Elliott Wave Analysis by EWF

Elliottwave-Forecast

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Crude Oil prices are staging impressive comeback after last month's collapse to -$30. Sentiment in Oil has vastly improved in the past few weeks. Hopes of the supply cut as well as demand rebound help to support oil. China's oil demand has come back to the pre-Covid 19 level at 13 million barrels/day. Crude storage report on Tuesday turns out to be not as bad as the original forecast. The projection by analysts is for an inventory build of 1.151 million barrels. The EIA forecast was for a slight build but it turned out to be an actual decline of 0.7 million barrels. This fuels the bets that the worst of the industry's storage crisis has passed.



Prices are still below levels which most producers can make profit. Thus, many companies and shale drillers shut down the operation. The OPEC+ production cut, combined with shutdown of most oil producers, and rising factory activity in China finally lifted Oil's price up. As the world's biggest oil exporter, Saudi Arabia has said they would cut supply to the lowest level since 2002. Demand for gasoline also starts to recover as drivers slowly return to the road as US and Europe plan to relax the lock down measures.



Crude Oil 4 Hour Elliott Wave Chart
Crude Oil 4 Hour Elliott Wave

4 hour chart of WTI Light Crude Oil July contract (CL N20) above shows a possible impulsive rally from 4.21.2020 low. The nest is a possibility but what is clear is that the rally from 5.8.2020 low is an impulse. Short term, the area of 35 - 37.5 may see sellers for 3 waves pullback. This is the 100% extension from 4.29.2020 measured from 5.8.2020. From there, if the nesting structure is playing out, then the pullback should find buyers for more upside.
 

Elliottwave-Forecast

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In this blog, we are going to take a look at the Elliott Wave chart of RTY_F (E-mini Russell 2000). The 1 hour NY Midday chart update shows that the cycle from April 29 peak is unfolding as a zig-zag pattern. Wave (A) ended at 1220.1 low and wave (B) bounce ended at 1341.7 high. While below 1375.12 high, the bounce in 3,7 or 11 swing is expected to fail. Since wave (A) unfolded as 5 waves structure, the index can see another 5 waves leg lower in wave (C).

RTY_F 5.12.2020 1 Hour NY Midday Elliott Wave Update
RTY_F 5.12.2020 Midday Update

The 1 hour Asia chart update from May 14 shows that the pullback extended lower and broke below previous wave (A) low. The pullback looks incomplete, but is close to ending. The 100% extension of wave (A)-(B) where wave (C) can potentially end is at 1150.93-1187.53 area. This area is shown with a blue box, where we expect buyers to appear for 3 waves bounce at least.

RTY_F 5.14.2020 1 Hour Asia Elliott Wave Update
RTY_F 5.14.2020 Asia Update

May 21 London chart update shows that the index ended the pullback at the blue box area at 1174.96 low and bounced higher from there. Wave ((i)) ended at 1243.6 high. Wave ((ii)) ended as a flat correction at 1212.60 low. From there, the index pushed higher and ended wave ((iii)) at 1350.7 high. Wave ((iv)) pullback ended at 1297.5 low. Afterwards, wave ((v)) ended at 1354.2 high. Currently, RTY_F has ended the cycle from May 14 low. The index is now expected to pullback in 3,7 or 11 swings before extending for another leg higher in wave C. The index still needs to break above April 29 peak to confirm that the low is in place and to confirm that the next leg up is in progress.

RTY_F 5.21.2020 1 Hour London Elliott Wave Update
RTY_F 5.21.2020 London Update
 

Elliottwave-Forecast

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The next entry in the theme of Corona Virus stocks is Inovio Pharmaceuticals Inc. Inovio has had a steady advance during the COVID-19 spreading worldwide. It also remains very technical as with all other stocks. Lets take a look at what they do as a company:

“The Inovio technology is based on inserting engineered DNA into cells where it becomes incorporated into proteins involved in the immune response to cancers and viruses by producing T cells and antibodies that aid recovery from infection. The technology can be "targeted" to specific types of cancer and immune diseases, such as those produced by a virus.”

Inovio has had an impressive rally so far this year. The Elliott Wave view seems to be counting technically clean. Let’s take a look below at the Daily view.

