Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

$USDMXN has been trading lower since the peak at 04.2020. We have been waiting for the area between $15.98-$12.14 to be reached. The pair is important because of the correlation with the $USDX and the implication across the Market. Here is the Weekly chart for the pair and the $USDX showing the correction and the cycle since 2020.

Correlation of $USDX and $USDMXN​

Weekly chart of the 2 instrument above shows the decline as simple zigzag. Zigzag or ABC is a 5-3-5 structure. Each leg comes in a subdivision of 5 waves. We at EWF believe the market has turned into a High-Frequency market, as explained in the following article. We are expecting the instrument to bounce in three waves from the target blue box area as the following chart shows

$USDMXN Weekly Elliott Wave Chart​

The $USDMXN weekly chart above shows the decline to the area we highlighted as a Blue Box. This area provides at least a bounce or a reaction 85% of the time. As we can see, the pair should be trading within wave ((5)) of c. Currently, it might be ending the first leg of wave ((5)). The path of $USDMXN will make the $USDX lower and supports the Indices higher, as this is the Market dynamic and correlation.

$USDMXN 4 Hour Elliott Wave Chart​

The 4 hour chart above shows wave (1) of ((V) since the peak. The chart reveals a five-waves decline since the peak at 10.06.2023. Even when a three waves pullback soon should happen, more downside should play out afterwards. It confirms our view of more downside into the Blue Box in the higher time frame. As we always do at EWF, we use correlation to pick the most realistic path even when five waves can be seen in some Indices, Stocks, and ETFs since the lows of 03.2020. Here is an example of an Index showing five waves off the lows at 03.2020. The IBEX35, the Index from Spain, shows a clear five-wave advance off the lows, as shown in the following chart

$IBEX35 Weekly Elliott Wave Chart​

The weekly chart of $IBEX above shows a 5 waves rally from 03.2020 low. As mentioned above, we can label the Ibex35 completed, but looking at $USDMXN, it is safe to say that more upside within wave ((5)) should happen in the Index. The following chart shows the Ibex35 off the lows

$IBEX35 4 hour Elliott Wave Chart​

The 4 hour chart of IBEX above shows an impulse since the low 10.26.2023. This is in total agreement with the $USDMXN. Looking at $USDMXN, we should call the advance of Ibex35 as wave (1) of ((V)). This will form a perfect alignment across the Market.

$USDMXN and $IBEX35 Correlation​

The chart above shows an overlay between $IBEX35 and $USDMXN. It offers a complete agreement in both instruments since 03.2020 low. Our expectation is a continuation of this correlation. We do also understand that a bounce off the $USDMXN off the Blue Box will place World Indices at a risk of a correction. Thus, year 2024 can end up being a very interesting year for the USDX and also the Indices.

Source: https://elliottwave-forecast.com/stock-market/usdmxn-the-instrument-and-the-world-indices/

 

[Elliottwave-Forecast]

Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of Silver, published in members area of the website. As our members know Silver has recently made a short term 3 waves pull back that has reached its target area and found buyers. In the further text we are going to explain the Elliott Wave Forecast.

Silver 1 Hour Elliott Wave Analysis 11.20.2019​

Silver ended cycle from the 21.85 low as 5 waves structure, labeled as wave 1 red. Currently doing wave 2 red pull back which is showing incomplete structure. Lower low sequences from the peak suggests we are still in ((c)) leg which should ideally give us more weakness toward 23.21-22.84 area. At that area we expect buyers to appear for proposed rally or 3 wave bounce alternatively. Although we expect to see another marginal push down, we advise members to avoid selling against the main bullish trend. We favor the long side from the marked equal legs area. As our members know, Equal Legs are no enemy areas , giving us 85% chance to get a bounce.

Silver 1 Hour Elliott Wave Analysis 11.21.2019​

Pull back completed right at equal legs zone at 23.21-22.84 . Silver found buyers at the marked zone and we are getting good reaction from there. Rally from the buyers zone reached 50fibs against the ((b)) high, so any longs should be risk free by now. We count Wave 2 red pull back completed at the 23.25 low. Short term pull back ((ii)) black should ideally end around : 23.53-23.46 area (50-61.8 fibs zone against the low). Alternatively if the low at 23.25 gets broken, before the last high, Silver can make deeper pull back toward 22.92-22.71 area.

