Elliott Wave Analysis by EWF

Discussion in 'Technical Analysis' started by Elliottwave-Forecast, Mar 7, 2017.

  1. Elliottwave-Forecast

    Elliottwave-Forecast Active Trader

    587
    5
    44
    Hello fellow traders. In today's blog, we will have a look at the recent price action of the WYNN Resorts Ltd. stock. The stock is listed in the Nasdaq 100 and the S&P500.

    WYNN Resorts Ltd. is an American company which is based on the Las Vegas Strip in Nevada. It is an operator of high-end hotels and casinos. It was founded in 2002 from billionaire Steve Wynn. An American real estate businessman who is known to be involved in American luxury casino and hotel industry.

    In the last couple of days there where some rumors going on about a possible Company takeover. WYNN Resorts has been planning to buy Crown Resorts. Which is Australia's largest entertainment and gaming group. Crown Resorts has a market capitalization of over $8.7 billion.

    Due to the possible takeover, the WYNN Resorts and the Crown Resort stocks have been soaring higher in the last couple of days. Which you can see below.



    WYNN Resorts Ltd. vs Crown Resorts
    [​IMG]



    Now let's have a look at the technical perspective and the possible upside targets mainly in the WYNN Resorts stock.



    WYNN Resorts Ltd. 04.10.2019 Daily Chart Analysis
    [​IMG]



    In the chart above you can see that the stock clearly ended the cycle from June 2018 peak at its December 2018 low ($89.98). Above from there, it managed to break the descending trendline and that was the first indication of a bigger bounce in process. Last week it managed to break the 02/25/19 peak ($133.49) making it a higher high sequence. Now with the recent break higher. The cycle from 12/25/18 low is now incomplete. Which means it should ideally see the equal legs extreme area from 12/25 low. Which comes towards $157.39-$167.61 areas. Where sellers can be waiting again for a 3 waves reaction at least.

    With the possible takeover of Crown Resorts. WYNN notched over 30%. Making it bullish against 03/27/19 low ($112.93). As long as it stays above that low. It should be supported in the sequences of 3-7 or 11 swings, targeting the $157.39+ areas. This can coincide with the latest bullish fundamental news about the Company as well. Helping the stock for further recoveries.
     
  2. Elliottwave-Forecast

    Elliottwave-Forecast Active Trader

    587
    5
    44
    In today's blog, we will have a look between the relationship of the Dollar Index and the Mexican Peso. The USDMXN has been trading in the same direction as the Dollar Index and both have peaked in January 2017. As you can see in the following chart below.



    Dollar Index vs USDMXN 04/11/2019 Weekly Chart
    [​IMG]



    The USDMXN developed a 5 waves decline from the January 2017 peak. Accordingly, to the Elliott Wave Theory, that means that the sellers are in control. Because after the 3 waves pullback, there should be more downside to completed an ABC pattern. Which is an Elliott Wave Zig Zag structure as the internals has been unfolding as a 5-3-5. The chart below illustrates the Theory.



    [​IMG]



    Now let's have a look at the USDMXN in the daily chart. Below you can see the Elliott Wave Theory labels presenting the ABC idea.




    USDMXN 04/11/2019 Daily Elliott Wave Chart

    [​IMG]



    The Mexican Peso clearly unfolded as an impulsive structure from its January 2017 peak. And it ended the 5 waves impulsive structure in the red wave a. Then it did a 3 waves correction higher in red wave b. But it was expected that sellers should take over at our blue box extreme area. Which came at around 20.406-20.988 area. From there it reacted nicely to the downside and created another 5 waves lower.

    The Peso has topped at the 12/2018 peak. Which is the same peak in the Dollar Index. Below from there, it opened another leg lower breaking the 1./2019 low. Creating 2 degrees of bearish sequences with the target of 18.13-17.53 area first and then 16.37.

    In conclusion. Any rally in the USDX should ideally fail below 01/2017 peak. Until the USDMXN reaches its extreme area at 16.37. From there the next big rally in the USDX should take place. We at Elliottwave-forecast understand that many traders do not use this kind of correlation. But our system is based on many components. Which included cycles, sequences, correlation, Elliott Wave and High-Frequency Trading (Blue Boxes). We always make an effort to locate "The Right Side". Therefore, we look at many related instruments because of the Market Nature which acts as a whole.
     
  3. Elliottwave-Forecast

    Elliottwave-Forecast Active Trader

    587
    5
    44
    Short term Elliott Wave view on S&P 500 Futures (ES_F) suggests that the rally from March 9, 2019 low (2726.50) is unfolding as a 5 waves impulse Elliott Wave structure. The Index is now within wave (3) which subdivides in 5 waves of lesser degree. In the chart below, we can see wave 3 of (3) ended at 2899.5 and wave 4 of (3) pullback ended at 2877.61.

