Elliott Wave Analysis by EWF

Elliottwave-Forecast

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Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of IYR published in members area of the Elliottwave-Forecast . As our members know, IYR is showing incomplete bullish sequences within higher time frames cycle. Break of 10/22 peak made ETF bullish against the 89.39 low in first degree. Consequently, we advised members to avoid selling IYR and keep on buying the dips in the sequences of 3,7 or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and trading strategy.

IYR 1 Hour Elliott Wave Analysis 01.30.2020
Current view suggests IYR is doing wave 2 red pull back against the 90.87 low. Proposed pull back can be still unfolding as Elliott Wave Double Three Pattern. As far as the price stays below short term high- 96.26, ((x)) connector is done there, and we could be doing ((y)) leg down. Proposed leg lower has scope to reach 94.85-93.96 Blue Box area. At the marked zone buyers should appear for proposed rally or 3 wave bounce at least. We don’t recommend selling IYR ETF and favor the long side – buying it at the blue box. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.As soon as the bounce reaches 50 fibs against the ((x)) black peak we should make Long positions risk free. Invalidation level for the long trades would be break below 1.618 Fib extension: 93.96

Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least.

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

IYR

IYR 1 Hour Elliott Wave Analysis 01.30.2020
Eventually , IYR gave us proposed leg down toward blue box. It found buyers right at the blue box area : 94.85-93.96 . Pull back completed at the 94.29 low as Elliott Wave Double Three Pattern. Now, we need to see break above 01/22 peak to get confirmation next leg up is in progress. Until that happens we don’t recommended buying short term dips against 94.29. Members who took long trades from the Blue Boxes should be already risk free.

It’s crucial to fully understand our official strategy: trading the equal legs and sequences in 3,7,11 swings. Combined with Trend Trading it gives you very powerful system that protects your account and makes you profit. If not already familiar with this strategy, all you have to do is to sign up for 14 days Free Trial and watch our Free Educational Video in membership area. If still having some questions after watching it, feel free to let us know and we will help. You can ask questions in 24 Hour Chat Room and in Live Analysis Sessions.

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

IYR

Elliott Wave Forecast
 

Elliottwave-Forecast

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In this article, we will look at the Elliott Wave technical path for Intel (ticker: INTC). Most world indices is still trading within the 2009 cycle and should see more upside until the cycle ends. The 2009 cycle is ending because index like $SPY shows a clear five waves advance since 2009. This is a warning that a big three waves pullback can soon happen. We at [URL deleted] EWF always believe in the idea that the market works as a whole. When we forecast the market, we always take into consideration the cycle, sequence, and correlation. The following chart shows the $SPY:

$SPY Monthly Elliott Wave Chart


The chart above shows the five waves advance since 2009 low and soon to pullback in 3 waves. We believe instrument like $XJO-ASX (Australian Index) and $FTSE (UK Index) both show bullish sequence within the Grand Super Cycle. Consequently, world indices will not see a huge decline like 2008, but it will still keep trending higher, after the three waves pullback.

Today, we will be taking a look at $INTC(Intel), which is showing a nice advance since all-time low but it still has not broken above 2000 peak. As we mentioned above, we do look at the market as a whole. Consequently, we believe that Intel will keep trading higher because of a variety of reasons.

Intel ($INTC) Monthly Elliott Wave Chart
$INTC (Intel) Still Remains Supported Until $88.00 Area

Intel monthly chart above shows a Grand Super Cycle advance from 02.2009 low. This relates very well to World Indices. When world indices end wave (III) and start the pullback, Intell will also pullback. We believe the red wave III red will end at the same time.

Intel (INTC) Daily Elliott Wave View


Intel Daily Chart above shows that the rally from 10.2018 low still remains three waves. Thus, it should still do another leg higher to end the cycle. Overall, the stock should remain supported. It will provide a very nice opportunity to buyers looking for the $88.00 Grand Super Cycle Target, which is represented at the monthly chart with the Blue Box. It's a nice long opportunity for years to come, but a warning is coming soon for a big three waves pullback. Keep buying until the target is reached.
 