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



Source: https://elliottwave-forecast.com/commodities/silver-xagusd/

 

[Elliottwave-Forecast]

Hello 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 our members know, the pair is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling , while keep favoring the long side. Recently we got correction that reached our buying zone. The pair found buyers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

EURJPY Elliott Wave 1 Hour Chart 11.21.2023​

The pair is giving us wave (iv)) pull back that is unfolding as Double Three pattern. The price has reached extreme zone at 161.4-160.07 ( Blue Box - Buyers Zone). We don’t recommend selling the pair and prefer the long side from the blue box- equal legs zone. As the main trend is bullish , we expect to see at least 3 waves bounce from our buying zone. Once bounce reaches 50 Fibs against the (x) blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 160.07

Quick reminder:

Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

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

EURJPY Elliott Wave 1 Hour Chart 11.22.2023​

The pair found buyers right at the Blue Box area : 161.4-160.07. Pull back completed at the 161.21 low and we are getting good reaction from the buying zone. Bounce reached and exceeded 50 fibs against the connector’s high. So members who took the long trade are enjoying profits now in a risk free positions. While above 161.21 low, next leg up could be in progress toward new highs.

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/trading/eurjpy-buying-dips-blue-box-area/

 

[Elliottwave-Forecast]

Cameco is one of the world's largest uranium producers, involved in the exploration, mining, refining, and conversion of uranium for use in nuclear power generation. The company's operations span across Canada, the United States, and Kazakhstan. Below we are updating the Elliott Wave outlook for the company.

Cameco ($CCJ) Monthly Elliott Wave Chart​

Monthly Elliott Wave Chart of Cameco above shows that the stock ended wave (II) Super Cycle at 5.30. It has started a new super cycle wave (III) which should eventually take it to new high above wave (I) at 56. Up from wave (II), wave ((1)) ended at 28.49 and dips in wave ((2)) ended at 18.03. The stock extended higher again in wave ((3)) as a 5 waves impulse. Up from wave ((2)), wave (1) ended at 32.49 and pullback in wave (2) ended at 20.02. Wave (3) of ((3)) is currently in progress and should continue to see further upside.

$CCJ Daily Elliott Wave Chart​

Daily Elliott Wave Chart of Cameco (CCJ) above shows wave ((2)) ended at 18.18 and the stock is nesting into wave ((3)). Near term, expect dips to continue finding support in 3, 7, or 11 swing against 18.18 for further upside.

Source: https://elliottwave-forecast.com/stock-market/cameco-ccj-new-bullish-cycle-progress/

 

[Elliottwave-Forecast]

CleanSpark, Inc. is a bitcoin mining company. The Company designs its infrastructure and data centers to support Bitcoin which is a digital commodity and a tool for financial independence and inclusion. CleanSpark serves clients in the United States. Founded 2014 and headquartered in Henderson, Nevada, US, one can trade it under ticker $CLSK at NASDAQ. Currently, we see Bitcoin and some other cryptocurrencies turning for another bullish cycle higher. In fact, the rally in prices of cryptocurrencies should push higher and may even provide a magnifying effect on the share prices of cryptocurrency mining/producing companies. Therefore, CleanSpark being one of Bitcoin miners should become a profitable invetsment target as it should ramp up along with acceleration in Bitcoin prices.

CleanSpark Weekly Elliott Wave Analysis 11.26.2023​

The weekly chart below shows the CleanSpark shares $CLSK traded at NASDAQ. First, from the all-time lows, the stock price has developed a cycle higher in blue wave (I). Hereby, $CLSK has printed the all-time highs in September 2018 at $150.10. From the highs, a correction lower in wave (II) has unfolded as a zigzag pattern being a 5-3-5 structure. It has found an important bottom in March 2020 at $0.97. As a matter of fact, in 18 months $CLSK has lost more than 99% off its peak value.

