Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Indices sold off last week, while some Indices reached extreme Fibonacci extension areas from the highs in 3 or 7 swings, it remains to be seen whether correction in the Indices is over or will extend. Today, we will take a look at Elliott wave sequences in two Stock Markets like FTSE from UK and Hangseng from Hong Kong to determine if the downside in Indices is over or will extend more and will also present the most likely path along with the timing for the Indices to turn higher.

FTSE Incomplete Elliott Wave Sequence​

FTSE chart above shows the sequence of swings down from 2.16.2023 and 4.21.2023 highs respectively. FTSE selling since 7.31.2023 peak managed to break below 7.7.2023 peak and a break of this low has created an incomplete bearish sequence in the FTSE Index against 7.31.2023 peak. Even when it has not yet broken below 3.20.2023 low, 5 swings down from 4.21.2023 high means next bounce should fail below 7.31.2023 high for 1 more leg lower toward 7097.26 - 6847.29 area and hence why we think 3.20.2023 low will eventually give up. Ideal path is once cycle from 7.31.2023 high ends, a bounce in 3 or 7 swings to fail for 1 more leg lower.

Hangseng Incomplete Elliott Wave Sequence​

The chart above has Hangseng showing 5 swing down from 01.27.2023 peak which is an incompete bearish sequence against 7.31.2023 peak and calls for more downsided as far as 7.31.2023 high remains intact. Price is approaching 0.618 - 0.764 Fibonacci extension area (17488 - 16782) of the decline from 01.27.2023 peak to 5.31.2023 low projected lower from 731.2023 peak. This is the idea area to end 5th swing after which we expect a bounce to correct the decline from 7.31.2023 peak and then another leg lower toward 15691 - 14581 area to complete 7 swings sequence down from 01.27.2023 peak. Ideal path is once cycle from 7.31.2023 high ends, a bounce in 3 or 7 swings to fail for 1 more leg lower.

By looking at incomplete sequences in FTSE and Hangseng, it is easy to conclude that pull back in rest of the Indices should not be over yet, they should see a bounce to correct the decline from their respective July peaks followed by another leg lower. Extreme areas in FTSE ( 7097.26 - 6847.29 ) and Hangseng (15691 - 14581) should act as a floor and provide the timing for the Indices to turn higher again in a larger 3 waves at minimum.

Source: https://elliottwave-forecast.com/stock-market/ftse-and-hangseng-a-floor-for-indices/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Boeing ticker symbol: BA. In which, the rally from 15 March 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

Boeing 1-Hour Elliott Wave Chart From 8.18.2023​

Here’s the 1hr Elliott wave chart from the 8/18/2023 Midday update. In which, the rally from the 6/23/2023 low unfolded in an impulse sequence where wave 3 ended at $243.10 high. Down from there, the stock made a pullback in wave 4 while the internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $230.08 low. Wave ((b)) ended at $241.58 high and wave ((c)) managed to reach the blue box area at $228.56- $220.49 area. From there, buyers were expected to appear looking for the next leg higher or should do a 3 wave bounce at least.

Boeing Latest 1-Hour Elliott Wave Chart From 8.23.2023​

This is the latest 1hr Elliott wave Chart from the 8/23/2023 Post-Market update. In which the stock is showing a reaction higher taking place, right after ending the pullback 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 $243.10 high is still needed to confirm the next extension higher towards $248.22- $256.40 area & avoid a double correction lower. It’s important to note that with further data, the pullback adjusted to a double three correction.

Source: https://elliottwave-forecast.com/stock-market/boeing-blue-box-offer-minimum-reaction-higher/

 

[Elliottwave-Forecast]

Procter & Gamble (NYSE: PG) continues to capture investor attention following our previous video blog that illuminated a promising bullish trajectory for the company. Building upon those insights, this article delves deeper into PG's mid-term prospects. By examining two Elliott Wave potential scenarios that could shape its near future, we aim to offer readers a comprehensive view of potential investment opportunities.

Since October 2022, the ongoing rally forms a 5-wave structure, creating a Leading Diagonal with overlapping patterns. Investors should view the current correction as a potential opportunity, as per Elliott Wave Theory. A 5-wave advance typically precedes a corrective structure, followed by another 5-wave trend.

