Elliott Wave Analysis by EWF

[Elliottwave-Forecast]

In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of Google ticker symbol: $GOOGL, which we presented to members at elliottwave-forecast. In which, the rally from 24 September 2020 low unfolded as an impulse structure. Thus suggested that it’s a continuation pattern. And as per Elliott wave theory after a 3 waves pullback, it should do another extension higher in 5 waves impulse structure at least. Therefore, we advised members not to sell the stock & trade the no enemy areas ( blue boxes) as per Elliott wave hedging remained the preferred path looking for 3 wave reaction higher at least. We will explain the structure & forecast below:

Google 1 Hour Elliott Wave Chart


Above is the 1 hour Elliott Wave Chart from 10/07/2020 Post-Market update. In which, Google made a pullback in wave (2) to correct the cycle from the 9/24/2020 low. The internals of that pullback unfolded as a double three structure where wave W ended at $1447.35 low. Wave X bounce ended at $1484.70 high and wave Y was expected to reach $1437.12- $1407.61 100%-161.8% Fibonacci extension area of W-X. From there, buyers were expected to appear looking for another extension higher or for 3 wave reaction higher at least. Therefore, our members knew that buying at blue box area remains the preferred path for a 3 wave bounce at least.

Google 1 Hour Elliott Wave Chart


Here’s the Latest 1 Hour Elliott Wave Chart from the Weekend update. Showing Google reacting higher from the blue box area as we expected. Allowed members to create a risk-free position shortly after taking the longs at $1437.12- $1407.61 blue box area as per Elliott wave hedging. Right now, the stock has already made a new high above the prior wave (1) peak at $1495.07 high confirming the next extension higher for wave (3).

 

[Elliottwave-Forecast]

Moët Hennessy Louis Vuitton, commonly known as LVMH, is a French multinational luxury goods company. Headquartered in Paris, LMVH was formed 1987 through a merger of the fashion house Louis Vuitton (founded in 1854) with Moët Hennessy (established in 1971). The company controls and manages 75 prestigious brands under the umbrellas of 6 branches: Perfumes and Cosmetics, Wine and Spirits, Watches and Jewelry, Fashion Group, Selective Distribution, and Other Activities. LVMH is a part of CAC40 index. Investors can trade it under the ticker $MC at Euronext Paris and under $LVMHF in US in form of ADRs.

From the first days on the stock exchange, $MC title is in a permanent growth. From the fundamental point of view, this behavior may demonstrate a steady need of luxury goods in the society. Even though the wealth in the world is unequally distributed, however, the growing demand in luxury products is obviously present. The latter should be rising even stronger in the coming years. This development should advance, without any doubt, the luxury giant LVMH to new highs.

LVMH Monthly Elliott Wave Analysis 10.07.2020
The monthly chart below shows the LVMH stock $MC listed at Euronext. From the all-time lows, first, the stock price has developed a cycle higher in wave (I) of a super cycle degree. It has ended in August 2000 at 98.70. From the top, a correction lower in wave (II) has unfolded as an Elliott Wave zigzag pattern. It has printed a bottom on September 2001 at 28.40.

From the September 2001 lows, LVMH has broken to new highs and is still within a strong rally. This rise shows an extension of more than 2.618 multiples in relation to the length of the wave (I). It is approaching the 4.236 extension level which is 446.55. Without any doubt, one can qualify the cycle higher as the blue wave (III). From 2001 lows, it shows 5 waves higher. Currently, the 7th swing in black wave ((5)) of red wave III is unfolding. Breaking to new highs would confirm this count generating, at the same time, an incomplete motive sequence.

Indeed, motive sequences develop in 5 - 9 - 13 - 17 - ... (5+4 x n) swings. Therefore, a new high above 439.05 will require a pullback in wave IV and another high in wave V. Later on, 9 swings may accomplish the 2001 cycle higher in blue wave (III). But they dont have to. As mentionned above, 13, 17 and more swings within cycle in wave (III) are also possible.



