Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of AUDUSD forex pair published in members area of the website. As our members know AUDUSD has recently made recovery against the 0.6520 peak that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the lows and completed correction at the extreme zone . In further text we’re going to explain the Elliott Wave pattern and trading strategy

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

Elliott Wave Double Three Pattern

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

AUDUSD 1 Hour Elliott Wave Analysis 09.20.2023​

AUDUSD made 5 waves down from the 0.652 peak and now correcting that cycle. The pair is giving us (ii) blue recovery that is unfolding as Elliott Wave Double Three Pattern. Correction has wxy red inner labeling. The extreme zone has been already reached at 0.64718-0.64938. However, we expect to see another leg up to complete 7 swings. It's important that correction ends below 0.65207 peak. We can see either decline toward new lows or larger 3 waves pull back at least. Invalidation for the current count would be break above 0.65207

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

AUDUSD 1 Hour Elliott Wave Analysis 09.20.2023​

AUDUSD made proposed leg up and complete 7 swings structure. Previous high: 0.65207 held well during the correction. The pair found sellers at the extreme area and we got decline as expected. Current view suggests ((iv)) black recovery completed at 0.65101 high. As far as the price holds below that peak, further weakness should follow.

Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups 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/audusd-elliott-wave-double-three/

 

[Elliottwave-Forecast]

In this blog, we will take a look at the reaction from extreme area in NZDJPY, how buyers appeared in the area as expected and produced a strong reaction higher. We will look at how this area was calculated and also look at the current Elliott wave structure of this Yen cross. We will discuss the current Elliott Wave structure and short-term incomplete sequence that has been created and what it could lead to going forward.

NZDJPY July 27, 4 Hour Elliott Wave Analysis​

The chart below shows the pair to be in a double three Elliott wave structure with some more downside needed to complete the structure. It shows an extreme area (100 - 123.6 Fibonacci extension) between 85.22 - 84.40 where we expected the correction to end and buyers to appear to resume the rally or produce 3 waves reaction higher at least.

NZDJPY September 26, Daily Elliott Wave Analysis​

The chart below is a daily chart and shows the pair reached the extreme area between 85.22 - 84.40 and turned higher sharply. It rallied to 88.59 which we have labelled as wave 1 of the new cycle. This was followed by a pullback to 85.79 which we have labeled as wave 2. It started rallying again and it has now broken above 88.59 peak which creates a short-term incomplete sequence higher from 7.28.2023 low against 8.21.2023 low and has a 100 - 161.8% Fibonacci extension target area coming between 89.44 - 91.68.



Blue wave (1) peak was seen on 7.5.2023 @ 89.69, a break of this level will create a larger bullish sequence up from 3.24.2023 low against 7.28.2023 low and confirm further upside in NZDJPY and other Yen crosses with 61.8% Fibonacci extension coming at 90.66 and 100% Fibonacci extension coming at 94.20. We don't like selling the pair and near-term dips should remain supported in 3, 7 or 11 swings for extension higher toward 89.44. Once 7.5.2023 peak breaks, that will create a 4 hour bullish sequence and offer buying opportunities again in the dips in 3, 7 or 11 swings.

Source: https://elliottwave-forecast.com/video-blog/nzdjpy-rally-bullish-sequence/

 

[Elliottwave-Forecast]

As the global energy landscape continues to evolve, EQT Corporation (NYSE: EQT) emerges as a key player in the realm of energy exploration and production. In our previous article, we explored the weekly path for the stock as it was presenting an investment opportunity for this year and we explained the potential path based on the Elliott Wave Theory.

Expanding on our earlier prediction, EQT successfully completed a three-wave correction within the specified blue box area $29.8 - $20.5 , subsequently embarking on an upward trajectory. Since hitting a low of $28.11 on March 15, 2023, the stock surged by 60% within a dynamic and impulsive five-wave structure. The recent upward surge marked the completion of the initial wave I in August 2023 reaching a peak of $44.8, followed by an ongoing correction within wave II.

The present decline, which initiated from the August peak, is currently taking the form of a 3-swing structure. This is anticipated to conclude shortly, giving rise to two potential scenarios:

- The initial scenario shown in the following chart is based on the expected correlation with the broader stock market. Accordingly, it is expected that the reaction will be capped below $44.8, forming part of a wave ((X)). This will allow the stock to proceed within a corrective double-three structure, ultimately completing wave ((Y)) of II, while remaining above $28.11. Following the conclusion of the correction, EQT is anticipated to resume the upward trend that commenced earlier this year. The stock is poised for a robust rally in wave III, with the potential to surpass the 2022 peak of $51.97, thereby initiating the next weekly extension.