At Elliott Wave Forecast, our consistent advice is to seek corrective structures in 3, 7, or 11 swings. The initial pullback, typically within the first 3 swings, will ideally form a ZigZag structure based on the recent decline from the August 10th peak. Potential support lies at the equal legs area of $147.2 - $142.6, a zone where buyers are likely to step in, either for the stock's trend resumption or a minimum 3-wave bounce.

PG ZigZag Correction 8.25.2023​

However, if the reaction from the mentioned area fails to breach new highs, the stock is likely to undergo a 7-swing correction, forming a double three structure. In such a scenario, PG would target levels near the 50% - 61.8% Fibonacci retracement zone at $140 - $135. This area could attract buyers for a potential upward reaction.

PG Double Three Correction 8.25.2023​

In conclusion, the structure of Procter & Gamble within its daily cycle is poised to sustain its foundation above the crucial threshold of $122. As the stock progresses, astute investors are encouraged to exercise patience and monitor for the emergence of the subsequent extreme area during the ongoing corrective pullback. This strategic approach could potentially provide an advantageous vantage point for an upward response, as the stock gears up to recommence its bullish trajectory, setting its sights on the pursuit of new all-time highs.

Source: https://elliottwave-forecast.com/stock-market/procter-gamble-pg-investment-opportunity/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDJPY , published in members area of the website. As our members know the pair is showing impulsive bullish sequences in the cycle from the January low. Consquently, we were calling for the further rally. Recently USDJPY made a pull back that has had a form of Elliott Wave Zig Zag pattern. We expected the pair to find buyers at the extreme zone from the 08/16 peak.
In the further text we are going to explain the Elliott Wave Pattern and the forecast

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

Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and ideal retracements.

If you are new to Elliott Wave we recommend you to check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.



At the chart below we can see what Elliott Wave Zig Zag pattern looks like in real market.

USDJPY H1 London Update 08.23.2023​

USDJPY is giving us pull back against the 141.469 low. First leg has a form of 5 waves, so we assume pull back is unfolding as Elliott Wave Zig Zag Pattern. That means both (a) and (c) legs should have 5 waves . There is already enough number of swings to complete the pull back. Equal legs area is reached at 144.78-143.78 ( buyers zone). However until we get decent reaction, we are aware that pull back can extend within proposed area. We don't recommend selling the pair and expect further rally to resume from the buyers zone.

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

USDJPY H1 London Update 08.25.2023​

The pair has given us nice reaction from the marked zone and we count 4 red red pull back completed at 144.54 low. Now, as far as the price holds above that low we expect to see further extension higher and break above 3 red high : 08/16 to confirm next leg up is in progress. Short term we are about to end 5 waves up from the 144.54 low and then we can see a intraday pull back ((ii)) black. Once the pull back completes, next technical area to the upside should ideally come at 147.026-147.794.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent updates in the membership area of the website. Remember that not every chart is trading recommendation. 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. You can check most recent charts in the membership area of the site.



Source: https://elliottwave-forecast.com/elliottwave/usdjpy-rally-elliott-wave-zig-zag/

 

[Elliottwave-Forecast]

Coinbase Global, Inc., branded Coinbase (COIN), is an American company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume.

COIN Daily Chart March 2023​

Last March, we were calling a triple correction structure that was taking place ending wave ((XX)) at 116.21 high. From this level, wave (A) of ((Z)) continued lower breaking through $40.72 low. Confirming the bearish sequence. Wave (A) ended at $31.55 and bounced in 3 waves that we believe to have ended wave (B) at $87.88. As we said, the market had to fail its intentions to resume the bullish movement and continue lower to break $31.55 to end wave (C) and the triple correction. Only a break above $116.21 would suggest the end of the downtrend.

COIN Daily Chart August 2023​

A few months later, COIN did not have the strength to break $31.55 low and after a correction rally again. Therefore, the wave (B) had another structure. The wave A of (B) ended at $87.88. Then, we can see 3 swings lower as a flat correction to end wave B of (B) at $46.43. To complete the wave (B) structure, the market bounced to $114.43 before turning lower again. As price action did not broke the invalidation level at $116.30, we are still calling for more downside, as an impulse structure, to end the triple correction in $29.95 - $9.92 area.