    Short term, expect the Index to extend higher towards 2918.54 - 2924.12 to end wave 5 of (3). Subdivision of wave 5 is unfolding as a 5 waves impulse of lesser degree. Up from 2877.61, wave ((i)) ended at 2900 and wave ((ii)) pullback ended at 2885.25. Rally to 2914.75 ended wave ((iii)), and wave ((iv)) ended at 2900.50. Wave ((v)) of 5 is in progress towards 2918.54 - 2924.12. Afterwards, Index should end wave (3) and pullback in wave (4) to correct cycle from March 25, 2019 low before the rally resumes. The pullback in wave (4) is expected to stay above March 25, 2019 low (2790.25) for further upside. We don't like selling the Index.

    1 Hour S&P 500 Futures (ES_F) Elliott Wave Chart Asia Update
    [​IMG]
     
  4. Elliottwave-Forecast

    Elliottwave-Forecast Active Trader

    587
    5
    44
    Intel Corporation (NASDAQ: INTC) is second largest and second highest valued chipmakers in the world. It designs and manufactures microprocessors and platform solutions for the global personal computer and data center markets.

    Looking at the company’s Fundamental situation, its return on Total Capital is 23.43 and its Return on Invested Capital has reached 20.60%. Its Return on Equity is 29.33, and its Return on Assets is 16.76. Intel's year on year earnings growth rate has been positive over the past 5 years and its 1-year earnings growth exceeds its 5-year average (118.2% vs 8.3%).

    [​IMG]

    All the above metrics suggest that Intel is well organized in using the earned money to generate more returns which is reflected on its stock performance as it remains one of investor's favorite.

    Based on Elliott Wave Theory, INTC is rallying in an impulsive waves structure since 2008 low and cycle is extending higher within the strongest 3rd wave. As presented on the Monthly chart, the stock is looking for the target area at $61.24 - $67.05 to end wave III followed by a pullback in wave IV then again the stock will resume the move higher.

    INTC Elliott Wave Monthly Chart
    [​IMG]

    Consequently, the mid-term focus will be on the current cycle from October 2018 and December 2018 lows. INTC is already showing 5 waves up from $43.35 low and reached the minimum target area $59 - $63. Short term buyers needs to be careful at this stage as 3 waves pullback can be seen due to take profit.

    A correction in wave (4) is expected to find buyers in 3, 7 or 11 swings as long as the pivot at December 2018 low remains intact for the stock to continue the rally higher as a 5 waves structure from October 2018 low.

    INTC Elliott Wave 4H Chart
    [​IMG]

    In conclusion, Intel Technical and Fundamental picture is strong in both sides and the stock is aiming for further gains in the future. Therefore Investors are advised to watch INTC closely for buying opportunity during the next Daily pullback.
     
  5. Elliottwave-Forecast

    Elliottwave-Forecast Active Trader

    587
    5
    44
    In today's blog, we will have a look at the latest price action of the Blackrock stock. The stock is listed in the S&P500.

    BlackRock is an American company which is based in York City. It is a global investment management company for institutional clients and also for retail investors. Current chairman and CEO of BlackRock is Laurence Douglas Fink mostly called Larry Fink.

    BlackRock is the world largest asset manager with over $6 trillion assets under its current management. Which makes it one of the biggest and most powerful investment management company in the world. The company released yesterday its first-quarter earnings. The revenue came out at $3.35 billion, which was slightly higher than the expectations of $3.33 billion. Adjusted earnings per share: $6.61, beating expectations of $6.12. Which made the stock breaking its 03/01/19 peak, making the right side higher against $412.80 low which can be seen in the chart below.



    BlackRock 04.17.2019 4H Sequence Analysis
    [​IMG]



    Due to the earnings release, the stock managed to break above 03/01/19 peak opening up further extension higher. Making it now a 5 swing incomplete bullish sequence from 12/24/18 low. Ideally, BlackRock should see $467.73-483.07 areas which is the 0.618-0.764 extension area from its 12/24/18 lows. in that area, it is expected to end the 5th swing followed by a pullback in swing 6. Before another extension higher into the initial equal legs should be seen.

    The target area of the equal legs extreme comes at around $504.62-$526.17 were a bigger reaction lower is expected to take place and also to end the 7th swing. For now, any pullback against 03/25/19 low should find buyers the sequences of 3-7 or 11 swings, targeting the equal legs area ($504.62-$526.17).
     

Share This Page