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Elliottwave-Forecast

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Amazon (ticker symbol: AMZN) broke above July 11, 2019 high (2035.8) a few weeks ago after reporting strong earnings. The stock now shows an incomplete bullish sequence from December 24, 2018 low favoring further upside. In the short term chart below, the rally to 2133.74 ended wave (1) and the pullback to 1998.29 ended wave (2). The internal of wave (2) pullback unfolded as a double three Elliott Wave structure. Wave W of (2) ended at 2020, wave X of (2) ended at 2088, and wave Y of (2) ended at 1998.29.

The stock has resumed higher in wave (3) and broken above wave (1). Wave (3) is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave (2) low , wave ((i)) ended at 2075.5 and wave ((ii)) pullback ended at 2024.80. Wave ((iii)) remains in progress and pullback in wave ((iv)) should find support in 3, 7, or 11 swing. Afterwards, the stock can extend 1 more leg higher to end wave ((v)) of 1. It should then pullback in larger degree within wave 2 to correct cycle from February 4, 2020 low (1998.29) before it resumes higher again. We continue to favor the upside in Amazon. As far as pivot at 1998.29 low stays intact, expect the stock to find buyers in 3, 7, or 11 swing for more upside.

Amazon 1 Hour Elliott Wave Chart
Elliott Wave View: Further Upside Expected in Amazon
 

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$GBPCHF FX Pair Long Term Cycles & Swings

Firstly as seen on the monthly chart below there is data back to the early 1970's readily available in the pair. It obviously had a central bank intervention during the month of October 1974 where price topped out at 6.3387. Most all Elliott Wave practitioners are geared to the notion that a trend will be in 5 waves and a correction against the trend will be in 3 waves back against the trend. That is generally true especially if counting the stock market indices however it is really hard and next to impossible to find long term forex charts like this that will will show a clean 5 waves.

Secondly with the aforementioned thought in mind I will describe how I think the pair has declined thus far & what can be seen in the future. You can see the decline from October 1974 highs has a line drawn down to the October 1992 lows. That can be counted in Elliott wave a couple of best ways at a minimum and as usual there are usually a few counts that can be valid. This point at the October 1992 lows appears to be a double three. I prefer to use momentum indicators to show when a cycle ends from any point in time. Whenever a proposed wave two, B, X or wave four of any degree has been taken by the momentum indicator it is likely it has ended that cycle whether it is up or down.

The analysis continues below the monthly chart.





From the October 1992 low the pair bounced hard enough to the April 2000 highs to suggest it correcting the cycle from the October 1974 high in a flat structure. The pair made another low since then in August 2011. I think it will eventually take out that low.

The analysis concludes below the weekly chart.



Thirdly and in conclusion. The bounce from the August 2011 low ended at the November 2015 highs in three swings again. The pair declined from there in 3 swings again to the August 2019 lows. The bounce from there was strong enough to suggest it was correcting the cycle from the November 2015 highs. The pair can see a relatively short term decline toward the 1.2185-1.2024 area. Importantly while it remains above the August 2019 lows the pair can see another swing higher toward 1.4000-1.4200. It can see new lows later presuming the November 2015 highs don't give way in the momentum indicators or price. I would later expect to see the pair make new lows under the August 2011 lows.
 

Elliottwave-Forecast

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CVR Energy (NYSE:CVI) lost almost 40% of it's value since July of last year, as the stock started correcting the impulsive 5 waves advance from 2016 low.

The correction taking place is unfolding as 3 waves Zigzag structure which can ideally find support at equal legs area $31.36 - $20.77 from where a reaction higher is expected to take place. However if the bounce fail and another leg lower takes place then the move could turns out to be a corrective Flat structure and the decline from 2019 peak is a wave " c ".