Source: https://elliottwave-forecast.com/stock-market/coinbase-coin-losses-cryptocurrencies/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the CADJPY. The rally from the 28 July 2023 low showed a higher high sequence & provided a short-term extreme trading opportunity. In this case, the pullback managed to reach the equal legs area & provided a buying opportunity. So, we advised members not to sell it but to buy the equal legs area for a minimum reaction higher to happen. We will explain the structure & forecast below:

CADJPY 1-Hour Elliott Wave Chart From 8.23.2023​

Here’s the 1-hour Elliott wave Chart from the 08/23/2023 New York update. In which, the rally to 108.28 high ended the wave ((iii)) & made a pullback in wave ((iv)). The internals of that pullback unfolded as Elliott wave zigzag structure where lesser degree wave (a) ended at 101.01 low. Then a short-term bounce to 108.20 high ended wave (b) & started the next leg lower in wave (c) towards 106.93- 16.14 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.

CADJPY Latest 1-Hour Elliott Wave Chart From 8.26.2023​

Above is the Latest 1-hour Elliott wave Chart from the 8/26/2023 Weekend update. In which the pair is showing a reaction higher taking place from the equal legs area. Right after ending the zigzag correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above 108.28 high would still be needed to confirm the next leg higher minimum towards the 108.68- 109.35 area before the next pullback takes place.

Source: https://elliottwave-forecast.com/forex/cadjpy-dips-keep-finding-buyers-equal-legs-area/

 

[Elliottwave-Forecast]

MGM Resorts International (MGM), through its subsidiaries owns & operates casino, hotel & entertainment resorts in the US and Macau. The operates through three segments: Las Vegas Strip Resorts, Regional Operations & MGM China. It is based in Las Vegas, Nevada, comes under Consumer Cyclical sector & trades as “MGM” ticker at NYSE, having market cap of 15.69 B as on 28-August, 2023.

MGM made all time low at $1.81 in Mach-2009 low. Above there, it reacted higher, but yet trading below previous all time high of $100.50. Since 2009, It appears nesting & favors pullback in ((2)) of III of (III) against June-2022 low before turning higher in ((3)). Alternatively, if it breaks below June-2022 low, it can do larger correction while ended diagonal at last high since 2009.

MGM - Elliott Wave Weekly Latest View: ​

It placed (I) at $38.41 low & (II) at $5.90 low in March-2020 low. Above there, it placed I of (III) at $51.17 high & II at $26.41 low as 3 swing pullback. In wave I, it finished ((1)) at $17.63 high, ((2)) at $11.77 low, ((3)) at $44.40 high as extended wave, ((4)) at $35.72 as flat correction & ((5)) at $51.17 high. Below there, it placed ((A)) of II at $38.11 low, ((B)) at $49.00 high & ((C)) at $26.41 low as II in June-2022 low as zigzag correction.

MGM - Elliott Wave Latest Daily View: ​

Above II low, it resumed higher in ((1)) of III & confirms higher high sequence above I high, which ended at $51.35 high. It placed (1) at $36.34 high, (2) at $29.20 low, (3) at 46.23 high, (4) at $38.68 low as flat correction & (5) at $51.35 high. It favors correction in ((2)) in 3 or 7 swings against June-2022 low before upside resumes in ((3)) of III. Currently, it favors bounce in (B) in 3 or 7 swings, while placed (A) at $41.89 low & later resumes downside in (C) to finish ((2)). It expects to resume higher later in ((3)) of III from the extreme areas.

Source: https://elliottwave-forecast.com/stock-market/mgm-resorts-favors-pullback-before-rally-resumes/

 

[Elliottwave-Forecast]

In our previous blog, we said that Gold-to-Silver ratio has resumed to the downside. In this article and video today, we will update the Elliott Wave outlook of the ratio. It's been pretty sideways in the last few months, but it is likely to break sooner or later. To refresh, when the ratio goes lower, the price of both the underlying metals (Gold and Silver) will go up. Silver will outperform Gold both to the upside and downside. When the ratio goes lower, the price of Silver will go higher faster and outrun Gold.

