Elliottwave-Forecast

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In our article at the end of last month, we warned that Silver Miners ETF (SIL) has already reached support area. Thus the ETF is ready to turn higher anytime and rally at least in 3 waves. Now 1 month later, the ETF did turn higher from the blue box and it's still in the early stage of a new multi-year bullish move. Let's take a look at the Elliott Wave update below:

SIL Monthly Elliott Wave Chart​



The Monthly Chart above shows that SIL is possibly forming a massive multi-year rounded bottom with the neckline around $2.3. Since bottoming in March 2020 during the Covid-19 selloff, it has retested the neckline and we labelled the current move higher from 2016 low as a nesting impulse I-II-((1))-((2)). The ETF has reached support area blue box and now turning higher. We will show it in the daily chart below how we measure the blue box area. But for now, it looks like the ETF has started to turn higher and still in the early stage of the move to the upside.

SIL Daily Elliott Wave Chart​



In Daily chart above, we can see the Silver Miners ETF wave ((2)) pullback reached the blue box support. This blue box is the 100% - 161.8% Fibonacci extension measured from wave ((1)) peak. The ETF turns higher from the blue box nicely and wave ((2)) is proposed complete at $34.44. Now while pullback stays above there, and more importantly above 16.76, expect the ETF to continue higher.

Source: https://elliottwave-forecast.com/stock-market/silver-miners-etf-sil-ended-correction/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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www.elliottwave-forecast.com
Funko, Inc. ( FNKO ) is a pop culture consumer products company, which designs, sources & distributes the licensed products across the globe. It trades under FNKO ticker at Nasdaq.

Since 2017 in daily, FNKO made all time low at $3.12 during sell off across the global markets in early last year. Thereafter it started the higher high sequence as an impulse, which favored ended at 5/28/2021 high. And below May-2021 high, it is correcting the cycle against April-2020 low in proposed Zigzag structure.

FNKO - Elliott Wave View on Daily chart:​

In daily, it started impulse sequence as wave ((1)) from 4/03/2020 low & ended at $7.78 on 6/08/2020 high. The ((2)) was dip correction as usual & ended at $4.72 low on 7/09/2020. Above $4.72 low, it started explosive move after a sideways consolidation & break out as ((3)) extension, which ended at $25.07 high on 4/01/2021. Thereafter ((4)) was ended slightly below 0.236 retracement against ((3)) at $19.10 low on 4/21/2021. Finally it ended ((5)) at $27.20 high on 5/28/2021 with minimum extension target. It started correcting the move against April-2020 low.



The correction started with first leg lower in impulse as ((A)), which ended at $16.67 low on 8/19/2021. The connector ((B)) was triangle as correction against ((A)), which ended at $19.57 high on 10/15/2021. While below there it expect to see further weakness in ((C)) leg lower as the part of Zig-zag correction from major top & expect to extend lower towards $9.01 or lower levels before it turn upside again. Alternatively if it breaks above $19.57 high without making lower low sequence, then it can extend ((B)) in an expanded flat correction before turning lower again.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-fnko-extend-lower/
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Continuing along the meme stock theme, next up is the Farmmi company. This company is little known until recently, when massive volume started to take place. It caught the eye of the reddit community and another meme stock was born.

Lets take a look at what the company does:

“Farmmi is a company that processes and sells agricultural products in China and abroad; it grows and markets shiitake and wood ear mushrooms and other edible fungi products, including bamboo fungi, chestnut mushroom, trumpet royale, hen of the woods, lawyer's wig, and lion's mane mushroom. It also operates Farmmi Jicai, an online store that sells edible fungi products under the Forasen and Farmmi Liangpin brands. In addition, the company exports dried whole and sliced shiitake mushrooms, and dried black fungus to Israel. Through its distributors, it offers its products to restaurants, cafeterias, and local specialty stores.”

Lets dig into the charts of this mushroom company.

Farmmi Elliottwave View:

Farmmi



Farmmi Shorter cycles since September 24, 2021 lows. It is favoured that this stock has advanced from September 2021 low of 0.20 to a peak of 0.53 set on Sep 30/2021 in a 5 waves structure. After that peak, pulled back to correct that cycle, in Red II. The price action today suggests that the correction in Red II is set, and the next leg higher is underway.

Red II low is set at 0.28, as long as prices remain above there, this view remains intact. If prices violate that low, Red II would be favoured still underway. In that instance, the next area below where another bounce can happen would be the 0.24 level.

On the upside, the area for where Red III can peak is the 0.61 to 0.82 area. In conclusion, as long as prices remain above the 0.24 low, further extension higher is favoured to take place to the 0.61 to 0.82 area where a larger pullback may materialize.

Source: https://elliottwave-forecast.com/stock-market/farmmi-fami-will-bulls-take-control/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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CHFJPY is another instrument that has given us trading opportunity lately . The pair is showing impulsive sequences in the cycle from the September 20th low. Recently it made clear 3 waves pull back and found buyers at the blue box as we expected. In this technical blog we’re going to take a quick look at the charts of CHFJPY published in members area of the website and explain the Elliott Wave structure and trading strategy.

CHFJPY Elliott Wave 1 Hour Chart 10.24.2021​

Current view suggests CHFJPY is doing 4 red correction. Pull back is showing lower low sequences and looks incomplete at the moment. We expect to get another leg down toward 123.58-123.09 area. Although expecting another leg down, we recommended members to avoid selling the pair. As the main trend is bullish we expect buyers to appear at the blue box for 3 waves bounce at least. Once bounce reaches 50 Fibs against the X red high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break below 1.618 fibs extension: 123.09

As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.

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

CHFJPY



CHFJPY Elliott Wave 1 Hour Chart 10.27.2021​

Eventually the pair has given us leg down toward blue box as expected. Buyers appeared at the marked zone and we are getting reaction from there. The rally from the blue box reached and exceeded 50 fibs against the ((b)) black connector. As a result members who took long positions should make them risk free ( move stop loss at the entry point) and also took partial profits. As far as the price stays above current low : 123.5, we can consider 4 red pull back done however need to see break above 10/21 - 3 red peak to confirm next leg up is in progress.

CHFJPY

CHFJPY Elliott Wave 1 Hour Chart 10.31.2021​

The pair gave us marginal break below previous low and turned higher again from 123.49 level . Long trades have been stopped out at the BE, without losses. We got nice rally that has broken previous 3 red peak, confirming next leg up is in progress. Now , the pair remains bullish against the 123.495 low.

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

CHFJPY

Elliott Wave Forecast
Source: https://elliottwave-forecast.com/trading/chfjpy-buying-dips-blue-box-area/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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Centennial Resource Development, Inc. ( CDEV ), is an independent Oil & Natural gas company from Energy Sector, focuses on the development of unconventional oil & associated liquid rich natural gas reserves in US. It trades under CDEV ticker at Nasdaq.

CDEV - Elliott Wave View on Daily chart:​

Since 2016, CDEV made all time low at $0.24 in April-2020 during the global sell off in early last year. Thereafter it started higher high sequence as an impulse & favors ((5))th wave up.



It started the impulse sequence as ((1)) from April-2020 low & ended at $2.21 high on 6/08/2020. The ((2)) was quite dip correction as 0.854 retracement against previous cycle & ended at $0.51 low on 9/10/2020. Thereafter it started ((3)) as extended move & favored ended at $7.52 high on 6/23/2021. While below there it placed ((4)) at $3.90 low on 8/20/2021. Thereafter it extends higher as the part of ((5)) up. It confirmed the higher high sequence by breaking above the previous high of ((3)). It suggest the next extension higher in progress as (1) expecting one more high before it starts pulling back in (2). As far as the dips remains above $3.90 it expects to extend higher in ((5)).