From the March 2020 lows, another motive cycle in blue wave (III) has started and is currently in the initial stages. We see already first nest consisting of red waves I-II in place. It has ended in December 2022. Now, acceleration higher in red wave III of blue wave (III) should take place. In the medium-term, the target will be 43.11-68.11 area and even higher. Later, expect red waves IV and V of blue wave (III) to follow. In the long run, the target for blue wave (III) is 151-244 area and beyond.

CleanSpark Daily Elliott Wave Analysis 11.26.2023​

The daily chart below shows in more detail the initial stages of the red wave III. From the December 2022 lows, a bullish cycle in red wave 1 has unfolded as an impulse. Hereby, black wave ((v)) shows an extension. Red wave 1 has ended in July 2023 at $7.60. From the highs, the consolidation pattern in red wave 2 has unfolded as a zigzag pattern. Firstly, 5 waves of black ((a)) have found bottom in August 2023 at $4.91. Then, a bounce in black wave ((b)) has set a connector in the same month at $6.86. From there, black wave ((c)) has broken below 4.91 lows opening up a bearish sequence. The target being 4.16-2.50 area has been reached and the price is bouncing.

It is the preferred view that red wave 2 has ended in October 2023. While above $3.38, next bullish cycle in red wave 3 has started. The short-term target will be 9.25-12.88 area and even higher. For the long-term perspective, current prices below 6$ offer a great investment opportunity. While medium-term investors can expect 7 times reward on their risk, long-term reward reaches towards 25x and more as related to current engagement.



Source: https://elliottwave-forecast.com/stock-market/cleanspark-bitcoin-miner-rally/

 

[Elliottwave-Forecast]

We will look at the bearish sequence in BAC (Bank of America) and present two views that are slightly different in terms of the extent of the bounce but both are calling for an extension lower. We will also look at the area that can act as a floor for BAC and where buyers should appear to resume the rally for the next long-term rally or produce 3 waves bounce at a minimum.

Bank of America Elliott Wave Sequence​

The chart below is the weekly chart of Bank of America (BAC) and it shows an incomplete bearish sequence down from the January 2022 peak against the November 2022 peak. The initial decline from the January 2022 peak was in 5 waves which ended at $29.67 and wave (B) ended at $38.86 as a 3-3-5 FLAT correction. BAC has since then made a new low below $29.67 July 2022 low which created an incomplete bearish sequence and has opened an extension lower. Decline from (B) high is in 5 swings so as bounces fail below (B) high, expect more downside toward $18.35 - $13.51 area to complete the sequence from January 2022 peak and then BAC stock should turn up to resume the rally or put in a larger 3 waves bounce at least.

​

Bank of America (BAC) Extended Bounce View​

The chart below shows the idea of an extended bounce in 7 swings before the decline resumes. $31.39 - $33.92 is the area to end 3 swings up from the low and from this area, stock could resume the decline for a new low or it could pull back in 3 waves and then do another 3 swings higher to complete 7 swings up from the low. In either case, as bounces fail below (B) high, expect more downside to take place.



Source: https://elliottwave-forecast.com/video-blog/bank-of-america-bearish-sequence/

 

[Elliottwave-Forecast]

We will look at the past performance of the 1H Hour Elliott Wave chart of Exxon Mobil Corp ($XOM). The rally from 11.16.2023 low at $101.15 unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

$XOM 1H Elliott Wave Chart 11.21.2023:​

Here is the 1H Elliott Wave count from 11.21.2023. We were calling the pullback to find buyers at red B in 3 swings (ABC).

$XOM 1H Elliott Wave Chart 11.19.2023:​

Here is the 1H update from 11.23.2023 showing the bounce taking place as expected. The stock reacted higher after reaching the equal legs area from 11/20 peak allowing longs to get a risk free position. We expect the stock to continue higher and reach $106 - 109 as long as $101.15 remains intact.
Source: https://elliottwave-forecast.com/stock-market/exxon-mobil-corp-xom-calling-zigzag-higher/

 

[Elliottwave-Forecast]

The Global X Lithium & Battery Tech ETF (LIT) invests in the full lithium cycle, from mining and refining the metal, through battery production. The Global X Lithium & Battery Tech ETF (LIT) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium Index.