Inovio Daily Elliott Wave
Inovio

Medium term term view from 10/02/2019 lows of 1.92. Wave ((1)) was set at 2.55 on 10/16/2019 and wave ((2)) at 2.09 on 10/31/2019. From there, Inovio had some nesting which resulted in an extended wave ((3)). Wave ((3)) is favoured to be set at 19.36 on 3/09/2019. The count is getting mature to start chasing new longs. After a wave ((5)) of Red I is complete, a lengthy multi month correction may take place in 3,7 or 11 swings before more upside is expected to resume.
 

Elliottwave-Forecast

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Short term Elliott Wave chart below suggests the dips to 8848.71 ended wave ((4)). This is part of a larger impulsive rally which started from 3.23.2020 low. Wave ((5)) is currently in progress as 5 waves in lesser degree. Up from wave ((4)) at 8848.71, wave 1 ended at 9143, and pullback in wave 2 ended at 8925.50. Index then resumed higher in wave 3 towards 9417.25 and wave 4 pullback ended at 9273.

Final leg higher in wave 5 ended at 9510.75 and this also completed wave (1) of ((5)). Wave (2) pullback is currently in progress to correct cycle from 5.14.2020 low before the rally resumes. Internal subdivision of wave (2) is unfolding as a double three where wave W should end soon as a zigzag. Index should then bounce in wave X and then turn lower again in 3 waves to complete wave Y of (2).

Index should then resume higher again in wave (3) of ((5)) provided that pivot at 8848.71 low stays intact. Dips in the Index should find support in 3, 7, or 11 swing against 8848.71 in the first degree. If pivot at 8848.71 low fails, then Index may have ended cycle from 3.23.2020 low. In this case, a larger pullback should happen before Nasdaq resumes again.

Nasdaq (NQ_F) 30 Minutes Elliott Wave Chart
Nasdaq Elliott Wave chart
 

Elliottwave-Forecast

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Chipotle Mexican Grill (NYSE: CMG) has been able to adapt within the current pandemic situation by adjusting its operations to handle digital orders and and made deliveries.

Last week , the stock hit a record high, going over $1,000 per share for the first time and it's currently up 125% since the March bottom. The technical outlook for CMG was strongly bullish since last year as CMG rallied into new all time highs by breaking above 2015 peak which created a bullish sequence with a minimum target at $965.

The impulsive 5 waves advance since IPO was the key for the stock to remain supported and looking for a similar path to the upside after taking 2015 peak to refresh the bullish trend. Consequently, CMG is currently looking for a similar path to take place from 2018 low as the stock is trading higher within a strong 3rd wave within the Grand Super Cycle.

Chipotle Mexican Grill - CMG - Monthly Chart
Chipotle Mexican Grill CMG Monthly Chart

Based on Elliott Wave Theory, after every 5 waves advance, a correction in 3 waves takes place before the resumption of the main trend which is the main reason the market doesn't run within a straight line. Currently, the rally which started back in March 2020 is aiming for an initial target at equal legs area $1103 - $1266 which can see Bulls taking profit causing a 3 waves pullback in a potential wave II of (III) before the stock will find buyers again to be able to resume the rally.

The Mexican-food restaurant chain bullish structure is providing an edge for investor and allowing traders to join the trend during Daily pullbacks as long as $415 will remain in place. The next correction will be so important for the stock to define the next key levels to trigger more momentum into the weekly cycle.

Chipotle Mexican Grill - CMG - Weekly Chart
Chipotle Mexican Grill CMG Weekly Chart
 

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 DAX . As our members know DAX has recently given us pull back against the March 8239.5 low that has unfolded as Elliott Wave Zig Zag Pattern. We were calling cycle from the March low completed and decline in 3 waves toward Blue Box (buyers zone). In the further text we are going to explain the Elliott Wave Pattern and the Forecast.

DAX 1 Hour Elliott Wave Analysis 5.2.2020
Current view suggests March cycle can be completed at the 11242.57 peak as 5 waves rally. As far as the price stays below mentioned high, pull back against the 8239.5 low can be in progress. The price needs to see further separation from the mentioned peak to give us confirmation we are getting pull back against the March 8239.5 low.

DAX

DAX 1 Hour Elliott Wave Analysis 5.12.2020
We got 5 waves down from the 11252.77 peak which we assume it's only the first leg of the pull back that is unfolding as a Zig Zag Pattern. After 5 waves down, we got 3 waves bounce in (B) blue that has completed at 10988.39 high. As far as the price stays below (B) blue peak, we should be ideally doing last leg down (C) blue. Pull back looks incomplete at the moment. We expect more weakness toward new lows, to complete 5 waves in (C) blue leg of Zig Zag Pattern.