In both scenarios, CVI is expected to end the correction and find support for the coming few months as a bounce is expected to take place in #energy sector based on correlation with related instruments like Chevron , EQT Corporation and Crude Oil .

CVI Weekly Chart
CVI Weekly Chart 2.10.2020

CVI Flat Scenario
CVI Weekly Flat

The presented blue box in the above charts is a High-frequency area where the Market is likely to end cycle and make a at least a 3 waves bounce to allow investors to create a risk free position. Consequently, until the stock manage to break above July 2019 peak, it can still do a 7 or 11 swings correction lower before ending wave (II).
 

Elliottwave-Forecast

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In this blog, we are going to take a look at the Elliottwave chart of EURCAD. Based on the daily chart shown below, the pair is doing a correction in wave IV right now. The correction is unfolding as a double three and has an incomplete sequence. It has not reached the 100% -161.8% extension at 1.3531 - 1.4368 area. We are showing this area with a blue box. The blue box is the area where we expect the correction to end and buyers to appear for an extension higher or 3 waves bounce at least.

EURCAD Incomplete Sequence from March 20,2018
EURCAD Daily Chart Incomplete Sequence

The daily chart shows that wave w of IV ended at 1.4795 low. The bounce in wave x ended at 1.5735 high. Currently, wave y is in progress. Wave ((W)) of y ended at 1.4575 low and wave ((X)) ended at 1.4995 high. Wave ((Y)) is unfolding as a zig-zag, where wave (A) ended at 1.4417 low and wave (B) ended at 1.4772 high. The pair can still extend lower as wave (C) remains in progress and has the scope to reach the blue box area. However, it needs to break below wave (A) low to confirm it.

EURCAD 2.3.2020 1 Hour NY Midday Elliott Wave Update
EURCAD 2.3.2020 1 hour NY Midday Update

The chart from 2.3.2020 1 hour NY Midday update showed that wave 2 of (C) is unfolding as a zig-zag. Wave ((a)) ended at 1.4614 high and wave ((b)) ended at 1.4474 low. The 123.6% - 161.8% extension of wave ((a)) - ((b)) where wave ((c)) can end is at 1.4707-1.4738 area. The pair has already reached this blue box area. From there, we expected a 3 waves pullback at least or even an extension lower.

EURCAD 2.11.2020 1 Hour NY Elliott Wave Update
EURCAD 2.11.20 1 hour NY update

The chart from 2.11.2020 1 hour NY update showed that the pair has ended wave 2 at 1.4722 high, which is in the blue box area. From there, it has reacted lower, allowing members who sold at that area a risk free position. As long as the pivot at 1.4722 high stays intact, expect the bounce in 3,7,11 swings to fail. The pair then can continue to extend lower until it reaches the blue box area in the daily chart.
 

Elliottwave-Forecast

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Short term Elliott wave view in AUDUSD suggests the pair ended the cycle from January 1, 2020 high in wave (1) at 0.6658 low. Down from January 1, wave 1 ended at 0.6845 low and wave 2 ended at 0.6934 high. The pair continues to the downside and ended wave 3 at 0.6675 low and the bounce in wave 4 ended at 0.6774 high. Wave ((i)) of 5 ended at 0.6708 low. The bounce in wave ((ii)) ended at 0.6724 high. From there, pair resumed lower in wave ((iii)) towards 0.6668 low. Wave ((iv)) bounce ended at 0.6686 high. The final wave ((v)) of 5 ended at 0.6658 low.

The pair is now correcting the cycle from January 1 in a larger 3 waves bounce within wave (2). Wave ((i)) of A ended at 0.6737 high with internal subdivision as a leading diagonal. Wave (i) of ((i)) ended at 0.6707 high and the pullback in wave (ii) ended at 0.6668 low. From there, it bounced higher in wave (iii) and ended at 0.6719 high. Wave (iv) then ended at 0.6696 low. The pair then moved higher in wave (v) which ended at 0.6737 high. From there, the pair is doing a pullback in wave ((ii)) and it has ended at 0.6704. As far as the pivot at 0.6658 low stays intact, expect dip to find support in 3,7,11 swing for further upside.

