Elliott Wave Analysis by EWF

Elliottwave-Forecast

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The Corona Virus has provided some tremendous rallies in the healthcare and bio science sectors. Allied Healthcare Products Inc. is one of those names that has gone parabolic with the COVID-19 spreading worldwide. It still remains very technical, and I think there could be one more leg up before the rally is complete. Lets take a look at what they do as a company:

"Allied Healthcare Products, Inc. is a leading manufacturer of medical gas construction equipment, respiratory therapy equipment, home healthcare products, and emergency medical supplies. Our products appear worldwide in a range of medical applications, including hospital care, sub-acute treatment, long-term care, home healthcare, and medical emergencies."

The 2020 rally, in particular, has more to do with their ventilator sales more than anything. The USA is in dire need of ventilators so speculators have flocked to this company. So with that said, the Elliott Wave view seems to be counting technically clean. Let's take a look below at the 4H view.

Allied Healthcare Products Inc. Elliott Wave 4H View
Allied Healthcare Products Inc.

So I'll be taking a look at this 4H chart in log. Because this stock has had such a breathtaking rally, a linear chart does not represent the chart as I believe it should be viewed. From the all time lows, wave ((1)) is set at $5.00 and ((2)) at $2.00. From there wave ((3)) is set at 45.00 and wave ((4)) is playing out as a contracting triangle. Blue (E) of ((4)) is expected a bit lower near the 16.30 area where it meets the trendline. After Blue (E) is set, an opportunity for a ((5)) thrust is expected for a Red I top. However, If $12.50 is broken, this count will be invalid and will be favored the top has been set at $45.
 

Elliottwave-Forecast

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Elliott Wave View suggests USDCHF rally from March 9 low is unfolding as 5 waves impulse structure. Up from March 9 low, wave ((1)) ended at 0.9889, and wave ((2)) pullback is proposed complete at 0.9497. Internal of wave ((2)) unfolded as a Flat structure. Wave (A) ended at 0.974, wave (B) bounce ended at 0.99, and wave (C) of ((2)) ended at 0.9497.

Pair still needs to break above March 21 high (0.99) to avoid a double correction in wave ((2)). Wave ((3)) is currently in progress as another 5 waves where wave (1) of ((3)) ended at 0.9797. Internal of wave (1) also unfolded as 5 waves impulse in lesser degree. Up from 0.9497, wave 1 of (1) ended at 0.9685, and pullback in wave 2 of (1) ended at 0.9593. Pair resumed higher in wave 3 of (1) towards 0.9796, and pullback in wave 4 of (1) ended at 0.974. Finally, wave 5 of (1) ended at 0.9797.

Wave (2) pullback is in progress as a zigzag structure where wave A ended at 0.968. Expect wave B bounce to fail below 0.9797 and pair to turn lower in wave C of (2) to correct cycle from March 28 low in 3, 7, or 11 swing before the rally resumes.

USDCHF 1 Hour Elliott Wave Chart
Elliott Wave Forecast: USDCHF Dips Can See Support
 

Elliottwave-Forecast

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In this technical blog, we are going to take a look at the past 1-hour chart’s performance of the Soybean Futures. But before looking further into the Charts, we must 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 Elliott wave hedging or no enemy areas. Those areas are reflected as the 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 Soybean 1 Hour Charts and structure below:

Soybean 1 Hour Elliott Wave Chart
Soybean Elliott Wave View: Reacting Lower From Blue Box Area

Soybean 1 Hour Elliott Wave Chart from 3/24/2020 London update. In which, the decline to $821 low ended wave (1) as impulse structure. Up from there, the instrument made a wave (2) bounce to correct the cycle from January 2020 peak. The internals of that bounce unfolded as Elliott wave double three structure where wave W ended in 3 swings at $855.6 high. Wave X pullback ended at $839.4 low and wave Y managed to reach the blue box area at $878.5- $902.7 100%-161.8% Fibonacci extension area of W-X. From there, Soybean was expected to find sellers looking for more downside or for 3 wave reaction lower at least.