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

DAX

DAX 1 Hour Elliott Wave Analysis 5.14.2020
10988.39 high has held nicely and we got decline. The price has reached equal legs (A)-(B) at 10172.26-9983.8. At the marked Blue Box area area we expect buyers to appear for further rally toward new highs ideally . As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.

DAX

DAX 1 Hour Elliott Wave Analysis 5.16.2020
DAX found buyers right at the equal legs (A)-(B) at 10172.26. Elliott Wave Zig Zag pattern ended at the 10159.6 low. Short term bounce looks impulsive so we counted it as wave 1 of the new bullish cycle. We would need to see further separation from the 10159.6 low and ideally break above 04/30 peak to get confirmation next leg up is in progress according to higher time frames.

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

DAX

Elliott Wave Forecast
 

Elliottwave-Forecast

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Short term Elliott Wave chart of Apple (ticker: AAPL) below suggests that the pullback to 299.78 ended wave (4). The stock has resumed higher in wave (5) which is unfolding as an impulsive Elliott Waves structure. Up from wave (4) at 299.78, wave ((i)) ended at 306.12 and wave ((ii)) ended at 302.29. Up from there, Apple nested higher in wave ((iii)). Wave (i) of ((iii)) ended at 307.9 and wave (ii) of ((iiii)) ended at 304.82. Wave (iii) of ((iii)) ended at 316.5, wave (iv) of ((iii)) ended at 313.55, and wave (v) of ((iii)) ended at 318.52.

Stock then pullback in wave ((iv)) which ended at 312.70. Finally, the last leg wave ((v)) ended at 320.89 and this also ended wave 1 in higher degree. From there, it corrected the cycle from 5.15.2020 low within wave 2. So far we got 3 swing pullback which ended at the 100% - 123.6% extension area at 312.5. We took the more aggressive view and called wave 2 completed at this level although a break above wave 1 at 32o.89 is needed to confirm this view. Near term, while dips stay above 312.5, and more importantly above 299.78, expect the stock to extend higher. As far as pivot at 299.78 low stays intact, expect dips to find buyers in the sequence of 3, 7, or 11 swing for further upside.

Apple (AAPL) 30 Minutes Elliott Wave Chart
Elliott Wave View: Apple Remains Supported
 

Elliottwave-Forecast

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In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of NASDAQ index, which we presented to members at elliottwave-forecast. In which, the rally from 22 March 2020 low unfolded as an impulse structure. Thus suggested that it’s a continuation pattern. And as per Elliott wave theory after a 3 waves pullback, it should do another extension higher in 5 waves impulse structure at least. Therefore, we advised members not to sell the instrument & trade the no enemy areas ( blue boxes) as per Elliott wave hedging remained the preferred path looking for 3 wave reaction higher at least. We will explain the structure & forecast below:

NASDAQ 1 Hour Elliott Wave Chart
NASDAQ: Reacted Strongly From Elliott Wave Blue Box Area

NASDAQ 1 Hour Elliott Wave Chart from 5/14/2020 NY update. In which, the cycle from March 2020 low ended 5 waves impulse structure at $9345.50 high. Down from there, the index made a pullback. The internals of that pullback unfolded as Elliott wave double three structure where wave ((W)) ended at $8997.50 low. Wave ((X)) bounce ended in a lesser degree zigzag structure at $9204 high. Down from there, ((Y)) leg lower also unfolded as a zigzag structure & was expected to find buyers at $8853.05-$8637.15 blue box area. From where the buyers were expected to appear in the index looking for another 5 waves rally. Or to do a 3 wave reaction higher at least.

NASDAQ 1 Hour Elliott Wave Chart
NASDAQ: Reacted Strongly From Elliott Wave Blue Box Area

Here’s 1 hour Elliott Wave Chart of NASDAQ from 5/19/2020 NY update, in which the index is showing reaction higher taking place from the blue box area. Allowed members to create a risk-free position shortly after taking the longs. It's important to note that with further market data, we re-adjusted the count by downgrading the degree of labeling in 1 Hour Chart.
 

Elliottwave-Forecast

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$EWC iShares MSCI Canada ETF Elliott Wave & Long Term Cycles

Firstly the EWC instrument inception date was 3/12/1996. The iShares MSCI Canada ETF seeks to track the investment results of an index composed of large and mid-sized companies in Canada. This is of course reflected in the price. The best Elliott Wave reading of the long term cycles in $EWC iShares MSCI Canada ETF must presume some lower prices that did not exist prior to the ETF fund inception date.