EQT Daily Chart 9.28.2023 ( 1st Scenario )​

-The second scenario presents a more bullish perspective. If the ongoing decline is deemed a corrective phase, it could signify the completion of wave II. In this scenario, the stock may embark on the next upward leg within wave III, marked by an impulsive rally within wave ((1)). Ideally, this rally should surpass the $44.8 peak, thereby establishing a bullish sequence. Subsequently, the expected pullback in wave ((2)) would likely find support and generate buying interest, facilitating a higher high and higher low sequence as the stock continues its ascent within the daily uptrend.

EQT Daily Chart 9.28.2023 ( 2nd Scenario )​

In conclusion, EQT's potential scenarios remain well-aligned with the daily Elliott wave structure. The stock continues to offer promising investment opportunities, with the condition that pullbacks remain above the key level of $28.11.

Source: https://elliottwave-forecast.com/stock-market/eqt-investment-opportunities/

 

[Elliottwave-Forecast]

Discover Financial Services (DFS) provides digital banking products & services, & payment services in United States. It operates through two segments – Digital banking & Payment services. It is based in Riverwoods, Illinois, comes under Financial services sector & trades as “DFS” ticker at NYSE.

DFS ended wave I as impulse sequence at $135.69 high started from March-2020 low. Below there, it favors pullback in double correction as II & expect sideways to lower towards $74.56 - $44.90 area.

DFS - Elliott Wave Latest Weekly View: ​

Since March -2020 low of $23.25 as (II), it resumed higher in wave I of (III). It ended ((1)) at $43.82 & ((2)) at $24.14 as dip pullback. Then, it started third wave extension in ((3)), which ended at $127.65 high. Within ((3)), it ended (1) at $66.77 high, (2) at 45.40 low, (3) at $100.96 high, (4) at 81.27 low & finally (5) at $127.65. It ended ((4)) at 114.37 low as shallow pullback. Above there, it ended ((5)) at $135.69 high as wave I of (III).

Below I high, it placed ((W)) at $87.64 low having double three as internal structure. It ended (W) at $100.07 low, (X) at $121.17 high & (Y) at $87.64 low. It placed ((X)) of II at $122.50 high as flat correction. It placed (A) of ((X)) at $119.91 high, (B) at $90.45 low & (C) at $122.50 high. It already breaks below ((W)) low, calling for short term weakness to continue towards blue box area. Currently, it favors lower in 5 of (A) of ((Y)), which expect to end soon before a bounce in (B) connector. It expects to remain choppy to lower in ((Y)) towards $74.56 - $44.90 area, where it should find the buyers to resumes higher in III or at least 3 swing bounce.

Source: https://elliottwave-forecast.com/stock-market/discover-financial-services-dfs-ready-next-rally/

 

[Elliottwave-Forecast]

Cotton is one of soft commodities, along with sugar, coffee, orange juice and cocoa. In early centuries, Alexander the Great has brought cotton from Pakistan to Europe. Much later and finally, it has obtained the dominance in textile manufacturing during the British industrial revolution in the 18th century. It was so critical that at times of Civil War in North America the Confederate bonds sold in Europe were backed by cotton. Today, the largest producers and, at the same time, the largest consumers of cotton are China and India. One can trade Cotton futures at ICE owned New York Board of Trade in contracts of 50’000 pounds each under the ticker CT #F. Also, there are similar contracts at CME owned NYMEX under the ticker TT #F.

Currently, we see other soft commodities like orange juice, coffee and sugar turning higher after a long period of depressed prices. Based on the correlation within group of softs, the cotton is expected to turn higher as well. In particular, weekly wave structure of CT #F supports that bullish view. Will the rally in the cotton prices make it reality that an average person will be able to afford only 2-3 new clothes per year?

In the initial article from May 2021, we have forecasted a strong initial wave higher. We were right. From March 2020 until May 2022, the cotton prices have trippled. Then, in June 2022, we forecsted a short-term pullback to provide an opportunity to join the rally. However, market has decided for a larger zigzag structure lower. Now, we see the channel break to the upside and price nesting action. In the current article, we provide with an update: discussion of the wave structure, next targets and support areas.