Gold-to-Silver (AUG) Daily Elliott Wave Chart​

Daily Elliott Wave Chart of Gold-to-Silver ratio above shows that the ratio has been trading sideways in the past few months. The top on March 2020 was a capitulation move during the Covid 19 scare. Since then the ratio moved lower as a 5 waves impulse ending wave a at 62.51. It then rallied higher in a 3 waves zigzag ending wave b at 96.58. The ratio has since turned lower but it has not broken below wave a and continued to trade sideways until now. We are looking for a breakout soon. If we can close below the ascending trend line from wave a, as well as breaking below previous wave 1 at 78.33, that will signal the next leg lower in the ratio has started. That will also mean both Gold and Silver price will rally. We should expect the price of gold and silver to continue higher in the second half of 2023 as the ratio breaks lower.

Source: https://elliottwave-forecast.com/video-blog/gold-silver-ratio-aug-close-breakout/

 

[Elliottwave-Forecast]

Mastercard Incorporated (NYSE: MA), a global leader in payment technology, continues to navigate the ever-evolving landscape of financial transactions. As digital payments become increasingly integral to modern economies, Mastercard remains at the forefront of innovation. This article dives into the recent technical developments and potential trajectories within its daily cycle using Elliott Wave Theory.

Last month, Mastercard reached a new all-time high, surpassing the 2021 peak of $401. This ascent followed a previously identified bullish sequence from the October 2022 low. The higher high sequence implies a target around $452 - $522. The stock's journey to this range hinges on the daily cycle's structure.

The current movement is likely part of a nesting structure, possibly involving a leading diagonal in wave (1), projected to conclude near the 61.8% Fibonacci Extension area of $410 - $426. Subsequently, a three-wave pullback within wave (2) is anticipated, with support anticipated above the March 2023 low of $340.

Alternatively, if the upcoming move can erase the divergence compared to the July peak, Mastercard might initiate an accelerated ascent within wave (3), bypassing the necessity of a substantial pullback and potentially reaching the daily target at $452 directly.

Investors are advised to seize daily buying opportunities amid potential pullbacks, supporting further upward momentum within the existing bullish sequence for MA in the coming months.

Mastercard MA Daily Chart 8.29.2023​

Source: https://elliottwave-forecast.com/stock-market/mastercard-ma-daily-upside/

 

[Elliottwave-Forecast]

Russian Rouble (or Ruble) is the currency of the Russian Federation and the 17th most traded currency in the world. Within current environment of rising commodity prices, the world market impact of Russia, which is a major commodities producer, should strengthen. Without any doubt, this fact will increase the trading volumes of the Russian national currency. Therefore, a correct anticipation of the price action of Rouble against the dominating currency USD is essential. The outlook is, hereby, important for USDRUB pair traders as well as for investors in Russian stocks, commodity funds and more. In this blog, a technical analysis of the USDRUB is provided for both long and medium terms.

Rouble Monthly Elliott Wave Analysis 08.30.2020​

The monthly chart below shows the USDRUB pair traded on the Forex market. From July 2008, the USDRUB is trading within corrective structure higher. First, it has accomplished 3 swings of black wave ((w)) of a grand super cycle degree. Hereby, blue waves (a) and (b) are impulses, blue wave (b) is an Elliott wave contracting triangle pattern. USDRUB has printed the all-time highs in March 2022 at 154.25 Roubles for one US Dollar.

From the 2022 high, a zigzag structure in black wave ((x)) is taking place. The reason for calling a zigzag pattern being 5-3-5 structure is the initial impulse in blue wave (a) showing 5 waves. It has ended in June 2022 at 50.65 lows. As a matter of fact, within only 3 months, Rouble has trippled its value against the US Dollar. Now, blue wave (b) should retrace higher part of the decline in wave (a) before another leg lower in blue wave (c) can start. In the main view, USDRUB is within larger double correction higher. In the alternative view, however, USDRUB can start another leg lower already. This scenario would mean that Rouble is in the initial stages of the next big rally against Dollar.

Rouble Daily Elliott Wave Analysis 08.30.2023​

The daily chart below shows corrective bounce in blue wave (b) from June 2022 lows in more detail. It has unfolded so far as a 7 swings structure. First swing in blue wave (A) has ended in July 2022. Following triangle in blue wave (B) has resolved in a blue wave (C) towards 72.04-83.04 target area. As a result, 3 swings of black wave ((W)) have found a short-term high in December 2022 at 74.98 Roubles. From there, a pullback in black wave ((X)) has set a connector low in January 2023 at 66.35.

