Elliottwave-Forecast

Master Trader
Feb 17, 2017
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In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of Bitcoin. In which, the decline from 15 August 2022 high ended 5 waves in an impulse sequence and showed a lower low sequence in a higher time frame charts. Therefore, we knew that the structure of Bitcoin is incomplete to the downside & should see more weakness. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

Bitcoin 4-Hour Elliott Wave Chart​

Bitcoin Failed At The Equal Legs Area

Here’s 4hr Elliott wave Chart from the 11/01/2022 update. In which, the decline to $18157 low ended 5 waves from the 15 August 2022 high as a diagonal in wave 1 & made a bounce in wave 2. The internals of that bounce unfolded as an Elliott wave flat correction where wave ((a)) ended at $20469 high. Then a decline to $18183 ended wave ((b)) pullback and started the ((c)) leg higher towards $20498- $21927 equal legs area from where sellers were expected to appear looking for more downside or for a 3 wave reaction lower at least.

Bitcoin Latest 4-Hour Elliott Wave Chart​

Bitcoin Failed At The Equal Legs Area

This is the Latest 4hr view from the 11/14/2022 update. In which the Bitcoin is showing a strong reaction lower taking place from the equal legs area allowing shorts to get into a risk-free position shortly after taking the position.

Source: https://elliottwave-forecast.com/cryptos/bitcoin-failed-equal-legs-area/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,890
8
84
www.elliottwave-forecast.com
Good day Traders and Investors. In today’s article, we will look at the past performance of 1 Hour Elliottwave chart of Meta Platforms, Inc. ($META). The decline from 10.26.2022 high unfolded as 5 swings making a lower low within the 4H cycle from August 2022 peak which created a bearish sequence in the 1H timeframe. Therefore, we knew that the structure in $META is incomplete to the downside & should see more weakness in 3 or 7 swings against 10.26.2022 peak. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box area. We will explain the structure & forecast below:

$META 1H Elliottwave Chart 11.15.2022:​

$META

Here is the 1H Elliottwave count from 11.15.2022. The decline from 10.26.2022 unfolded in 5 waves breaking below 10.13.2022 low creating a bearish sequence. We were calling for the bounce to fail in 7 swings at red Y of (4) where we like to sell it at the equal legs at $117.58 with a stop at $127.96.

$META Latest 1H Elliottwave Chart:​

$META

Here is the 11.18.2022 1H update showing the move taking place as expected. The stock has reacted lower from the blue box to reach the 50% back from red X allowing any shorts to get risk free shortly after taking the position.

Source: https://elliottwave-forecast.com/st...a-provides-another-opportunity-blue-box-area/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,890
8
84
www.elliottwave-forecast.com
Silver Miners ETF (SIL) may have ended the correction to the cycle from March 2020 low. The correction took the form of a double as the chart below shows:

A double three is labelled as WXY. The first leg wave W and the third leg Y both subdivide into 3 corrective waves. The subdivision of each leg can be either zigzag, flat or another double three but in lesser degree. We can see the double three correction in the daily chart of Silver Miners ETF (SIL), labelled as (W)-(X)-(Y).

SIL (Silver Miners ETF) Monthly Elliott Wave Chart​



Monthly Elliott Wave chart of SIL above suggests that the ETF has been sideways since forming the low in 2016 at 14.94. We are calling the move higher from there as a nest where wave I ended at 54.34 and secondary low wave II ended at 15.72. Wave III is now in progress as an impulse where wave ((1)) ended at 52.87. Wave ((2)) may have completed already at 21.26. However, we still need more separation from the low to get higher confidence of this view. Regardless, while above 15.72, the instrument should see further upside.

SIL (Silver Miners ETF) Daily Elliott Wave Chart​

SIL Daily Elliott Wave Chart

Daily SIL (Silver Miners ETF) Chart above suggests that the ETF has reached extreme area from 8.5.2020 high. The blue box area is the 100% - 123.6% Fibonacci extension from wave ((1)) peak in relation to wave (W) and (X). Although it's still too early to conclude with high confidence that wave ((2)) has ended, the instrument starts to run out of space for further downside. Regardless, a marginal low still can't be ruled out but dips likely stay above the 3.16.2020 invalidation level low of 16.05 for further upside.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-sil-silver-miners-may-bottomed/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,890
8
84
www.elliottwave-forecast.com
Ford Motor Company is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln luxury brand.