Cotton Quarterly Elliott Wave Analysis 10.01.2023​

The quarterly chart below shows the cotton front contract CT #F at NYBOT. Historically, cotton has been traded at New York Cotton Exchange since 1870. Later, it moved to NYBOT and the chart data shows cotton prices from 1972 on. From the lows, the prices have developed a corrective cycle higher in black wave ((w)) of a grand super cycle degree. One can see it as an Elliott Wave zigzag pattern. Hereby, blue wave (a) has demonstrated a leading diagonal structure and has ended in 3rd quarter of 1980. From there, a running triangle in wave (b) has caught the market in range bound oscillations until the 4th quarter of 2008. From there, the sideways market has resolved into an acceleration higher within an impulsive move in wave (c). Hereby, cotton has made 6x in price and saw the all-time highs in the 1st quarter of 2011 at 219.70.

From the all-time highs in 2011, a correction lower in wave ((x)) has unfolded as an Elliott Wave double three pattern. In 9 years, CT #F has become cheaper by 78% reaching 48.35 level. It is the preferred view that an important bottom on March 2020 has been set and the correction has ended. From the lows, a new multi-decade cycle within black wave ((y)) may have started.

For 2024-2040, the expectations are to retest if not to break above the all-time highs. The target for wave ((y)) will be 268-404 area. From current levels, the cotton should, therefore, double to tripple in price.

​

Cotton Weekly Elliott Wave Analysis 10.01.2023​

The weekly chart below shows in more detail the first stages of the new cycle within grand super cycle in black wave ((w)). From March 2020 lows, a clear impulse in red wave I has printed a top in May 2022 at 155.95. A pullback in wave has developped an Elliott wave zigzag pattern. Firstly, black wave ((A)) has set a low in July 2022 at 82.54. Secondly, bounce in black wave ((B)) has set a connector in August 2022 at 119.59 highs. Thirdly, price has broken 82.54 lows confirming next extension lower. However, black wave ((C)) has not reached the 100% extension. Hereby, it has truncated at 0.618-0.786 extension area. As a matter of fact, the sideways move has broken the descending chanel. It is the preferred view that red wave II has ended in October 2022 at 70.21 lows and new bullish cycle in red wave III is in progress. The target for red wave III is 177.75-244.18 area and even beyond.

In shorter cycles, blue waves (1)-(2) of black wave ((1)) of red wave III have ended and blue wave (3) has been confirmed. Indeed, price action broke 89.92 highs. Now, based on the bullish sequence, wave (3) should reach 95.41-107.68 area and even higher. Investors and traders can, therefore, be looking to buy any clear pullback in 3,7 swings against 70.21 lows expecting accelereation higher to take place.



Source: https://elliottwave-forecast.com/commodities/cotton-nesting-opportunity/

 

[Elliottwave-Forecast]

Viking Therapeutics Inc. is an innovative biotechnology company developing novel therapeutics for metabolic and endocrine diseases. Metabolic and rare disease programs include novel selective thyroid receptor-β agonist approach. These and other programs are currently within phases 1, 2 and preclinical. Viking Therapeutics saw IPO back in 2015. Since then, investors can trade it under the ticker $VKTX at NASDAQ.

In the initial article from March 2023, we have discussed initial impulse from June 2022 lows and explained that it is dangerous to chase the strength. We were right. The price has created new all-time high and is pulling back. Here, we discuss the wave structure and provide with support areas and next price targets.

Viking Therapeutics Weekly Elliott Wave Analysis 10.01.2023​

The weekly chart below shows the Viking Therapeutics shares $VKTX traded at NASDAQ. From the IPO in 2015, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards $24 highs in September 2018. Then, a correction lower in blue wave (II) has unfolded as an Elliott wave double three pattern being 3-3-3 structure.

Firstly, 7 swings (which is equal to larger 3 swings) in red wave w of blue wave (II) have printed a low at $3.26 in March 2020. Then, a bounce has set a connector wave x at $10.09 highs in February 2021. Later on, the price has broken $3.26 lows opening up a bearish sequence. As a consequence, red wave y should have extended lower towards 100% extension or at least 61.8% extension of the red wave w. However, these values are below zero. Due to the lack of space, the price has reached $2.02 and bounced breaking the descending channel from 2018. As a matter of fact, the correction has ended in June 2022 at $2.02 lows and new cycle in blue wave (III) has started. Break of $24 highs has confirmed that. The target for the wave (III) is 26.01-40.83 area and even beyond.