From January 2023 lows, a new cycle in another 3 swings of black wave ((Y)) has started. Break of 74.98 has confirmed that. Also, it has created a bullish sequence. Now, we can see 3 swings of ((Y)) already reaching 90.82-105.92 target area. That area should provide with a reaction lower. It is the preferred view that red wave w has ended in 7 swings in August 2023 at 102.35 highs and short- to medium-term pullback in red wave x is taking place. It should retrace part of the rally in red wave w from June 2022 lows. Once finished, next leg higher in red wave y should take place towards 74.98 and beyond.

In the alternative view, 90.82-105.92 area may become medium to long-term selling area. As a matter of fact, blue wave (b) might have ended at 74.98 highs. While below, next leg lower in blue wave (c) could be in the initial stages. Break below 50.65 lows would confirm that. In such a case, target for blue wave (c) will be 38.18-20.75 area.



Source: https://elliottwave-forecast.com/forex/rouble-daily-bluebox/

 

[Elliottwave-Forecast]

FMC Corporation (FMC) provides crop protection, plant health & professional pest & turf management products. It develops, markets & sells crop protection chemicals that includes insecticides, herbicides & fungicides & biologicals, crop nutrition & seed treatment products around the globe. It is based in Philadelphia, comes under Basic Materials sector, trades as “FMC” ticker at NYSE & having $10.738 B market cap as on September-1st, 2023.

FMC made ATH of $140.99 as (I) impulse sequence & favors pullback in zigzag correction in (II). It favors lower in wave c of (II), which extend between $91.60 - $65.16 area before turning higher.

FMC - Elliott Wave Latest Daily View: ​

It finished (I) at $140.99 high, in which it ended I at $108.77 high, II at $56.77 low, III at $123.66 high, IV at $87.27 low & V at $140.99 high in April-2022. It reacted lower in wave a, which ended at $98.24 low having 5 swing sequence. It placed ((1)) of at $111.44 low, ((2)) at 126.02 high, ((3)) at $102.73 low, ((4)) at $111.64 high & ((5)) as wave a at $98.24 low. It placed ((A)) at $114.43 high, ((B)) as flat structure at $103.05 low & ((C)) at $134.38 high as b connector.

Below b wave high, it favors lower in (3) of ((3)) of c & expect to remain sideways to lower within extreme areas to finish (II). It placed ((2)) at $133.37 high & (2) at $125.20 high. Below there, it favors lower in 3 of (3) of ((3)) & expect downside to continue for few more lows in daily to finish c wave. It expects c to extend between $91.60 - $65.16 area before turning higher.

Source: https://elliottwave-forecast.com/stock-market/fmc-favors-corrective-pullback-before-rally/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of BA , Boeing Stock. As our members know, BA has recently given us correction against the 241.58 peak. Recovery formed Elliott Wave Wave Zig Zag Pattern. In the further text we are going to explain the Elliott Wave Pattern and the Forecast.

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

Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and ideal retracements.

BA H1 Elliott Wave Analysis 08.30.2023​

BA is showing 5 waves down from the July peak ( 243.26). That indicates the stock ended only first leg of the larger pull back and we should ideally see further weakness once (B) blue recovery completes. Wave (B) correction looks to be unfolding as Elliott Wave Zig Zag pattern. First leg A of (B) is impulsive, sharp rally , while C leg seems to be unfolding as Ending Diagonal pattern. Approximate area where (B) can end is equal legs A-B red that comes at 229.95-232.51. We don't recommend buying the stock and expect to see decline in a 3 waves pull back at least or toward new lows ideally.

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

BA H1 Elliott Wave Analysis 08.30.2023​

The stock made decline from the equal legs area 229.95-232.51 as expected. As far as the price stays below 231.2 high, we can count correction completed. However , we would like to see further separation lower and break of 08/25 low to confirm next leg down is in progress. Decline from the 231.2 peak looks like 5 waves which means we should ideally get further decline after 3 waves bounce ends.

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/elliottwave/ba-boeing-company-elliott-wave-zig-zag/

 

[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) Daily Chart September 2023​

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The last blog in April, we were looking to break $7.17 March low before PLTR turns higher. However, the market couldn't break the price and it rally from $7.28 almost tripling the share price. At the end, the final structure was as follows: the wave (1) did not change, it finished at $10.31 higher. 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)).