Soybean Latest 1 Hour Elliott Wave Chart
Soybean Elliott Wave View: Reacting Lower From Blue Box Area

Here's Latest 1 Hour Elliott Wave Chart of Soybean Futures, showing reaction lower taking place from the blue box area. Allowed members to create a risk-free position shortly after taking short position at $878.5- $902.7 blue box area.
 

Elliottwave-Forecast

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Short Term Elliott Wave View suggests AUDJPY rally from March 19 low shows incomplete sequence favoring more upside. The rally is currently unfolding as a double three structure. Up from March 19 low, wave (W) ended at 67.7 and pullback in wave (X) ended at 64.37. Internal of wave (X) unfolded as a zigzag where wave A ended at 64.86, wave B ended at 67.27, and wave C ended at 64.37. Pair has resumed higher in wave (Y) and broken above wave (W) at 67.7, suggesting the next leg higher has started.

Up from wave (X) low at 64.37, rally is unfolding as a zigzag structure with the first leg wave ((a)) ended at 67.67 as 5 waves impulse. Wave (i) of ((a)) ended at 65.61 and wave (ii) of ((a)) ended at 64.81. Pair resumes higher in wave (iii) of ((a)) towards 66.80 and wave (iv) of ((a)) ended at 66.4. Final leg wave (v) ended at 67.67 which also completed wave ((a)). Pullback in wave ((b)) has also ended at 66.4. Near term, while dips stay above 66.4 in the first degree, and 64.37 in the second degree, expect pair to extend higher. Potential target higher is wave ((c)) = ((a)) which comes at 69.7 - 70.4.

AUDJPY 1 Hour Elliott Wave Chart
Elliott Wave View: Further Upside in AUDJPY
 

Elliottwave-Forecast

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Short Term Elliott Wave View suggests rally in Gold (XAUUSD) from March 16 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from March 16 low, wave ((1)) ended at 1519.57, and pullback in wave ((2)) ended at 1454.90. The precious metal has resumed higher in wave ((3)) towards 1645.5 and wave ((4)) pullback ended at 1566.53. Gold has broken above wave ((3)) at 1645.5 suggesting wave ((5)) has resumed. Structure of wave ((5)) is unfolding as another impulsive structure in lesser degree.

Up from April 1 wave ((4)) low (1566.7), wave (1) ended at 1601.7, and pullback in wave (2) ended at 1570.5. Wave (3) shows an extension where wave 1 ended at 1626.8, and wave 2 ended at 1607.4. Wave 3 ended at 1678.6, wave 4 pullback ended at 1661.3, and the metal is in the process of ending wave 5 of (3). Near term, while dips stay above April 1 low (1566.7), expect the metal to resume higher a few times. When Gold ends wave ((5)), it will also complete the cycle from March 16 low. Afterwards, it should see a larger pullback to correct that cycle. We don't like selling Gold.

Gold 1 Hour Elliott Wave Chart
Elliott Wave View: Gold Rallying as an Impulse
 

Elliottwave-Forecast

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The novel corona virus forces government around the world to implement various mitigation measures to flatten the contagion curve. Some of the popular introduce social distancing where people must stay at home as much as possible. Others introduce stricter measures such as lock down in Italy, where residents can only go out of home for valid reasons such as buying groceries or going to doctor. Covid-19 pandemic essentially has resulted in school, entertainment event, and business closures all around the world.

All these measures affect many companies and stocks negatively. However, that doesn't mean every stock and industry is negatively affected. One industry which is relatively doing well is streaming business. Netflix is one such company and it's the world's largest streaming company. As people spend a significant amount of time at home, streaming services experience a surge in demand. AT&T said Netflix data traffic reached all-time highs. Netflix had to reduce the quality of the streams in Europe and Canada to lessen the load on the internet. With 1,500 TV shows and over 4,000 movies to choose from, people has many options to watch.

Netflix without doubt should benefit from an increase in subscribers, but it will likely reduce the creation of the original content due to the pandemic. The stock has currently outperformed the current market sell-ff due to an increase in demand for their products and services. While other companies will experience a drop in the revenue, Netflix should continue to see robust growth in the upcoming fiscal year.