Within blue wave (III), red wave I has reached in 5 waves the new all-time highs in May 2023 at $25.72. From there, pullback in red wave II is inrogress. Firstly, black wave ((A)) has set a low in August 2023 at 12.62. Secondly, bounce in black wave ((B)) has set a connector in September 2023 at 16.36 highs. Thirdly, price has broken 12.62 lows confirming next extension lower. Now, black wave ((C)) can reach 3.22-2.02 area. Alternatively, it may truncate at 0.618-0.786 area being 8.23-6.03 price range. Investors and traders can start accumulating their positions starting from below $8.23 level and against $2.02 lows. Once consolidation in red wave II ends, expect acceleration higher in red wave III of blue wave (III) towards 25.72 highs and beyond.



Source: https://elliottwave-forecast.com/stock-market/oppportunity-viking-therapeutics/

 

[Elliottwave-Forecast]

Sony Group Corporation, commonly known as SONY, is a Japanese multinational conglomerate corporation. As a major technology company, it operates as one of the world's largest manufacturers of consumer and professional electronic products, the largest video game console company.

SONY ended an impulse that began at the end of 2012. The share price reached 133.75 in January 2021, that was, 9 years of upward movement. We called this impulse as wave (I). The price started to fall forming a double correction and after almost 5 months wave (II) ended.

SONY Weekly Chart May 12th 2023​

You can see above the weekly chart of May. This was what we are expected in the stock: "The market has kept the upward movement. From the low of 61.67, we can count 5 swings up giving the idea of a leading diagonal structure. We currently need to break above the 95.23 high in order to have the minimum number of swings to complete the diagonal. However, SONY share prices could go as high as around 98.41 to finish the wave ((1)). Once we see a strong drop in the price we could give for ended the wave ((1)). From there, the market would enter a corrective phase where we should see 3, 7 or 11 swings down to complete wave ((2)) before continuing the rally.

SONY Weekly Chart Oct 1rt 2023 (Scenario 1)​

Currently, the stock ended the leading diagonal as expected. Up from wave (II) low, wave (1) ended at $84.19, then pullback as wave (2) finished at $74.81. SONY continued the rally ending wave (3) at $95.23 high followed by a reaction lower entering in the wave (1) area. Wave (iv) ended at $84.02 and last push higher as wave (v) completed a leading diagonal. Wave ((1)) finished at $100.94 high. In the third week of June, we saw a strong movement to the downside, give us the idea that wave ((1)) was ended and the correction as wave ((2)) started.

We are looking for 3 swings at least to end wave ((2)) correction. 3 swings down are already ended, but it is still possible to make 5 swings lower breaking $80.34 low to complete wave (A) as an impulse. If this happens, wave ((2)) is not completed. We should see a corrective bounce to build wave (B) and another 5 swings lower as wave (C) to finish wave ((2)). Once this structure is complete ended the stock should rally again.

SONY Weekly Chart Oct 1rt 2023 (Scenario 2)​

In the chart above we can see scenario 2. It indicates that wave ((2)) has already ended and another new rally would begin. To confirm that wave ((2)) is over, we need this new rally to break above $100.94 high and price action to hold above $80.34 low.

Source: https://elliottwave-forecast.com/stock-market/sony-give-new-buying-opportunities/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURUSD, published in members area of the website. As our members know the pair is showing incomplete bearish sequences in the cycle from the July 18th peak targeting 1.0435-1.0318 area. Consequently, we recommended members to avoid buying at this stage and calling for the further decline. Recently EURUSD made a pull back that has found sellers right at the equal legs area.
In the further text we are going to explain the Elliott Wave Pattern and the forecast

EURUSD H1 Weekend Update 09.30.2023​

EURUSD has given us 3 waves bounce in wave ((iv)) recovery. The pair has made clear 3 waves up and reached equal legs area at 1.05873-1.06310. Sellers appeared as expected and we can already see reaction from the equal legs area. Correction is counted completed at 1.06165 peak as Elliott Wave Zig Zag Pattern.

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

EURUSD H1 Weekend Update 10.02.2023​

The price kept 1.06165 peak intact and we got further separation lower. As far as the price stays below 1.06174 high, we expect the pair to keep trading lower in wave ((v)) , targeting 1.0458-1.0409 area. We would like to see break of 09/28 low to confirm extension down toward mentioned zone.