Alternatively, it has finished the impulse as I red at June-2021 peak & the correction as II at August-2021 low & until dips remains above August low, it expect to extend higher as the part of III as shown in alternate view below. So both the views suggest that pullback should be supported and extend higher.



Source: https://elliottwave-forecast.com/st...e-view-cdev-pullback-supported-extend-higher/
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$FXE EURO ETF Elliott Wave & Long Term Cycles

Firstly as seen on the monthly chart shown below the instrument made a high in April 2008. There is data back to December 2005 in the ETF fund. Data correlated in the EURUSD foreign exchange pair suggests the high in April 2008 was the end of a cycle up from the all time lows. EURUSD data shows the pair had a five wave up move from the early 1970’s era. This data is derived from the German Mark currency against the US Dollar that preceded the inception of the Euro currency.

As you can see the FXE instrument reflects the price swings of the single currency well. As previously mentioned the instrument made a high in April 2008. This where the analysis begins on the monthly chart shown below. The correction from those highs appears to be a an Elliott Wave zig zag structure correction. The analysis continues below the monthly chart.



Secondly as mentioned the decline from the April 2008 highs appears to be an Elliott Wave zig zag structure. This structure is also called a 5-3-5 in Elliott Wave terms. When a cycle ends against a trend it will show up in momentum indicators usually before price makes it obvious. Further these cycle lows and highs are in the blue color as shown on the chart above (a)-(b)-(c). This finished ((b)) in January 2017.

Lastly and in conclusion. The instrument ended a cycle lower from the January 2018 highs in March of 2020. From the highlighted blue box area it can develop a bounce higher toward the 135.00 - 140.00 area before correcting the cycle up from the January 2017 lows again.

Source: https://elliottwave-forecast.com/stock-market/fxe-euro-etf-elliott-wave-long-term-cycles/
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The fundamental outlook for Soybean (ZS) and other agricultural commodities continue to look bright. The major cost component of agricultural commodities is the energy prices. Farmers require gasoline to operate their equipment, while natural gas is used for fertilizer. The recent rise in energy price should continue to drive commodity prices up. Crude oil price increased by 150% since November 2020 last year, while natural gas rallied 139% since December 2020.

In addition, global supplies of soybean remain tight while Chinese import continues to rise. Below is the USDA estimate on Chinese import this year. Despite the ongoing trade war, the estimate calls for a record number of import.

Chinese Soybean Import​

Soybean (ZS) Weekly Chart​



ZS weekly chart shows an impulsive rally from May 2019 low suggesting the higher time frame trend is looking higher. Up from there, wave ((1)) ended at 961 and pullback in wave ((2)) ended at 808.2. Soybean then extends the rally higher in wave ((3)) towards 1460 and pullback in wave ((4)) ended at 1364.2. Final leg higher wave ((5)) ended at 1667.4 and this completed wave I in higher degree. Wave II pullback is now either complete or can see 1 more push lower before the rally resumes. The commodity has reached 50% - 61.8% retracement area of the entire wave I rally from May 2019. This area typically is the support where we could see buyers for the next leg higher.

Source: https://elliottwave-forecast.com/commodities/soybean-reached-support-area/
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ETHUSD ended cycle from June 22, 2021 ($1700) low at September 3, 2021 (4025) peak and started pulling back. Rally from June 22, 2021 low was in 5 waves and hence we expected the pull back to hold above June 22, 2021 low for extension higher. We told members that pull back was a buying opportunity for at least 1 more leg higher and ideally for a break to new all time high. Let's take a look at some charts below to see how we forecasted the rally following the correction.

ETHUSD September 19, 2021 4 Hour Elliott Wave Update​

ETHUSD 19 September 4 Hour Elliott Wave Analysis ETHUSD September 22, 2021 4 Hour Elliott Wave Update​

ETHUSD 22 September 4 Hour Elliott Wave Analysis

Ethereum October 10, 2021 4 Hour Elliott Wave Update​



ETHUSD 10 October 4 Hour Elliott Wave Analysis

Ethereum October 31, 2021 4 Hour Elliott Wave Analysis​

ETHUSD 31 October 4 Hour Elliott Wave Analysis

Source: https://elliottwave-forecast.com/fo...ecasting-rally-following-corrective-pullback/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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Nasdaq futures rallied over 1600 points during the last 30 days of trading. It found a low at 14372 on October 4, 2021 and has not looked back since then. After a couple of tests of the lows, it accelerated higher and has already made a new all time high reaching 15980 on November 2, 2021. When Nasdaq futures was selling off in September, our members knew that the decline was a corrective pull back and nothing more than an another buying opportunity. Let's take a look at some charts of Nasdaq futures from members area showing how we called a move into the blue box area and a rally from there.

Nasdaq Futures 28 September 4 Hour Elliott Wave Analysis​

Chart below shows NQ_F in a double three correction. We expected a bounce in wave ((b)) to fail for another leg lower towards 14498 - 13940 area to complete double three Elliott wave correction. Then we expected the rally to resume in wave (5) for a new all time high or for a 3 waves bounce at least.

Nasdaq 28 September 4 Hour Elliott Wave Analysis

Nasdaq Futures 01 November 4 Hour Elliott Wave Analysis​

Nasdaq reached a low of 14372 on 4 October, 2021 and reacted higher after buyers appeared in the blue box. There was some fight between buyers and sellers as it usually happens at start of a new cycle. After testing the low a couple of times, Nasdaq futures accelerated higher which means two test of the low became Elliott wave nests and they are now being resolved. Nasdaq futures already managed to break above wave (3) high which is also a new all time high. Cycle from 14372 (4 October, 2021) low is mature and close to ending. 16026 - 16540 is inverse 1.236 - 1.618 Fibonacci extension of wave (4) pull back and we expect a cycle to end in this area after which Nasdaq should pull back in 3 waves at least.

Nasdaq Futures 1 November 4 Hour Elliott Wave Analysis

Source: https://elliottwave-forecast.com/trading/nasdaq-futures-forecasting-rally/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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In this technical blog, we will look at the past performance of 4 hour Elliott Wave Charts of Technology ETF ticker symbol: $XLK. In which, the rally from 05 March 2021 low ended wave (3) in an impulse structure & made a pullback in wave (4). Therefore, we knew that the structure in XLK is incomplete to the upside. And another push higher should happen to complete the 5 wave advance from 21 September 2020 low. So, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

XLK 4 Hour Elliott Wave Chart​

XLK Forecasting The Bounce Higher

Here's 4hr Elliott Wave Chart of XLK from the 10/03/2021 Weekend update. In which, the rally to $160.36 high ended wave (3) & made a wave (4) pullback. The internals of that pullback unfolded as Elliott wave double three structure where wave W ended at $150.35 low. Wave X bounce ended at $156.97 high and wave Y was expected to reach $146.96- $140.73 blue box area. From where buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.

XLK Latest 4hr Elliott Wave Chart​

XLK Forecasting The Bounce Higher

This is the latest 4hr Elliott wave Chart from the 11/03/2021 update. In which the ETF is showing a strong reaction higher taking place from the blue box area at $146.96- $140.73. Right after ending the double three corrections within the blue box area. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area.