LVMH Daily Elliott Wave Analysis 10.07.2020
The daily chart below shows in more detail the waves ((3)) and ((4)) of the red wave III. From the all-time highs at 439.05, the pullback in wave ((4)) has unfolded as a double-three correction. It has ended in March 2020 at 278.48. From the lows, the advance higher is looking so far like 7 waves up. Currently, wave (5) of ((5)) is underway and should break 439.05 highs. Once topped, a correction lower in wave IV should correct the entire cycle in wave III from the 37.17 lows on November 2008. Alternatively, the pullback may correct the March cycle from 278.48 lows before turning higher again. In that case, the red wave III may be still in progress to new highs.

As a matter of fact, there are different counts which may play out. Notwithstanding, investors and traders may be looking to buy a pullback in $MC in 3, 7 or 11 swings against March lows at 278.48 in first and against 2008 lows at 37.17 in second degree for an extension higher to new all-time highs or for a bounce in 3 waves at least.

 

[Elliottwave-Forecast]

$SLV Ishares Silver Trust Larger Cycles and Elliott Wave

Firstly there is data back to when the ETF fund began in 2006 as seen on the weekly chart shown below. The fund made a low in 2008 at 8.45 that has not since been taken out in price. It could have been up until The point of the spike higher in July 2020. You should be able to assume from the October 2008 lows to the April 2011 highs was a larger degree impulse ending from all time Silver lows either way.

Secondly, the decline from the April 2011 highs down to the May 2011 lows was five waves. Price held below the April 2011 highs during the bounce from the May 2011 lows to the August 2011 high.

The analysis continues below the weekly chart.



Thirdly, the cycle from the August 2011 high now appears complete. The red I , II & III decline to the December 2015 lows best looks as two Elliott Wave impulses. Next, the bounce to the August 2016 high was strong enough to suggest it had corrected the cycle from the red wave II highs in February 2012. From the August 2016 high the decline appears to be an Elliott Wave triangle structure that ended the wave "E" at the February 2020 highs. From this point in time the instrument printed a clean Elliott wave impulse lower into the March 2020 lows at 10.86.

In conclusion, down from the April 2011 highs SLV exhibits all qualities of an Elliott Wave zig zag structure that now appears complete at this point. This is partially due to the bounce from the March 2020 lows. It was strong enough and apparently in five waves. This suggests the correction of the cycle up from the all time lows has completed. Near term while below the August 2020 highs silver can correct the cycle up from the March 2020 lows. Afterward a larger degree turn higher is expected again.

 

[Elliottwave-Forecast]

Elliott wave view in Gold ticker symbol: $XAUUSD suggests that the correction lower approximately towards $1801- $1669 area or a deep test of the 24 September 2020 low should be taking place. Right now, the bounce from the 9/24/2020 low has ended wave 2 in Gold. The internals of that bounce unfolded as Elliott wave zigzag structure where wave ((a)) ended at $1917.10 high. Down from there, wave ((b)) pullback unfolded as a lesser degree flat structure where wave (a) ended at $1886.20 low.

Wave (b) bounce ended at $1921.14 high and wave (c) completed at $1872.75 low thus completed wave ((b)) pullback. Up from there, the metal started wave ((c)) in an impulse sequence where wave (i) ended at $1898 high. Wave (ii) ended at $1878.70 low, wave (iii) ended at $1929.26 high, wave (iv) ended at $1918.40, and wave (v) ended at $1933.25 high, thus completed wave 2 correction. Below from there, the metal is showing 5 waves impulse sequence decline favoring a bounce to fail for another leg of weakness at least. Near-term, as far as the bounces fail below $1933.25 high expect metal to extend lower.

Gold 1 Hour Elliott Wave Chart

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Amazon $AMZN stock, published in members area of the website. We've been calling for further rally in AMZN within the cycle from the September 2867.08 low. Recently we got 3 waves pull back that has ended perfectly at the Equal legs. In further text we’re going to explain Elliott Wave Forecast.

$AMZN 1 Hour Elliott Wave Analysis 10.07.2020
Cycle from the 2867.08 low ended as 5 waves rally , that is labeled as (1) blue on the charts. Currently we are getting wave (2) blue pull back that is unfolding as Elliott Wave Double Three Pattern. The price structure is showing clear 7 swings from the peak. AMZN already reached equal legs area at 3091.7-3020.7 (buyers zone). As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.