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/eurusd-sellers-equal-legs/

 

[Elliottwave-Forecast]

Hello Traders! Today, we will look at the Elliott Wave structure of SPDR Utilities Select Sector ($XLU) and explain why the stock is bound to end a cycle and bounce soon.

The Utilities Select Sector SPDR® Fund seeks to provide investment results that correspond generally to the price and yield performance of the Utilities Select Sector Index. It seeks to provide precise exposure to companies from the electric utility, water utility, multi-utility, independent power and renewable electricity producers, and gas utility industries.

$XLU Weekly Elliott Wave View Oct 02 2023:​

The Weekly chart above shows the cycle from March 2020 low unfold in a 5 wave structure. The ETF made a new all time high in Sep 2022 which suggests a bullish sequence against March 2020 low. The rally peaked on Sep 2022 and started a pullback to correct the entire cycle.

The pullback has unfolded in a 3 swings corrective structure (ABC) entering our Blue Box area (55.81 – 44.73) where buyers are expected to appear soon. As long as price remains above the invalidation level at $44.73, $XLU 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. Therefore, we like to book partial profits and get risk free once the bounce takes place from the blue box.

Source: https://elliottwave-forecast.com/vi...t-sector-xlu-poised-rally-soon-blue-box-area/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of NVDA. We presented to members at the elliottwave-forecast. In which, the rally from 13 October 2022 low is unfolding as an impulse structure. Showing 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:

NVDA 4-Hour Elliott Wave Chart From 9.20.2023​

Here’s the 4hr Elliott wave chart from the 9/20/2023 update. In which, the cycle from the 12/28/2022 low ended in bigger wave III as an impulse structure at $502.66 high. Down from there, the stock made a pullback in wave IV to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave ((A)) ended at $448.88 low. Wave ((B)) bounce ended at $499.27 high and wave ((C)) managed to reach the blue box area at $427.47- $383.08. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

NVDA Latest 4-Hour Elliott Wave Chart From 10.03.2023​

This is the latest 4hr Elliott wave Chart from the 10/03/2023 update. In which the stock 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 $502.66 high is still needed to confirm the next extension higher & avoid a double correction lower.

Source: https://elliottwave-forecast.com/stock-market/nvda-returning-blue-box-area/

 

[Elliottwave-Forecast]

Platinum (PL) is still correcting cycle from 9.1.2022 low before the rally resumes. We also present an alternate view if the pivot at September 2022 low (796.8) fails. If it breaks below 796.8, it suggests a bigger correction against March 2020 low. In the higher time frame, the metal is in a bullish grand super cycle move higher against March 2020 low.

Platinum (PL) Monthly Elliott Wave Chart​

Monthly Elliott Wave Chart of Platinum above shows that the metal has ended wave ((II)) at 562 on January 2020 low in 3 swing. Up from there, it ended wave (I) at 1348.2 and wave (II) pullback is proposed complete at 796.8. While above 796.8, the metal can see further upside. If it breaks below 796.8, then the metal is doing a double correction in wave (II) and opens further downside to reach 610 area before support is seen.

Platinum (PL) Daily Elliott Wave Chart​

Daily Elliott Wave Chart on Platinum above shows that the metal is pulling back in wave ((2)) to correct rally from 9.1.2022 low (796.8). Pullback is unfolding in the form of a double three structure. As far as pivot at 801.9 stays intact, expect the metal to extend higher.

Source: https://elliottwave-forecast.com/video-blog/platinum-pl-correction-remains-progress/

 

[Elliottwave-Forecast]

Duke Energy Corporation (NYSE: DUK), a prominent American electric power and natural gas holding company, has long been a stalwart in the utilities sector. However, recent market conditions have presented significant challenges for the company, and it finds itself navigating through turbulent times. As market volatility and industry headwinds persist, DUK faces short-term setbacks, but its strong foundation and long-term prospects continue to underpin its resilience.

Examining the stock's daily chart, we'll analyze the ongoing correction since it reached an all-time high of $166.33 last year. DUK aims for this movement to develop as a corrective Elliott Wave structure known as Double Three. This pattern comprises seven swings, defining its corrective character and targeting a specific level before initiating a reversal.