Source: https://elliottwave-forecast.com/stock-market/xlk-forecasting-bounce-higher/
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Another day, another meme stock rallies. This week, Bakkt is the company I want to focus on. This is another Crypto focussed stock. However, it has a large deal behind it, being a Mastercard deal whereby Bakkt assists mastercard with its users to pay in crypto. Lets take a look at the company profile:

"Our vision is to connect the digital economy We power commerce by enabling consumers, businesses and institutions to unlock value from digital assets. Digital assets – which include cryptocurrency, loyalty and rewards points, gift cards, in-game assets, and non-fungible tokens, or NFTs, which are unique digital assets that are not interchangeable – comprise a growing $1.6 trillion marketplace. We are unlocking new ways to participate in the digital economy for consumers, enterprises, and financial institutions. We accomplish this by expanding access to and improving liquidity for digital assets. Bakkt is positioned at the center of this digital asset ecosystem, with over 500,000 early-access participating consumers, access to 250 merchant partners and nearly 100 institutional clients."

Recently, as mentioned, it has signed a contract with Mastercard which is a fairly big deal. Lets take a look at the shorter cycles. I will be using a 30 minute charts in this blog, it is important to realize that this stock is heavily volatile. The shorter the timeframe for analyzing, the less reliable the analysis can become. Since the all time lows are in late October 2021, we only have a few sessions to compile a chart.

Bakkt Elliottwave View 30m:

Bakkt

Medium term term view from the October 2021 @ 7.63. The stock in essance, has had a sharp surge from that low. The structure comes in 5 waves, with momentum divergence at the peak confirming the impulse higher into ((1)). After that, a sharp pullback took place in 3 waves, which found support in the blue box area. The blue box is an area where algos are programmed to react. In this case, the stock halted the decline in 3 waves (which is corrective). After that, another 5 waves higher has taken place into Blue (1). This peak also comes with momentum divergence confirming the idea of an impulse higher.

Currently, prices are correcting the cycle from ((2)) low, in Blue (2). As long as that 20.01 low remains intact, further upside is favoured to take place. Should that low fail, the next level below for support would be the $10.77 area. On the upside, the potential for ((3)) is the 72.23 to 104.54 area, where a larger pullback can take place. Right now prices are in the middle area, but a break of the ((1)) peak will confirm the next leg higher is underway.

Source: https://elliottwave-forecast.com/stock-market/baakt-bkkt-bullish-potential-tap/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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Another good trading opportunity we have had lately is AMD stock. As our members know the stock is showing impulsive bullish sequences in the cycle from the September 99.46 low. Recently it made clear 3 waves pull back and found buyers at the blue box as we expected. In this technical blog we’re going to take a quick look at the charts of AMD Stock published in members area of the website and explain the Elliott Wave structure and trading strategy.

AMD Elliott Wave 1 Hour Chart 10.29.2021​

AMD is giving us wave 4 red correction. Pull back is showing lower low sequences and looks incomplete at the moment. Another marginal push down should be seen toward 119.29-114.93 area to complete the pull back. We recommended members to avoid short selling AMD against the main bullish trend . Strategy is buying the dips at the blue box area. As the main trend is bullish, we expect to get at least 3 waves bounce against the peak, if not rally toward new highs. Once bounce reaches 50 Fibs against the ((x)) black high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break below 1.618 fibs extension: 114.93.

As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.

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

AMD

AMD Elliott Wave 1 Hour Chart 11.01.2021​

The Stock has given us leg down toward blue box as expected. Buyers appeared at the marked zone and we are getting nice reaction from there. The reaction from the blue box is solid. It reached and exceeded 50 fibs against the ((x)) black connector. As a result members who took long positions should make them risk free ( move stop loss at the entry point). As far as the price stays above current low : 118.17, we can consider (4) blue pull back done. Now, we would like to see break above (3) blue peak to confirm next leg up (5) is in progress.



AMD Elliott Wave 1 Hour Chart 11.03.2021​

AMD has given us further rally and we finally got the break of previous (3) blue high. At this moment, the stock remains bullish against the 118.17 low in first degree. AMD should ideally keep finding buyers in short term dips as far as the mentioned pivot holds.

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

AMD
Elliott Wave Forecast

Source: https://elliottwave-forecast.com/trading/amd-stock-buying-pull-back-blue-box/
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Gold and related miners formed a high on August 2020 and they have pulled back for more than 1 year. In our last article from 2 months ago, we provided a support area of $18.5 - $32.6. It looks like Gold Miners did not quite reach the 100% extension area and already ended the correction. This article is the latest update on Gold Miners Junior (GDXJ) ETF.

GDXJ Monthly Chart​



Since topping out on August 2020 peak, Gold Miners Junior (GDXJ) has retraced 61.8% of the rally from March 2020 low. The correction has likely likely completed. As the chart above shows, the rally from January 2016 low (15.23) low is proposed to be unfolding as a 5 waves impulse. Up from January 2016 low, wave I ended at $52.50 and pullback in wave II ended at $19.52. The ETF then extends higher again in wave III which subdivides into another 5 waves in lesser degree. Up from wave II, wave ((1)) ended at $65.95 and dips in wave ((2)) ended at $37.31. The ETF has turned higher and should rally in a powerful wave ((3)) of III.

GDXJ Daily Chart​



The Daily chart above shows that GDXJ ended wave ((1)) at $65.95 on August 2020 peak. It then corrects the rally from wave II low on March 2020 for 13 months before ending wave ((2)) at $37.31. It has turned higher with structure of the rally looking impulsive. Up from wave ((2)), wave (1) ended at $45.75 and dips in wave (2) ended at $42.12. Near term, while above $42.12, and more importantly above $18.99, expect the ETF to extend higher.

Source: https://elliottwave-forecast.com/stock-market/junior-gold-miners-gdxj-ended-correction/
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Lockheed Martin is one of the the largest defense, arms and aerospace companies based in the United States and the world. It employs approximately 110'000 people worldwide. The company operates mainly on four business segments, i.e., Aeronautics, Missiles & Fire control, Rotary & Mission system and Space systems. It’s the world’s largest defense contractor based on revenues in the fiscal year of 2014. Headquartered in Bethesda, Maryland, USA, Lockheed Martin is a part of S&P100 and S&P500 indices. One can trade it under the ticker $LMT at NYSE.

In the article back in March 2019, we have presented the impulsive structure of $LMT. Our anticipation was an extension towards 391-437 area. Then a pullback in wave ((IV)) before higher again. We were right. Here, we present an updated view.

Lockheed Martin Monthly Elliott Wave Analysis 11.07.2021​

The monthly chart below shows the Lockheed Martin stock $LMT traded at NYSE. From the all-time lows, the stock price has developed cycles higher in black waves ((I))-((II)-((III)) of grand super cycle degree towards the all-time highs on February 2020 at 442.53. Hereby, the wave ((III)) shows an extension beyond 2.618 as related to the wave ((I)). Moreover, wave ((III)) shows an extended subwave (III) on its own. From the February 2020 highs, a correction lower in black wave ((IV)) has found its bottom in March 2020 at 266.11 low. From there, a new cycle within wave ((V)) is in progress. The target for wave ((V)) will be 484.18-551.58 area.

Lockheed Martin Elliott Wave Monthly

Lockheed Martin Daily Elliott Wave Analysis 11.07.2021​

The daily chart below shows in more detail the first stages of the advance higher in black wave ((V)). First, the cycle in blue wave (I) has ended in June 2020 at 417.62 highs. From there, a pullback in wave (II) is taking place and should find support in 7 or 11 swings above 266.11 lows. While prices hold below 396.99 highs from May 2021, $LMT can reach lower towards 298.93-275.80 area. Then, acceleration higher within wave (III) of ((V)) should take place.

Investors and traders can be looking to buy Lockheed Martin in pullback from 298.93-266.11 area for more upside. The target will be 484.18-551.58 area.