FORD July Daily Chart

FORD July Daily Chart

Last July, we showed that Ford (F) ended the bullish cycle from March 2020 at 25.86 as wave I. We seek to end a zigzag structure correction of the entire previous cycle as wave II. The idea was to complete an ending diagonal as wave (5) of ((C)) around 10.00 and continue the uptrend from there. (If you want to learn more about double correction or Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

FORD November Daily Chart

FORD November Daily Chart

However, a few months later, we can see that the ending diagonal was not completed, and Ford rallied. This bounce failed at 16.71 and dropped down. Therefore, it is most likely that the correction of the March 2020 cycle entered in a double correction structure.

From the top of wave I, we can see 3 swings down ending wave ((W)) at 10.88. Then, we saw a 3 swings bounce forming an expanded flat correction that ended at 16.71 to complete the connector ((X)). Now to complete the double correction structure we need 3 more swings down to break below 10.58.

Wave (A) of ((Y)) ended at 11.11. Wave (B) seems to have finished making another flat correction at 14.67. We need to see a minimum drop towards the 9.09 – 5.63 area to complete wave (C) of ((Y)) and wave II from where Ford should continue higher.

Source: https://elliottwave-forecast.com/stock-market/ford-entered-double-correction-downside/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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www.elliottwave-forecast.com
Red Rock Resorts Inc., (RRR) develops & operates casino & entertainment properties in the US. It operates through two segments, Las Vegas Operations & Native American Management. It is based in Las Vegas, comes under Consumer Cyclical sector & trades as “RRR” ticker at Nasdaq.

As discussed in previous blog, RRR finished wave I at $58.74 high as impulse. Below there, it finds support between blue box area for 3 swing bounce as expected in previous blog. It expect short term upside in ((X)) connector of larger double correction in wave II before it may resumes lower in ((Y)) leg. Buyers from the blue box area is already having risk free position. Alternatively, it may ended II correction at $30.98 low & should be in III red, which confirms, if breaks above I high.

RRR - Elliott Wave Daily View from 4/27/2022 :​

It made ATL at $2.76 on 3/18/2020 & above there, it placed ((1)) at $11.99 & ((2)) at $7.50. ((2)) was 0.5 fib retracement against ((1)). Above there, it started third wave extension & placed ((3)) at $46.61 on 6/02/2021. It placed ((4)) at $37.05 as 0.236 fib retracement against ((3)) as shallow correction. Finally, it ended ((5)) at $58.74 high on 10/26/2021 as I wave. Below there, it either favors in II as double correction or alternatively, might be in ((1)) of III red.

RRR - Elliott Wave Latest Weekly View:​

It placed ((W)) at $30.98 low & (B) of ((X)) at $33.62 low. Above there, it favors higher in (C) & expect minor upside to finish ((X)) connector before downside resumes in ((Y)) leg (extension pending). ((Y)) will confirms when breaks below ((W)) low. We like to buy the next extreme areas in ((Y)) leg, when reached.

RRR - Elliott Wave Latest Daily View:​

Alternatively, it may ended II red at $30.98 low & currently, favors higher in (3) of ((1)). It expect two more highs to finish ((1)) before starts pulling back in ((2)) correction in 3 or 7 swings, which ideally should hold above $30.98 low to see further upside in ((3)) of III. The alternate view as III in progress, will confirms when breaks above I red high.

RRR - Elliott Wave Alternate Weekly View:​

Source: https://elliottwave-forecast.com/stock-market/rrr-should-ready-for-next-rally/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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www.elliottwave-forecast.com
Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of SPX ( S&P500) , published in members area of the website. As our members know SPX is showing higher high sequences in the short term cycle from the October 13th low. The index is looking for another push up toward 4080.4+ area ideally. Recovery looks incomplete and we expect to see more short term strength. Recently SPX made a short term pull back that has reached its target area and found buyers as expected. In the further text we are going to explain the Elliott Wave Forecast.