AUDUSD 1 Hour Elliott Wave Chart
 

Elliottwave-Forecast

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$EURGBP FX Pair Longer Term Cycles and Elliott Wave

Firstly as seen on the monthly chart below there is data back to January 1975 in the pair. The EUR part being derived from the German Deutsche Mark up until the point EURUSD currency existed.

Secondly as seen on the monthly chart below I will describe how I think the pair has risen thus far & what can be seen in the future. You can see the bounce from the February 1981 lows appears to be 3 swings to the November 1995 highs. There are usually a few counts that can be valid. This move appears to be a double three. I prefer to use momentum indicators to show when a cycle ends from any point in time. Whenever a proposed wave two, B, X or wave four of any degree has been taken by the momentum indicator it is likely it has ended that cycle whether it is up or down.

The analysis continues below the monthly chart.



From the November 1995 highs the pair declined hard enough to the May 2000 lows to suggest it was correcting the cycle from the February 1981 lows. The pair has not made another low since then. From the May 2000 lows it made another high in December 2008. From there it declined until July 2015 hard enough to suggest it was correcting the cycle up from the February 1981 low. That suggests the move from the February 1981 low to the December 2008 high was of three swings. The aforementioned December 2008 to July 2015 lows move appears to have been another typical three swings.

The analysis and Elliott Wave part of this continues below the weekly chart.





Thirdly and in conclusion. From the July 2015 lows it made a relatively clean five waves impulse higher to the August 2017 highs. The pullback from there thus far is in three waves however it has another high in August 2019. The momentum indicators suggest this pullback is correcting the cycle from the July 2015 lows as a flat before it turns back higher. This is a wave ((C)) which is an impulse. Unfortunately due to the nature of an impulse wave they can extend in any degree. This makes the area expected to reach difficult to forecast. As of right now I would assume it can reach the .7850-.7500 area before the pair turns back higher above the August 2017 highs firstly then later the December 2008 highs.
 

Elliottwave-Forecast

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Short term Elliott wave view in Bank of America (ticker: BAC) suggests the rally from January 27, 2020 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from January 27 low, wave ((i)) ended at 33.49 and pullback in wave ((ii)) ended at 32.52. The stock has resumed higher in wave ((iii)) which ended at 35.45. Internal of wave ((iii)) subdivided in 5 waves impulse in lesser degree. Up from 32.52, wave (i) ended at 33.55, and wave (ii) pullback ended at 32.65. Stock then resumed higher in wave (iii) towards at 35.01. Wave (iv) pullback ended at 34.24 and the final leg wave (v) of ((iii)) ended at 35.45.

Wave ((iv)) pullback is in progress to correct cycle from January 30 low before the stock resumes higher in wave ((v)). The pullback is unfolding as a zigzag structure where wave (a) ended at 34.78 and wave (b) ended at 34.97. Potential area to end wave (c) of ((iv)) is 100% - 123.6% Fibonacci extension from February 12 high which comes at 33.9 - 34.3. From this area, BAC can then extend higher or at least bounce in 3 waves.

BAC 1 Hour Elliott Wave Chart
Elliott Wave View: Bank of America (BAC) Approaching Short Term Support
 

Elliottwave-Forecast

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Singapore Dollar SGD tumbled last week after Monetary Authority of Singapore (MAS) suggests that Singapore Dollar has room to depreciate. The statement came after the coronavirus infection spread to the territory and the central bank predicts it will hit growth. This comes after the economy shows signs of recovering from last year's weakest growth in a decade. Unlike other central banks, MAS manages policy through exchange rate bands. This band is not disclosed and MAS will let SGD to rise or fall within the closely-guarded bands.