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



$AMZN 1 Hour Elliott Wave Analysis 10.07.2020
AMZN made nice bounce from the blue box area. When Pull back completed at 3079.55 low. We don’t recommend selling the stock in any proposed pull back and favor more upside toward new highs ideally. We need to see break above wave (1) blue - 10/02 peak to confirm next leg up is in progress.



$AMZN 1 Hour Elliott Wave Analysis 10.07.2020
Eventually AMZN made further rally and broke above 10/02 peak confirming next leg up is in progress. The stock now remains bullish against the 3079.55 low, and we expect it to keep finding buyers in 3,7,11 swings as proposed pivot holds. We are favoring the long side.

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.



Elliott Wave Forecast

 

[Elliottwave-Forecast]

Elliott Wave view in AUDUSD suggests that the bounce from 25 September 2020 low has ended in wave ((B)) at $0.7243 high. The internals of that bounce unfolded as Elliott wave zigzag structure where wave (A) ended at $0.7209 high. Wave (B) pullback ended at $0.7092 low and wave (C) ended in 5 waves at $0.7243 high. Down from there, the decline is unfolding as Elliott wave impulse structure where wave 1 ended in lesser degree 5 waves at $0.7147 low.

Up from there, wave 2 bounce ended at $0.7190 high. While wave 3 ended with another lesser degree 5 wave structure at $0.7053 low. And wave 4 bounce ended at $0.7098 high. Below from there, wave 5 remains in progress looking to extend lower minimum towards inverse 1.236%- 1.618% Fibonacci extension area of wave 4 at $0.7041- $0.7023 area. In case of further extension lower, it can even see a 5=1 target area towards $0.7001- $0.6978. And see a potential break below the 9/25/2020 low (0.7002). Before ending 5 wave decline in wave (1) & seeing a bounce in wave (2). Near-term, as far as the pivot from $0.7243 high stays intact expect bounces to fail in 3, 7, or 11 swings for further downside.

AUDUSD 1 Hour Elliott Wave Chart

 

[Elliottwave-Forecast]

Platinum is one of the major precious metal commodities, along with gold, silver and palladium. As one of the least reactive materials, it is a noble metal which is highly appreciated and used in jewelry. The main functionality, however, remains within the industrial applications such as vehicle emmisions control devices, chemical production and petrol refining, electrical and biomedical applications accounting for about 2/3 of all platinum implementations.

Platinum Monthly Elliott Wave Analysis 10.18.2020​

The monthly chart below shows the platinum spot price in US dollars: XPTUSD. From the all-time lows, the commodity price has developed a cycle higher in wave ((a)). It has ended in March 2008 at 2302.0. As a matter of fact, it has peaked before gold and silver which have found their highs later in 2011. Back those days, the ounce price of platinum was higher than that of gold making it the most expensive precious metal.

From the all-time highs in 2008, a correction lower in wave ((b)) has unfolded as an Elliott Wave zigzag pattern. In 12 years, platinum has lost 3/4 of the price and has reached 564.82 level. It is the preferred view that an important bottom on March 2020 has been set and the wave ((b)) has ended. From the lows, the recovery does match with the price action in silver which is also turning up for another leg higher in wave ((c)) of grand super cycle degree.

For 2020-2030, the expectations are to break out to new all-time highs together with silver and gold. The target for wave ((c)) to end will be 2860-4278 area.

​

Platinum Weekly Elliott Wave Analysis 10.18.2020​

The weekly chart below shows the last stages of the blue wave (c) of black wave ((b)) lower. One can see a triangle in wave IV of (c) resolving in a thrust lower in red wave V to end the larger cycle. Thereafter, platinum shows signs of a recovery. Correlation to other metals like copper and silver supports the bullish view. Platinum should be already within the first stages of a new cycle in wave ((c)).