LIT WEEKLY CHART OCTOBER 2022 ​

Lithium ETF (LIT) ended a bullish cycle in November 2021, and we call it wave (I). Wave I ended at 41.19 and we had a 3 waves correction to end wave II at 17.82. Then in March 2020, we saw a strong bounce toward 74.95 to complete wave III and a pullback as wave IV ending at 55.00. The latest rally made new 5 waves to finish at 97.26 and complete wave V and wave (I). From this point the downward movement started, and it seems that it should complete a double correction before continuing with a rally. We can clearly see 3 swings down to complete wave w at 61.50. Then the x-connector ended at 82.15 and continue lower. Finishing the wave x, we called LIT could build a double correction structure as we can see in the chart.

LIT WEEKLY CHART NOVEMBER 2023 ​

One year later, we can see LIT made 3 swings lower as expected ending wave ((W)) at 57.56. This drop confirmed a bearish sequences breaking 61.50 low of w in red. The bounce completed wave ((X)) at 72.77 and continued with the downtrend. From here, the market made another 3 swings more lower building the double correction structure ((W)), ((X)) and ((Y)). The ETF needs one more low to reach 46.61 - 24.62 blue box area missed by 5 cents. Also this should end red wxy correction and wave (II) where it should rally to start a new uptrend.

LIT WEEKLY CHART NOVEMBER 2023 (Alternative Path)​

Given the current market conditions, we cannot rule out a triple correction as wave (II). This means, watch 3 swing higher as wave xx pullback and then 3 waves lower to finish wave z and the triple structure. Therefore, after ending the double correction in y, LIT should see 3 waves higher at least and then we need to analyze if the triple is going to take place or not.

Source: https://elliottwave-forecast.com/commodities/lithium-etf-lit-ready-rally/

 

[Elliottwave-Forecast]

Boston Scientific Corporation (BSX) develops, manufactures & markets medical devices for use in various interventional medical specialties worldwide. It operates through MedSurg & Cardiovascular segments. It offers devices to diagnose & treat different medical conditions and offer remote patient management systems. It is based in Marlborough, US, comes under Healthcare sector & trades as “BSX” ticker at NYSE.

BSX favors upside in impulse sequence started from March-2020 low & trading at all time high. It expects short term upside within the sequence from October-2023 low to finish the wave I. Later, it expect to correct in II as long as the momentum divergence remains intact.

BSX - Elliott Wave Latest Weekly View: ​

Above (II) low of $24.10, it favors higher in I of (III) as impulse sequence. It placed ((1)) of III at $47.49 high in April-2022 as diagonal sequence & corrected lower in ((2)) at $34.98 low as 0.5 Fibonacci retracement of ((1)). It extends higher in ((3)), which ended at $55.38 high in September-2023. Within ((3)), it placed (1) at $43.52 high, (2) at $37.74 low, (3) at $54.74 high, (4) at $49.69 low and finally (5) as ((3)) at $55.38 high. It ended ((4)) at $48.35 low on 10.13.2023 low as slightly above 0.382 Fibonacci retracement of ((3)).

Currently, it favors higher in ((5)) of I as it broke above ((3)) high & expect further upside towards $57.05 – $59.75 area as possible minimum extension to finish I before it may correct in II sequence as long as high comes with momentum divergence. Alternatively, if it extends higher & erase the momentum divergence, then it can be the part of ((3)) of I, expecting further upside within I. We like to buy the pullback in 3, 7 or 11 swings in II at extreme areas against (II) low.

Source: https://elliottwave-forecast.com/stock-market/will-bsx-continue-further-upside/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of USDJPY published in members area of the website. As our members know USDJPY has recently made pull back that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the November 13th peak and completed correction right at the Equal Legs zone . In further text we’re going to explain the Elliott Wave pattern and forecast

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.

USDJPY H4 Update 11.20.2023​

USDJPY is doing correction that is unfolding as a 7 swings pattern. Pull back has (W)(X)(Y) blue labeling. First leg (W) is having Zig Zag Structure – 3 waves ABC red, while (Y) leg can be WXY Double Three Pattern. The structure is still incomplete at the moment. The pair is showing lower low sequences from the 151.89 peak. We expect to see another leg down toward extreme area: 147.26-146.62 ( buying zone). Once USDJPY reaches proposed extreme zone, we expect the pair to make a rally toward new highs or in 3 waves bounce alternatively.