Netflix (NFLX) Daily Elliott Wave Chart
Netflix Sees Uptick Demand As People Spent More Time at Home

Rally from December 26, 2018 low in Netflix is currently in 3 swing which can either be an ABC or I-II-III. After the selloff in wave IV together with general market, the stock has started to recover. If Netflix can see a break above wave III on March 3, 2020 high (393.52), then it will show a 5 waves up as diagonal from December 26, 2018 low. If this can happen, this would favor the bullish view and suggests as far as pullback stays above December 26 low (230.95), stock can resume higher again.
 

Elliottwave-Forecast

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EURJPY Technical Analysis

On March 30/2020 I posted on social media (Stocktwits/Twitter) @AidanFX "Will be watching for possible selling opportunities $EURJPY"

EURJPY 1 Hour Chart March 30.2020 : The chart below was also posted on social media (StockTwits/Twitter) @AidanFX March 30/2020 showing that a bearish descending triangle breakout pattern (black) was forming. I called for traders to watch for SELLS on the break below the triangle as long as price respects the moving average (dark blue) and to also watch for a break below the support level (black) on the bottom indicator (blue & pink). A bearish Momentum Breakout Pattern (light green) was also visible on the top indicator and on the price chart signalling that the bottom trend line of the triangle was a key breakout level.

EURJPY, forex, trading, elliottwave, technical analysis, aidanfx, market patterns

EURJPY 1 Hour Chart April 1.2020 : On March 31/2020 a bearish divergence pattern (purple) forms, price respects the moving average (dark blue) and EURJPY breaks below the triangle breakout pattern (black) and below the SELL break level (green). SELLS were triggered on the initial break and price did a retest of the breakout level after which became a support/resistance zone and signalled for more sellers to enter the market. Bottom indicator (blue & pink) also broke below the support trend line (black) confirming bears were in control. April 1/2020 the pair moves lower and hits targets 1 and 2 for a +180 pips where I eventually banked profits. If you followed me on Twitter/Stocktwits you too could have caught the EURJPY breakout move lower.

EURJPY, forex, trading, elliottwave, technical analysis, aidanfx, market patterns

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan

*** Always use proper risk/money management according to your account size ***

At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
 

Elliottwave-Forecast

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Feb 17, 2017
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In this article, we will look at DELTA AIRLINES (DAL) to make sense of the recent huge volatility in the stock market caused by Corona virus pandemic which has now spread to over 200 countries in the World. The financial markets made huge declines but as is often the case, some sectors always get hit the hardest when compared to others. The transportation sector got hit a lot harder than the other sectors with Airlines and Cruise stocks being some of the biggest losers. Companies like Royal Caribbean, General Motors, Boeing, Carnival Cruise Line, American Airlines, Delta Airlines are among some of the stocks which got hit the hardest.

We at Elliottwave-Forecast have been tracking all the above stocks and they are all in Grand Super cycle correction except for American Airlines which appears to be correcting Super cycle from 2009. Delta Airlines got hit so hard that it looks like a plane has Crash landed, let's take a look at the analysis below to see whether the Delta Airlines (DAL) crashed or it survived and it's ready for take off again.

DELTA AIRLINES (DAL) Long-Term Elliott Wave Analysis
Chart below shows the Grand Super Cycle in Delta Airlines within which we are assuming that wave (I) ended at 21.95, wave (II) completed at 3.51 and this was followed by a rally in wave (III) which lasted over 6 years and completed at 52.77. Dip to 32.60 completed wave (IV) and rally to 61.32 completed wave (V) of the Grand Super Cycle wave ((I)). The sharp decline we saw February and March 2020 is thought to be part of a FLAT correction in wave ((II)) as it has already retraced more than 61.8% of the rally from the zero line, it is difficult to imagine this is just wave (a) of a larger zigzag correction. Moreover, if this is just wave (a) and it does a larger wave (b) bounce and then (c) leg lower, that would make some other Airlines and Cruise stocks run out of space to the downside so we are going with FLAT correction in wave (II) as the primary view.