Lockheed Martin Elliott Wave Daily

Source: https://elliottwave-forecast.com/stock-market/lockheed-martin-opportunity-pullback/
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In the original article from March 2021, we have discussed the price action and the outlook for the Frozen Concentrated Orange Juice. Today, we present un updated view. As it has been expected, the soft commodities have advanced. In particular, we saw commodities like coffee, cocoa, cotton and sugar extending higher. Hereby, orange juice futures OJ #F have rallied as well. Now, a pullback is happening. This short-term consolidation provides an opportunity both for investors and traders. Soon, an acceleration higher should take place.

Orange Juice Monthly Elliott Wave Analysis 11.07.2021​

The monthly chart below shows the FCOJ front contract OJ #F at NYBOT (e-Signal ticker: JO). From the important low in May 2004, the prices have developed a cycle higher in blue wave (I) of a super cycle degree. Hereby, wave (I) has demonstrated a leading diagonal pattern and has ended in October 2016 at 227.50. From the all-time highs, a correction lower in wave (II) has unfolded as an Elliott Wave double three pattern. In 2.5 years, OJ #F has become cheaper by 60% reaching 90.60 level. It is the preferred view that an important bottom in May 2019 has been set and the correction has ended. From the lows, a new rally in prices within blue wave (III) may have already started.

For 2021-2030, the expectations are to break to the new all-time highs. The target for wave (III) will be 264.00-371.20 area. From current levels, the orange juice can, therefore, double to tripple in price.

Orange Juice Elliott Wave Monthly

Orange Juice Weekly Elliott Wave Analysis 11.07.2021​

The weekly chart below shows in more detail the decline lower in wave (II) and the first stages of the wave (III). From the 90.60 lows, we see the advance higher as a leading diagonal in wave ((1)) ended in July 2021 at 143.80 highs. From there, a correction lower in wave ((2)) is unfolding as an expanded flat. While below 148.95 highs, it can see minor downside before turning higher again.

Investors and traders can be, therefore, looking to buy FCOJ in a pullback against 90.60 low. While short-term target will be above 143.80 highs, in a long-term, investors can be looking towards 264.00-371.20 area.

Orange Juice Elliott Wave Weekly

Source: https://elliottwave-forecast.com/commodities/orange-juice-opportunity/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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Gatos Silver, Inc (GATO) engages in the exploration, development & production of the precious metals. It primarily explores the Silver Ores including Zinc, Lead, Copper & Gold Ores. It's flagship asses is the Cerro Los Gatos mine located at the Los Gatos District in Chihuahua state, Mexico. It comes under Basic Materials sector & trades under GATO ticker at NYSE.

GATO - Elliott Wave View on Daily chart:​

Since October-2020, GATO started the higher high sequence as impulse up & ended at $24 on 2/01/2021 high as wave ((1)). Below there it started dip correction as wave ((2)), which ended at $9.26 low on 4/19/2021 as around 0.854 retracement. It again started impulse up as (1) from $9.26 low & favored ended at $20.26 high on 6/10/2021. The correction of wave (2) against the cycle up from 4/19/2021 low favored ended at $10.70 low on 10/12/2021 as 0.854 retracement.



Since the major low at $5.78, it appears like nest structure in progress & expect to extend higher. Further upside will confirm only once it breaks above intermediate high $20.26 of (1) calling for further strength as the part of wave (3). Above $10.74 low, it proposed ended ((i)) at $13.48 high & below there it favors the correction of ((ii)) lower. It expecting one more leg lower in ((ii)) before turning up again. While dips remains above $10.74 low, it expect to extend higher in ((iii)) up of wave 1 red.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-gato-extend-higher/
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$QQQ ETF Elliott Wave & Long Term Cycles

Firstly the QQQ instrument inception date was in March 1999. That was before it ended a larger cycle up from the all time lows in March 2000. The ETF instrument mirrors the price movement of the Nasdaq index.

As shown below from the March 2000 highs the instrument had a steep correction lower in three swings to the October 2002 lows. From there to the October 2007 highs it ended the first of the current series of Elliott wave impulses in the black color ((1)). This makes up the subdivisions of the wave ((5)) of the red I that ended on in August 2018. The correction of the cycle up from the October 2002 lows ended the red wave II in December 2018. The pullback into the December 2018 lows was strong in momentum but relatively speaking not so much in price. It suggested it had corrected the whole cycle from the October 2002 low.

The analysis continues below the monthly chart.



Secondly as previously suggested the QQQ instrument mirrors the Nasdaq index cycle highs & cycle lows. As known, impulses progress in 5-9-13-17 swings. Corrections against the trend proceed in 3-7 or 11 swings. So far the bounce from the December 2018 lows appears to be three, larger degree five wave impulse sequences still ongoing. This leaves an incomplete sequence higher.

In conclusion the instrument is bullish most immediately while above the 350.32 lows from October 2021. While above there the instrument should trade higher toward the 430.00 area in wave ((3)). Once that high is established it may see a relatively shallow .236 to .382 Fibonacci retracement of the wave ((3)) cycle in wave ((4)) before turning higher again in wave ((5)) of III.

Source: https://elliottwave-forecast.com/stock-market/qqq-etf-elliott-wave-long-term-cycles/
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Another good trading opportunity we have had lately is in GOOGL stock. Stock has been an impulsive rally since 10.4.2021 low with wave (1) completed at $2874.99, wave (2) completed at $2700, wave (3) completed at $2973 and it started pulling back within wave (4). Wave (4) took the form of a zigzag and presented a clear blue box extreme area where we expected buyers to enter to resume the rally in wave (5) or a reaction higher at least. In this technical blog we’re going to take a quick look at the charts of GOOGL Stock published in members area of the website.

GOOGL Elliott Wave 1 Hour Chart 11.01.2021​

Chart below shows wave (3) completed at $2973 which was followed by an Elliott wave zigzag correction. Wave B took the form of an expanded FLAT and wave C lower is in progress. Price is already very close to the blue box, another marginal push lower is expected to complete wave C and take prices lower toward $2888.38 - $2838.81 before buyers appear to resume the rally for a new high above $2973 in wave (5) or produce 3 waves reaction higher at minimum.

As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.

You can learn more about Elliott wave zigzag correction at our Elliott Wave Free Educational Web page

GOOGL 1 November 1 Hour Midday Chart

GOOGL Elliott Wave 1 Hour Chart 11.08.2021​

Chart below shows wave (4) completed at $2864 and stock resumed the rally after buyers appeared in the blue box. We have already seen a new high in wave (5) but rally from wave (4) low is so far in 3 waves so we are still expecting a pull back and 1 more high. Minimum target for blue box buy has been reached at $2988.35 which is inverse 1.236 Fibonacci extension of wave (4) pull back. Another high is still expected within the proposed wave (5) and next level of interest would be the inverse 1.618 Fibonacci extension of wave (4) comes at $3039.87.

GOOGL 8 November 1 Hour Midday chart

Source: https://elliottwave-forecast.com/trading/googl-another-blue-box-buy-resulted-new-highs/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,549
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64
www.elliottwave-forecast.com
In this technical blog, we will look at the past performance of 4 hour Elliott Wave Charts of Nvidia stock ticker symbol: NVDA. In which, the rally from 08 March 2021 low ended wave (III) in an impulse structure & made a pullback in wave (IV). Therefore, we knew that the structure is incomplete to the upside. And another push higher minimum should happen to complete the 5 wave advance. So, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

NVDA 4 Hour Elliott Wave Chart​

NVDA Made New All-Time Highs From Blue Box Area

Here’s 4hr Elliott Wave Chart of NVDA from the 10/03/2021 Weekend update. In which, the rally to $230.57 high ended wave (III) & made a pullback in wave (IV). The internals of that pullback unfolded as Elliott wave double three structure where wave w ended at $206.62 low. Wave x bounce ended at $225.35 high and wave y was expected to reach $201.50- $186.77 blue box area. From their buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.