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

USDJPY H4 Update 11.21.2023​

The pair found buyers at the Equal Legs Area . It made nice rally from the zone which looks to be impulsive. Bounce already reached 50 fibs against the (X) blue connector which confirms cycle from the peak is done for sure. Consequently, any long positions from the equal legs area should be risk free by now. As far as the price stays above 147.13 low, we can consider correction completed and see further strength in the commodity.

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.

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

 

[Elliottwave-Forecast]

The Elliott Wave Theory's main pattern has a five-waves advance and three-waves pullback. The Theory explains that the market moves in sequences of five waves starting from the lower Subminutte to the higher Grand Super Cycle degree. Long-time investors look for higher degrees of correction to enter the Market. The higher degrees provide higher risk but also higher degree return.

Elliott Wave Theory's Main Pattern​

The graph above shows the main Elliott Wave's Pattern. As we explained before, it shows the five waves' advance and the three waves' pullback. The Market will always trade in the direction of the previous five waves after the Zig Zag correction ends. Southwest Airlines (ticker symbol: LUV) shows a clear five-waves advance within the Grand Super Cycle which ended on 10.01.2017. Since then, it is in a correction with a structure of five-three-five. This structure is what the Theory calls a zigzag or ABC. It is a clear corrective structure because it is straightforward. We believe the market has changed and high frequency machine often indicates the 100%-161.8% area to provide a unique opportunity to enter the market in the direction of the right side.

Weekly Southwest Airlines (LUV) Elliott Wave Chart​

The weekly Elliott Wave chart above shows the structure of a simple ABC correction. The move started from the peak on 10.01.2017, and the C wave started on 04.01.2021.

Monthly Southwest Airlines Elliott Wave Chart​

The monthly Elliott Wave Chart of LUV above shows the Grand Super Cycle for the company. It suggests the technical three waves (ABC) pullback to the Blue Box area. As we explained earlier, the right side (trend) is higher because of the five waves advance. The buyers are in complete control when the market's impulse runs in a sequence of 5-9-13-17-21. The ABC within the correction should be trading at wave ((4)) of wave (c) lower at this point before the stock reaches the buying area.

In corrective structure, the market moves in 3-7-11. Once the correction ends, the chances of new highs from the blue box area are pretty high. Long-time investors should enter the market at the Blue Box area and let the market decide. A reaction should happen regardless. Even if the trade can take years to reach the target, the return is worth the wait.

Source: https://elliottwave-forecast.com/vi...ol-providing-lifetime-opportunity-into-86-55/

 

[Elliottwave-Forecast]

In the past two years, Coca-Cola (NYSE: KO) has grappled with a challenging business landscape. Amid ongoing market uncertainty and volatility, investors closely examine the stock’s long-term growth prospects. In this article, we delve into analysing the current Elliott Wave Pattern for Coca-Cola, providing insights to guide investors through the stock’s mid-term movements.

Since April 2022, KO has experienced a corrective phase, moving sideways to lower in wave II. It formed a double three Elliott wave structure with a 7-swing move to the downside. Notably, it reached its buying blue box area, which spans from $51.81 to $48.69. The blue boxes in our charts are the high-frequency areas where the market is likely to end cycles and make a turn.

Consequently, investors showed up strongly around that area and started buying the stock which created a strong impulsive reaction. The initial move is expected to be wave (1) of the first cycle wave ((1)) and therefore the next pullback in wave (2) is expected to remain supported above October low $51.55. Following this, we anticipate another rally completing waves (3)(4)(5) before concluding the cycle with wave ((1)). Subsequently, wave ((2)) is expected to bring a more substantial correction and the stock will be again looking to find support during that period of time.

Coca-Cola (NYSE: KO) Daily Chart 12.2.2023​

In summary, Coca-Cola (NYSE: KO) is initiating a fresh bullish cycle based on the current impulsive structure. However, for a bullish sequence within the daily cycle and to prevent the possibility of another double correction, the stock requires a breakthrough above the 2022 peak.

