Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
Bank of Montreal (BMO) provides diversified financial services primarily in North America. The company provides personal banking products & services as well as commercial banking products & services. It is based in Montreal, Canada, comes under Financial services sector & trades as “BMO” at NYSE.

BMO started impulse from $38.31 low on 3/18/2022 low & made all time high of $122.77 high. Currently, it favors pullback of II lower in proposed zigzag structure & favors ((B)) leg bounce before downside resumes.

BMO - Elliott Wave Latest Daily View :​

It made an intermediate low of $38.31 low on 3/18/2022 low. It placed ((1)) at $55.34 high & ((2)) at $43.26 low. ((2)) was dips pullback below 0.618 Fibonacci retracement of ((1)) before rally resumes. Above there, it started third wave extension & ((3)) ended at $106.88 on 6/04/2021 high. It favored ended ((4)) at $95.37 low on 7/20/2021 as shallow correction. It finally ended ((5)) as ending diagonal at $122.77 as ATH on 3/22/2022 as wave I. Below there, it favors pullback in wave II as zigzag lower.

Below ATH of $122.77, it placed ((A)) at $90.44 low on 7/14/2022. Currently, it favors a pullback of (B) of ((B)) before upside resumes in final move higher in (C) of ((B)). Ideally, it should fail below ATH & resumes lower in ((C)) leg. We like to buy the dips towards extreme areas in ((C)) leg, when reached.

Source: https://elliottwave-forecast.com/stock-market/bmo-expect-a-larger-correction/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
Another instrument that we have been trading lately is GBPUSD forex pair. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPUSD and explain the trading strategy. As our members know, GBPUSD is bearish against the 1.2670 pivot. Recently the pair has given us good trading opportunity. In the further text we are going to explain the Elliott Wave Forecast and the trading strategy.

GBPUSD H4 Elliott Wave Analysis 07.26.2022​

GPBUSD is showing higher high sequences from the lows. Recovery looks incomplete at the moment. We expect more upside within wave 4 recovery toward blue box area : 1.2343-1.2168. Strategy is selling the pair at the marked zone. Invalidation for the trade would be break above 1.618 fibs extension: 1.2343. As the main trend is bearish we expect sellers to appear at the blue box for 3 waves pull back at least. Once pull back reaches 50 Fibs against the ((b)) black low, we will make short position risk free ( put SL at BE) and take partial profits.

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

Reminder: You can learn about Elliott Wave Rules and Patterns at our Free Elliott Wave Educational Web Page.

GBPUSD

GBPUSD H4 Elliott Wave Analysis 08.06.2022​

Eventually , GBPUSD made extension higher toward our selling zone :1.2343-1.2168. The pair found sellers right at the blue box and made reaction from there that has reached 50 fibs against the ((b)) black low. As a result, members who took short trades mad positions risk free . ( Put SL at BE) and took partial profits. At this stage we see wave 4 red completed at 1.2293 high. We would like to see break of previous low : 3 red 07/14 to confirm wave 5 red is in progress.

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

GBPUSD

Elliott Wave Forecast
Source: https://elliottwave-forecast.com/trading/gbpusd-selling-rallies-blue-box-2/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
A trader’s journey is typically a long and painful route. Usually, to survive through this process a trader must be very patient with their studying of the market and strategy but simultaneously understand the process and most importantly survive through the journal i.e. not get burnt out, emotionally and monetary.

Here is a visual representation on how I see a trader’s journey:

Picture-1-1024x576.png


Initial luck​

When traders start, typically they do not want to learn and apply a strategy appropriately. They think they know what they are doing, make a bit of profit but this is purely based on luck. A trader without an edge and mature trading psychology. But the next step proves them a realisation.

Loss and realisation​

This is where they keep applying the same luck, but it eventually runs out the market tends to humble this trader at this stage. They either burn their account or realise that the market is not based on beginner’s luck. At this stage, it’s either a make it or break it. The trader either realises that this is not the game for them, or they stick to it and education themselves the right now. This means, by learning a strategy such as the Elliott Wave Theory and learning how to apply it to the market.

Appropriate education​

This is the main and first stage to success. It sounds like common sense, but you would be surprised how this stage is highly ignored. Even those who are aware of this but not everyone is willing to do things properly without shortcuts.

A trader must educate themselves by understanding the market, so you build an edge as an analyst like for example one of the most reputable strategies is the Elliott Wave Theory. However, this is not enough, as you are then just an analyst. In order to be a trader, i.e. capitalise from the financial markets, you must be able to have a trading strategy that you can apply to your analysis. Risk management is extremely crucial when it comes to managing positions and your portfolio. Finally, the most ignored, again it is to do with the human mind, trading psychology.