Delta Airlines Long-Term Elliott Wave Analysis

DELTA AIRLINES (DAL) Elliott Wave Analysis - Daily Chart
Chart below shows structure of the decline in proposed wave (c). We are calling wave I completed at 51.07, bounce to 62.48 completed wave II and decline to 19.10 completed wave III, sharp recovery to 35.89 was wave IV and now the stock has scope to make another low in wave V of (c) to complete the proposed FLAT correction or end just wave III of (a) as per the alternate view. Price should now stay below 35.89 peak for the view below to remain valid. New low in wave V should ideally target 15.11 - 8.68 area. As we are already at 61.8 Fibonacci retracement of the grand super cycle rally from the zero line, we don't like chasing weakness here and think the stock is already in an area where long term investors would start getting interested for rally to resume for a new all time or a larger 3 waves bounce at least.

DELTA AIRLINES DAILY Elliott Wave Analysis
 

Elliottwave-Forecast

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Deutsche Lufthansa AG is the largest german airline being part of the DAX30 index. Moreover, the company is the second largest company in Europe in terms of passengers carried. However, the stock price of Lufthansa has not carried that much of financial success into the purses of the investors. Indeed, since January 2018 the stock price is in a steady decline. The circumstances of 2020 spring Corona chaos might have accelerated the fall even thurser.

Lufthansa Weekly Elliott Wave Analysis 04.12.2020
The weekly chart below shows the Lufthansa stock $LHA traded at XETRA. From 1987 lows, the stock price has developped an Elliott wave leading diagonal pattern. The cycle up in blue wave (I) being of super cycle degree has ended by printing its top on January 2018 at 31.18. Hereby, the internals of the leading diagonal are 5-3-5-3-5. The red waves I and IV do overlap which is a typical feature of the diagonals.

First, the wave I has topped on 02.1990. Thereafter, a zigzag lower in red wave II has corrected this advance. From the 09.1992 lows, the rally in red wave III to the highs contains 5 subwaves of primary degree. From the important top on 07.1998 at 27.38, red wave IV has deveveloped over 10 years duration a contracting triangle pattern. Finally, from 10.2016 lows, the triangle has resolved itself in a thrust in red wave V towards the all time highs on 01.2018 at 31.18. Now, after a 5 waves advance, according to Elliott Wave theory, we should expect a consolidation in 3 waves lower.

Lufthansa Elliott Wave Weekly

Lufthansa Daily Elliott Wave Analysis 04.12.2020
The correction of the super cycle in wave (I) from the 01.2018 highs in blue wave (II) lower can be better seen in detail in the daily chart below. The decline has unfolded so far as a double zigzag correction pattern, i.e., a 7 swings structure. The red wave w has ended on 10.2018, a connector in red wave x has printed its top on 02.2019. From there, the 5th swing lower in black wave ((A)) has ended on 08.2019 opening up a bearish sequence. After a bounce as a swing #6 in wave ((B)), the 7th swing lower in black wave ((C)) is extending lower and might be still in progress. The red wave y has already reached the extension area towards 9.494-6.219 where buyers may enter the market.

However, the equality bias between the waves ((A)) and ((C)) may force a bit of more weakness. While below 11.665, $LHA may extend lower within the blue box towards 6.888. From there, the stock price should resume the rally in wave (III) towards 31.18 and higher. Finally, Lufthansa stock is going to fly again ... like the airplanes which always did.

Lufthansa Elliott Wave Daily
 

Elliottwave-Forecast

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Hello fellow traders. XLV 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 XLV, published in members area of the website. As our members know, XLV is correcting the cycle from the January 22nd peak (105.09) . The price is showing bullish sequences in the short term cycle from the March 23rd low, suggesting more strength ideally. XLV is targeting 99.85+ area as far as short term pivot at 83.94 low stays intact. Consequently, we advised members to avoid selling XLV 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.