SPX Elliott Wave 1 Hour Chart 11.17.2022​

SPX is proposed to be doing Elliott Wave Zig Zag pattern within the cycle from the October 13th Low. Structure is still incomplete. SPX has not reached extremes from the 10.13. low. Besides that , we got only 3 waves up in the cycle from the 3709.8 low which suggests another wave up is still missing. So, current view suggests wave C red is still in progress when we are now in ((iv)) of C. Once current short term pull back completes we expect to see another push up toward 4080.4 area .We expect to see more downside in near term toward 3928.6-3883.4 area. Buyers should ideally appear at the marked zone for the further rally toward new high ideally or for a 3 waves bounce at least.

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

SPX

SPX Elliott Wave 1 Hour Chart 11.19.2022​

Pull back reached our target zone at 3928.6-3883.4 ( buyers area). SPX found buyers at that zone and we are getting reaction from there. Rally made enough separation from the lows. As a result, any longs from there should be risk free already and partial profit taken. Wave ((iv)) can be done at 3907 low and we should be ideally trading within wave ((v)) toward 4080.4 area. Alternatively if 3907 low gets broken then we can see 7 swings in wave ((iv)) .

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels 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

SPX

Source: https://elliottwave-forecast.com/stock-market/spx-elliott-wave-view-forecasting-path/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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www.elliottwave-forecast.com
Fresenius Medical Care is a German American healthcare company. It is one of the four devisions of Fresenius SE & Co. KGaA. The company provides kidney dialysis services and treats end-stage renal disease. Today, it has 38% share of the dialysis market in the US. Fresenius Medical Care operates 42 production sites, mainly in the US, Germany and Japan. Founded in 1996 and headquartered in Bad Homburg vor der Höhe, Germany, Fresenius Medical Care is a part of DAX40 index. One can trade it under the tickers $FME at XETRA and $FMS at NYSE.

In the initial article from October 2021, we have explained that more price downside should take place. This was due to bearish sequence. Also we have provided the area lower. Now, we see that the prediction was right. $FME has extended lower and offers long-term investors a great opportunity to enter the market shares. Here, we provide an update.

Fresenius Medical Care Monthly Elliott Wave Analysis 11.21.2022​

The monthly chart below shows the Fresenius Medical Care stock $FME traded at XETRA. From all-time lows, the stock price has developed an Elliott wave motive wave pattern. The cycle up in black wave ((I)) being of grand super cycle degree has ended by printing its top at all-time highs in February 2018 at 93.82. Within the grand super cycle ((I)), the blue wave (III) of super cycle degree is an impulse showing an extension as related to the waves (I) and (V).

From the February 2018 high, a consolidation has started and is still in progress. First, a cycle lower in 3 waves has ended in January 2019. Then, from the 55.44 low a rally has failed to make a new high. After 3 waves of blue wave (x) ending in February 2020 at 81.10, $FME has broken below 55.44 low. As a matter of fact, this has opened a bearish sequence. As a consequence, while the price holds below 81.10, one has expected $FME to trade lower into the 42.67-18.87 area. Indeed, the area has been reached. On the one hand, another one or two lows can happen. On the other hand, long term investors can see Fresenius already trading at very attractive price levels.

Therefore, investors and traders can buy Fresenius medical care from 42.67-18.87 area expecting a long-term rally to the new highs. The target in the black wave ((III)) will be towards 119-178 area in case of reaction from 25.95 level.

Fresenius Elliott Wave Monthly

Source: https://elliottwave-forecast.com/stock-market/fresenius-monthly-buying-area/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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www.elliottwave-forecast.com
Good day Traders and Investors. In today’s article, we will look at the past performance of 4 Hour Elliottwave chart of Alibaba ($BABA). The decline from 08.26.2022 high has unfolded as 5 swings and made a lower low on 10.24.2022 which created a bearish sequence in the 4H timeframe. Therefore, we knew that the structure in $BABA is incomplete to the downside & should see more weakness. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box area. We will explain the structure & forecast below:

$BABA 4H Elliottwave Chart 11.14.2022:​

$BABA

Here is the 4H Elliottwave count from 11.14.2022. The decline from 08.26.2022 unfolded in 5 waves creating a bearish sequence. We were calling for the bounce to fail in 7 swings at blue (Y) where we like to sell it at the equal legs at $78.57 with a stop at $87.56.