The human is not naturally engineered to be a successful trader therefore there is a whole process for you as an individual to go through prior to seeing any positive results. You could have FOMO, fear of entering the market, gambling tendencies, greedy or lack confidence. Even one of them can jeopardise your account.

Here are Elliott Wave Forecast, we have courses conduct by not only successful but professional analysts and traders you can start that stage here: Educational Products

Conscious competent​

You consciously know what you need to do but it is not in auto-pilot mode. Therefore, you have to work a little extra hard to get things right, but the end result is good. This is where you are reaching breakeven. You make mistakes but you rectify them.

Unconscious competent​

Analysis and trading are second nature to you. You are confident with making decisions and you are very sensible with your emotions. You pull the trigger at the right time and know when to get out at the right time.

Losses do not affect you as you know this is part of the business! And you have understood the market and your positions really well. You do not marry your positions and you adjust to the market accordingly. This trader sounds boring as he or she does not work on luck but instead on logic, intelligence, and experience.

Anyone can do this – therefore, so can you!

Source: https://elliottwave-forecast.com/elliottwave/a-typical-journey-of-a-beginner-trader/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
Rio Tinto Group is the world’s second largest metals and mining corporation which has its headquarters in London and Melbourne. Founded in 1873 and traded under tickers $RIO at LSE, ASE and also in US in form of ADRs, it is a component of both the FTSE100 and ASX200 indices. In terms of operations, Rio Tinto is producing iron ore, copper, diamonds, gold and uranium. Besides its primary role as a minerals’ extractor, the company is active significantly in refining of bauxite and iron ore. From 2020, we saw a strong rally in commodities. Hereby, Rio Tinto has broken to the new all-time highs. Our projection 2 years ago was right. Now, we see a pullback happening in 3 swings. It provides a great long-term opportunity to particpate in the bullish market again. Here, we present un updated view.

Rio Tinto Monthly Elliott Wave Analysis 08.08.2022​

The monthly chart below shows the Rio Tinto stock $RIO at ASE. From the all-time lows, the stock price has developed a cycle higher in wave ((I)) of a grand super cycle degree. Hereby, Rio Tinto has printed an important top on May 2008 at 124.19. Obviously, the cycle up is an impulsive move; it shows 5 subwaves of a super cycle degree and an extension within the wave (III). From the 2008 highs, a correction lower has unfolded as a straightdown decline in the black wave ((II)). It has ended correcting the previous grand super cycle by printing an important bottom in December 2008 at 23.59. From the 2008 lows at 23.59, a new cycle in wave ((III)) has already started. As a matter of fact, break above 124.19 has confirmed another extension higher.

In shorter cycles, the advance in blue wave (I) from December 2008 lows is a leading diagonal being 5-3-5-3-5 structure. Clearly, red waves I and IV do overlap. Also, the cycle in blue wave (I) has set a new all-time high at 137.33 in July 2021. Then, from the top, a consolidation lower in wave (II) is unfolding as an Elliott wave zigzag pattern. So far, waves a and b have ended. While below 128.55, still more downside should take place.

Investors and traders can be looking to buy $RIO from 78.79-47.91 blue box area. Target will be 148.02-224.87 area and even beyond.

Rio Tinto Elliott Wave Monthly

Source: https://elliottwave-forecast.com/stock-market/rio-tinto-long-term-opportunity/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments. The Commercial segment offers services to clients in the private sector. The Government segment provides solutions to the United States (US) federal government and non-US governments. The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.

PALANTIR ($PLTR) April Daily Chart​

PALANTIR ($PLTR) April Daily Chart

In January 2021, Palantir made an important peak at 45.00 and it has been going down ever since. We could see 5 waves clearly from the top where wave ((4)) is a triangle. This impulse we labeled as wave “a” ending at 17.09, more than 50% in losses. After that, PLTR bounce in 3 waves above of 38.2% Fibonacci retracement of wave “a” and resume to the downside. This correction ended at 29.29 dollars and we labeled as wave “b”. The next structure lower as wave “c” has ended with 5 swings lower to complete a zig zag correction from January 2021 peak as wave (II). This wave “c” ended at 6.44 very close to our proposed level at 6.60. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).

PALANTIR ($PLTR) August Daily Chart​

PALANTIR ($PLTR) August Daily Chart

After completing wave (II), Palantir bounce developing a leading diagonal structure. Up from 6.44, wave 1 ended at 9.38 and pullback as wave 2 finished at 7.49. Then rally again and wave 3 completed at 10.50. The market rejected the stock forming a flat correction as wave 4 ending at 8.65. This movement penetrated the zone of wave 1; therefore, it is a leading diagonal structure from the low. Last push higher to complete wave 5 and (1) ended at 11.78. From here, we are expecting a correction in 3 or 7 swings before continuing the rally again. The ideal area currently comes in 9.11 – 8.50, but it could change depending on how the structure develops in the market in near term. The view is valid as we stay above 6.44.