XLV 1 Hour Elliott Wave Analysis 4.7.2020
Currently XLV is doing wave (B) blue pull back against the 83.94 low. Pull back is unfolding as Elliott Wave Zig Zag Pattern, when we have already got 3 waves down from the peak. The price has reached our buying zone, equal legs A-B red at 90.88-89.37 ( blue box) . At the marked Blue Box area area we expect buyers to appear for proposed rally or 3 waves bounce at least. As soon as the price reaches 50 Fibs against the B red high, we should make Long Positions risk free. We don’t recommend selling and favor the long side.

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

XLV

XLV 1 Hour Elliott Wave Analysis 4.7.2020
XLV found buyers at 90.88-89.37 , the Blue Box area. We got nice reaction from there, when the price made new high, confirming next leg up is in progress. All longs from the blue box should be risk free at this stage. We expect more strength in XLV toward 99.85+ area, which is equal legs from the March 23rd low.

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.

XLV

Elliott Wave Forecast
 

Elliottwave-Forecast

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In this blog, we are going to take a look at the Elliott Wave chart of USDSGD. The 4 hour chart update from April 13, 2020 shows that 5 waves impulsive structure has ended on March 23, 2020. The rally ended at 1.4646 high. Based on Elliott Wave theory, a 3 waves pullback should happen before the rally to the upside can resume again.

The cycle from March 23, 2020 high is unfolding as double three correction. The pair has broken below wave (W) low to confirm that the next leg lower has started. Wave (W) ended at 1.4198 low. Meanwhile, the bounce in wave (X) ended at 1.4416 high. From there, the pair has resumed lower. The 100% extension of wave (W)-(X) where wave (Y) can potentially end is at 1.3693-1.3970 area. This area is shown with a blue box on the chart. As long as 1.618 extension at 1.3693 stays intact, buyers should start to appear at the blue box area. From there, the pair can see 3 waves bounce at least or an extension higher.

USDSGD 4.13.2020 4 Hour Elliott Wave Update
USDSGD 4.13.20 4 hour chart update

Near term, 1 hour chart from April 13, 2020 New York update shows that the pair has ended wave W at 1.4105 low. Right now, the pair is doing a bounce in wave X. While below 1.4418 high, expect the bounce in 3,7, or 11 swing to fail. Afterwards, the pair may continue to extend lower towards the equal leg blue box area shown in the previous 4 hour chart update.

USDSGD 4.13.2020 1 Hour New York Elliott Wave Update
USDSGD 4.13.20 1 hour NY chart update
 

Elliottwave-Forecast

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Short Term Elliott Wave View suggests rally in Amazon (Ticker: AMZN) from March 26 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from March 26 low, wave (1) ended at 1993.02 high. The pullback in wave (2) ended at 1889.15 low. From there, the stock has resumed higher and has broken above previous wave (1) high. Wave 1 ended at 2059.54 high. The structure of wave 1 is unfolding as another impulsive structure in lesser degree.

Up from April 4 wave (2) low, wave ((i)) ended at 1965.69 high and pullback in wave ((ii)) ended at 1930.02 low. Wave ((iii)) ended at 2035.72 high and wave ((iv)) pullback ended at 1997.62 low. Afterwards, Amazon pushed higher and ended wave ((v)) at 2059.54 high. The pullback in wave 2 then ended at 2017.98 low. Up from there, Amazon ended wave ((i)) at 2050 high and the pullback in wave ((ii)) ended at 2033 low. The stock continued to extend higher and broke above previous wave 1 high to create higher high. Currently, wave ((iii)) is still in progress. Near term, while dips stay above April 9 wave 2 low (2017.98), expect Amazon to resume higher for a few more highs to end wave 3. Pullback in wave 4 should follow soon after before it resumes upside.

AMZN 1 Hour Elliott Wave Chart
AMZN 4.14.20 1 Hour Post Market
 

Elliottwave-Forecast

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Every trader around the World relates trading XAGUSD with XAUUSD. Most of the time, they trade in what we call direct correlation, which means they agree in both swings and overall direction. Since 2015 something very interesting has happened. Gold has rallied and provided a nice impulse rally. But on the other hand, Silver has been sideways and even took the lows of 2015. This situation has created confusion among trades because they know in the back of their mind that most of the time, they trade together. Many believe that the rally in Gold is corrective, and a considerable decline is about to happen. As always we at elliottwave-forecast, look at the logic beside the reasons. The following chart:

XAUUSD & XAGUSD Elliott Wave Chart
Silver (XAGUSD): Getting Ready For A Huge Rally.