$BABA Latest Elliottwave Chart:​

$BABA

Here is the 11.27.2022 4H update showing the move taking place as expected. The stock has reacted lower from the blue box allowing any shorts to get risk free shortly after taking the position. Currently, the stock has already made 5 swings from the peak at ((2)) and expecting bounces to fail below it in 3 or 7 swings for a continuation lower.

Source: https://elliottwave-forecast.com/st...a-provides-another-opportunity-blue-box-area/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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www.elliottwave-forecast.com
Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of EURJPY published in members area of the website. As our members know EURJPY forex pair ended the cycle from the August low at 148.38 peak and now giving as correction. Recently EURJPY made short term recovery against the 148.38 peak that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the lows and complete at the extreme zone. In further text we’re going to explain the Elliott Wave pattern and forecast

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

Elliott Wave Double Three Pattern

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

EURJPY EURJPY 1h Hour Elliott Wave Analysis 11.22.2022

EURJPY is giving us (X) blue recovery that is unfolding as Elliott Wave Double Three Pattern. Correction has WXY red inner labeling. If we take a close look , we can see that price structure is still incomplete. We are missing another leg up tpward 146.048-146.693 to complete proposed correction. At that zone buyers should be ideally taking profits and sellers can appear again. Consequently , we expect to see reaction from the marked area. From mentioned zone we can get either decline toward new lows or larger 3 waves pull back at least.

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

EURJPY

EURJPY 1h Hour Elliott Wave Analysis 11.24.2022

Sellers appeared right at the marked extreme zone : 146.048-146.693 and we got good reaction. Current view suggests (X) blue connector completed at 146.134 high. We are about to complete short term cycle from the mentioned peak and expecting to see 3 waves bounce. The price now must hold below 146.13 peak in order to keep proposed view intact, otherwise larger correction can be taking place.

Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups 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.

EURJPY

Source: https://elliottwave-forecast.com/elliottwave/eurjpy-sellers-elliott-wave-double-three/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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Sony Group Corporation, commonly known as Sony and stylized as SONY, is a Japanese multinational conglomerate corporation headquartered in Kōnan, Minato, Tokyo, Japan. As a major technology company, it operates as one of the world's largest manufacturers of consumer and professional electronic products, the largest video game console company and the largest video game publisher.

SONY Weekly Chart July 8th 2022



SONY ended an impulse that began at the end of 2012. The share price reached 133.75 in January 2021, that is, 9 years of upward movement. We called this impulse wave (I). From here the price started to fall forming a double correction structure. This would take us to the blue box 68.11 – 43.83 area to complete wave (II) correction and resume the rally.

SONY Weekly Chart November 27th 2022



After almost 5 months, double correction as wave (II) finished. The first 3 swings ended wave w at 94.40. Connector wave x finish at 107.79. Down from wave x market made 3 swings lower to complete y. Wave (a) ended at 80.05 and bounced as wave (b) ended at 95.96. Last drop as wave (c) made an impulse to the blue box area ending wave y and wave (II) at 61.67. The rally has already begun and in the near term we need more upside to complete an impulse. The best area to complete wave ((1)) comes at 85.23 – 87.16. After this, it should fall in 3, 7 or 11 swings lower to complete wave ((2)). As we stay above 61.67, the view is valid.

Source: https://elliottwave-forecast.com/stock-market/sony-ended-correction-higher-blue-box/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,890
8
84
www.elliottwave-forecast.com
Adidas is a German multinational corporation designing and manufacturing shoes, clothing and accessories. Created in 1934 by Adolf Dassler and headquartered in Herzogenaurach, Germany, the company is the largest sportswear manufacturer in Europe. Adidas is a part of both DAX40 and of SX5E indices. From the all-time lows, Adidas has been showing a strong bullish behavior. In particular, from the 2008 lows it has gained more than 10x in value. In the initial article from January 2021, we were calling for a new cycle up. We were right, Adidas has printed a new all-time high at 336.25. Later on, in December 2021, we were calling for medium term pullback in 7 swings to find support from 220.76-171.54 area. Indeed, from the bluebox area, the market has bounced in 3 swings. Then, however, stock price decided to step in 11 swings lower. The number and the magnitude of the swings turn the overall correction into a next degree. As a matter of fact, Adidas is correcting in 11 swings against all-time lows providing a big buying opportunity. In this blog, we provide an update.