Shown on the monthly chart, the bullish cycle from all time lows is believed to have ended in November 2007. This is mostly in line with many other broad based ETF’s and indices that ended larger cycles near that time. Likewise the steep pullback lower into the March 2009 lows replicated the pullbacks in other ETF & indices instruments. This pullback was strong enough to suggest it had corrected the cycle up from the all time lows. The analysis and commentary continues below the EWC Monthly chart.



Secondly the bounce from the March 2009 lows has not got back above the November 2007 highs as of yet. Compared to other instruments it is lagging. That not to say it will not catch up it is just the way it works out. EWC bounces higher as related instruments are going higher however at a slower pace. Similarly, the instrument corrects cycles in pullbacks lower when the related instruments are doing the same.

The analysis and conclusion as mentioned earlier; Price has not got above the November 2007 highs yet. As the above chart shows it will eventually however will take some time. The cycles remain bullish and the instrument should proceed higher with the related other countries ETF’s and indices reflecting the improvements in the progression of mankind.
 

Elliottwave-Forecast

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The next entry in the theme of Corona Virus stocks is Regeneron Pharmaceuticals Inc. Regeneron is a Nasdaq-100 component, and has been one of the blue chips of Biotech for some time. However, the outbreak has really given Regeneron the boost it needs to break out and continue its long term trend. It remains very technical as with all other stocks that we cover. So lets take a look at what they do as a company:

“Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents life-transforming medicines for people with serious diseases. Founded and led for over 30 years by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to seven FDA-approved treatments and numerous product candidates in development, all of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye disease, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, infectious diseases, pain and rare diseases.”

Regeneron Monthly Elliott Wave
Regeneron

In the long term view from 12/01/1994 lows of 3.00. Blue (I) was set at 24.88, and Blue (II) in a flat structure at at 5.60 in April 2005. After that, Regeneron has proposed to have set Red III of Blue (IV) at 605.93 in August 2015. After that, Red IV is proposed ended at 271.37 in September of 2019. Therefore, it is favoured that REGN is advancing in Red V of Blue (III). There is a long term trend at play here, with more upside favoured to take place.

Regeneron Daily Elliott Wave View
Regeneron

From the Red IV Low, REGN is favoured to be triple nesting. However, if Blue (2) low 507.69 gets invalidated, then a larger flat for blue (2) will be favoured instead of a nesting Red 2. While above 424.01, more upside is favoured to take place into the blue box extreme.
 

Elliottwave-Forecast

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Short term Elliott Wave view of Nikkei (NKD_F) suggests that the rally from 5.14.2020 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from 5.14.2020 low, wave (1) ended at 20830 and pullback in wave (2) ended at 20247 as chart below shows. Internal of wave (2) unfolded as a double three (double zigzag). Down from wave (1) at 20830, Wave W ended at 20515 as a zigzag, wave X ended at 20685, and wave Y lower ended at 20245 as a zigzag.

Index then resumed higher in wave 3 which ended at 21730. Subdivision of wave 3 unfolded as another 5 waves in lesser degree. Up from wave (2) at 20247, wave 1 ended at 20550 and wave 2 ended at 20465. Wave 3 ended at 21370, wave 4 ended at 21150, and wave 5 of (3) ended at 21730. Pullback in wave (4) is proposed complete at 21410 and Index has resumed higher by breaking above wave (3) again. Near term, while pullback stays above wave (4) low at 21410, but more importantly above wave (2) low at 20247, expect Index to extend higher. As far as pivot at 20247 low stays intact, dips should find buyers in 3, 7, or 11 swing for further upside.

Nikkei 45 Minutes Elliott Wave Chart
Elliott Wave View: Further Upside in Nikkei
 

Elliottwave-Forecast

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Wheaton Precious Metals Corp (WPM) is a multinational precious metals streaming company. Streaming is a term when a company such as WPM makes an agreement with a mining company to purchase all or part of the production at a predetermined price. Typically this is a by-product precious metals from a mine. In exchange, Wheaton will provide an upfront payment plus additional payment upon delivery of each ounce or pound. Wheaton is one of the largest and most successful streamers as chart below shows:



During the first quarter of 2020, WPM paid $426 per ounce of gold and $4.5 for an ounce for silver. With Gold price currently sitting at $1,720 and silver at $17.3, the company is producing a lot of free cash flow. In the first quarter, WPM produced a record high free cash flow at $177 million. With the price of Gold and Silver likely to extend higher in years to come due to the unlimited money printing by central banks, the stock can continue to perform very well.