In their statement, MAS indicated there's sufficient room within the policy band to accomodate an easing in line with the weakening of economic conditions. It dropped as much as 0.9% last week to $1.382 against the U.S Dollar after the announcement. The currency will likely remain under pressure as markets price in easing.

USD/SGD Daily Elliott Wave Sequence
Singapore Dollar (SGD) Plunges as Central Banks Signals Easing

Daily Elliott Wave chart above shows the pair is close to breaking above Sept 3, 2019 high (1.394). A break above that level will create a bullish sequence from January 26, 2018 low and confirm that the next leg higher within wave III / C to have started. Wave ((1)) rally from January 2, 2020 low (1.344) also looks impulsive and later wave ((2)) pullback should continue to find support in 3, 7, or 11 swing against 1.344 for more upside. We don't like selling the pair and favor further upside as far as pivot at 1.344 low stays intact.

USD/SGD 1 hour Elliott Wave Outlook


Short term 1 hour chart of USDSGD above suggests pair has scope to extend 1 more leg higher before ending 5 waves up from Jan 3, 2020 low. Wave (4) pullback is currently in progress in 3, 7, or 11 swing before pair resumes higher. As far as pivot at 1.347 low stays intact, expect pair to extend higher 1 more time. If the pair does extend higher in wave (5) and breaks above September 3, 2019 high, then the bullish sequence from January 2018 low will be confirmed.
 

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Short term Elliott wave view in Bitcoin (BTCUSD) suggests the rally from January 24, 2020 low has ended as a 5 waves impulse Elliott Wave structure. Up from January 24 low, wave ((i)) ended at 9570 and pullback in wave ((ii)) ended at 9075. The crypto currency then resumed higher in wave ((iii)) towards 10199.85 and the pullback in wave ((iv)) ended at 9706.94. Wave ((v)) of 1 is proposed complete at 10500.

Wave 2 pullback is in progress to correct cycle from January 24, 2020 low before the rally resumes. Internal of wave 2 is unfolding as a zigzag Elliott Wave structure where wave ((a)) ended at 10068 and wave ((b)) bounce ended at 10500. The next potential short term support area for wave ((c)) comes at 9759.61 - 9986.57. This is the 100% - 123.6% Fibonacci extension of wave ((a))-((b)). From this area, Bitcoin can end wave 2 and extends higher or bounce in 3 waves at least. If Bitcoin instead extends above 10500 from here, then it suggests wave ((v)) of 1 remain in progress and can see a few more highs before ending wave 1. We don't like selling Bitcoin.

Bitcoin 1 Hour Elliott Wave Chart
Elliott Wave View: Bitcoin Next Short Term Support Area
 

Elliottwave-Forecast

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Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of BABA. As our members know BABA has recently given us pull back against the 199.12 low. Pull back unfolded as Elliott Wave Zig Zag Pattern. We expected buyers to appear at the Blue Box , calling for rally in 3 waves bounce at least. In the further text we are going to explain the Elliott Wave Pattern and the Forecast.

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

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

At the graphic below, we can see what Elliott Wave Zigzag structure looks like. 5 waves down in A, 3 waves bounce in B and another 5 waves down in C.

BABA

BABA 1 Hour Elliott Wave Analysis 2.7.2020
As we can see on the chart, we are getting 3 waves down in wave ((ii)) black pull back. Pull back is unfolding as (a)(b)(c) Elliott Wave Zig Zag pattern. First leg (a) was a very sharp decline, which is obviously impulsive structure. ( 5 waves are not labeled on this chart but they’re visible on lower time frames) . Then we got 3 wave bounces in wave (b) . And finally, doing last leg down (c), which is still in progress. Pull back looks incomplete at the moment,missing equal legs : 213.87-207.2 area. We expect last push down to take place soon, to complete 5 waves in (c) leg. We don't recommend selling the stock.

