYSE as “ANF” ticker.

As mentioned in the previous article, ANF expected further upside in (3) of ((3)) of III & remain supported in pullback to extend higher. It favors pullback in IV towards $113.20 - $97.25 area to turn higher in next leg within (III).

ANF - Elliott Wave Daily View From 1.08.2024: ​

It placed ((I)) at $85.77 high in October-2007 & ((II)) ended at $7.42 low in March-2020 low. Above there, it favors upside in ((III)) as it broke above ((I)) high. It placed (II) of ((III)) at $14.02 low in September-2022 low & ended III at $140.28 high. It expects one more push higher in V to finish (III) soon, once it finished the IV correction.

ANF - Elliott Wave Latest Daily View: ​

Within III, it placed ((1)) at $38.20 high, ((2)) at $33.28 low, ((3)) at $122.25 high as extended wave, ((4)) at $113.75 low & finally ((5)) as III at $140.28 high. Currently, it favors pullback in IV correction as 3 swings lower, which expect to end between $113.20 - $97.25 area. Within IV, it ended ((A)) at $114.49 low & ((B)) at $139.11 high. In ((C)) leg, it placed (1) at $119.47 low, (2) at $134.12 high, (3) at $109.56 low & (4) at $118.15 high. Currently, it favors lower in (5) of ((C)) & expect small downside to finish IV between blue box area before resume higher in ((1)) of V. We like to buy the blue box area against 1.618 extension to see at least 3 swing bounce or rally to resume in V of (III).

Source: https://elliottwave-forecast.com/stock-market/anf-resume-rally-extreme-areas/

 

[Elliottwave-Forecast]

Short Term Elliott Wave view on Tesla (TSLA) suggests decline from 2.27.2024 high is in progress as a 5 waves impulse lower. Down from 2.27.2024 high, wave 1 ended at 160.51 and rally in wave 2 ended at 184.25. Down from there, wave ((i)) ended at 162.01. Wave ((ii)) rally ended at 170.21 as the 45 minutes chart below shows. Down from wave ((ii)), wave (i) ended at 169.90 and wave (ii) rally ended at 175.88. The stock extended lower in wave (iii) towards 153.75 and wave (iv) ended at 159.79. Expect the stock to extend lower in wave (v) towards 145.3 which completed wave ((iii)).

The stock bounced in wave ((iv)) ended at 150.94 and the stock turned lower in wave (v) towards 138.80. This completed wave 3 in higher degree. Wave 4 bounce is in progress to correct cycle from 3.26.2024 high in 3, 7, or 11 swing before the stock extends lower. Near term, as far as pivot at 179.2 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential support area is 100% - 161.8% Fibonacci extension from 7.19.2023 high. This area comes at 95.4 - 160.2. Thus, the stock is already in the support zone and thus can end the correction anytime and turns higher.

Tesla (TSLA) 45 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-analysis-tesla-tsla-correction/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of SPDR Metals & Mining ETF ($XME). The rally from 3.14.2024 low at $55.37 unfolded as 5 waves impulse. So, 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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$XME 1H Elliott Wave Chart 4.15.2024:​

Here is the 1H Elliott Wave count from 4.15.2024. We expected the pullback to find buyers at the blue box area at 59.90 – 58.28 in 3 swings.

$XME 1H Elliott Wave Chart 4.17.2024:​

Here is the 1H update from 4.17.2024 showing the bounce taking place as expected. The ETF has reacted higher from the blue box area allowing longs to get risk free before the next leg takes place.
Source: https://elliottwave-forecast.com/st...-etf-xme-found-buyers-blue-box-area-expected/

 

[Elliottwave-Forecast]

AT&T Inc. (T) is an American multinational telecommunications holding company headquartered in Dallas, Texas. It is the world's largest telecommunications company by revenue and the third-largest provider of mobile telephone services in the U.S.

AT&T (T) Monthly Chart April 2024​

In the monthly chart above, we can see that AT&T shares finished an all-time high with a price of $45.23. Since the beginning of 1999, the value has held a downtrend and we are looking to end this correction. Using the Elliott Wave Principle, a double correction structure (w), (x) and (y) can be clearly seen. From the peak, we have 3 waves in a flat structure that ends wave (w) at $14.17 low. Then we have another flat structure that built a wave (x) ending in the value of $33.33 high.

The last leg of the double correction is the wave (y). We have already completed wave a and b, and we are developing wave c as an ending diagonal structure. The market has already reached the blue box in the $8.58 – $16.75 area, but with the current market conditions and the incomplete structure, the price should drop below $13.43.

AT&T (T) Weekly Chart April 2023​

On the weekly chart one year ago, we can see in more detail the structure of the wave (y). Wave a in red made a leading diagonal that ended at $20.21 low. Then it bounced in 3 waves ending wave b at $29.96 high to continue sharply lower. Wave c has taken the form of an ending diagonal and it needed 3 more waves lower that break the price of $14.17 to confirm the structure.

AT&T (T) Weekly Chart April 2024​

After a year, T continued lower as expected breaking $14.17 low. This drop completed wave (A) at $13.43 low. The next rally ended wave (B) at $18.16 high and it should continue to the downside breaking $13.43 low to confirm the current view. Therefore, the ending diagonal as wave c should finsih around $10.00 and the whole correction of wave ((II). In this place, the market should . If market develops another structure and remain moving to the downside, T could go down to the chilling value of $2.00.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-suggests-t-last-leg-started/

 

[Elliottwave-Forecast]

Platinum (PL) looks to have formed a bottom and the metal has started to rally higher in the next bullish cycle. The metal still needs to break above 1348.2 to confirm that the next leg higher has started. Below we updated the Monthly and Daily Elliott Wave chart for the metal.