Adidas Monthly Elliott Wave Analysis 11.27.2022​

The monthly chart below shows the Adidas stock $ADS traded at XETRA. From the all-time lows, the stock price has developed a cycle higher in blue wave (I) of super cycle degree towards January 2008 highs at 51.63. From there, a correction lower in blue wave (II) has retraced part of the rise. It has printed a bottom on November 2008 at 21.22. From November 2008 lows, a cycle in wave (III) has extended towards August 2019 highs at 296.75. Hereby, the extension beyond 4.236 qualifies the cycle as a 3rd wave. From the August 2019 highs, a correction lower in wave (IV) has unfolded as an expanded flat structure towards the March 2020 lows at 162.20.

From the March 2020 lows, a new cycle in wave (V) has printed the all-time high in August 2021 at 336.25. In fact, the cycle in wave ((I)) of grand super cycle degree has ended. From the August 2021 highs, a correction in wave ((II)) is in progress or might have ended already. Then, a new larger cycle in black wave ((III)) should take place. Therefore, investors can be using that major pullback in black wave ((II)) as a buying opportunity expecting more upside towards 336.25 and higher.

Adidas Elliott Wave Monthly

Adidas Daily Elliott Wave Analysis 11.27.2022​

The daily chart below shows in more detail the consolidation from the all-time highs in black wave ((II)). It unfolds as a triple three pattern. Firstly, from the August 2021 highs at 336.25, 3 swings lower of blue (w) have set a low in October 2021 at 257.00. Secondly, a bounce in blue wave (x) has printed a connector high at 300.25. Thirdly, the price reached lower into the blue box extension area 220.76-171.54. In fact, it has slightly broken the lower level by setting a bottom in blue wave (y) at 170.08 in March 2022. From there, another connector in blue wave (xx) has ended at 220.80 highs. While below, another cycle in blue wave (z) has reached another extension area 141.22-92.00. There, a reaction higher in black wave ((III)) or a bounce in 3 waves as minnimum should take place.

Investors and traders can be using 141.22-92.00 bluebox area as a buying opportunity in $ADS targeting 429.50-637.60 area and even higher in the long run.

Adidas Elliott Wave Daily

Source: https://elliottwave-forecast.com/stock-market/adidas-stepped-11-swings-big-buy/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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The Elliott Wave Theory's main pattern is that the market advances in five waves and corrects in three waves. The five waves advance is easy to identify. Most of the time the rally is well-defined and the subdivision is visible. Also, the powerful wave three creates separation making the sequence clear and easy to label.

An impulse sequence runs in 5-9-13-17-21, which is an increment of 4. When labelling, we need to count if the swing comes out with the correct number. The Theory allows traders to understand when a cycle is ending and consequently to take profit or stop chasing at the end. The following chart shows the 5 waves advance pattern:



The graph above is a representation of the classic five waves advance in the simplest way. As we can see, there are five waves off the lows, and each leg comes with a subdivision of five waves. After the 5 waves advance ends, we can see a pullback in three waves. Counting the swing is critical to identifying a nest and knowing how many more highs/lows should happen before a cycle ends.

A nest is a series of 1-2, 1-2 before an acceleration happens. Knowing how to count the swings and the rules which make a nest is important. As we explained above, the Impulse sequences run in 5-9-13-17, an increment of 4. The five waves can be an impulse, but 17 swings can also be an impulse. Many traders do not understand this concept. When you are in a double nest, the sequence extends to 9 swings and runs like 1-2-1-2-3-4-5-3-4-5. Consequently, we end at 9 swing. The following chart shows the nest structure:



It represents a nest within the Elliott Wave Theory. It's something many wavers struggle. As we can see, there is a series of degrees off the lows before acceleration happens. Thus, knowing that a nest happens is the key.

The chart below shows Chevron (CVX). From the peak at 07.28.2022, Chevron did a seven swing lower into the Blue Box area and reacted higher in an impulse. The rally develops into a nest, as I-II, ((1)), ((2)), then a considerable acceleration takes place. Now we are in swing number 9, or wave V. The new high comes with a momentum divergence and there is enough number of swings in place to complete.