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

BABA

BABA 1 Hour Elliott Wave Analysis 2.14.2020
BABA found buyers right at the blue box area :213.87-207.2 area. The pull back wave ((ii)) completed as Elliott Wave Zig Zag at the 212.35 low. We got nice rally from there, however need to see break above 02/05 peak to confirm wave ((iii)) is in progress.

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



BABA

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Elliottwave-Forecast

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Bristol-Myers Squibb (NYSE: BMY) is an American pharmaceutical company which manufactures prescription pharmaceuticals and biologics in several therapeutic areas with particular success in cardiovascular treatments.

Since 2008, BMY established an impulsive rally taking the stock to new all time highs after it managed to break above 1999 peak which opened a multi-year bullish sequence. The cycle lasted for 8 year before it finally ended in 2016 and started a 3 years correction.

Based on the Elliott Wave Theory , after five waves takes place, a three waves pullback follows. The stock turned lower and did a Zigzag structure lower until 07.23.2019, as we show in the following chart.

BMY Weekly Chart
Bristol-Myers Squibb BMY Weekly

Up from there, BMY started to rally within a new impulsive structure suggesting the end of the correction and the resuming of the main trend which is bullish. Consequently, the stock is expected to remain supported during short term pullbacks against $42.48 and will be aiming for a break above $77.12 which will open a new weekly bullish sequence aiming for a target at equal legs area $103 - $118.
 

Elliottwave-Forecast

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Short term Elliott wave view in EURUSD suggests the cycle from December 31, 2019 high is unfolding as an impulse wave. Down from December 31, wave (1) ended at 1.0991 low and the bounce in wave (2) ended at 1.1097 high. The pair continues to the downside and wave (3) is still in progress. Wave 1 of (3) ended at 1.1034 low. The bounce in wave 2 ended at 1.1066 high. From there, pair resumed lower in wave 3 towards 1.0890 low. Wave 4 bounce ended at 1.0926 high. The final wave 5 of (3) remains in progress with internal subdivision of an impulse.

Wave ((i)) of 5 ended at 1.0863 low and the bounce in wave ((ii)) ended at 1.0889 high. From there, it extended lower in wave ((iii)) and ended at 1.0826 low. Wave ((iv)) then ended at 1.0861 high. The pair is extending lower in wave ((v)) of 5 right now and can see a few more push lower to end wave (3). After that, a 3 waves bounce in wave (4) can be seen. However, as far as the pivot at 1.1097 high stays intact, expect the bounce in 3,7, or 11 swing to fail and sellers to appear for more downside.

EURUSD 1 Hour Elliott Wave Chart
EURUSD 1 hour Asia update 2.18.2020
 

Elliottwave-Forecast

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$SLV Ishares Silver Trust Larger Cycles and Elliott Wave

Firstly there is data back to when the ETF fund began in 2006 as seen on the weekly chart shown below. The fund made a low in 2008 that has not since been taken out in price. There is no Elliott Wave count on that weekly chart. However you should be able to assume from the October 2008 lows to the April 2011 highs was a larger degree impulse.

Secondly, the decline from the April 2011 highs down to the December 2015 lows was three swings. Price held above the October 2008 lows. The bounce from the December 2015 lows to the August 2016 high was strong enough to end the cycle from the April 2011 highs. I presume the correction lower completed there.

The analysis continues below the weekly chart.



Thirdly, the cycle from the April 2011 high appeared to have ended the bounce to the August 2016 high. That bounce appeared to be a diagonal wave one of large degree. This is where the daily chart shown below picks up with the Elliott Wave labeling. This decline appeared to be an Elliott Wave zig zag structure. The decline from the June 14, 2018 high ended on September 11th 2018 just above the lows from December 2015. Next, the bounce from the September 2018 lows was strong. It ended the cycle from the August 2016 highs.

The analysis concludes below the daily chart. Here is the SLV Daily Chart.