Source: https://elliottwave-forecast.com/stock-market/coca-cola-ko-impulsive-reaction/

 

[Elliottwave-Forecast]

The Santa rally is a capital market phenomenon named in 1972 by Yale Hirsc. He noticed an unusual upward movement in the markets from December 28 to January 2 of the following year. This event has been recurrent for years that it has earned its own name "The Santa Rally". According to the Stock Trader Almanac, since 1896 the Dow Jones gained an average of 1.7% during this period obtaining a positive return 77% of the time.

The Santa rally is not a guaranteed occurrence and it doesn't happen every year. It is more of a historical pattern or trend that traders and investors have noticed over time. The reasons behind the Santa Rally are not entirely clear, and various factors may contribute to it. Some theories suggest that the holiday season tends to bring about positive sentiment and optimism among investors, leading to increased buying activity.

What About December?​

As we could read, the Santa rally arrives in the last week of December. Let's better analyze what has happened in the last month of the year that has just begun. In the chart below we can see the December returns of the SP500 since 2000.



If we had invested a certain capital in the SP500 on December 1, 2000, and we had finished that investment at the close of New York on December 31, and we reinvested the result of that investment again and again every single December until the 31st December 2022, then the investment would have brought a return of 16.61%. Which indicates that investing in the last month of the year could bring us a favorable result. We say could, because 4 of the last 23 Decembers were terrible.



In the pie above, we can see the results of the last 23 Decembers. 16 months were positive, that is, 69.57% and the negative results (7) were 30.43%. Although the positive numbers are better, we cannot assume that in December 2023 the results will be good. Furthermore, when December traded downwards it had very bad results.

DAX 4 Hour Chart December 2​

How do we get out of this dilemma if December is going to be a good month or not in 2023? Here we have the daily chart of the DAX updated on December 2 that is correlated with SP500. As we can see, we are calling to build an impulse structure from the October lows and we are still in wave 3. Therefore, if we see that in the week of December 3 the beginning of a retracement, we think that it will only be wave 4. After finishing this correction, the DAX, as well as the SPX, should continue the rally until the end of the month and have a positive Santa rally for this year.

It's important to note that while the Santa rally is well-known, it's not a foolproof strategy for making investment decisions. Market behavior is influenced by a multitude of factors, and past performance is not indicative of future results. Investors should conduct thorough research and analysis before making any investment decisions, considering a wide range of factors that may impact the markets.

Source: https://elliottwave-forecast.com/stock-market/santa-rally-2023-capital-market/

 

[Elliottwave-Forecast]

Hello Traders. In today’s article, we are going to follow up on Uber Technologies Inc. ($UBER) forecast posted back in August 2022 and take a look at the latest count. You can find the article here.

$UBER Daily Elliott Wave View Aug 2022:​

Third Wave Extension​

Different Types of Wave Extensions​

The overall structure looks like a nest. A nest is a series of 1-2. Most of the time a nest happens before a huge move takes place. The chart above shows what a nest looks like.

$UBER Latest Elliott Wave View Dec 2023:​

The Daily Chart above shows the cycle from June 2022 low unfold in a 5 waves nesting structure. Every 5 wave advance was followed by a 3 swing pullback that was met with buyers. The last 3 swing pullback that took place in July - Oct 2023 managed to reach a blue box area at $42.66 - 38.62. The reaction from there has erased divergence in all timeframes making it the wave 3 of 3 of the nest. The stock is expected to remain supported in a series of 4s and 5s and break above the All Time Highs with a target higher towards $70 - 88 before the cycle from June 2022 low ends. Once that cycle ends, we expect the pullback to correct June 2022 to also find buyers again in 3 or 7 swings in the future.

Source: https://elliottwave-forecast.com/vi...es-inc-uber-bullish-structure-calling-upside/

 

[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 extended higher in 3 of (3). It favors small upside in ((v)) to finish 3 of (3) soon before correcting in 4 as the part of ((1)).

COST - Elliott Wave View From 10.09.2023: ​

In Monthly sequence, 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 as sharp pullback.