PALANTIR (PLTR) Daily Chart Alternative September 2023​

​

Down from $20.27 high, PLTR dropped strongly starting the correction as wave ((2)). The first swing lower ended at $13.69 as wave (A). We can see 3 swings higher from here to end wave (B) at $16.34. As price action stays below this level, we are expecting to continue lower in wave (C). Market should drop toward a blue box in $9.77 - $8.21 area where PLTR should rally again. As alternative, we are showing a second chart where wave (B) is not completed yet. Therefore, in this case the market could make a double correction WXY before entering in wave (C) lower. This path would be confirmed if Palantir breaks above $16.34 and we would expect 3 swings higher to complete wave (B) below $20.27 high.

Source: https://elliottwave-forecast.com/stock-market/palantir-pltr-correcting-rally-2022-low/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDJPY , published in members area of the website. As our members know the pair is showing impulsive bullish sequences in the cycle from the January low. Consequently, we were calling for the further rally in the pair. USDJPY made a pull back that has found buyers at the extreme zone from the 08/29 peak.
In the further text we are going to explain the Elliott Wave Pattern and the forecast

If you are new to Elliott Wave we recommend you to check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.

USDJPY H1 London Update 09.01.2023​

USDJPY is giving us pull back wave (4). First leg is sharp decline that has a form of 5 waves, so we assume pull back is unfolding as Elliott Wave Zig Zag Pattern. That means both (a) and (c) legs should have 5 waves . We believe the pair is doing ((iv)) of C red. After short term bounce another leg down should ideally follow toward 144.91-144.46. We don’t recommend selling the pair and expect further rally to resume from the marked area.

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

USDJPY H1 London Update 09.01.2023​

The pair has given us rally from the marked zone as expected. We count (4) blue pull back completed at 144.42 low. Now, as far as the price holds above that low we expect to see further extension higher. We would like to see break above (3) blue peak : 08/29 to confirm next leg up is in progress. Short term we are about to end 5 waves up from the 144.42 low and then we can see a intraday pull back ((ii)) black.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent updates in the membership area of the website. Remember that not every chart is trading recommendation. 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. You can check most recent charts in the membership area of the site.



Source: https://elliottwave-forecast.com/forex/usdjpy-elliott-wave-rally-equal-legs/

 

[Elliottwave-Forecast]

Chevron (ticker symbol: CVX) reacted nicely since we presented the blue box (high-frequency) area to our members at EWF in 2020. You can see the second chart below for the blue box in CVX. The stock since then made a nice five waves advance from the blue box, and now it is correcting the rally. Chevron has created a bullish sequence within Grand Super Cycle. A similar energy stock Exxon Mobil (ticker symbol: XOM) confirms this view

Exxon Mobil (XOM) Monthly Elliott Wave Chart​

The chart above shows XOM (Exxon) within the Grand Super Cycle. The stock shows a bullish sequence, which will support all the stocks related to Oil. It should also support Oil within the Grand Super Cycle. XOM runs the same cycles as CVX and should have ended the rally since 03.2020 and now correcting the cycle. Chevron pullback should be bought in three, seven, and eleven, providing an excellent buying opportunity by the end of 2023. This aligns with Indices and the $USDX selling.

Chevron (CVX) Weekly Elliott Wave Chart​

The chart above shows the CVX( Chevron) structure and how it rallied from the blue box area. The rally unfolded as an impulse and now it is pulling back. The stock has a bullish sequence and pullback should find buyers in three, seven, and eleven swing. The stock also denies any crash across the World Indices. The energy stocks show the future path of Indices, and world indices might be entering a wave III or (III) very soon. The pullback in World Indices should also provide a good chance to buy in 3, 7, or 11 swing.

Overlay of S&P 500 (SPX) and Chevron (CVX)​

The chart above shows the overlay of $SPX and $CVX together. It shows they share the same cycle and overall trend. As we mentioned above, a pullback is now underway in energy stocks and Indices. Once the pullback is complete, it should accelerate to the upside again. Ultimately, we believe in the one market-only concept. The relationship between XOM, CVX, and SPX is clear. A huge rally will soon happen, and our members know what is next. Buying the dips soon will be a good opportunity.