In conclusion, the bounce from the September 11, 2018 lows exhibits all qualities of an impulse. It is incomplete at this point. It should go higher once more above the 9/4/2019 highs. Most ways to get this fitth wave target have already been met. While above the December 2019 lows it can see strength to around the 19.00 area. Afterward it can correct the cycle up from the 9/11/2018 lows.
 

Elliottwave-Forecast

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As US indices were making lower lows in January and February of 2019, PYPL was making higher lows setting up a bullish structure within a larger impulse up against its All Time Low of 30.00 set on 8/24/15. Taking a look at the 4h chart on PYPL, we favour that there is a wave ((3)) of red V in progress while above the wave ((2)) lows of 94.73 set on 10/23/19. From there, blue (1)-(2) is set and blue (3) is in progress. An equal legs extreme area of ((1))-((2)) is at 141.60 to 170.57, with the typical wave ((3)) target area at the upper end of the box. The right side is up and we do not recommend selling this instrument where pullbacks in 3, 7, and 11 waves should continue to be supported as long as prices remain above the ((2)) lows at 94.79



 

Elliottwave-Forecast

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Short term Elliott wave view in Oil (CL_F) suggests the rally from February 5 low shows a 5 swing bullish sequence. We label the rally as an impulse Elliott Wave structure with a nest. Up from February 5 low, wave 1 ended at 52.2 and wave 2 pullback ended at 49.42. Wave 3 higher is in progress and nesting in another 5 waves. Up from wave 2 low at 42.42, wave ((i)) ended at 52.41 as a diagonal. Wave (i) ended at 50.69 and wave (ii) pullback ended at 49.71. Wave (iii) ended at 51.96, wave (iv) ended at 50.60 and the final leg wave (v) of ((i)) ended at 52.41.

Pullback in wave ((ii)) ended t 50.9 as a zigzag. Wave (a) of ((ii)) ended at 51.81, wave (b) of ((ii)) ended at 52.34, and wave (c) of ((ii)) ended at 50.90. Oil has broken above wave ((i)) at 52.41 suggesting the next leg higher wave ((iii)) has started. Near term, while dips stay above 50.90, expect Oil to extend higher. Potential target higher is 100% Fibonacci extension of wave ((i)) - ((ii)) which comes at $53.9 - 55.8.

Oil (CL_F) 1 Hour Elliott Wave Chart
 

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In this technical blog, we are going to take a look at the past performance of EURNZD, 1-Hour Elliott wave Charts that we presented to our members. But before looking into the Charts, we need to understand the market nature first. The market always fights between the two sides i.e Buying or Selling. We at Elliott Wave Forecast understand the Market Nature and always recommend trading the no-enemy areas. We called those no-enemy areas which are reflected as blue box areas on our Charts. They usually give us the reaction in favor of market direction in 3 swings at least. Now, let us take a quick look at the EURNZD Charts and structure below:

EURNZD 1 Hour Elliott Wave Chart
EURNZD Elliott Wave Path

The Decline from October 2019 peak unfolded in 5 waves impulse structure thus suggested that it's a continuation pattern. Therefore, wave (B) bounce was expected to fail in 3 or 7 swings bounce to do another 5 waves lower to complete the 5-3-5 structure. Above is the 1 Hour Elliott wave Chart from 2/04/2020 Asia update. In which the rally from December 31, 2019, low unfolded as a zigzag structure in a lesser degree cycle. When wave A ended at 1.6920 high, wave B ended at 1.6659 low. Wave C managed to reach the no enemy area at 1.7053-1.7206 100%-161.8%Fibonacci extension area of A-B. From there, the pair was expected to resume the next extension lower or to do a 3 wave reaction lower at least.

EURNZD 1 Hour Elliott Wave Chart
EURNZD Elliott Wave Path



EURNZD 1 Hour Elliott Wave Chart from 2/18/2020 NY update. In which the pair is showing reaction lower taking place from the blue box area ( no enemy area). Allowed our members to create a risk-free position shortly after taking the short positions as per Elliott wave hedging. Near-term, while bounces fail below 1.7180 high the pair is expected to resume the downside. However, a break below December 31, 2019 low (1.6587) would remain to be seen to confirm the next extension lower to avoid double correction higher.
 