COST - Elliott Wave Latest Daily View: ​

Above ((II)) low, it placed (2) of ((1)) at $447.90 low as zigzag correction & 2 of (3) at $465.33 low. It favors higher in ((v)) of 3 of (3), while placed ((iv)) at $530.56 low. Within ((v)), it placed (i) at $576.19 high, (ii) at $540.23, (iii) at 599.89 high & (iv) at $572.24 low. Currently, it favors higher in (v) of ((v)) & expect to end as diagonal in ((v)) in 3 of (3). Later, it expects to pullback in 4 in 3, 7 or 11 swings followed by resumes higher in 5 of (3) of ((1)) & remain choppy to higher.

COST - Elliott Wave Latest Montly View: ​

Source: https://elliottwave-forecast.com/stock-market/cost-continues-upside-remain-supported/

 

[Elliottwave-Forecast]

Coinbase Global (NASDAQ: COIN) went public on April 14, 2021 with its Initial Public Offering (IPO) and the stock reached its peak on the same day. Subsequently, the cryptocurrency sector was hit hard by the bear market, causing COIN to lose 90% of its value over the following 21 months . Since the beginning of this year, Coinbase has shown an impressive rally of +350% 12. Let’s take a look at the Elliott Wave Structure to explore the potential path for the coming years.

As we can see on the following weekly chart, COIN’s decline since 2021 unfolded as a corrective 3 waves ZigZag structure labeled in wave (II) at $31.55. The initial rally from the lows is showing 5 swings to the upside, which is considered a bullish structure suggesting continuation to take place.

COIN has two options at this stage :

- It can extend the rally within wave I as the internal cycle could be nesting within a strong wave ((3)). After ending the extended 5 waves structure, a 3 waves pullback will take place in wave II above $31.55. Then the stock will be able to resume the new bullish cycle.

- It can soon end the current 12-month rally because it’s already showing a 5 waves advance in wave ((1)). Then a wave ((2)) pullback will take place to correct the cycle in 3, 7, or 11 swings. After that, a new rally will take place within wave ((3)).

Coinbase (NASDAQ: COIN) Weekly Chart 12.5.2023​

As discussed in the above scenarios, both ideas are based on the bullish 5-swing showing since January 2023 low. Consequently, COIN is expected to remain supported during the next pullback as the stock is in the process of starting a new multi-year bullish trend, and it’s only the start of wave (III). Therefore, investors will be looking to accumulate/buy the stock during daily pullbacks.

Source: https://elliottwave-forecast.com/stock-market/coinbase-coin-bullish-cycle/

 

[Elliottwave-Forecast]

Baidu Inc. is a Chinese multinational technology company specializing in internet related products and artificial intelligence (AI). The company offers various services, including a Chinese search engine, mapping service called Baidu Maps, an online encyclopedia Baidu Baike, a cloud storage service Baidu Wangpan and more. Founded 2000, it is headquartered in Haidian District, Beijing, China. International investors can trade it under the ticker $9888 at HKEX. Also, one can trade Baidu under the ticker $BIDU at NASDAQ.

Baidu Monthly Elliott Wave Analysis 12.05.2023​

The monthly chart below shows the Baidu shares $BIDU traded at NASDAQ. From the IPO, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards 251.99 highs in November 2014. Hereby, both red waves III and V show an extension as related to the initial wave I. After the impulsive structure higher, a correction lower in blue wave (II) has unfolded as an Elliott wave expanded flat pattern being 3-3-5 structure.

Firstly, red wave a of blue wave (II) has printed a low at $82 in March 2020. Then, a bounce has set a connector wave b at $354.8 all-time highs in February 2021. Later on, the price has broken $82 lows confirming extension lower within red wave c of an expanded flat. It is the preferred view, that blue wave (II) has bottomed in October 2022. While above $73.58, a new bullish cycle in blue wave (III) might have started and is now in the initial stages. The target will be 326-482 area and even higher.