Like many other mining stocks, Wheaton's shares were hit by the Covid-19 pandemic and dropped sharply to $27 from $34 in mid March. However, the company managed to recover and now about to break to new all-time high which should open a major bullish breakout.

Wheaton Precious Metals (WPM) Elliott Wave Chart
Wheaton Precious Metals (WPM) on Preparing Major Bullish Breakout

Weekly Elliott Wave View chart on Wheaton Precious Metals Corp (WPM) above shows a potential major bullish market. The rally to 8 April 2011 at $47.60 ended wave ((1)) in Super Cycle Degree. Then the stock declined to $10.04 on Jan 20, 2016 low ended wave ((II)) in super cycle degree. This coincides with the low in Gold which pullback to $1046.4 on November 2015. The stock is now in a powerful wave (III) of ((III)) which should take it to new high above $47.60. WPM is expected to continue to extend higher powerfully in years to come.
 

Elliottwave-Forecast

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After forming the low on 3.23.2020 low, ASX 200 (XJO) starts a new leg higher. Short term Elliott Wave chart below suggests that the rally from 3.23.2020 low is unfolding as a 5 waves impulsive Elliott Wave structure. Up from 3.23.2020 low, wave ((1)) ended at 5563.6 and pullback in wave ((2)) ended at 5100.7. Index then resumes higher in wave ((3)) and shows a nest. Up from wave ((2)) low at 5100.7, wave (1) ended at 5549.1 and dips to 5169.6 ended wave (2). Wave (3) is currently in progress as another 5 waves of lesser degree.

Up from wave (2) low at 5169.6, wave 1 ended at 5489.5 and dips to 5303.3 ended wave 2. Index then resumes higher in wave 3 towards 5922. Expect wave 4 pullback to find support in 3, 7, or 11 swing before the next leg higher. As far as pivot at 5300.3 low stays intact, expect the Index to extend higher. Potential minimum target for the Index is 100% - 123.6% Fibonacci extension from 3.23.2020 low towards 6268 - 6545

ASX 200 (XJO) 30 Minutes Elliott Wave Chart
ASX 200 (XJO) Elliott Wave Chart
 

Elliottwave-Forecast

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Like most stocks around the world. Walt Disney Company (ticker: DIS) took a dip earlier in the year. The decline was expected across the world markets at one point during 2020, but we believe the market has started to turn higher into new all-time highs. The Grand Super cycle is showing three waves advance as the chart below shows:

Walt Disney Company Quarterly Elliott Wave Chart
Walt Disney Company Quarterly Chart

Looking at the chart, we can see the advance with a lot of extension between (I) Blue and (III) Blue. An Impulse is a structure which comes with three advances in the direction of the main trend. In Walt Disney Case, the advances are to the upside. Impulse should also have two cycles against the main trend. At this moment, we believe a move into all-time highs will happen sooner or later. Wave (IV) Blue might have already ended and a new and final cycle into a multiyear advance already started. This makes the next pullback a very interesting opportunity.

In general, we believe the stock market is not ready for acceleration yet. The reason is because instruments like $IBEX 35 and $IBM still show incomplete sequence to the downside. Below is the weekly Elliott Wave chart of IBEX showing the incomplete sequence from 2007 high:

IBEX Weekly Elliott Wave Chart


Above chart is the $IBEX35 weekly chart which requires at least two more cycles lower in the form of IV and V before a turn higher. This idea will make most of the instrument sideways. We believe $IBEX35 will make a new low at the time $DIS makes a pullback in wave ((2)). Another pullback in DIS can happen at the end of the year when $IBEX35 makes the last swing lower in wave V red.

Another Interesting instrument is $IBM which also is showing a clear sequence lower and should soon reach the blue box buying area. Until then, the whole market will remain sideways to lower.



As far as IBM does not reach the blue box, $DIS will be trading sideways in a series of ((1)), ((2)) and then I and II. But when cycle in IBM ends at ((II)), the whole market including Disney will rally.

The reaction from the lows at 3.18.2020 so far looks like 3 waves. However, looking at other markets, we should see more upside and possibly create an impulse off the lows. Here is the 4 Hour chart of $DIS showing the idea and proposed path.