Platinum Daily Elliott Wave Analysis 10.18.2020​

The daily chart below shows in more detail the advance. From the March 2020 lows at 564.82, red wave I has ended in August 2020 at 1009.58 highs. Within the impulsive advance in wave I, the internals ((1)), ((3)) and ((5)) are all motive waves. From the August highs, a correction lower in wave II may be still in progress. It can develop a double three pattern being a 3-3-3 structure. Alternatively, the pullback in wave II may be complete at 830.43 lows. While above there, XPTUSD could be already extending higher in wave III.

Based on correlation to other metals, pullbacks should find support in 3, 7 or 11 swings above March 2020 lows at 564.82. In a long run, platinum should reach 2860-4278 area. Hereby, investors obtain a great opportunity to partcuipate in rising commodity prices.

 

[Elliottwave-Forecast]

Another sector that has really taken off since the March low is Solar Energy. The ETF $TAN is up an astonishing 266% since the March low. This sector is hot, and trying to find value in a sector that has already had an explosive move is tough to do. Enter First Solar Inc.

It has a chart that is nesting 1s and 2s for what is likely to be a breathtaking breakout once the multi year breakout occurs. Lets take a look at the company profile:

“First Solar, Inc. is an American manufacturer of solar panels, and a provider of utility-scale PV power plants and supporting services that include finance, construction, maintenance and end-of-life panel recycling. First Solar uses rigid thin film modules for its solar panels, and produces CdTe-panels using cadmium telluride (CdTe) as a semiconductor. In 2009, First Solar became the first solar panel manufacturing company to lower its manufacturing cost to $1 per watt.

The company was founded in 1990 by inventor Harold McMaster as Solar Cells, Inc. and the Florida Corporation in 1993 with JD Polk. In 1999 it was purchased by True North Partners, LLC, who rebranded it as First Solar, Inc. The company went public in 2006, trading on the NASDAQ. Its current chief executive is Mark Widmar, who succeeded the previous CEO James Hughes July 1, 2016. First Solar is based in Tempe, Arizona.

As of 2010, First Solar was considered the second-largest maker of PV modules worldwide. and ranked sixth in Fast Company's list of the world's 50 most innovative companies. In 2011, it ranked first on Forbes's list of America's 25 fastest-growing technology companies. It is listed on the Photovoltaik Global 30 Index since the beginning of this stock index in 2009. The company was also listed as No. 1 in Solar Power World magazine's 2012 and 2013 rankings of solar contractors”

Lets dig into the charts!

First Solar Elliott Wave Weekly View:​

On a Weekly Time Frame. From the 2012 lows of 11.43, First Solar has been working on a very bullish structure. with Blue (I) peaked in March 2014 at 74.84, and Blue (II) bottomed in April 2017 at 25.56. After that, First Solar rallied into a nesting Red I which peaked in April 2018, at 81.72. From there, a Red II is favoured set March 2020 at a low of 28.47. Prices have already made new swing highs above Red I creating a bullish sequence. Black ((1)) and ((2)) are favoured to be set, and another nest is favoured to take place before further upside in a wave (III) breakout takes place.

Lets zoom into the 4H view.

First Solar 4H Elliott Wave View:​

Medium term term view from 3/16/2020 lows of 28.47. There is a 5 waves impulse leading into black ((1)) which peaked on August 28/2020 at a price of 81.87. After that a black ((2)) is favoured set on September 24/2020 at 52.52. Presently, I am favouring some more upside in blue (1) before correcting the cycle from the September 24 low. As long as prices remain above 59.52, I favour further upside to take place.

In conclusion, the structure from the 2012 low on First Solar is very bullish. It has potential to break out in a multi year rally. I do not like selling/shorting this name, and as long as prices remain above 52.52, further upside is expected to take place.

 

[Elliottwave-Forecast]

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of NIKKEI Futures ( $NKD_F) published in members area of the Elliottwave-Forecast . As our members know, NIKKEI is showing higher high sequences in the cycle from the March low. Consequently , we recommended our members to avoid selling NIKKEI in any pull back and keep on buying the dips in 3,7,11 swigns whenever get chance. Recently we got short term pull back that has unfolded as Elliott Wave Double Three pattern. In further text we’re going to explain the forecast and Elliott Wave Pattern and trading strategy.