Chevron (CVX) Weekly Elliott Wave Chart​

Chevron (CVX) Weekly Elliott Wave Chart

The chart above shows a fantastic reaction from the Blue Box area. It is a High-Frequency area in which both sides of the market agree to a reaction. You can watch this video (hyperlink directs to the video) to understand more. Right now, as shown in the chart, the number of swings are in place. At any moment, a wave (IV) pullback can start.

In conclusion: CVX is ending a perfect advance in nine swings. The price is still showing divergence against the peak of 06.03.2022. A huge wave (IV) should start soon, which can make the sector sideways and also Oil sideways for years. As of right now, let's respect the advance, and be careful about chasing higher. Also let's understand that while it stays above wave IV low, the stock can extend. So right now is a very critical stage for Chevron and the Energy sector.

Source: https://elliottwave-forecast.com/stock-market/cvx-chevron-the-symbol-might-be-ending-a-cycle/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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84
www.elliottwave-forecast.com
Assurant Inc., (AIZ) together with its subsidiaries, provides lifestyle & housing solutions that support, protect & connect consumer purchases in North America, Latin America, Europe & Asia Pacific. The company operates through two segments: Global lifestyle & Global housing. It is based in New York, Comes under Financial services sector & trades under “AIZ” ticker at NYSE.

AIZ started a impulse sequence since March-2020 low of $76.27. Above there, it ended wave I at $194.12 as ATH & below there correcting in II in double correction against March-2020 low before upside resumes.

AIZ : Elliott Wave Latest Weekly View :​

Since March-2020 low, it placed ((1)) at $114.74 high on 4/09/2020. Below there, it ended ((2)) correction at $83.89 low on 5/14/2020 as 0.764 Fibonacci retracement of ((1)). Later it extends ((3)) higher & ended at $172.22 high. Below there, it favored ended ((4)) at $144.18 low on 1/24/2022. Finally, it placed ((5)) at $194.12 high on 4/21/2022 high as wave I impulse sequence. Below there, it favors correcting lower in wave II as double correction & expect short term downside within extreme areas.

AIZ : Elliott Wave Latest Daily View:​

Below $194.12 high, it placed ((W)) at $149.50 low & ((X)) at $172.99 high on 8/17/2022. Below ((X)) high, it placed (B) at $155.45 high on 10/19/2022. Currently, it favors (C) of ((Y)) leg & reached the extreme areas. It favors a corrective bounce in 2 red expect short term downside to continue 3 of (C) later. Ideally, it expect to finish II in $127.93 - $100.15 area before turning higher in III or at least a larger 3 swing bounce. Alternatively, it might ended II correction at $119.01 low on 11/07/2022 between extreme areas. While above there, it expect to resume higher in (1) of ((1)) of III. Further upside will confirms when breaks above I high or it can bounce at least in a larger 3 swing reaction.

AIZ : Alternate Elliott Wave Weekly View :​

Source: https://elliottwave-forecast.com/stock-market/aiz-expect-short-term-weakness/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
1,890
8
84
www.elliottwave-forecast.com
Nel ASA is a Norwegian heavy electrical equipment company. It provides solutions for production, storage and distribution of hydrogen from renewable energy sources. Founded in 1927 and headquartered in Oslo, Norway, it can be traded under the ticker $NEL at Oslo Stock Exchange. Nel is a part of OBX25 index.

In the initial article from May 2021, we have forecasted a drop and reaction higher from 13.11-4.42 area. We were right, $NEL has reached that area. Now, a new bullish cycle might be in the very first stages. Moreover, current price of $NEL offers a great reward to risk. Last not least, investors and traders looking for long-term opportunities in the renewable energy market can enter $NEL stock to diversify their portfolio.

Nel ASA Weekly Elliott Wave Analysis 12.04.2022​

The weekly chart below shows the Nel stock $NEL traded at Oslo Stock Exchange. From the all-time lows, the stock price has developed a cycle higher in blue wave (I) of a super cycle degree. Nel has printed the all-time highs in January 2021 at 35.15. Without any doubt, the advance is a textbook quality impulsive move up in 5 waves. Hereby, the red wave III shows a clear subdivision in five waves. Also, within the black wave ((3)), one can distinguish five waves. It is a well-known fact, that the market does not trade in a straight line. Indeed, after 5 waves higher, a pullback in at least 3 waves lower should take place. Only then, a new cycle higher can start.