As we always do at EWF, we look at the market as a whole. Some instruments still can trade below the 03.2020 low, but some others will not trade below ever again. Combining everything together will provide a very nice opportunity.
 

Elliottwave-Forecast

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In this blog, we are going to take a look at the Elliott Wave chart of EURCAD. The 4 hour chart update from May 29 shows that the pair has continued to extend lower from March 19 peak. From March 19 peak, the pair extended lower in wave (W) as a zig-zag. Wave A ended at 1.5207 low and wave B bounce ended at 1.5792 high. The pair then extended lower in wave C, which ended at 1.5118 low. Afterwards, the bounce in wave (X) unfolded as a flat with 3-3-5 structure. Wave (X) bounce ended at 1.5536 high. From that high, the pair continued the decline and ended wave A at 1.5064 low. Currently the bounce in wave B is still in progress and is unfolding as a flat structure.

EURCAD 5.29.20 4 Hour Elliott Wave Update
EURCAD 5.29.20 4 hour update

The decline from wave (X) high has broken below the previous low, confirming that the next leg lower is already in progress. Furthermore, the pair now has an incomplete bearish sequence from March 19 against 1.5536 high. The 100% - 123.6 % extension of wave (W)-(X) where wave (Y) can potentially end is between 1.4452 - 1.4658 area. That area is highlighted with a blue box in the chart. As long as 1.5536 high stays intact, the bounce in 3,7 or 11 swings is expected to fail for more downside. The pair has the scope to continue to extend lower until it reaches the blue box to end 7 swings down from March 19 high.
 

Elliottwave-Forecast

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On May 25 2020 I posted on social media Stocktwits/Twitter @AidanFX "GBPNZD will be watching for selling opportunities". GBPNZD has been trending lower since April 2020 so the clear path will be to trade with the trend and not against it.

The chart below was also posted on social media StockTwits/Twitter @AidanFX May 25 2020 showing that bearish divergence market patterns (purple) were clearly visible. The first bearish divergence pattern (regular divergence) was calling for the possible reversal lower and the 2nd bearish divergence pattern (hidden divergence) was confirming the continuation of the trend lower. I called for traders to SELL GBPNZD and only a move above 2.0037 will invalidate the SELL trade setup. More downside confirmation would be if price broke below the black trend line and most importantly if price broke below the light blue zone where it would confirm a new lower low sequence has started and where more bears will enter the market and push the pair lower.

GBPNZD 1 Hour Chart 5.25.2020

GBPNZD, forex, trading, bearish market pattern, elliottwave, @AidanFX

GBPNZD holds below the 2.0037 invalidation level, breaks below the black trend line and below the light blue zone confirming the downside move. On May 26/2020 price reaches the 1:3 RR target for +166 pips from 1.9986 SELL entry level. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the GBPNZD move lower.

GBPNZD 1 Hour Chart 5.26.2020

GBPNZD, forex, trading, elliottwave, bearish market patterns, @AidanFX

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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In this technical blog we’re going to take a quick look at the Elliott Wave charts of GOOGL, published in members area of the website. The stock is trading within the cycle from the March 1009.6 low. Proposed cycle can be still in progress as impulsive structure. In further text we’re going to explain Elliott Wave Forecast.

GOOGL 1 Hour Elliott Wave Analysis 5.7.2020
The price found buyers at previous equal legs area 1312.65-1288.57 and break toward new highs. As far as 1296.05 pivot hold, the stock has scope to extend higher toward 1411.1-1457.65 area where it can complete 5 waves up in the proposed cycle. We expect to see pull back 3 waves pull back from marked blue box before further rally resumes.

GOOGLE

GOOGL 1 Hour Elliott Wave Analysis 5.14.2020
GOOGLE made extension up toward our target zone and found sellers as we expected. We got 3 waves pull back that unfolded as Elliott Wave Zig Zag pattern. The stock reached equal legs ((a))-((b)) at 1331.26-1296.89 and giving us turn. Current view suggests pull back is completed however we need to see further separation from the current low. We assume that new cycle has started. We expect to see 5 waves up from the 1323 low and pull back before rally resumes.

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

Google

GOOGL 1 Hour Elliott Wave Analysis 5.14.2020
We got 5 waves up from the 1323.02 low. The price held above the low during the short term pull back. As far as the price remains above 1323.02, we expect further strength in the stock. We would like to see ideally break of May 11th peak to confirm next leg up is in progress.