Lately, DUK experienced a decline, breaching the low from October 2022. This has resulted in an incomplete bearish sequence for the stock that originated from its peak in April 2022. The sequence implies that DUK will undergo a 6th swing bounce in wave ((B)), but it is anticipated to fall short of surpassing the peak reached in January 2023 at $106.4. Subsequently, another downward leg is expected in wave ((C)) of y. This descent should ideally target the equal legs range between $73.9 and $66.2. It is within this area that the stock is anticipated to conclude its correction in wave (II) before initiating an upward trajectory.

Mid-term traders may find the bounce to be a suitable selling opportunity, particularly as the stock appears to be heading into another decline. This strategy is viable as long as DUK remains below $106. On the other hand, investors should keep a close eye on the blue box area at lower levels. Technically, the area is expected to trigger a reaction to the upside and could signify the initiation of a new daily cycle moving in an upward direction.

DUK Daily Chart 10.4.2023​

Source: https://elliottwave-forecast.com/stock-market/duke-energy-duk/

 

[Elliottwave-Forecast]

Domino's is an American multinational pizza restaurant chain. Founded in 1960, the chain is owned by master franchisor Domino's Pizza, Inc (DPZ). As of 2018, Domino's had approximately 15,000 stores, with 5,649 in the United States, 1,500 in India, and 1,249 in the United Kingdom. Domino's has stores in over 83 countries and 5,701 cities worldwide.

DPZ Weekly Chart March 2020​

In March 2020, we were calling more upside in the stock price of Domino's Pizza. It was expecting to reach 525.76 - 714.26 blue box area before seeing a pullback. The DPZ price action reached 567.57 peak and it was rejected for the market. The drop has been very strong and almost hit the 50% Fibonacci pullback. Therefore, it is more likely that DPZ ends a Grand Super Cycle and we called the 567.57 peak as wave ((I)).

DPZ Daily Chart October 2023​

Currently, DPZ is developing wave ((II)) correction. We can labeled the first part of the pullback as 3 swings lower. Down from 567.57 peak, price action made 3 swings lower as wave "a" ended at 321.15 low. Then 3 swings higher completed wave "b" at 426.44 high. Last wave "c" built an ending diagonal. Wave ((1)) ended at 291.00 and bounce as wave ((2)) was rejected at 395.00. Market continued lower and wave ((3)) ended at 285.84 and another bounce end wave ((4)) at 353.95. Last push lower completed at 285.72 as wave ((5)) of wave "c". These 3 waves we are calling as part as double correction and ended wave (w).

From 285.72 low a new cycle began. We can see 3 swings rally that we labeled as wave "w"ending at 409.95 high. Then, it formed a double correction structure lower as wave "x" ending at 330.05 low. As price action stays above 285.72, we are expecting more upside at least in 3 swings to complete wave "y" of (x). Market should reach 454.98 - 532.31 blue box area where it should be a good place to see for selling opportunities to develop wave (y) of ((II)) lower.

DPZ Daily Chart October 2023 (Alternative View)​

You could think, why do not buy if DPZ should rally around 33%? Because wave (x) could be completed as we show in the chart above. Therefore, if price action breaks above 409.95, we are still building wave (x) and it should reach the blue box before resuming the downtrend. If market breaks below 285.72 low, then wave (y) has started and we are looking for more downside in the stock.

Source: https://elliottwave-forecast.com/stock-market/dominos-pizza-dpz-blue-box-selling/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 4 Hour Elliott Wave chart of Advanced Micro Devices, Inc. ($AMD). The rally from 10.13.2022 low unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 7 swings and find buyers again. We will explain the structure & forecast below:

$AMD 4H Elliott Wave Chart 9.17.2023:​

Here is the 4H Elliott Wave count from 9.17.2023. The rally from 10.13.2023 peaked at red I and started a pullback to correct it. We expected the pullback to find buyers in 7 swings (WXY) at $97.08 - 79.58.

$AMD 4H Elliott Wave Chart 10.08.2023:​

Here is the 4H update from 10.08.2023 showing the bounce taking place as expected. The stock has reacted higher after reaching the extreme area in 7 swings. We expect the stock to continue higher to correct the cycle from June 2023 peak allowing longs to get a risk free position before a pullback can happen.

Source: https://elliottwave-forecast.com/st...evices-amd-found-buyers-corrective-pull-back/

 

[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.

As shown from the previous article, COST expected further upside in ((iii)) of 3 of (3) of ((1)). It needs to breaks above ((I)) high of $ 612.27 to confirm the bullish sequence.