Elliottwave-Forecast

Active Trader
Feb 17, 2017
920
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44
www.elliottwave-forecast.com
In this blog, we are going to take a look at the Elliottwave chart of CADJPY. The rally from August 26, 2019 low unfolded as 5 waves impulsive move up in wave (A) as a diagonal. Based on Elliottwave theory, the impulsive wave up will be followed by 3 waves correction before resuming to the upside. Therefore, we were expecting to buy at the extreme area, which is the 100% - 161.8% extension of wave W-X. We showed this area with a blue box. The blue box is the area where we expect buyers to appear for an extension higher or 3 waves bounce at least.

CADJPY 2.3.2020 4 Hour Elliott Wave Update
CADJPY 4 hour 2.3.2020 update

The chart from 2.3.2020 4 hour update showed that CADJPY ended wave (A) at 84.57 high. While below that high, we expect the pair to correct the cycle from 8.26.2020 low in wave (B), which unfolded as a a double three. Wave W of (B) ended at 83.07 low and wave X of (B) ended at 83.55 high. From there, we expect wave Y of (B) to end at the 100%-161.8% Fibonacci extension of W – X. That area should see buyers appear for a 3 waves bounce at least or an extension higher. The chart showed that the pair has already reached this area. However, it is possible for the pair to extend lower before ending wave (B).

CADJPY 2.18.2020 4 Hour Elliott Wave Update
CADJPY 4 hour 2.18.2020 update

The chart from 2.18.2020 4 hour update showed that CADJPY did not extend lower and ended wave (B) at 81.58 low. The pair then bounced higher from there. Wave 1 ended at 82.82 high and wave 2 ended at 82.25 low. Wave ((i)) ended at 83.12 high and wave ((ii)) ended at 82.63 low. As long as the pivot at 82.63 low stays intact, the pair can continue to extend higher in wave (C) and the dip in 3,7,11 swings should be supported. A break above wave (A) high at 84.57 high will confirm the extension higher.
 

Elliottwave-Forecast

Active Trader
Feb 17, 2017
920
6
44
www.elliottwave-forecast.com
Hello fellow traders. INDU is another instrument that we have been trading lately . In this technical blog we’re going to take a quick look at the Elliott Wave charts of INDU, published in members area of the website. As our members know, INDU is showing higher high sequences in the cycle from the December 2018 and January 31st low. The price structure is calling for further strength in the index. Consequently, we advised members to avoid selling INDU and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.

INDU 1 Hour Elliott Wave Analysis 2.18.2020
Cycle from the January 31st low looks incomplete now, calling for further rally ideally. Break of 02/06 peak made INDU bullish against the 28853 pivot in first degree. Pull back is unfolding as Elliott Wave Double Three Pattern ( 7 swings pattern). Correction looks incomplete at the moment. The price still can make another leg down toward equal legs/ blue box area : 29209-29022. At that area we expect buyers to appear for proposed rally or 3 waves bounce at least. . As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. We don't recommend selling it against the main trend. Strategy is buying the dips in 3,7,11 swings against the 28853 low. As soon as the price reaches 50 Fibs against the (x) blue high, we should make Long Positions risk free.

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

INDU

INDU 1 Hour Elliott Wave Analysis 2.19.2020
INDU found buyers at 29209-29022 , the Blue Box area. We got nice reaction from there so far. At this stage we are calling wave ((ii)) blue pull back completed at 29099 low. However we would like to see further extension higher and break above 02/13 high to confirm next leg up is in progress. Otherwise break below current short term low : 29099 would open possibility for a deeper correction.

Keep in mind that market is dynamic and presented view could have changed in the mean time. 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.

INDU

Elliott Wave Forecast