Show both Gold and Silver Weekly oscillations are presenting the significant highs/lows and how, after 2015, they are trading in this other dimension correlation in which they agree in swing direction, but not overall in direction. We call this Second Dimension correlation, which happens a lot across the Market. We can see the Monthly peak in 2011 and then the previous mentioning low in 2015, which already Silver has broken. As we mentioned before, there is a logic behind this dynamic. The first is the $USDX strength, which started in 2011 against commodities. But the case can be made that Gold is not feeling the Dollar strength. The big logic is shown in the following chart:

Gold To Silver Ratio Elliott Wave Chart
Silver (XAGUSD): Getting Ready For A Huge Rally.

The above-mentioned chart is representing Gold to Silver ratio. How they both relate against the Dollar, We can see at the chart, how the ratio had reached the Blue Box within the Grand Super Cycle. Meaning soon the dynamic will change and will be back to normal when Silver and Gold trade the same side and the Dollar sell. Looking at the chart, we can understand how Silver was mean to be sideways to lower since the ratio took the break of 11.2008 peaks creating a bullish sequence in favor of Gold. But soon this dynamic will change and Silver will be ending laughing and will out-run Gold.
 

Elliottwave-Forecast

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RingCentral Inc (NYSE: RNG) is an American publicly traded provider of cloud-based communications and collaboration solutions for businesses. The company is considered the leader in Unified Communications as a Service in terms of revenue and subscriber seats. Its solutions can be used in multiple devices including Smartphones Tablets PCs and Desk Phones which allow communication across multiple channels.

RingCentral's platform was already gaining momentum before the Corona Virus crisis, it made communications portability even more essential. the result was reflected on its stock as RNG defied the market's plunge through the first quarter of the year, closing out with positive returns (+22%).

Since IPO, RNG rallied higher within an impulsive Elliott Wave structure which establish the initial bullish cycle unfolding as a 5 waves advance that ended at $252 peak. Down from there, the stock corrected the entire cycle with a quick drop last 2 months before again resuming the rally within the main bullish cycle.

Last month, RNG managed to break to new wall time highs creating a new bullish sequence which will be aiming for a target at equal legs area $386 - $542. Therefore, the stock is expected to remain supported during current pullback above $134.8 low and find buyers after 3 or 7 swings correction which will allow buyers to look for opportunities to join the bullish trend.

RNG Weekly Chart
RNG Weekly Chart
 

Elliottwave-Forecast

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Feb 17, 2017
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Continuing along the theme of Corona Virus stocks, Co-Diagnostics is next up in line. Co-Diagnostics Inc. is one of those names that has also gone parabolic with the COVID-19 spreading worldwide. It still remains very technical, and I think there could be one more leg up before the rally is complete. Lets take a look at what they do as a company:

“Co-Diagnostics, Inc. is a molecular diagnostics company with unique, patented Polymerase Chain Reaction (“PCR”) testing technology. A Utah corporation headquartered in Salt Lake City, Utah, we commercialize our innovative patented and patent-pending technology through sales, development and licensing, to quickly develop molecular diagnostics that are more cost-efficient and perform better than traditional technologies of the past.”

The 2020 rally, in particular, has more to do with their COVID-19 test kit sales more than anything. The USA and the world is in dire need of test kits so speculators have flocked to this company. So with that said, the Elliott Wave view seems to be counting technically clean. Let’s take a look below at the daily view.

Co-Diagnostics Daily Elliott Wave
Co-Diagnostics

So I’ll be taking a look at this daily chart in log. Because this stock has had such a breathtaking rally, a linear chart does not represent the chart as I believe it should be viewed. From the all time lows, wave ((1)) is set at $2.00 and ((2)) at $0.85. From there wave ((3)) is set at 21.75 and wave ((4)) is set at $5.57 . The current expectation is for Black ((5)) to make marginal new highs before declining in Red II correction. However, If $6.81 is broken, this count will be invalid and will be favored the top has been set at $21.75.
 