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 most important and common pattern in the market these days, also known as 7 swing structure.

It’s a very reliable pattern which is giving us good trading entries with clearly defined invalidation levels and target areas.
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 could have W,X,Y labeling.

NIKKEI 1 Hour Elliott Wave Analysis 10.15.2020​

NIKKEI s ended short term cycle from the 22986 low and now correcting it. Short term pull back is unfolding as Elliott Wave double three pattern with inner labeling: ((w))((x))((y)) blue. Each leg of the pull back has corrective structure. At this moment we can count clear 7 swings down from the 10/09 peak . Pull back has already reached its equal legs zone at 23443-23289 area . We favor the long side from the mentioned zone. As the main trend is bullish we expect buyers to appear for 3 waves bounce at least. Turn can happen any moment.

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

NIKKEI 1 Hour Elliott Wave Analysis 10.20.2020​

NIKKEI found buyers at 101.212-100.57 , the Blue Box area. We got nice reaction from there so far. Wave (2) pull back ended at 23378 low as Double Three Pattern. However we would like to see further break above (1) blue peak ( 10/09) to confirm next leg up is in progress.

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



Elliott Wave Forecast

 

[Elliottwave-Forecast]

$GLD Elliott Wave Analysis and Long Term Cycles

Firstly the GLD ETF fund is one of the largest as well as one of the oldest Gold tracking funds out there since it’s inception date of November 18, 2004. From there on up into the September 2011 highs it ended a larger bullish cycle as did the Gold commodity in terms of US dollars. From the September 2011 highs the price decline was pretty steep however does appear corrective as a double three (a)-(b)-(c) (in blue color) into the December 2015 lows.

Secondly I would like to mention that the bounce from the December 2015 lows at 100.23 into the July 2016 wave (i) highs (in blue) is clearly an Elliott Wave impulse. The bounce was strong enough to suggest it ended the cycle lower from the September 2011 highs as well thus at this point it is very much suspected to be resuming a long term bullish trend from the December 2015 lows. As shown above from there the metal made a wave (i) high in July 2016. From there it appears to have made a simple a-b-c structure to end the wave (ii) (in blue) at the December 2016 lows.

The analysis continues below the monthly chart.



Thirdly in conclusion: From the wave (ii) (in blue) lows from December 2016, the bounce higher appears to have an incomplete bullish sequence of five waves up in an Elliott Wave impulse. Currently the metal instrument appears to be correcting the cycle from the March 2020 lows. This should end ideally above the 152.00 area. That is 50% Fibonacci retracement of the cycle in the red wave III. This is a usual allowance we expect a fourth wave to remain above. While above there expect the metal higher toward the larger degree equal legs of the ((a))-((b)) move at 286.08.

 

[Elliottwave-Forecast]

In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of Facebook ticker symbol: $FB, presented to members at elliottwave-forecast. In which, the rally from 21 September 2020 low unfolded as an impulse structure. Thus suggested that it’s a continuation pattern. And as per Elliott wave theory after a 3 wave pullback, it should do another extension higher in 5 wave structure at least. Therefore, we advised members not to sell the stock & trade the no enemy areas ( blue boxes) looking for 3 wave reaction higher at least. We will explain the structure & forecast below:

Facebook 1 Hour Elliott Wave Chart​

Above is the 1 hour Elliott Wave Chart of Facebook from 10/07/2020 Post-Market update. In which, the stock ended 5 waves rally in wave (1) at $268.33 high & made a pullback in wave (2) to correct the cycle from the 9/21/2020 low. The internals of that pullback unfolded as an Elliott wave zigzag structure where wave A ended at $258.80 low. Wave B bounce ended at $265.69 high and wave C managed to reach $256.13- $250.21 100%-161.8% Fibonacci extension area of A-B. From there, buyers were expected to appear looking for another extension higher or for 3 wave reaction higher at least. Therefore, our members knew that buying a blue box area remains the preferred path for a 3 wave bounce at least.