Google

GOOGL 1 Hour Elliott Wave Analysis 5.21.2020
Eventually we got break toward new highs. Current view suggests the stock could have ended cycle from the 1323.02 low as 5 waves. We can be doing 3 waves pull back in wave ((ii)) before rally continues.

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.

GOOGL

Elliott Wave Forecast
 

Elliottwave-Forecast

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Fortinet Inc (NASDAQ: FTNT) ended it's initial bullish cycle from 2009 low after it rallied within an impulsive 5 waves advance which reached a pea at $121.8 peak on February of this year. The multinational corporation gained a total of %1330 during this 11 Years rally putting it on the list of one of the fastest growing stocks in last decade.

FTNT saw a 40% drop this year following the broad market correction before a strong reversal taking place in March allowing the stock to return positive with +27% YTD after breaking again to new all time highs.

The recent move allowed the stock to create a new bullish sequence from IPO supporting a new impulsive 5 waves move toward 100% - 161.8% Fibonacci extension area $194 - $270. The first leg of the new cycle reached the initial target area $147 - $165 from where wave ((1)) is expected to end this summer followed by a corrective pullback in wave ((2)) against March low $70.20 then it can resume the rally again.

Fortinet Weekly cycle remains bullish as the overall trend is intact with an impulsive structure supporting the stock into new highs and the next pullback will provide a good investment opportunity in 3 , 7 or 11 swings.

Fortinet FTNT Weekly Chart
Fortinet FTNT Weekly 6.1.2020
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,066
6
64
www.elliottwave-forecast.com
Elliott Wave View in GBPAUD suggests the decline from 5.4.2020 high is unfolding as a 5 waves impulsive Elliott Wave structure. Down from 5.4.2020 high, wave 1 ended at 1.8943 and bounce in wave 2 ended at 1.9127. Pair then resumed lower in wave 3 towards 1.845. The 30 minutes chart below shows the move down in wave 3. Pair then bounced in wave 4 and ended at 1.881. Internal of wave 4 unfolded as a zigzag Elliott Wave structure where wave ((a)) ended at 1.8628, wave ((b)) ended at 1.8457, and wave ((c)) ended at 1.8661.

Wave 5 is in progress with internal subdivision of another impulse in lesser degree. Down from 1.8661, wave (i) ended at 1.8467 and wave (ii) bounce ended at 1.8552. Pair then resumed lower in wave (iii) towards 1.8374, wave (iv) bounce ended at 1.8433, and wave (v) ended at 1.8307. This also completed wave ((i)) in higher degree. Wave ((ii)) is currently in progress and has scope to do double zigzag towards 1.847 - 1.856 where sellers should appear. As far as pivot at 1.866 high remains intact, expect rally to fail in 3, 7, or 11 swing for more downside.

GBPAUD 30 Minutes Elliott Wave Chart
GBPAUD Elliott Wave Chart 2 June 2020
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,066
6
64
www.elliottwave-forecast.com
In this technical blog, we are going to take a look at the past performance of GBPAUD, 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 GBPAUD Charts and structure below:

GBPAUD 1 Hour Elliott Wave Chart
GBPAUD: Saw Sellers At The Elliott Wave Blue Box Area

The decline from March 18, 2020 peak unfolded in 5 waves impulse structure thus suggested that it’s a continuation pattern. Therefore, wave 4 bounce was expected to fail in 3, 7 or 11 swings. Above is the 1 Hour Elliott wave Chart from 5/29/2020 NY update. In which the decline to 1.8450 low ended wave 3. Up from there, the bounce from the lows unfolded as a zigzag structure in a lesser degree cycle. When wave ((a)) ended at 1.8628 high, wave ((b)) pullback ended as a lesser degree flat structure at 1.8457 low. Wave ((c)) was expected to reach the no enemy area at 1.8636-1.8747 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.

GBPAUD 1 Hour Elliott Wave Chart
GBPAUD: Saw Sellers At The Elliott Wave Blue Box Area

Here's 1 Hour Elliott Wave Chart from 5/30/2020 Weekend update. In which the pair managed to reach the blue box area at 1.8636-1.8747 100%-161.8%Fibonacci extension area of ((a))-((b)) and got rejected as expected. Allowed our members to create a risk-free position shortly after taking the short positions as per Elliott wave hedging.