Source: https://elliottwave-forecast.com/stock-market/palantir-pltr-new-opportunity/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
The Fed has raised interest rates four times this year to fight inflation. They hiked by 0.25 basis point in March, the first hike in more than three years. Then they hiked further 50 basis point in May, 0.75% in June, and another 0.75% in July. This takes the current benchmark rate to 2.25 - 2.5%. Fed Chair Jerome Powell then left the door open about the next move at September meeting, suggesting that it depends on the data.

“As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation,” Powell said. Risk appetite starts to come back to the market with speculation that the Fed may pause the rate hikes. Indices and commodities have started to recover since the selloff started earlier this year. Below is the technical update on Platinum

Platinum Monthly Elliott Wave Chart​



Monthly Elliott Wave chart above shows that the metal ended super cycle wave ((I)) at 2214 on 3.3.2022 high. From there, the metal had a multi-year correction as a zigzag (A)-(B)-(C) which ended wave ((II)) at 562 on 3.02.2020 low. Since then the metal has started the next leg higher. Up from wave ((II)), wave (I) ended at 1348.2 and wave (II) pullback is in progress to correct the rally from 3.2.2020 low before the next leg higher again.

Platinum Daily Elliott Wave Chart​



Daily Elliott Wave Chart of Platinum above shows that the metal still has scope to extend lower to reach the ideal target where wave c = 100% - 161.8% Fibonacci extension of wave a. The area comes at 631 - 739. From here, the metal should start to extend higher in wave (III) or at least do larger 3 waves rally. As far as pivot at 562 low stays intact, expect buyers to appear soon.

Source: https://elliottwave-forecast.com/commodities/platinum-pl-may-still-see-downside/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
In this technical blog we’re going to take a quick look at the Elliott Wave charts of ZS_F (Soybean futures) published in members area of the website. As our members knew, we’ve been favoring the short side in ZS_F (Soybean futures) due to incomplete bearish sequence down from June 9, 2022 peak against July 29, 2022 peak. ZS_F cycle from July 29, 2022 peak ended at 1390 on August 3, 2022 as an impulse Elliott wave structure and then it started bouncing. This pull back took the form of Elliott Wave Zig Zag pattern and members knew it was nothing more than another selling opportunity. In the remainder of the article, we are going to explain the Elliott Wave Pattern and talk about the blue box selling area.

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 and is sub-divided as 5-3-5. 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 divergence between wave subdivisions, ideal Fibonacci extensions and ideal retracements etc. Wave B could be a triangle, FLAT, Zigzag or a double three structure.

ZIGZAG-Vlada-1.jpg




ZS_F (Soybean Futures) 9 August 2022, 1 Hour Elliott Wave Update​

Current view suggests ZS_F is bounce to correct the decline from July 29, 2022 peak (1671'3). First leg from the low was in 5 waves which has been labelled as wave A. Pull back was corrective and completed wave B. We have already seen a new high above wave A which makes it an incomplete sequence against August 8, 2022 low. Current view suggests C leg is in progress toward 1541'7 - 1596'7 area (highlighted with a blue box).

We don’t recommend buying the instruments against the bearish sequence and bearish trend. Strategy is waiting for the price to reached marked blue box zone, before selling the instrument. As the cycle is bearish against July 29, 2022 peak, we expect sellers to appear at the blue box for 3 waves reaction lower at least. Once reaction lower reaches 50 Fibs against red B low, we will make short position risk free by either moving stop loss to entry position or taking partial profits and putting stop on remaining position above the high within the blue box. Invalidation for the trade would be break of marked 1.618 Fib extension level at 1596'7. As our members know, blue boxes are no enemy areas , giving us around 80% or a higher chance to get 3 waves reaction lower at least from the blue box area.

ZS_F 9 August 1 Hour Elliott Wave Analysis

ZS_F (Soybean Futures) 10 August 2022, 1 Hour Elliott Wave Update​

Chart below shows ZS_F (Soybean Futures) made the push higher toward the blue box area as expected. The instrument has found sellers at the Blue Box area and we are getting good reaction from there. Bounce completed at 1557'2 as a Zig Zag pattern. The reaction lower from the blue box reached 50 fibs against the red B connector. Consequently, members who have taken the short trades at the blue box are now enjoying profits in risk free trades. Now we would need to see break of August 3, 2022 (1390'0) low in order to confirm next leg lower is in progress. Once the instruments breaks below August 3, 2022 low, the instruments will become bearish against August 10, 2022 high and might offer some new selling opportunities in the short-term bounces in 3, 7 or 11 swings against 1557'2 high. Until August 3, 2022 low doesn’t break, a double correction high still can’t be ruled out in which case we would highlight the next blue box buying area for the members.