NVDA Latest 4hr Elliott Wave Chart​

NVDA Made New All-Time Highs From Blue Box Area

This is the latest 4hr Elliott wave Chart of NVDA from the 11/11/2021 update. In which the ETF is showing a strong reaction higher taking place from the blue box area at $201.50- $186.77. Right after ending the double three correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area. However, it's important to note that with further data, we were able to adjust the degree of the structure as a nest in wave (III).

Source: https://elliottwave-forecast.com/stock-market/nvda-made-new-time-highs-blue-box-area/
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The last time I charted this name was back in the summer of 2021 (article can be viewed here). At the time, the price of the stock was 646.00. I was looking for some continuation higher against the low set in May 2021. Firstly, in short summary, MSTR is a large holder of bitcoin, essentially making it a crypto currency company. Now that the company overview is out of the way, lets take a look at what I had charted out previous in July 2021:

Microstrategy Elliottwave View July 2021:

MicroStrategy

At the time, I was looking for another nest in Red 1 and 2 to take place. Now lets take a look at the current chart:

MicroStrategy Ellottwave View November 2021:



As expected, the Red 2 correction did take place and prices have now surpassed Red 1 peak. RSI momentum has also confirmed that there is a wave 3 of 3 underway in the shorter cycles. Further continuation is favoured to take place at this time.

With all this said, there is also another view which should be considered. It is the fact that perhaps ((1)) and ((2)) are set where (1) and (2) are currently placed on the chart. If this is the case, then a bigger breakout is possible. At this time, new all time highs are favoured to take place as long as the Red IV lows remain intact. The bulls remain in control and the trend is higher in shorter cycles.

Source: https://elliottwave-forecast.com/stock-market/microstrategy-mstr-continues-move-higher/

 

fxbee

Trader
Jun 5, 2021
7
2
9
29
Please share a good source from where I can study more about this indicator. Heard many times but not getting any reliable link.
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,549
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64
www.elliottwave-forecast.com
Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of AT&T ($T) Stock, published in members area of the website. As our members know, the stock is showing incomplete bearish sequences in the cycles from the Jule 2016 and November 2019 peaks. We’ve been calling the decline in the stock and recommend members to avoid buying the stock, while favoring short selling. AT&T recently made the recovery that has had a form of Elliott Wave Zig Zag pattern. In the further text we are going to explain the Elliott Wave Pattern and trading strategy.

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

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&T

Now, let’s take a look what Elliott Wave Zig Zag Pattern looks like in the real market.

AT&T ( $T ) 1 Hour Elliott Wave Analysis 10.21.2021

AT&T is giving us (iv) black recovery that is unfolding as Elliott Wave Zig Zage Pattern. It’s having (a)(b) (c) blue inner labeling. The main characteristic of Zig Zag is that it has 5,3,5 structure. Waves (a) and (c) has 5 waves form, while (b) is 3 waves. The price reached Sellers zone at 26.19-26.77. Although another marginal push up withing the marked zone is possible, there is already enough number of swings in place. So, turn lower can be seen any moment. Invalidation for the short trade is break above 1.618 fib extension (1381’7). We don't advise buying the stock and favor the short side from the Blue Box Area.
You can learn more about Elliott Wave Theory and Patterns at our Free Elliott Wave Educational Web Page.

AT&T

AT&T ( $T ) 1 Hour Elliott Wave Analysis 10.22.2021

Sellers appeared at the blue box and we got good reaction from there. The decline from the blue box reached 50 fibs against the (b) connector. As a result short positions from the blue box are Risk Free and partial profit are taken. Break of 13th October low – ((iii)) black is needed to confirm next leg down is in progress.

AT&T ( $T ) 1 Hour Elliott Wave Analysis 11.09.2021

Eventually the stock resume the decline and we got the break of 10/13 low. AT&T now remains bearish against the 26.43 pivot. The stock is still expected to keep finding sellers as far as 26.43 pivot holds. Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.

AT&T

Elliott Wave Forecast
Source: https://elliottwave-forecast.com/trading/att-t-stock-decline-selling-rallies/
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Since the crash of March 2020, all stocks have tried to recover what they lost and PG was no exception. PG did not only recover the lost, but it also reached historic highs. We tried to build an impulse from wave II with a first target to $154.00, but market movements of last months have showing the impulse from wave II ended at 147.23 as wave III and PG appears to have entered in an ending diagonal structure from March 2020 low.

PG February Daily Chart

PG Daily Chart

As we see in the daily chart, PG built an impulse ((1)), ((2)), ((3)), ((4)), and ((5)) that we call I in red and it ended at 146.92. Then, we saw the stock with an incomplete bearish sequence and we called 2 swings more down (B) and (C) in blue to finish wave ((Y)) forming a double correction as wave II.

PG July Daily Chart

PG Daily Chart

The market dropped and the wave II bounced from 121.54 dollars missing our ideal level for a few cents at 120.68.

PG September Daily Chart

PG Daily Chart

P&G rallied, and it completed wave ((1)) at 138.63 dollars. Also, we have seen a pullback that bounced at 130.19 dollars, Fibonacci 50% retracement, ending for us the wave ((2)). Wave (1) of ((3)) ends at 139.18 and wave (2) of ((3)) made a double correction to complete at 131.93. Wave (3) of ((3)) ended at 145.97 and wave (4) of ((3)) pullback completed at 141.47. At this moment, we were calling one more high to 147.19 – 149.97 area to complete wave the whole wave ((3)). The stock hit the area at 147.23, but the pullback as wave ((4)) were to dip to consider a wave ((4)) and we rebuilt the count from wave II ending the impulse at 147.23 as wave III. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).

Elliott Wave Theory Motive Wave Structure

PG Daily Chart

PG Daily Chart

At last the wave III was finished. Wave ((1)) of III ended at 139.18, wave ((2)) ended at 131.93. Wave ((3)) completed at 145.98 with and ending diagonal as wave (5). Wave ((4)) correction finished at 141.47 and the last push to 147.23 as we know. Then we have a deep pullback as a double correction completed wave IV at 137.60 and that is why it is better to consider that the structure from March low is an ending diagonal.

Actually, wave V already ended 2 swings. Wave ((1)) at 144.87 and wave ((2)) at 138.80. Wave ((3)) almost should done; therefore, we are near a pullback as wave ((4)) before rally to complete wave fifth. This rally could end in 149.56 – 153.26 at first view and we could expect a nice correction from those levels.

Source: https://elliottwave-forecast.com/stock-market/pg-rally-complete-cycle-march-2020/
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Since the crash of March 2020, all stocks have tried to recover what they lost, and Disney was no exception. Disney did not only recover the lost, but It also reached historic highs. Now, we are going to try to build an impulse from the March 2020 lows with a target around $230. Target measured from 0 to 2019’s high projected from March’s low, equal legs. Since we begin with this analysis on February 13th, we bought the share in 160.97 then the market broke to a new historical high and reached the first target at 190.88 after hours. The target gave us a return of +18.58% in 12 days.

Disney Old Daily Chart

Disney Daily Chart

We relabeled Disney impulse building a leading diagonal from March 2020 low ending at 137.34 as wave ((1)). Then a zig zag correction as wave ((2)) finishing at 117.19. Wave ((3)) is a clearly impulse ended at 183.54 and wave ((4)) pullback ended at 160.57. The last push to the upside to complete wave ((5)) and Wave I topped at 203.01. From there, the stock did 3 swings down gave us the idea that we need one more rally to complete the impulse to $230.00 target, but the lagging in time from last months were too long to think about that rally and it was better to think that we were already in wave II correction.