Source: https://elliottwave-forecast.com/video-blog/cvx-chevron-a-nest-and-higher-prices-are-comming/

 

[Elliottwave-Forecast]

Barrick Gold Corporation is a Canadian mining company and one of the largest gold mining companies in the world. Founded in 1983, Barrick has its headquarters in Toronto, Ontario, Canada, and operates mines and projects in various countries around the globe. Below we will look at the weekly Elliott Wave outlook for the stock.

Barrick (GOLD) Weekly Elliott Wave Chart​

Rally from September 2015 low is unfolding as a nest. Up from September 2015 low, wave (I) ended at 23.47 and pullback in wave (II) ended at 9.53. The stock then resumed higher in wave I towards 31.22. Pullback in wave II ended at 13.01 with internal subdivision as a 3 waves zigzag. The stock has since turned higher in wave III. Up from wave II, wave (1) ended at 20.19. Wave (2) pullback is in progress as an expanded flat and expected to end soon above wave II. While dips stay above wave II low at 13.01, expect the stock to extend higher.

Source: https://elliottwave-forecast.com/stock-market/barrick-gold-nyse-gold-looking-end-expanded-flat/

 

[Elliottwave-Forecast]

Airbnb is an U.S. American corporation operating an online marketplace for short- and long-term homestays and experiences. Hereby, the company acts as a broker and charges a commission from each booking. Founded in 2008 and headquartered in San Francisco, California, USA, Airbnb can be traded under ticker $ABNB at NASDAQ. There, it is a component of the Nasdaq-100 index.

Airbnb Weekly Elliott Wave Analysis 09.05.2023​

The weekly chart below shows the Airbnb shares $ABNB traded at NASDAQ. From the all-time lows, the stock price is showing a nest and a new bullish cycle in progress. Firstly, initial rally from IPO in blue wave (I) of super cycle degree has ended in February 2021 by printing the all-time highs at $219.94. Secondly, correction lower in blue wave (II) has found bottom in December 2022 at $81.91 lows. Hereby, it shows an Elliott wave regular flat pattern being 3-3-5 structure. Also, red wave c of flat has reached 122.02-66.04 equal legs extension area based on the length of red wave a.

From the December 2022 lows, new cycle in blue wave (III) has started. Break above $219.94 will confirm that. Within blue wave (III), one can see two nests in black waves ((1))-((2)) and blue waves (1)-(2). Soon, acceleration higher should take place within blue wave (3) of black wave ((3)). Hereby, black wave ((3)) can see following targets: $166, $205, $229 and even higher. Investors and traders can be looking to buy short term pullbacks in 3, 7 swings expecting more upside. The target for blue wave ((III)) is towards 300-435 area and even beyond in the long run.



Source: https://elliottwave-forecast.com/stock-market/airbnb-nesting-acceleration/

 

[Elliottwave-Forecast]

Hello Traders! Today, we will look at the Grand Super Cycle of W. P. Carey Inc. ($WPC) and explain why the stock is at a Generational low and a Multi Year Rally should happen soon.

W. P. Carey Inc. is a real estate investment trust that invests in properties leased to single tenants via NNN leases. The company is organized in Maryland, with its primary office in New York City. As of December 31, 2019, the company owned 1,214 properties in 25 countries leased to 345 tenants. Approximately 64% of the company's revenue is derived in United States and 36% in Europe.

$WPC Monthly Elliott Wave View Sep 05 2023:​

The Monthly chart above shows the Grand super cycle from Jan 1998 low unfolded in a 5 wave impulsive structure suggesting a bullish sequence. The rally peaked on Oct 2019 and started the pullback to correct the entire cycle. The pullback ended at ((II)) on March 2020 and started a new cycle higher.

The cycle from March 2020 also unfolded in a 5 wave impulsive structure suggesting another bullish sequence. The rally peaked on July 2022 and started a pullback to correct it. The pullback also unfolded in a corrective structure (abc) and has entered our Blue Box area (63.99 – 50.45) where buyers are expected to appear soon. As long as price remains above the invalidation level at $50.45, $WPC is expected to rally soon. Remember, corrections run in 3, 7 or 11 swings, so risk management should be exercised. The market could bounce and end up doing 7 swings lower before higher so we like to book partial profits and get risk free once the bounce takes place from the blue box.