COST - Elliott Wave View From 6.18.2023:​

It finished (I) at $393.15 high in November-2020 & corrected in (II) at $307 low in March-2021. It continued higher in (III) ended at $571.49 high in December-2021. It corrected in (IV) at $469.01 low as 0.382 Fibonacci retracement. Finally, it ended (V) at $612.27 high as ((I)) in April-2022 high as bullish impulse sequence since 1986 low. It corrected lower in ((II)) which, ended at $406.51.

COST - Elliott Wave Latest Daily View: ​

Above ((II)) low, it placed (1) at $564.75 high & (2) at $447.90 low as zigzag correction. It placed 2 of (3) at $465.33 low & favors higher in ((v)) of 3, while placed ((iv)) at $530.56 low. It expects short term upside in ((v)) to finish 3 of (3) before correcting in 4 in 3 or 7 swings, which should remain above $520.64 low. It expects (3) of ((1)) to end towards $606.49 or higher levels. Further upside in ((III)) will confirm above $612.27 high. Alternatively, it can see 3 swing bounce since $406.51 low as (x) connector & fail below ((I)) high to turn lower in (Y) of ((II)) correction.

COST - Elliott Wave Latest Weekly View: ​

Source: https://elliottwave-forecast.com/stock-market/will-cost-continue-see-further-strength/

 

[Elliottwave-Forecast]

In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of EURJPY. In which, the rally from 28 July 2023 low unfolded as an impulse sequence and showed a higher high sequence. Therefore, we knew that the structure in EURJPY is incomplete to the upside & should extend higher. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

EURJPY 4-Hour Elliott Wave Chart From 9.30.2023​

Here’s the 4hr Elliott wave Chart from the 9/30/2023 update. In which, the rally to 159.76 high ended wave 1 & made a pullback in wave 2. The internals of that pullback unfolded as Elliott wave double three correction where wave ((w)) ended in 3 swings at 156.62 low. Then a bounce to 158.47 high ended wave ((x)) & started the next leg lower in wave ((y)) towards 155.33- 153.38 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.

EURJPY Latest 4-Hour Elliott Wave Chart​

This is the latest 4hr Elliott wave Chart from the 10/09/2023 update. In which the pair is showing a strong 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 159.76 high is still needed to confirm the next extension higher & avoid further correction lower.

Source: https://elliottwave-forecast.com/forex/eurjpy-reacted-strong-blue-box-area/

 

[Elliottwave-Forecast]

Silver Miners ETF (SIL) has ended the correction to the cycle from March 2020 low on Sept 26, 2022 low at 21.26. It is retesting the low on Sept 26, 202. As far as it stays above there, the ETF can start turning higher. We will take a look at the Elliott Wave view of the ETF below:

SIL (Silver Miners ETF) Monthly Elliott Wave Chart​

Monthly Elliott Wave chart of SIL above shows that the ETF ended all-time correction wave ((II)) at 14.94 in 2016. It then rallied in a series of I-II-((1))-((2)) as a nesting structure. Up from wave ((II)), wave I ended at 54.34 and wave II ended at 15.72. It then rallies again in wave ((1)) which ended at 52.87. Pullback in wave ((2)) ended at 21.26. As far as SIL stays above 15.72, expect the ETF to extend higher again.

Silver Miners ETF Daily Elliott Wave Chart​

Daily Elliott Wave chart above shows that SIL may have ended correction to the cycle from 9.26.2022 low in wave 2 at 21.26. The ETF has started to turn higher but still needs to break above wave 1 at 33.24 to confirm this view. While it stays above 21.26, expect the ETF to extend higher.

Source: https://elliottwave-forecast.com/stock-market/silver-miners_may-have-turned-higher/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of SPX published in membership area of the website. As our members know, S&P500 is trading within the cycle from the October's 3492.7 low, which is unfolding as 5 waves structure. Recently we got 3 waves pull back which found buyers right at equal legs area as we expected. In the further text we are going to explain the Elliott Wave Forecast

SPX 4h Elliott Wave Analysis 09.21.2023​

SPX is doing wave (4) blue pull back. The index is correcting the cycle from the 3839.7 low. Pull back looks incomplete at the moment. We expect another leg down toward 4274.7-4114.5 area to complete the correction.