Therefore, Disney stock began to build a double correction. Down from the peak 3 swings completed wave (W) at 167.10. Then, we had 7 swings higher to complete wave (X) at 187.58 and we were looking 3 swings more to complete wave (Y) and the first leg of ((W)) in 165.79 - 152.18 area. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).

Elliott Wave Theory Double Correction Structure



Disney Daily Chart

Disney Daily Chart

After a month, wave (Y) of ((W)) is still developing and we could appreciate clearly a double correction structure. In lesser degree from X at 179.63, we have an incomplete ((a)), ((b)), ((c)) flat correction. Wave ((c)) of Y of (Y) reacted down finding support at 158.33, but it looks to need one more low to complete an impulse and we have considered an area of 156.50 – 149.34 to end this structure.

Then we should bounce in 3 swings that should fail to complete the connector ((X)) and further downside should take place. This last face should have the same structure of the first one, that is a double correction (W), (X), (Y) to complete wave ((Y)) and also wave II. We will look to buy when wave II is done.

Source: https://elliottwave-forecast.com/stock-market/disney-no-rally-correction-mode/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,549
7
64
www.elliottwave-forecast.com
Marathon Oil Corporation (MRO) is the industry from Energy sector working as independent Oil & Gas Exploration & Production. It is headquartered in Houston, Texas & trades under MRO ticker at NYSE.

This is a continuation article for Elliott Wave view, previously posted on 10/17/2021. In previous article, we expect it to extend higher in the cycle started from August low in shorter time frame.

MRO - Old Elliott Wave analysis - 2 hour chart from 10/17/2021:​

MRO made all time low Since 1969 during Covid pandemic sell off at $3.02 low on 4/01/2020. Thereafter it started higher high sequence & already made 17 swings higher from major low. Until the dips remains above 8/20/2021 low, it expect to extend higher in impulse sequence. Previously, MRO was analyzed in 2-hour chart, on 10/17/2021. It was expected to make at least two more highs to end the sequence started from $10.42 low on 8/20/2021. It was outperforming the Energy sector from August low. In 2-hour, it was ended 3 red at $16.60 & 4 at 15.40 low. While above there it was expected to reach $17.40 level as possible extension higher before it starts any larger pullback against August-2021 cycle.


MRO - Current Elliott Wave View - 2 hour chart:​

It unfolds as expected as in previous update. It favored ended (1) at $17.58 high on 11/08/2021 as impulse sequence started from 8/20/2021 low. Within the sequence, 1 red ended at $12.19 high, while below there 2 ended at $11.02 low. The wave 3 favored ended at $17.32 high as third wave extension in third wave extension as 9 swings. The wave 4 ended at $16.34 low as running flat correction. Finally, the 5 ended at $17.58 high. Currently it favors the correction against the August-2021 low in proposed W-X-Y correction as (2) before it resumes the next leg higher or at least 3 swing bounce. Alternatively, it can do double correction lower in (2), if the bounce fails below $17.58 high. We like to stay long when it reaches the equal leg area within the correction lower against the August low.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-mro/
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$FXA Currency ETF Long Term Cycles and Elliott Wave Analysis

The FXA ETF fund is the Australian dollar tracking fund that has an inception Date of 06/21/2006. With that said the fund mainly reflects the currency spot price of the AUDUSD pair. The data available from the Reserve Bank of Australia at their website suggests the spot price was 1.4875 back in 1973 to 1974 translates into an FXA price of around 148.75. The cycle analysis suggests a larger pullback cycle ended in March 2020.

Back before the FXA fund inception date, the AUDUSD spot currency price reached what is still the currency low in April 2001 at .4778. From there the currency pair went up in what appears to be a lead diagonal until July 2011 at a high of 1.1080. That translates into the FXA ETF fund price high of 110.99 in July 2011. This is where the monthly Elliott wave analysis begins on the chart below.

The analysis continues below the monthly chart.



Secondly the decline from the aforementioned July 2011 highs does not seem legitimately able to count the whole cycle from there down to the January 2016 lows as a regular impulse by itself as a whole. The cycle lower in the red wave w has been subdivided as an ((A))-((B))-((C)) in black. The instrument has since then bounced in three swings. Further, this appeared to be a zig zag Elliott wave x in red that ended in January 2018.

Thirdly and in conclusion, since the wave x highs from January 2018 the instrument has declined in another Elliott Wave double three structure into the March 2020 lows. There it appears ended a larger pullback cycle. Lastly, from there it now appears the pair has finished correcting the cycle up from the March 2020 lows. This was in August 2021 on the 20th. While the pullback remains above there it should trend higher again.

Source: https://elliottwave-forecast.com/st...f-long-term-cycles-and-elliott-wave-analysis/
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We recently got a good buying opportunity in RTY_F (Russell Futures) and members who bought in the blue box are already enjoying a risk free position. Our members know Index futures is in an Elliott wave impulse structure since March 2020 low with wave ((5)) in progress. Within this wave ((5)), it ended a minor wave 2 on September 20, 2021 and Minute degree wave ((ii)) on October 1, 2021. It ended wave (iii) of ((iii)) at 2460.80 on November 8, 2021 and started pulling back in wave (iv). Wave (iv) pull back unfolded as a double three Elliott wave structure and found buyers in the blue box as expected. In this technical blog we’re going to take a quick look at the charts of Russell futures published in members area of the website and explain the Elliott Wave structure and trading strategy.

RTY_F 10 November 1 Hour Elliott Wave Analysis​

Chart below shows RTY_F wave (i) completed at 2321.90, wave (ii) completed at 2249.39 and wave (iii) completed at 2460.80. Wave (iv) pull back is unfolding as a double three structure within which wave "w" completed at 2410.90, wave "x" completed at 2432.20, wave "y" is in progress and is expected to complete between 2380.32 - 2348.18 to complete wave (iv). We expect buyers to appear in the blue box to resume the rally in wave (v) or produce a reaction higher in 3 waves at least.

RTY_F 10 November 1 Hour Elliottwave Analysis



RTY_F 15 November 1 Hour Elliott Wave Analysis​

Chart below shows cycle from wave (iii) peak completed at 2378.40 which we have labelled as wave (iv) and we saw a reaction higher from the blue box after buyers appeared. We already reached 50% Fibonacci retracement of the decline from red "x" peak so members who bought in the blue box are already risk free. As pull backs hold above 2378.40, we expect continuation higher in wave (v) towards 2480.24 - 2511.67 which is the inverse 1.236 - 1.618 Fibonacci extension area. Failure to break above wave (iii) peak and a break below 2378.40 will suggest 2460.80 peak was black wave ((iii)) and we are doing a double correction in wave ((iv)) and we should still see buyers at the next extreme blue box area.

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

RTY_F 15 November 1 Hour Elliott Wave Analysis

Source: https://elliottwave-forecast.com/trading/rty_f-buying-dips-double-correction/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,549
7
64
www.elliottwave-forecast.com
Lumber, also known as timber, is a type of wood that has been processed into beams and planks. One can trade it in form of Random Length Lumber futures and options at Chicago Mercantile Exchange within the agriculture asset class under the ticker $LBS. In 2020, we saw commodities turning higher. Then, a medium term bounce in US Dollar has executed pressure on commodity prices in general and on agriculture prices in particular. As a matter of fact, the lumber has rallied into May 2021. It has printed the all-time highs at 1711.2. Then, it has seen the low in August of the same year at 448. Our initial article on Lumber has forecasted that. Here, we provide an updated view. Will that new large cycle higher make the housing market unaffordable to everyone?