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

ZS_F 10 August 1 Hour Elliott Wave Analysis

Source: https://elliottwave-forecast.com/commodities/zs_f-forecasting-rally-selling-blue-box/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
CrowdStrike Holdings, Inc ticker symbol CRWD. provides cybersecurity products and services to stop breaches. It offers cloud-delivered protection across endpoints, cloud workloads, identity, and data. Threat intelligence, managed security services, IT operations management, threat hunting, Zero Trust identity protection, and log management. CrowdStrike serves customers worldwide. In this technical blog, we will be going to look at the Elliott wave analysis below:

CRWD Weekly Elliott Wave View​

CRWD Can Still See The Extreme From November 2021 Peak

Above is the Weekly Elliott wave view from 8/10/2022. In which, the cycle from all-time low has ended in 5 waves impulse sequence & now doing a pullback. The pullback from the 11/10/2021 peak is unfolding as Elliott wave zigzag correction & shows a lower low sequence. While the initial decline to $150.02 low ended wave of a zigzag correction & made a bounce higher. Which then ended at $242 high. Down from there, the stock can be looking to extend lower towards $94.12- $59.14 area lower to reach the extreme before finding buyers again.

CRWD Daily Elliott Wave View​

CRWD Can Still See The Extreme From November 2021 Peak

Above is the Daily Elliott wave view showing lesser degree oscillations taking place. Near-term, as far as it remains below the $242.02 high some more downside is expected to take place to complete the zigzag correction from November 2021 peak.

Source: https://elliottwave-forecast.com/stock-market/crwd-extreme-november-2021-peak/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
Good day Traders and Investors. In today’s article, we are going to take a look at the Elliott Wave path in Uber Technologies Inc. ($UBER).

Uber Technologies, Inc. ($UBER) is an American mobility service provider, allowing users to book a car and driver to transport them in a way similar to a taxi. It is based in San Francisco with operations in approximately 72 countries and 10,500 cities in 2021. Its services include ride-hailing, food delivery (Uber Eats), package delivery, couriers, freight transportation, electric bicycle and motorized scooter rental via a partnership with Lime. Uber does not own any vehicles, but receives a commission from each booking. Fares, which vary using a dynamic pricing model based on local supply and demand at the time of the booking, are quoted to the customer in advance.

Uber Elliottwave latest view (Daily):​

https://elliottwave-forecast.com/wp-content/uploads/2022/08/UBER-Daily20220810171412.jpg

The Daily Chart above shows the cycle from March 2020 low unfold in a 5 waves structure. It peaked on February 2021 at $64.05 and started the decline to correct against March 2020 low. The decline so far has unfolded in an ABC structure showing 5 swings in ((A)). The bounce then broke above the RSI channel favouring it to be the connector in ((B)). The stock then extended the decline in ((C)) in another 5 swings to reach the Blue box extreme area at $22.92 - $6.81 where buyers appeared and started a bounce higher. The cycle from the peak has ended. Momentum has been strong since the bounce breaking RSI channel on the Daily. As long as price remains above 06/30/2022 low at $19.90 the low can be in and the stock is favoured to keep extending higher.

Source: https://elliottwave-forecast.com/st...ologies-inc-uber-bottomed-and-ready-to-rally/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
Enphase Energy (NASDAQ: ENPH) is a technology company with headquarter in Fremont, California. Enphase designs and manufactures software-driven home energy solutions for the solar industry. It designs, develops, manufactures, and sells home energy solution that connect solar generation, energy storage, and management on one intelligent platform. After a deep correction from late last year, the stock has resumed to new all-time high. Below we will update the Elliott Wave outlook for the company.

ENPH Weekly Elliott Wave Chart​



Weekly Chart of Enphase above shows that the stock has resumed to new all-time high after ending a wave ((II)) pullback as a running flat. From all-time low, wave ((I)) ended at 229.04, and wave ((II)) pullback ended at 113.42 as a running flat. The stock has resumed higher and broken above previous (b) high at 282.46, suggesting the next leg higher has started. Up from wave ((II)) low, wave (I) ended at 220.99, and wave (II) pullback ended at 128.67. Wave (III) is in progress and as far as pivot at 113.42 low stays intact, expect stock to continue higher.