Source: https://elliottwave-forecast.com/video-blog/w-p-carey-inc-wpc-poised-rally-soon-blue-box-area/

 

[Elliottwave-Forecast]

The stock market has been sideways since the peak in 2022. The U.S real estate market, as measured by DJUSRE Index has also been sideways to lower. We have been providing the path for the U.S. real estate market for years and finally it reached our target at the $453.00 area. The Federal Reserve has increased the interest rate very fast over the last year from 0.25% to 5.50%, making the housing market go sideways to lower. At EWF, we look at the price action more than any fundamental news or event.

In this case, both fundamental and technical agree to a certain degree. The narrative states that lower rate motivates buyers to buy, while higher rate has the opposite impact. At this stage, the decline in the DJUSRE has been relatively small compared to the velocity of the rate hikes. Read our previous article showing the path higher into the $453.00 area and the expected pullback from Blue Box area. Now that we have reached the target, the big question is what is coming next.

First, we must understand The Grand Super Cycle, which shows a five-wave advance since the lows, as shown in the following chart.

$DJUSRE Monthly Elliott Wave Chart​

The monthly above shows wave (I) ended on October 2021. The Index is now doing a wave (II) pullback with WXY structure internal subdivision. It's currently in wave Y which can last into 2024. The five waves advance gives the buyers complete control within the Grand Super Cycle. But first, we need to finish the correction in wave (II).

$DJUSRE Daily Elliott Wave Chart​

The Daily Chart above shows the corrective structure since the peak on 11.2021. As we can see, the first leg of the pullback (wave W) is a three waves pullback. It is a 5-3-5 structure which is enough for the entire correction to end. The buyers entered the market back on 10.12.2022 at the same time when most of the Indices created a bounce. However, the reaction higher wave X also unfolded in three waves and then made another impulse lower wave (A). Wave A direction agrees with the direction of the previous decline since the peak at 11.2021. Then, the Index did another corrective rally wave (B) which also ended in three waves. At this point, we believe the sellers are in control, and confirmation will come when the low at 10.2022 is broken. This should open the downside into the $211.00 target area, representing a unique buying opportunity for buyers to enter the market.

The whole Market is at risk of a pullback, and the Real Estate Market should be entering a challenging period. It should also provide the floor for another buying opportunity sometime in 2024. The way interest rates are now is not helping the real estate market. Even when it will not be another 2007 crash, there will be another opportunity for cash buyers or mortgage-related buyers. It is better to wait if the 10.2022 level breaks. Let's see how it plays out, but the warning is there.

Source: https://elliottwave-forecast.com/video-blog/djusre-u-s-real-estate-index-a-sell-off-can-happen/

 

[Elliottwave-Forecast]

Las Vegas Sands Corp. (NYSE: LVS), a prominent player in the global integrated resort industry, has seen its fortunes shift amidst changing landscapes in the world of entertainment and hospitality. This article delves into the present Elliott Wave analysis for the stock, exploring two potential pathways based on Elliott Wave Theory and future prospects.

Examining LVS's daily chart, the rally that commenced in May 2022 unfolded as an impulsive 5-wave advance, reaching $65.5 in May 2023 to mark wave ((1)). Although the year-long rally didn't surpass the 2018 peak of $81, it created a bullish structure.

LVS is presently engaged in correcting the prior daily cycle within wave ((2)) and initiating an initial 3-wave pullback through a Zigzag structure. This descent, consisting of 3 swings, is targeted towards the blue box area, located at equal legs $49 - $41. At this point, LVS anticipates two potential scenarios:

1. A strong and impulsive rebound, enabling buyers to initiate the subsequent upswing within wave ((3)) and potentially break into new all-time highs.
2. A corrective bounce that fails to surpass the May peak, followed by another 3-wave descent, forming a larger double-three correction ( 7 swings ) within wave ((2)). Subsequently, the stock may resume its upward trajectory in wave ((3)).

Both scenarios are expected to remain above the 2022 low $28.88 to allow the stock to resume higher within the bullish trend. Investors will be looking to use the High-frequency Blue Box areas where the market is likely to end cycles and make a turn.

LVS Daily Chart 9.7.2023​

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-lvs-trajectory/