Elliottwave-Forecast

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Feb 17, 2017
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Short Term Elliott Wave View suggests rally in Tesla (Ticker: TSLA) from April 3 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from April 3 low, wave 1 ended at 547.97. Wave 2 pullback ended at 468.39 low. The stock has resumed higher in wave 3 which subdivides into another 5 waves Up from 468.39, wave (i) ended at 513.17 and wave (ii) pullback ended at 497.96. Stock then resumed higher in wave (iii) which ended at 565 and wave (iv) pullback ended at 546.21. The last leg wave (v) ended at 566 which ended wave ((i)) in higher degree.

From there, pullback in wave ((ii)) ended at 532.91 and the stock resumed higher again in wave ((iii)) as a 5 waves.. Up from 532.91, wave (i) ended at 597, and wave (ii) pullback ended at 576.21. Wave (iii) rally ended at 703.8, wave (iv) ended at 687, and wave (v) of ((iii)) ended at 741.88. Stock then pullback in wave ((iv)) towards 702.77 and resumes higher again afterwards.

Near term, while dips stay above 532.91, expect the stock to extend higher in wave ((v)) before ending wave 3. It should then pullback in wave 4 then extend higher again in wave 5. As far as pivot at 532.91 stays intact, expect the stock to extend higher and dips to find support in 3, 7, or 11 swing.

Tesla (TSLA) 1 Hour Elliott Wave Chart
Elliott Wave View: Tesla Impulsive Rally
 

Elliottwave-Forecast

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Feb 17, 2017
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In this technical blog, we are going to take a look at the past performance of EURCAD, Daily cycle Charts that we presented to our members. In which, the major decline from 19 March 2019 peak showed an incomplete sequence to the downside. Favored for another extension lower into the buying area for a major turn around. Therefore, our members knew that the next big swing opportunity remains to buy the dip at the blue box area. We will explain the Elliott wave structure & buying opportunity our members took below:

EURCAD Elliott Wave Chart From 7.10.2019
EURCAD Elliott Wave View: Forecasting The Rally Higher

EURCAD Daily Elliott Wave Chart from July last year showed an incomplete sequence to the downside. While the internals of that pullback unfolded as Elliott wave double three structure where wave w ended in 3 swings at 1.4761. Wave x bounce ended with another 3 swing bounce at 1.5731 high. And wave y was expected to reach 1.4351-1.3487 100%-161.8% Fibonacci extension area of w-x. From there, the buyers were expected to appear to do a big 3 wave reaction higher at least.

EURCAD Daily Elliott Wave Chart From 4.05.2020
EURCAD Elliott Wave View: Forecasting The Rally Higher

EURCAD Daily Elliott Wave Chart From 4/05/2020 updated, in which the pair managed to reach the blue box area as expected. And showing the strong reaction higher taking place from the blue box area. Allowed members to create a risk-free position shortly after taking the longs at the blue box area.
 

Elliottwave-Forecast

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Feb 17, 2017
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Indonesian Rupiah eased to 15,800 per US dollar last Friday after inching closer to break the 1998 Asia crisis peak at Rp 16,850. The high this month at Rp 16,738 came very close to break the previous all-time high. The COVID-19 pandemic prompted investors to dump emerging market currencies. The money flows to safe haven instrument including US Dollar and Gold.

Indonesia has been late in implementing mitigation measure against the spread of COVID-19. As infection and death count soar, the government has belatedly introduce stricter measures in the past two weeks. These include social distancing and closure of non-essential businesses and schools. Government also encourages people to stay and work from home. Economic fundamentals this time around however is better than the 1998 crisis. Indonesia has better management of corporate debts and better credit ratings. In 1998, Indonesia had junk bond status, while the current rating is worthy for investment by the various worldwide credit rating agencies.