ENPH Daily Elliott Wave Chart​



Daily Chart above shows that rally from 1.24.2022 low is in progress as an impulse 5 waves structure. Up from wave ((II)) low, wave (I) ended at 220.99 and wave (II) pullback ended at 128.67. Wave (III) is in progress with internal subdivision as another impulse in lesser degree. Up from wave (II), wave I ended at 217.23, and pullback in wave II ended at 167.23. Stock then resumes higher in wave III. Up from wave II, wave ((1)) ended at 210.1, and dips in wave ((2)) ended at 175. While 1.24.2022 low pivot at 113.4 remains intact, expect dips to find support in 3, 7, or 11 swing for further upside.

ENPH 4 Hour Elliott Wave Chart​



4 hour chart of Enphase above further shows the subdivision up from wave ((II)) low at 113.4. The stock is currently still within wave ((3)) of III of (III). Short term dips should continue to find support in 3, 7, or 11 swing for further upside while pivot at 113.4 low stays intact.

Source: https://elliottwave-forecast.com/stock-market/enphase-energy-enph-resumed-higher/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
Good day Traders and Investors. In today’s article, we are going to take a look at the Elliott Wave path in AMC Theatres ($AMC).

AMC Theatres ($AMC) is an American movie theater chain headquartered in Leawood, Kansas, and the largest movie theater chain in the world. Founded in 1920, AMC has the largest share of the U.S. theater market ahead of Regal and Cinemark Theatres. It has 2,807 screens in 353 theatres in Europe and 7,755 screens in 593 theatres in the United States.

AMC Elliottwave Latest View (Daily):



The Daily Chart above shows the cycle from June 2021 peak at $72.62 unfold in a corrective zigzag structure (abc). We have the first 5 swings in red a followed by a bounce in b that peaked in September 2021. Red c went on and also unfolded in a 5 swing structure with an expanded flat in the wave ((4)) connector to reach $9.70 on May 12th, 2022 at ((5) of c. It missed the Daily Blue box area from the all time peak which came at $9.07. However the bounce from May 12th, 2022 at $9.70 appears to be impulsive taking the march 29th pivot and breaking above the Daily RSI channel from the all-time peak. As long as price remains above 05/12/2022 low at $9.70, the low can be in place and the stock is favoured to keep extending higher.

Source: https://elliottwave-forecast.com/stock-market/amc-theatres-amc-bottomed-ready-rally/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
Targa Resources Corp., (TRGP) together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, & develops a portfolio of midstream energy assets in North America. The company operate in two segments, gathering - processing, & logistics – transportation. It is based in Houston, Texas, comes under Energy sector & trades as “TRGP” ticket at NYSE.

TRGP made an all time low of $3.66 during global sell-off during March-2020. Later, it made an impulse sequence, which ended at $81.50 high. Below there, it favors correcting lower in II in double three before upside resumes.

TRGP - Elliott Wave Latest Daily View :​

It placed ((1)) at $26.17 high on 6/08/2020 & ((2)) at $13.08 low on 9/24/2020. ((2)) was 0.618 Fibonacci retracement of previous sequence. Above there, it unfolded in third wave extension. It placed ((3)) at $58.18 high on 11/08/2021. It favored ended ((4)) at $47.57 low as 0.236 Fibonacci retracement as shallow connector. Finally, it ended ((5)) at $81.50 high as wave I on 4/21/2022 since March-2020 low. Below there, it favors correcting lower in II & expect a larger double or flat correction before upside resumes.

Below wave I high, it placed ((W)) at $55.56 low as 3 swing correction. While above there, it expecting a corrective bounce as ((X)) connector, which ideally should fail below $81.50 high to resume downside later in ((Y)) leg to finish II correction. Alternatively, it can unfold in flat correction. Later it expect to react higher from the equal leg area in II for at least 3 swing higher or up sequence. In case, it breaks above I high, it might be in wave III as alternate possibility.

Source: https://elliottwave-forecast.com/st...bounce-before-further-downside-in-correction/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
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 OIL . As our members know, OIL is having bearish sequences in the cycle from the 123.8 peak. Current view is calling for further weakness against the 101.9 pivot in first degree. Recently the commodity has given us nice 3 waves bounce which found sellers right at equal legs area as we expected. In the further text we are going to explain the Elliott Wave Forecast

OIL H1 Elliott Wave Analysis 08.11.2022​

OIL is correcting the short term cycle from the 101.8 peak. Recovery has reached extremes from the lows, equal legs area at :93.42-96.94. As the commodity is currently in bearish cycle, we expect sellers to appear at the marked zone for further decline toward new lows or for a 3 waves pull back at least . Another marginal push up still can be seen within proposed area before decline takes place.

Reminder: You can learn about Elliott Wave Rules and Patterns at our Free Elliott Wave Educational Web Page.

OIL

OIL H1 Elliott Wave Analysis 08.12.2022​

OIL made nice reaction from the equal legs zone. We count wave ((iv)) recovery completed at 95.04 high. As far as the price stays below that level we expect further decline in the price of commodity. We would like to see further separation lower from the current high, expecting decline toward new lows ideally.