From January 2021 highs, on can see a zigzag correction in the blue wave (II). Firstly, red wave a has ended in March 2021 at 21.00. Then, a bounce in red wave b has printed a connector in April 2021 at 27.13. Finally, a new cycle in red wave c shows an ending diagonal pattern being a 3-3-3-3-3 structure. On the one hand, wave c shows enough number of swings and starts breaking the RSI channel to the upside. On the other hand, the 13.11-4.42 extension area has been reached. As a conclusion, we call the low of wave (II) to be in place on October 2022. Now, while $NEL stays above 9.83, wave (III) is in progress.

Investors and traders should stay long from 13.11-4.42 area and can be still buying Nel ASA in short term pullback from that area targeting 44.94-66.64 area and even higher.

Nel ASA Elliott Wave Weekly

Source: https://elliottwave-forecast.com/stock-market/nel-asa-bullish-energy-crisis/
 

Elliottwave-Forecast

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Feb 17, 2017
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Good day Traders and Investors. In today’s article, we will look at the past performance of the Weekly Elliottwave chart of Gold Miners ETF ($GDX). The decline from 08.03.2020 high marked the end of the cycle from Jan 2016 lows. The ETF traded lower in 3 swings and bounced at red w on 09.27.2021. The bounce was a connector which found sellers on 04.18.2022 peak at red x. The decline from red x went and broke below the 09.27.2021 low at red w. Therefore, we knew that the structure in $GDX is going to trade lower towards a blue box area which will be the next big opportunity in the Weekly Timeframe. So, we advised members to buy the bounce in 3, 7, or 11 swings at the blue box area. We will explain the structure & forecast below:

Dec 2021 $GDX Favors More Downside Video:​


July 2022 $GDX at the Blue Box Video:​


$GDX Latest Weekly Elliottwave Chart:​

$GDX

Here is the 11.27.2022 Weekly update showing the move taking place as expected. The ETF has reacted higher from the blue box. Currently, the ETF has already made 5 swings from the low at (II) and expecting continuation higher to remain in place which will allow longs to get risk free very soon.

Source: https://elliottwave-forecast.com/st...iners-etf-gdx-perfect-reaction-blue-box-area/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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In this article we’re going to take a quick look at the Elliott Wave charts of USDCAD, published in members area of the website. We have been favoring the long side in the pair. As our members know, the pair that has given us good buying opportunities recently. We recommended members to avoid selling the pair, while keep favoring the long side. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

USDCAD Elliott Wave 4 Hour Chart 11.09.2022​

The pair made bounce from first set of equal legs. We got 3 waves bounce that allowed us to make long positions risk free + take partial profits. That trading setup has been explained in previous technical article. After reaction that unfolded in 3 waves, USDCAD made sharp decline and made new short term low. Now , the pair is showing lower low sequences from the peak suggesting wave ((4)) is still in progress. Correction looks incomplete and we expect to see more downside toward 1.3321-1.3019 which would be next buying zone. We don’t recommend selling the pair against the main bullish trend. Strategy is waiting for the price to reach next set of equal legs, before entering the long trades again. Invalidation for the long trades is break of 1.618 fib ext : 1.3019.

Quick reminder:

Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

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

USDCAD

USDCAD Elliott Wave 4 Hour Chart 11.28.2022​

USDCAD reached buying zone at 1.3321-1.3019 area as expected. The pair found buyers at the Blue Box – buying zone and we are getting good reaction from there. Currently the price shows higher high sequences from the lows, suggesting next short term tech zone comes at 1.35847-1.3751. At that zone we can complete 3 waves up from the lows and see 3 wave pull back at least.

Note: Some labelings have been removed in order to protect clients' privileges.

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



Source: https://elliottwave-forecast.com/trading/elliott-wave-forecasting-path-buying/
 

Elliottwave-Forecast

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Feb 17, 2017
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ArcelorMittal S.A., (MT) together with its subsidiaries, operates as integrated steel & mining companies in Europe, North & South America, Asia & Africa. Its principal steel products include semi-finished flat products, including slabs, finished flat products comprising plates, coils & sheets, bars, wire-rods, structural sections, rails, pipes & tubes. It is based in Luxembourg, comes under Basic Materials sector & trades as “MT” ticker at NYSE.