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

SPX 4h Elliott Wave Analysis 09.26.2023​

SPX made extension down and reached the extreme zone- equal legs area as expected. We see possibility of SPX making shallow bounce and another leg down within buyers zone, which will allow rest of the Indices to reach their extremes. At the marked zone SPX should ideally find buyers for further rally in wave (5) blue or for a 3 waves bounce at least.

SPX 4h Elliott Wave Analysis 10.10.2023​

Buyers appeared at the marked extreme zone 4274.7-4114.5 and we are getting good reaction from there. As far as 4214.67 low holds, SPX should ideally keep trading higher in wave (5) red toward new highs. We need to see break of 07/27 peak to confirm 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 in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.



Source: https://elliottwave-forecast.com/stock-market/sp500-spx-found-buyers-equal-legs/

 

[Elliottwave-Forecast]

Nikola corporation is an US American manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions. The company delivered first two battery-electric trucks in December 2021. In 2022, Nikola has projected deliveries of between 300 and 500 of its battery-electric semitrucks — known as the Nikola Tre — to customers. Like Tesla, Inc., the company is named in honor of Nikola Tesla, Founded in 2014 and headquartered in Phoenix, Arizona, USA, the stock can be traded under ticker $NKLA at NASDAQ.

Nikola Weekly Elliott Wave Analysis 10.12.2023​

The Weekly chart below shows the Nikola shares $NKLA traded at NASDAQ. From the IPO, the stock price has developed an impulse higher in blue wave (I) of a super cycle degree. It has printed the all-time highs on the June 2020 at $93.99. From the highs, a correction lower in blue wave (II) has unfolded as an Elliott wave zigzag pattern. Firstly, red wave a has printed a low in July 2020 at $29. Secondly, from the low, red wave b reached higher towards September 2020 highs and became a bull trap. Thirdly, from $54.56 highs, red wave c has broken below $29 lows. It shows an overlapping pattern of an ending diagonal being 3-3-3-3-3 structure.

It is the the preferred view, that correction in red wave (II) has ended in June 2023. While above 0.52 lows, next bullish cycle in blue wave (III) has started. The target will be towards 95-153 area and beyond.

Nikola 4H Elliott Wave Analysis 10.12.2023​

The 4H chart below shows in more detail the initial stages of the blue wave (III). Firstly, impulse in blue wave (1) has provided a high in August 2023 at $3.71. Hereby, red wave 3 of blue wave (1) shows an extension beyond 1.618 multiples of the wave 1. Secondly, a pullback in blue wave (2) has set a low in September 2023 at $0.81. Now, the cycle in blue wave (3) is in progress. As a matter of fact, break above $3.71 will confirm that. The target is 3.99-5.66 area. While investors can be entering at market prices, traders should be waiting to buy clear pullbacks in 3, 7 swings from extremes.



Source: https://elliottwave-forecast.com/video-blog/nikola-preparing-acceleration/

 

[Elliottwave-Forecast]

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

As shown from previous article published on 4.09.2023, BMO favored lower in ((Y)) of II below $102.79 high. It reacted lower & confirms lower low below ((W)) favoring short term weakness in ((Y)) of II.

BMO - Elliott Wave View From 4.09.2023: ​

Above March-2020 low of (II), it ended impulse up sequence wave I at $122.77 high having third wave extension. Below there, it favors pullback in II as double three correction lower towards $61.50 or lower levels. It expects wave II to remain above $38.31 low of (II) to turn higher in III of (III). Below I high, it placed ((W)) at $81.57 low as 3 swing pullback. It placed (A) of ((W)) at $90.44 low, (B) at $105.40 high & (C) as ((W)) at $81.57 low. It bounced off in ((X)) connector in 3 swing & ended at $102.79 high & confirmed lower low sequence below ((W)), favoring downside in ((Y)) of II.

BMO - Elliott Wave Latest Daily View: ​

Below ((X)) high, it placed (A) at $82.25 low & (B) at $94.46 high as double correction bounce. Currently, it favors bounce in ((iv)) of 1 of (C) & expect bounce to fail below ((ii)) high of $89.09 to trade lower in ((v)) to finish 1. As long as price fail below (B) high, it expect to remain choppy to lower & extend towards $61.50 - $51.73 area & ideally hold above $38.31 to finish II. It favors ((Y)) to unfold in 3 swings lower towards blue box area, where buyers expect to enter the market.

BMO - Elliott Wave Latest Weekly View: ​

Source: https://elliottwave-forecast.com/stock-market/bank-montreal-bmo-continues-weakness-correction/