OIL

OIL H1 Elliott Wave Analysis 08.15.2022​

Wave ((iv)) peak held nicely and OIL made the decline as expected. The price is approaching previous low and we would like to see break of that level : 08/05 low - ((iii)) black, to confirm next leg down is in progress. Next important technical area to the downside comes at 85.01-81.92

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.

OIL

Elliott Wave Forecast
Source: https://elliottwave-forecast.com/commodities/oil-cl_f-elliott-wave-decline-equal-legs/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
Zoom Video Communications, Inc ticker symbol: ZM engages in the provision of a video-first communications platform. The firm offers meetings, chat, rooms and workspaces, phone systems, video webinars, marketplace, and developer platform products. It serves the education, finance, government, and healthcare industries. Its platform helps people to connect through voice, chat, content sharing, and face-to-face video experiences. We will look at the Elliott wave view below:

ZM Weekly Elliott Wave Chart​

ZOOM (ZM) Entering Into The Bigger Extreme Area

Above is the Weekly time frame Elliott wave chart of ZM. In which, the stock is correcting the cycle from all-time lows. So far the decline from the 19 October 2021 peak is unfolding as an Elliott wave zigzag structure where the first leg ended in the wave a at $273.20 low. Up from there, a bounce to $406.48 high ended wave b and made the c leg lower. Now near-term focus remains on the blue box area where buyers are expected to appear looking for another multi-year cycle.

ZM Alternate Weekly Chart​

ZOOM (ZM) Entering Into The Bigger Extreme Area

Above is the Alternate Weekly view, in which we are assuming that the low is in with minimum swings in place. And as far as it stays above $79.03 low then it can resume higher as well. Chasing the weakness looks very risky at this stage because soon a turn higher is expected to take place.

Source: https://elliottwave-forecast.com/stock-market/zoom-zm-entering-bigger-extreme-area/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,824
8
84
www.elliottwave-forecast.com
Cocoa (or cocoa bean) is one of soft commodities, along with sugar, coffee, orange juice and cotton. The bean is the fully dried and fermented seed, wherefrom cocoa solids and cocoa butter can be extracted. Cocoa beans are the basis of the chocolate. One can trade Cocoa futures at ICE owned New York Board of Trade in contracts of 10 metric tons each under the ticker CC #F. Also, there are similar contracts at CME owned NYMEX under the ticker CJ #F.

Currently, we see other soft commodities like coffee and sugar in a new large cycle higher after a long period of depressed prices. Medium-term, a correction is happening. Later on, we expect another bullish cycle to take place. Based on the correlation within group of softs, the cocoa seed is expected to end correction and, then, accelerate higher as well. In the initial article on CC #F from March 2021 we have provided the main idea. Since then, the price has continued oscillations in a narrow range bound market. From practical perspective, it provides a great opportunity to accumulate long position in cocoa beans before inflation will start. Here, we present the updated view.

Cocoa Monthly Elliott Wave Analysis 08.17.2022​

The monthly chart below shows the cocoa seed front contract CC #F at NYBOT. From the important low in November 2000, 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 March 2011 at 3775. From the all-time highs, a correction lower in wave (II) has unfolded as an Elliott Wave zigzag pattern. In 6 years, CC #F has become cheaper by more than 50% reaching 1756 level. It is the preferred view that an important bottom on April 2017 has been set and the correction has ended. From the lows, a new rally in prices within blue wave (III) may have started.

For 2023-2030, the expectations are to break to the new all-time highs. The target for wave (III) will be 4842-6753 area. From current levels, the cocoa seed can, therefore, double in price.

From the April 2017 lows, the advance higher is showing red waves I and II. Then, a higher high within a new cycle in red wave III, so far in black wave ((3)), has not reached yet the equal legs extension area towards 3165-3898. Therefore, while the price remains above 1982, the bullish sequence will push the price higher.

In shorter cycles, waves ((1)) and ((2)) have ended. Currently, wave ((3)) of III may be already in progress.

Cocoa Elliott Wave Monthly

Cocoa Daily Elliott Wave Analysis 08.17.2022​

The daily chart below shows in more detail the advance from the July 2020 lows where wave ((2)) has ended. From the bottom at 2092, one can observe an initial nest in waves (1)-(2) building up. To open up a new cycle, wave (1) has pushed higher and ended in Septmber 2020 at 2708. Thereafter, consolidation in wave (2) unfolds as an expanded flat and is still in progress. First, red wave A of (2) has ended in November 2020 at 2280 lows. Then, a connector in red wave B has printed a new high above wave (1) peak at the end of the same month November. Finally, from 2821 highs, an ending diagonal in wave C should close the nest.