Lumber Monthly Elliott Wave Analysis 11.16.2021​

The monthly chart below shows the lumber front contract LBS #F. From the all-time lows, the prices have developed a cycle higher in blue wave (w) of a super cycle degree. It is a choppy and overlapping structure in series of 3. Therefore, the best count is to see the advance towards May 2018 highs at 648.5 as a double three pattern. From there, a correction lower in wave (x) has ended in April 2020 at 251.5. From the lows, a break to the new all-time highs has confirmed a new cycle higher in blue wave (y). Hereby, wave (y) has extended in 3 impressively strong swings towards the new all-time highs in May 2021 at 1711.2.

From the all-time highs in May 2021, a pullback has brought the prices down to 448 lows. The timber has lost 74% off the highs in only 3 months. Therefore, the grand super cycle in black wave ((w)) has ended in May 2021. It is the preferred view, that the correction in black wave ((x)) has ended in August 2021. While above the 448 lows, a new cycle in black wave ((y)) might be in the initial stages.

For 2022-2030, the expectations are to see more upside within a new cycle as wave ((y)). Investors can target the 100%-161.8% extension range based on the length of the wave ((w)) being 2165-3225 area.

Lumber Elliott Wave Monthly

Lumber Daily Elliott Wave Analysis 11.16.2021​

The daily chart below shows in more detail the pullback from the all-time highs within wave ((x)) and first stages of the new larger cycle in wave ((y)). From the high at 1711.2, the decline is an Elliott wave zigzag pattern being a 5-3-5 structure. It has printed an important bottom at 448 low. From there, an impulse higher as wave ((1)) has ended in October 2021 at 789.6, the consolidation in wave ((2)) saw the low at 531.1. While above there, wave ((3)) might be in progress. In shorter cycles, wave ((3)) can reach towards 871.7-1082.4 area and possibly higher.

Lumber Elliott Wave Daily

Source: https://elliottwave-forecast.com/commodities/lumber-prices-start-new-cycle/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,549
7
64
www.elliottwave-forecast.com
The last time I analyzed DataDog I favoured that the instrument had completed a major pullback in Red II. And this stock was ready to start moving higher within a wave III advance. This article can be viewed here. I wanted to revisit this stock and take a look at what has happened since July 2021.

At the time, in July 2021, I was looking for a pullback against Red II Low (at 69.79) to take place before moving higher:

Datadog July 2021 Elliottwave View:

Datadog

I was taking the less aggressive approach, calling for a pullback against the cycle from May 2021, before resuming higher in a wave 3 advance. My less aggressive view turned out to be too conservative. DataDog decided to immmediatly rally in a wave 3 breakout. Lets take a look at the new view below.

Datadog November 2021 Elliottwave View:​

Datadog

As you can see, the stock has been on a tear with shallow pullbacks and sharp rallies. This is a good example of why we do not prefer to sell short stocks that have confirmed the move higher. Right now, it still has a few degrees of wave 3s and wave 4s before pulling back in Red IV. The 216.59 area is a bit of a magnet at this point for where Red III can peak, and the cycle from May 2021 can correct in Red IV. For now, the trend is higher, which is the path of least resistance.

Source: https://elliottwave-forecast.com/stock-market/datadog-ddog-extension-higher-pullback/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,549
7
64
www.elliottwave-forecast.com
Hello fellow traders. Another instrument that has given us nice trading setup recently is EURUSD Forex Pair. In this technical article we’re going to take a look at the past charts of $EURUSD presented in members area of the of the Elliottwave-Forecast . EURUSD is showing bearish impulsive sequences in the cycle from the May peak. We got a short term recovery wave 4 that has given us opportunity to enter short trades again. In further text we’re going to explain the forecast and trading strategy.

EURUSD 1 Hour Elliott Wave Analysis 11.18.2021

EURUSD is giving us 4 red recovery that is unfolding as Elliott Wave Zig Zag Pattern. It’s having ((a))((b)) ((c)) inner labeling. Recovery looks incomplete at the moment, suggesting more short term strength. The Forex Pair is looking for 1.1362-1.1406 area, to complete 4 red recovery. At the marked blue box area, we expect intraday sellers to appear and to pull price lower toward new lows or in 3 waves pull back alternatively. Invalidation level for the trade is break above 1.618 fib extension (1.14065).
You can learn more about Elliott WaveDouble Three and Zig Zag Patterns at our Free Elliott Wave Educational Web Page.

EURUSD

EURUSD 1 Hour Elliott Wave Analysis 11.20.2021

Sellers appeared at the blue box and we got good reaction from there. The decline from the blue box unfolded as 5 waves and the price made break toward new lows. As a result short positions from the blue box are Risk Free and partial profit are taken. At this stage the pair remains bearish against the 1.3763 high . As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a reaction.

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

EURUSD

Elliott Wave Forecast
Source: https://elliottwave-forecast.com/trading/eurusd-elliott-wave-decline-selling/
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Snap Inc. is an American camera and social media company, founded on September 16, 2011, by Evan Spiegel, Bobby Murphy, and Reggie Brown based in Santa Monica, California. The company developed and maintained technological products and services, namely Snapchat, Spectacles, and Bitmoji.

SNAP Daily Chart

SNAP Daily Chart

The market cycle began on December 2018 when SNAP found support at $4.82 american dollars. The stock got a bullish momentum and built a motive wave ending near to $84.0, getting more than 900% of return in two and half years. The wave (1) of the impulse ended at $18.36. The pullback made an irregular flat completing at $7.89 as wave 2. Wave (3) started a powerful rally reaching $73.59 in less than a year. Wave (4) correction drop to 38.2% Fibonacci retracement from wave (2) at $47.92 and the last rally to complete wave (5) and the impulse wave ((1)) finished at $83.34. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).

Elliott Wave Theory Motive Wave Structure

Motive Wave


SNAP Correction and Target

From the peak, SNAP already has 5 swings down and appears the structure is not finished yet to end wave (A). Therefore, we should see more downside in the next days. After completing this wave (A), we should bounce in at least 3 swings or 7 swings to correct the drop from the top and that movement we will call wave (B). Then we should resume the downtrend looking for another 5 swings down to repeat the fractal of wave (A), finishing an (A) (B) (C) correction as wave ((2)) and then the stock should find buyers for a new rally. We expect that this correction will end in $44.25 – $23.59 area and we are going to be updating to look for the best entry in this one.

Source: https://elliottwave-forecast.com/stock-market/snap-closed-cycle-2018-correction-mode/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,549
7
64
www.elliottwave-forecast.com
ASANA Inc. (ASAN), operates a work management platform as Software services globally to get work done faster, while enhancing employee engagement by connecting to the mission of organization. It headquartered in San Francisco, California. It trades under the ticker name “ASAN” at NYSE & comes under Technology - Software application sector.

ASAN Daily Elliott Wave Analysis​

ASAN made an impulse sequence higher as I red started from $20.57 low dated 11/12/2020, which proposed ended at $145.79 high on 11/15/2021. Thereafter the reaction lower was too sharp, which favors further weakness in correction of II before it resumes the next upside.



In daily, the all time low was at $20.57 on 11/12/2020. While above there it favored ended ((1)) at $43.72 high on 02/19/2021, while below there it placed ((2)) at $25.41 low on 03/30/2021. The correction of ((2)) was quite dip as 0.764 retracement against previous cycle. The wave ((3)) wave favored ended at $124.85 high on 9/23/2021 as third wave extension within third wave extension. The wave ((4)) favored ended at $98.06 low on 10/01/2021 low as shallow correction as 0.236 retracement of ((3)). The final leg higher favored ended at $145.79 high on 11/15/2021. While below there it favors the correction of II red lower.