Platinum (PL) Monthly Elliott Wave Chart​

Monthly chart of Platinum above shows that wave ((II)) pullback ended at 562. Up from there, rally is in progress as a nesting impulse. Wave (I) of ((III)) ended at 1348.2 and wave (II) of ((III)) pullback ended at 802.1. From there, the metal extends higher in wave ((1)) at 1148.9. Dips in wave ((2)) completed at 843.1. While above 843.1, the metal can see further upside.

Platinum (PL) Daily Elliott Wave Chart​

Daily chart of Platinum above shows that wave (II) pullback ended at 802.1. The metal then extended higher in wave ((1)) towards 1148.9. Pullback in wave ((2)) ended at 843.1. The metal then nested higher in wave (1) which ended at 1016. Wave (2) pullback has also ended at 870.1. Near term, while above 802.1, expect the metal to extend higher.

Source: https://elliottwave-forecast.com/commodities/platinum-plat-turning-higher/

 

[Elliottwave-Forecast]

Hello fellow traders,

As our members know we have had many profitable trading setups recently. In this technical article, we are going to present another Elliott Wave trading setup we got in American Airlines (AAL) . The stock completed correction precisely at the Equal Legs zone, referred to as the Blue Box Area. In the following sections, we will delve into the specifics of the Elliott Wave pattern observed and discuss the corresponding trading setup in detail.

AAL Elliott Wave 4 Hour Asia Chart 04.14.2024​

Current view suggests AAL stock is doing wave (2) blue correction. The price has reached extreme zone at 13.25-11.8 (blue box- buying area).

We’re entering long positions within the Blue Box. As the main trend remains bullish, we anticipate at least a 3-wave bounce from this area. Once the price touches the 50 fibs against the B red connector, we’ll make positions risk-free and set the stop loss at breakeven and book partial profits. Breaking below the 1.618 Fibonacci extension level at 11.8 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.

AAL Elliott Wave 4 Hour Asia Chart 04.22.2024​

The stock has found buyers as expected and is showing a decent bounce from the Buying Zone which has reached and exceeded 50 fibs against the X red connector. We count the pullback (2) blue as completed at the 12.72 low. Consequently, long positions should now be risk-free. We’ve set our stop loss at breakeven and have already secured partial profits. Now, we would like to see a break of the (1) 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/stock-market/american-airlines-aal-stock-blue-box/

 

[Elliottwave-Forecast]

Short Term Elliott Wave view on FTSE suggests that rally from 8.18.2023 low is unfolding as a 5 waves impulse. Up from 8.18.2023 low, wave 1 ended at 7745.82 and pullback in wave 2 ended at 7279.86. Up from there, wave ((i)) ended at 7764.37 and wave ((ii)) pullback ended at 7404.08. The Index then extended higher in wave ((iii)) towards 8015.63 as the 1 hour chart below shows. Wave ((iv)) pullback ended at 7882.68 and wave ((v)) ended at 8044.98. This completed wave 3 in higher degree.

Pullback in wave 4 took the form of Elliott Wave zigzag structure. Down from wave 3, wave ((a)) ended at 7952.12 and wave ((b)) rally ended at 8009.52. Final leg wave ((c)) lower ended at 7791.84 which completed wave 4. The Index has resumed higher again in wave 5. Up from wave 4, wave (i) ended at 7898.77 and wave (ii) ended at 7809.68. Wave (iii) higher ended at 8076.52 and pullback in wave (iv) ended at 8021.67. Expect the Index to extend higher in wave (v) of ((i)). It then should pullback in wave ((ii)) to correct cycle from 4.16.2024 low before it resumes higher. Near term, as far as pivot at 7791.84 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside.

FTSE 60 Minutes Elliott Wave Chart​

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Source: https://elliottwave-forecast.com/news/elliott-wave-calling-ftse-extend-higher/

 

[Elliottwave-Forecast]

This technical blog will look at the past performance of the 4-hour Elliott Wave Charts of Dow futures ticker symbol: $YM_F. We presented to members at the elliottwave-forecast. The rally from the 03 October 2022 low unfolded as an impulse structure and showed a bullish sequence. 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:

Dow Futures 4-Hour Elliott Wave Chart From 4.17.2024​

Here’s the 4-hour Elliott wave chart from the 4/17/2024 update. In which, the cycle from the 10/27/2023 low ended in wave (3) as impulse at $40358 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 double three structure where wave W ended at $38864 low. Wave X bounce ended at $39369 high and wave Y managed to reach the blue box area at $37859- $36924. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

Dow Futures Latest 4-Hour Elliott Wave Chart From 4.22.2024​

This is the latest 4-hour Elliott wave Chart from the 4/22/2024 update. In which the index is showing a reaction higher taking place, right after ending the double 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 $40358 high is still needed to confirm the next extension higher towards $41041- $42147 area higher and avoid double correction lower.

Source: https://elliottwave-forecast.com/stock-market/dow-futures-reacting-double-correction/