The overall structure of the wave C is very choppy and overlapping. The preffered view is an ending diagonal being 33333 structure. It might be still in wave ((iii)) of C. Expectations are to see a bounce in wave ((iv)) and then lower in wave ((v)). Based on the length of waves ((i))-((ii)), waves ((iii))-((v)) may reach 2204-2092 area.

Investors and traders can be, therefore, looking to continue accumulating position. The targets are 3165-3898 in medium term and 4842-6753 in a long run.

Cocoa Elliott Wave Daily

Source: https://elliottwave-forecast.com/commodities/cocoa-opportunity-inflation/
 

Elliottwave-Forecast

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Sunoco LP (SUN) together with its subsidiaries, distributes & retails motor fuels in the US. It operates in two segments, Fuel distribution & Marketing & all other. The company is based in Dallas, TX, comes under Energy Sector & trades as “SUN” ticker at NYSE.

SUN made an all time low at $10.46 in early 2020 & later traded higher as impulse sequence. It ended impulse wave I at $46.95 high & below there, it favors a correcting lower in II before upside resumes.

SUN - Elliott Wave Latest Daily View :​

It started impulse sequence since 3/18/2020 low & placed ((1)) at $27.48 high on 6/05/2020. It favored ended ((2)) at $22.52 low as shallow correction. Above there, it placed ((3)) at $42.57 high on 10/15/2021. It placed ((4)) at $36.81 on 12/15/2021 as 0.236 Fibonacci retracement. It ended ((5)) of wave I at $46.95 high on 2/02/2022 against March-2020 low as impulse sequence. Below there, it favors correcting lower in wave II.

Below wave I high, it placed ((W)) at $34.26 low as the part of double correction. While above there, it favors a corrective bounce in ((X)) leg & expect sideways to higher to finish it below $46.95 high as connector. Later it expect to resume downside in ((Y)) leg to finish II correction. Alternatively, it may unfold in flat correction to finish wave II before upside resumes.

Source: https://elliottwave-forecast.com/stock-market/sun-expect-corrective-bounce-wave-ii/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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Johnson & Johnson (JNJ) is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. Its common stock is a component of the Dow Jones Industrial Average, and the company is ranked No. 36 on the 2021 Fortune 500 list of the largest United States corporations by total revenue. Johnson & Johnson is one of the world's most valuable companies and is one of only two U.S.-based companies that has a prime credit rating of AAA, higher than that of the United States government.

JNJ January 2022 Daily Chart

JNJ January 2022 Daily Chart

From March 2020 low, JNJ did a leading diagonal Elliott Wave structure. It achieved our minimum target at 178.97 from 156.93 gave us a 14.04% return. The rejection was strong enough to give us the conviction that wave II is in progress and wave I finished at 179.92.

The drop began and we considered an ((A)), ((B)), ((C)) zigzag correction to complete wave II. $JNJ ended the impulse as wave ((A)). Then we saw a bounce that we are calling as irregular flat as wave ((B)) and we were expecting one more low to 150.71 to complete wave ((C)) and wave II to continue with the rally. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory).

JNJ August 2022 Daily Chart

JNJ August 2022 Daily Chart

The correction ended, but just below the last low at 155.71 and rallied as expected breaking to new highs. However, the market conditions give us the idea that JNJ wave II is not done. It is better to think that we are going to break 4/24/2022 low to complete wave II. Therefore, it is better to adjust the labeling as a double correction. The first wave ((W)) did a double correction from 179.92 to end at 155.71. Then rally to 186.62, we labeled as a zig zag correction as wave ((X)). Currently we are developing wave ((Y)) and the structure shows that the best count is as a double correction.

Down from 4/25/2022 high, we could see 7 swings lower completing wave W at 167.26. A strong bounce ended wave X at 183.41. Another 7 swings correction looks like is developing to complete wave Y and wave (W). The drop from 186.62 built 3 swings ended at 169.74 as wave ((w)). A corrective bounce finished wave ((x)) at 176.07 and we need 3 more swings lower to complete the Elliott Wave double correction structure. Consequently, we are expecting 3 swings lower to complete wave ((y)) of Y of (W) and see a reaction higher. The best area to that happens come in 163.89 - 159.30. We recommend to look for buying opportunities in this area to see at least 3 swings higher before turning lower again or with the possibility that rally in JNJ continues.