Bank Indonesia (BI), the central bank, has stepped up market intervention to stabilize the rupiah exchange rate amid heavy capital outflows. Indonesia's forex reserves dropped by US $9.4 billion in March to $121 billion. BI data shows foreign investors have sold Rp 148.76 trillion (US $9.04 billion) in Indonesian assets, including Rp 135.08 trillion in government bonds and Rp 9.71 trillion in Indonesian shares. BI has intervened directly in the spot foreign exchange as well as buying bonds dumped by foreign funds. The Finance Minister Sri Mulyani however is on the record saying that the currency may slide as far as 20,000 per dollar if the worst materializes and the economy contracts under the weight of the pandemic. Despite the recent pullback in USDIDR, Rupiah remains one of the worst-performing Asian currencies as it has lost more than 14% against US Dollar so far this year.

USDIDR (Rupiah) Monthly Elliott Wave Chart
Rupiah Weekly Elliott Wave Chart

USDIDR Weekly chart above shows the pair is close to breaking above the all-time peak during the Asian financial crisis on 6.1998 (16850). The high registerd on March is 16738, which is close to breaking above the previous all-time high. A break above 16850 suggests the pair is likely to extend higher. Potential target is 100% - 123.6% Fibonacci extension from 8.1997 low towards 20764 - 24117 blue box area. This area is also at the upper portion of the parallel channel.
 

Elliottwave-Forecast

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Decline from April 23, 2019 high in Oil (CL_F) remains in progress as a 5 waves impulse. Down from April 23, 2019 high, wave (1) ended at 50.6 and wave (2) bounce ended at 65.65. Oil then resumed lower in wave (3) to 19.46, and wave (4) bounce ended at 29.21. Short term chart below shows wave (4) at 29.21 which ended on April 4. Oil has broken below March 30 low (19.27), suggesting wave (5) has resumed. The internal subdivision of wave (5) is unfolding as a 5 waves impulse structure. Down from April 4 high, wave 1 ended at 25.28. Bounce in wave 2 unfolded as an expanded Flat where wave ((a)) ended at 28.24, wave ((b)) ended at 23.54, and wave ((c)) of 2 ended at 28.36.

Wave 3 is in progress and unfolding as another 5 waves of lesser degree. Down from 28.36, wave ((i)) ended at 22.03 and bounce in wave ((ii)) ended at 24.57. Oil then resumed lower in wave ((iii)) as an impulse and ended at 19.20 while bounce in wave ((iv)) ended at 20.60. Near term, expect Oil to extend lower in wave ((v)) before ending wave 3. Afterwards, it should bounce in wave 4 then resume lower 1 more leg. As far as pivot at 29.21 high on April 4 remains intact, expect Oil to see further downside.

Oil (CL_F) 1 Hour Elliott Wave Chart
CL_F Elliott Wave Chart
 

Elliottwave-Forecast

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Nvidia (NASDAQ: NVDA) is up 25% Year-To-Date outperforming the Semiconductor Sector which is currently down 9%. Despite, the sell off that took place last month around the entire stock market, NVDA along few other stocks managed to sustain its main bullish trend because it was trading within a powerful wave ((III)) as mentioned in our previous article earlier this year.

The stock rallied higher earlier this year breaking above 2018 peak which created the incomplete bullish sequence from all time lows suggesting that NVDA will remain supported during pullbacks in 3 , 7 or 11 swings and will be looking for a minimum target higher around $415 area. The rally from December 2018 low $123 ended at February 2020 peak $317, down from there, 3 waves Zigzag structure took place into the extreme blue box area $210 - $163 which is the High-frequency area where the market is likely to end cycles and make a turn.

Since March 18th 2020, Nvidia started a new impulsive cycle looking to unfold as a 5 waves impulse Elliott Wave structure with an initial target at $333 - $356 area before another 3 waves pullback can take place which will be expected to find support above $180 low. The key level at this stage remains at $317 peak because a break above that level is needed to confirm the continuation higher within the Super cycle in wave (III).

In conclusion, NVDA remains one of the most supported stocks and it's aiming for new all time high as the short term structure is still suggesting further upside to take place against march 2020 low with a target above the previous peak.

Nvidia (NVDA) Daily Chart
Nvidia NVDA Daily Chart 4.17.2020