Baidu Daily Elliott Wave Analysis 12.05.2023​

The Daily chart below shows in more detail the initial stages of the blue wave (III). From the October 2022 lows at $73.58, black wave ((1)) demonstrates an impulse. It has peaked in February 2023 at $160.88. From there, pullback in black wave ((2)) has unfolded as a double three corrective structure. Firstly, 3 swings of blue wave (W) have set a low in May 2023 at $115.74. Then, bounce in 3 swings of blue wave (X) has set a connector in July 2023 at $156.98. Later, the prices have broken 115.74 lows. As a consequence, it has created a bearish sequence. $BIDU stock has reached within blue wave (Y) the 100% extension range being 111.85-83.86 area.

It is the preferred view, that black wave ((2)) has bottomed in November 2023. While above $103.32, a next bull run in black wave ((3)) might have started. The target will be 191-245 area and even higher.

Investors and traders should stay long $BIDU from 111.85-83.86 bluebox targeting 191-245 area in the medium-term and 326-482 area in the long run.



Source: https://elliottwave-forecast.com/stock-market/baidu-reacting-daily-bluebox/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of NIKKEI Futures published in members area of the website. As our members know NIKKEI Futures has recently made pull back that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the November 20th peak and completed correction right at the Equal Legs zone( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.

NIKKEI Elliott Wave 1 Hour Chart 12.04.2023​

NIKKEI is doing correction that is unfolding as a 7 swings pattern. Pull back has ((w))((x))((y)) labeling. The price structure is incomplete at the moment, calling for a further weakness in near term toward : 32875-32439. We don’t recommend selling Nikkei and prefer the long side from the marked Blue Box ( buying zone). Once Nikkei reaches our buying area, it should ideally make either rally toward new highs or in 3 waves bounce alternatively. Once bounce reaches 50 Fibs against the ((x)) black high, we will make long position risk free ( put SL at BE) and take partial profits.

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.

NIKKEI Elliott Wave 1 Hour Chart 12.06.2023​

NIKKEI made extension toward our buying zone at : 32875-32439. The futures found buyers at the blue box as expected and we got good reaction from there. Bounce already reached 50 fibs against the ((x)) black connector which confirms cycle from the peak is done. Consequently, any long positions from the equal legs area should be risk free by now. As far as the price stays above 32700 low, we can see further strength in Nikkei.

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

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



Source: https://elliottwave-forecast.com/trading/nikkei-nkd_f-found-buyers-blue-box/

 

[Elliottwave-Forecast]

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of General Electric Co. ($GE). The rally from 10.23.2023 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:

$GE 1H Elliott Wave Chart 12.07.2023:​

Here is the 1H Elliott Wave count from 12.07.2023. The rally from 10.23.2023 peaked at blue (3) and started a pullback to correct it. We expected the pullback to find buyers at (4) in 7 swings (WXY) at $119.32 – 117.31.

$GE 1H Elliott Wave Chart 12.10.2023:​

Here is the 1H update from 12.10.2023 showing the bounce taking place as expected. The stock bottomed at $118.17 and reacted higher after reaching the blue box area allowing longs to get a risk free position. We expect the stock to continue higher in wave (5) towards $124 - 126 before a pullback can happen.

Source: https://elliottwave-forecast.com/stock-market/general-electric-co-ge-blue-box-area-wins-whats-next/

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of ES_F (E-mini S&P) published in members area of the website. As our members know ES_F is showing impulsive bullish sequences in the cycle from the 4124.4 low. Recently ES made 3 waves pull back in wave ((iv)) black. The futures found buyers and made rally toward new highs as expected . In further text we’re going to explain the Elliott Wave pattern and forecast.

ES_F H1 Update 12.07.2023​

ES_F is doing correction wave ((iv)). The structure still looks incomplete at the moment when we still could be trading in wave (y) of potential double three pattern. We see possibility of price making extension down toward 4543.9-5410.2 area ( buyers zone) before turn happens. As overall view is bullish, we don't recommend selling and favor the long side. We expect ES Futures to make a rally toward new highs ideally.

ES_F H1 Update 12.08.2023​

ES Futures completed wave ((iv)) recovery early at 4548.7 low. It missed to reach proposed buyers zone at 4543.9-5410.2. We got rally in ((v)) breaking toward new highs as expected. As far as the pivot at 4548.7 low holds, we can see more short term strength within the same cycle.

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/es_f-sp-elliott-wave-3-waves-pull-back/