Source: https://elliottwave-forecast.com/stock-market/johnson-jnj-continue-choppy-downside/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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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 Soybeans Futures. As our members know, $ZS_F is having bearish sequences in the cycle from the June 1784'0 peak. Current view is calling for further weakness against the 1671'3 pivot. Recently the commodity has given us 3 waves correction against the mentioned peak. soybens futures found sellers right at equal legs area as we expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

Soybeans H1 Elliott Wave Analysis 08.09.2022​

Soybeans is correcting the short term cycle from the 1681'0 peak. Recovery seems to be unfolding as Elliott Wave Zig Zag which looks incomplete at the moment. The price structure suggests more upside toward 1541'7-1596'7 area, blue box- selling zone. As the commodity is currently in bearish cycle, we expect sellers to appear at the marked zone for further decline toward new lows or for a 3 waves pull back at least . Strategy is selling the commodity at the marked zone. Invalidation for the trade would be break above 1.618 fibs extension: 1596'7. As the main trend is bearish we expect sellers to appear at the blue box for 3 waves pull back at least. Once pull back reaches 50 Fibs against the B red low, we will make short position risk free ( put SL at BE) and take partial profits.

Reminder: You can learn about Elliott Wave Rules and Patterns at our Free Elliott Wave Educational Web Page.

Soybeans

Soybeans H1 Elliott Wave Analysis 08.19.2022​

Eventually , soybeans made extension higher toward our selling zone :1541'7-1596'7. The commodity found sellers right at the blue box and made decent reaction lower from there. As a result, members who took short trades at the blue box got opportunity to make positions risk free ( Put SL at BE) and take partial profits. At this stage we see wave (B) blue recovery completed at 1557'5 high. Decline from the mentioned peak looks as 5 waves structure which increase chances of further extension down. We would like to see break of previous low : (A) blue to confirm next leg down is in progress.

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

Soybeans

Elliott Wave Forecast
Source: https://elliottwave-forecast.com/trading/soybeans-zs_f-selling-blue-box/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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Good day Traders and Investors. In today’s article, we are going to take a look at the Elliott Wave path in Chewy Inc. ($CHWY)

Chewy, Inc. founded in 2010, is an American online retailer of pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services. It offers approximately 100,000 products from 3,000 partner brands. In 2017, Chewy was acquired by PetSmart for $3.35 billion, which was the largest ever acquisition of an e-commerce business at the time.

CHEWY Elliottwave Latest View (Daily):

CHEWY

The Daily Chart above shows the rally from March 2020 unfold in a 5 swing impulse. The stock ended the cycle from 03/2020 on 02/2021 at $120 and started to decline. Since the peak at $120, the stock has unfolded in a corrective zigzag structure (abc). We have the first 5 swings in red a followed by a bounce in b that peaked on 08/09/2021 at $97.74. Red c went on and also unfolded in a 5 swing structure with an expanded flat in the wave ((4)) connector to reach $22.22 on 05/24/2022 at ((5) of c of (II). It also reached the Daily Blue box area from the all time peak which comes at $41.26 - 6.39. The bounce from 05/24/2022 at $22.22 appears to be impulsive taking the 08/09/2021 pivot at red b and breaking above the Weekly RSI channel from the all-time peak. As long as price remains above 05/24/2022 low at $22.22, the low can be in place and the stock is favoured to keep extending higher.

Source: https://elliottwave-forecast.com/stock-market/chewy-inc-chwy-bottomed-ready-rally/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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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 Sugar ($SB_F ). As our members know, Sugar is having bearish sequences in the cycle from the 20.52 peak. Current view is calling for further weakness as far as 19.6 pivot holds. Recently the commodity has given us nice 3 waves bounce - B red which found sellers as we expected. In the further text we are going to explain the Elliott Wave Forecast

Sugar $SB_F H4 Elliott Wave Analysis 08.09.2022​

Sugar is correcting the short term cycle from the 19.59 peak. Recovery is unfolding as potential Double Three Pattern and looking incomplete at the moment. The price is showing higher high from the lows, suggesting B red bounce can see more upside toward 18.35-18.86 are. Target for B red we got by measuring equal legs from the low ((w)) related to ((x)). As the commodity is currently in bearish cycle, we expect sellers to appear at the mentioned zone for further decline toward new lows or for a 3 waves pull back at least . Another marginal push up still can be seen toward mentioned area before decline takes place.

Reminder: You can learn about Elliott Wave Rules and Patterns at our Free Elliott Wave Educational Web Page.

Sugar

Sugar $SB_F H1 Elliott Wave Analysis 08.18.2022​

The commodity made rally toward target area and found sellers as expected. Sugar made nice reaction from the equal legs zone. At this stage we count wave B red recovery completed at 18.7 high as Double Three pattern. As far as the price stays below 18.7 high we expect further decline in the price of commodity. Once we get break of A red low -08/01 ,we will get confirmation that next leg down is in progress.

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

Sugar

Elliott Wave Forecast
Source: https://elliottwave-forecast.com/commodities/sugar-sb_f-elliott-wave/