MT made a low of $6.64 in March-2020 against 2008 high. While above there, it started impulse up, which ended at $37.87 high finished as wave I. Below there, it proposed ended wave II at $19.25 low at blue box area. While above there, it started reacting higher. It expect to resume higher in wave III, which confirms above $37.87 high or at least can see larger 3 swing bounce in double correction in II.

MT : Elliott Wave Latest Weekly View :​

It placed ((1)) at $10.63 high on 4/09/2020 low and ((2)) at $7.58 low on 5/14/2020 as dip correction. Above there, it started third wave extension, which ended as ((3)) at $36.58 high. Below there, it favored ended ((4)) at $26.59 low, slightly higher than 0.382 Fibonacci retracement. Finally, it placed ((5)) at $37.87 high as wave I on 1/13/2022. Below there, it placed ((A)) at $28.22 low on 1/28/2022 & ((B)) at $34.59 high on 3/25/2022. It placed ((C)) at $19.25 low as the part of zigzag correction in wave II in blue box area. Currently, it favors higher in 5 of (1), while dips remain above $25.21 low of 4 red. It expects one more high before starts pulling back in (2) in 3 or 7 swings & expect to holds above II low to see at least one more leg higher. Buyers from the blue box area are already having risk free position.

MT : Elliott Wave Latest Daily View :​

Source: https://elliottwave-forecast.com/stock-market/mt-ready-for-next-rally/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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The Indian rupee (symbol: ; USDINR) is the official currency of India. The rupee is subdivided into 100 paise (singular: paisa), though as of 2022, coins of denomination of 1 rupee are the lowest value in use whereas 2000 rupees is the highest. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.

Quarterly USDINR Chart December 2022​

Quarterly USDINR Chart December 2022

In the quarterly cahrt, we could see USDINR is building an impulse since 1970. Wave (I) ended at 9.35 and pullback as wave (II) finished at 7.66. Then the pair, it had a big rally reached 49.16 as wave III. We could see wave III in the Stoch how in long term kept above 80 until wave IV appeared. Wave IV started at 2002 after Tech's recession and continued until when Housing's recession began. Since 2008, pair extended the rally from 39.01. It is developing a wave (V) that it looks like is not going to end soon. However, we could see an interesting pullback around 88.26 where it is the equal legs taken from wave III and IV.

Monthly USDINR Chart December 2022​

Monthly USDINR Chart December 2022

In the monthly chart, we can see that wave ((1)) of V ended at 52.51. Retracement as wave ((2)) of V at 43.88. Since then, the pair has held up in groups of waves 1 and 2 which it should continue to trend. Therefore, the best strategy for the USDINR in the long term, it is to buy dips until it reaches 88.26. From there, wait for a reaction lower to re-enter the market until wave V is completed.

Source: https://elliottwave-forecast.com/forex/indian-rupees-usdinr-buying-dips/
 

Elliottwave-Forecast

Master Trader
Feb 17, 2017
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The long term fundamental background in the next few years for Uranium remains very good. With the world in energy crisis and in need of a green energy, Uranium offers an alternative source. One way to capitalize on this opportunity is with the Uranium Miners ETF (URA). The ETF invests on the Uranium itself as well as several mining companies in this sector.

$URA Elliott Wave Chart Monthly Chart​



Uranium ETF (URA) Monthly Chart above shows that the instrument is correcting cycle from March 2020 low within wave II. Pullback so far still has not shown any sign of bottoming. Structure of the instrument still hasn't reached the ideal extension to end wave II. The weekly and monthly outlook however is bullish even though further downside still can't be completely ruled out at this stage. Daily time frame below shows the ideal extension to end wave II.

$URA Daily Elliott Wave Chart​



Daily Elliott Wave Chart of Uranium ETF (URA) above shows that wave II is in progress to correct cycle from 3.18.2020 low and the ideal target is a 100% extension from 11.9.2021 high which comes at 12.76 - 15.77. So far the instrument has not shown any sign of bottoming yet as it still continues to stay below the descending trend line. Near term, while below wave (X) at $24.34, it still has scope to extend lower towards $12.76 - $15.77 where strong buyers should appear. Break and close above the trend line however may suggest truncation and wave II to finish without reaching the full 100%.

Source: https://elliottwave-forecast.com/stock-market/uranium-etf-ura-still-not-confirmed-bottom/