Yesterday it dropped around 22%, which calls for short term weakness. In shorter cycle, it favors the (3) of ((A)) in progress & expect one more leg lower before it bounce in (4) followed by new low of (5) of ((A)). Thereafter it expects the bounce in ((B)) leg before further downside resumes towards equal leg area to end ((C)) of II.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-asan-extend-lower/
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The $BEL20 INDEX Bullish Cycles and Longer Term Swings

1st the BEL20 Index has trended higher with other world indices since the benchmark was established. The index remained in a long term bullish trend cycle into the May 2007 highs. From there it made a sharp correction lower that lasted until March 2009 similar to other world indices. That is where the index corrected the whole long term bullish cycle from the all time lows. At this point is where this bullish trend, cycle and swing analysis begins.

Secondly, the 2009 lows corrected the whole longer term cycle higher from inception in the benchmark index. The bounce from the March 2009 lows into the January 2018 highs was a clear five swing impulse. The pullback lower from that high is strong enough to suggest it is correcting the whole cycle up from the March 2009 lows. This is determined by reading the RSI and other momentum indicators. The analysis continues below the monthly chart.

BEL20 Monthly Chart



Thirdly, previously mentioned earlier, the pullback from the January 2018 high to the December 2018 lows was strong enough to suggest it is correcting the cycle up from the March 2009 lows. At this point the index could have possibly completed a corrective sequence against the uptrend however some related instruments suggested an otherwise deeper pullback. In February 2020 it did the next swing lower into the March 2020 lows which appeared to have completed an expanded flat from the January 2018 highs.

In conclusion, this expanded flat is a typical and common Elliott Wave corrective structure. Previously mentioned earlier, this corrected the cycle from the 2009 low. At this point in time from the March 2020 lows it appears the index is ending or at least near ending a third wave. Ideally while pullbacks remain relatively shallow like above the 3706 area the index can see another high before it corrects the cycle from the March 2020 lows. While above there it is expected to resume the longer term bullish trend higher back above the May 2007 highs.

Source: https://elliottwave-forecast.com/stock-market/the-bel20-index-bullish-cycles-and-longer-term-swings/
 

Elliottwave-Forecast

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Dollar Index $DXY is another instrument that has given us trading opportunities lately . Dollar Index is showing incomplete sequences in the cycle from the June low. Recently it made clear 3 waves pull back and found buyers at the blue box as we expected. In this technical blog we’re going to take a quick look at the charts of Dollar index published in members area of the website and explain the Elliott Wave structure and trading strategy.

$DXY Elliott Wave 1 Hour Chart 11.18.2021​

Current view suggests $DXY is doing 4 red correction labeled as ((a))((b))((c)). Pull back is showing lower low sequences and looks incomplete at the moment. We expect to see another leg down toward 95.53-95.24 ( buyers area) . Buyers should ideally appear at the blue box for 3 waves bounce at least. Once bounce reaches 50 Fibs against the ((b)) black connector, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break below 1.618 fibs extension: 95.24.

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

Dollar

$DXY Elliott Wave 1 Hour Chart 11.23.2021​

Eventually Dollar has given us leg down toward blue box as expected. Buyers appeared at the marked zone and we got very good reaction from there. The rally from the blue box made a break toward new highs making Dollar Index bullish against the 95.51 low in first degree. As a result members who took long positions are enjoying profits in risk free positions ( stop loss is put at the entry point) . We believe another push up can be seen toward 96.69+ area to complete short term cycle from the 95.51 low as 5 waves rally before larger (4) blue pull back takes place.

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

$DXY

Elliott Wave Forecast
Source: https://elliottwave-forecast.com/trading/dollar-dxy-forecasting-rally-buying/
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Back in December 2020, we presented within the main article both the monthly and the daily view in the USDRUB. Long-term, the pair should provide a resolution thrust higher out of a multi-year triangle pattern. This means a weakness of Russian currency. Medium-term, however, we saw Russian Rouble gaining strength as related to the US Dollar. Short-term, Rouble weakness has provided a connector wave higher within USDRUB which might be ending soon. Here, we present the updated monthly and daily charts discussing the medium-term targets.

Rouble Monthly Elliott Wave Analysis 11.28.2021​

The monthly chart below shows the USDRUB pair traded on the Forex market. From July 2008, the USDRUB is extending higher within a wave ((c)) of a grand super cycle degree. From the 2008 lows at 23.06, the cycle higher has accomplished so far the waves (I)-(III). Hereby, the pair saw the all-time highs on January 2016 at 85.94. Wave (III) has extended far beyond the 1.618 multiples of the wave (I) confirming that the larger cycle from 2008 lows is an impulse. To be mentionned, impulses are motive waves and they count from (I) to (V). Therefore, after a consolidation in wave (IV), at least another push towards 85.94 and higher in wave (V) should be expected. Long term view of USDRUB, as a consequece, favors more Rouble weakness.

In the medium term, Rouble should strengthen against USD. Correlation across the market instruments supports the Elliott Wave contracting triangle pattern in the USDRUB. Triangle is a 3-3-3-3-3 continuation structure. From the January 2016 highs, red waves a and b of the cycle degree have ended on March 2020. While below the 82.90 highs, wave c of (IV) should extend lower towards 66.07-56.87 area. Later on, expect wave d higher to fail below 82.90 highs for another leg lower in wave e. Then, wave (V) can start towards 85.94 highs and even beyond.

Rouble Elliott Wave Monthly

Rouble Daily Elliott Wave Analysis 11.28.2021​

The daily chart below shows the ((Y)) leg lower of the red c wave within triangle in wave (IV) in more detail. From the November 2020 highs at 80.95, a cycle lower within wave ((Y)) is in progress. In shorter cycles, wave (W) has ended in October 2021 at 69.16 low. From there, a sharp connector higher in wave (X) should fail below November 2020 highs for another push lower within wave (Y) of ((Y)). The target to the downside is 66.07-56.87 area. There, USDRUB should find support for a bounce in red wave d higher. Otherwise, in case of breaking below 56.87 level, the triangle pattern in wave (IV) will need a reevaluation.
As an outlook, decline towards 66.07-56.87 area signifies the medium term Rouble strength. Therefore, traders can be looking to sell the bounces against 80.95 peak in 7 or 11 swings until USDRUB will not not reach at least 66.07 level. However, long term favors still the dominance of the Dollar over the currency of the Russian federation. Indeed, the larger cycle from 2008 looks still incomplete and 85.94 highs should still be reached in a longer run.
Rouble Elliott Wave Daily
Source: https://elliottwave-forecast.com/forex/rouble-strength-within-triangle/
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Silver Miners (SIL) reached the support area from August 6 peak in 7 swing and reacted higher. However, in the last few trading sessions, the ETF has taken a turn lower. What's the outlook for the ETF and what alternative should we consider? Let's take a look at the Elliott Wave update below:

SIL Monthly Elliott Wave Chart​



The Monthly Chart above shows that SIL may have ended wave ((2)) pullback at $34.21 inside the blue box. In case it breaks below $34.21 again, then the ETF simply extends lower but still within wave ((2)) and the blue box area between $26.26 - $35.31 remains the area where a base is expected to form for the next leg higher in the ETF.

SIL Daily Elliott Wave Chart​

SIL Daily Elliott Wave Chart

After forming wave ((2)) low on October 5 inside the blue box, the ETF has rallied in what looks like a 3 waves. It's possible that SIL is doing an expanded Flat correction in wave 2. As long as the pullback stays above wave ((2)) low at 34.21, expect further upside. Alternatively, if it breaks below $34.21, we can count the entire decline from wave ((1)) as a Flat. In this scenario, the ETF can see 1 more push in wave 5 of (C). Either way, the daily invalidation level at $16.76 remains the key pivot and the ETF is expected to extend higher once the correction is over.

Source: https://elliottwave-forecast.com/st...e-forecast-silver-miners-sil-flat-correction/