Facebook 1 Hour Elliott Wave Chart​

​

Here’s the 1 Hour Elliott Wave Chart of Facebook from 10/12/2020 Midday update. Showing stock reacting higher from the blue box area as we expected. Allowed members to create a risk-free position shortly after taking the longs at $256.13- $250.21 blue box area.

 

[Elliottwave-Forecast]

Elliott Wave view in Russell (RTY) suggests the rally from September 24 low unfolded as an impulsive Elliott Wave structure. Up from September 24 low (1426.20), wave 1 ended at 1530.80 and wave 2 pullback ended at 1490.70. From there, Index rallied and ended wave 3 at 1617.70 and wave 4 ended at 1563.10. Last leg higher in wave 5 ended at 1651.70. The 5 waves rally ended wave (1) in higher degree.

Index is now in wave (2) pullback to correct cycle from September 24 low as a zigzag before the rally resumes. Down from wave (1) high at 1651.70, wave ((i)) ended at 1622.6 and wave ((ii)) bounce ended at 1647.1. Wave ((iii)) ended at 1597.30, wave ((iv)) ended at 1607 and wave ((v)) of A ended at 1595.50. Bounce in wave B has ended at 1648.40.

Index is now in wave C lower which subdivides as another 5 waves. Down from wave B at 1648.40, wave ((i)) ended at 1626.80, wave ((ii)) ended at 1648.40, wave ((iii)) ended at 1607.6 and wave ((iv)) ended at 1623.90. Expect another leg lower to end wave ((v)) of C of (2) towards 1557.5 - 1592.14 before Index resumes the rally higher or bounce in 3 waves at least.

Russell 2000 (RTY) 1 Hour Elliott Wave Chart​

 

[Elliottwave-Forecast]

Gold and related Index such as Gold Miners Junior (GDXJ) maybe ready to make the next move higher. The next important catalyst in the market is the US election and the second Coronavirus relief package. Nancy Pelosi and Treasury Secretary Steven Mnuchin continue to have discussion about the size and language of the stimulus bill. As the election is getting closer however, there's skepticism whether Congress can approve the package before the election. Furthermore, Republican senators have indicated they won't approve the bill even if the White House and Democrat can agree on the bill.

It's however certain that the second stimulus package will come. The question is not whether it will come. Instead, the question is when will it come and how big. There is a belief among market participants that if Joe Biden can win the White House and Democrats can take over the Senate, Democrat can introduce a much larger stimulus package. As of now, the White House proposed $1.8 trillion package while Democrat proposed $2.2 trillion.

When the second stimulus package comes, it's likely to create further support for the stock market. In addition, US Dollar should resume lower as the monetary and fiscal stimulus continue to debase the currency. One beneficiary for currency debasement is Gold and by extension Gold Miners. We wrote an article about Gold Miners Junior ($GDXJ) back in July 21 calling for further upside as it broke a 7 year basing pattern. Here's the link to the article: Gold Miners Junior (GDXJ) breaks 7 year base

Since then, it has retraced the breakout base as chart below shows:

GDXJ (Gold Miners Junior) Monthly Elliott Wave Chart​

After the initial breakout above $52.5 in July, the Index has retraced the resistance-turned-support at the same level. There's a possibility that the Index can resume higher again now. US election and further prospect of stimulus may become the catalyst for the move higher.

GDXJ (Gold Miners Junior) Daily Elliott Wave Chart​

Gold Miners Junior ($GDXJ) Daily chart above shows it did a double three (W)-(X)-(Y) correction in the past 3 months to end wave ((2)). It has since turned higher but still needs to break above wave ((1)) at $65.95 to avoid a double correction. The Index now has a chance to resume higher and the next leg higher will get confirmation once it breaks above $65.95.

 

[Elliottwave-Forecast]

Elliott Wave View in Oil Futures (CL) shows that it has ended wave ((4)) pullback at $36.89. This wave ((4)) is part of the cycle starts from April 22 low as a 5 waves impulse. Oil has turned higher in wave ((5)) and should subdivide in 5 waves impulse in lesser degree. Up from wave ((4)) low at $36.89, wave 1 ended at $38.08 and pullback in wave 2 ended at $37.10. Oil resumes higher again in wave 3 towards $41.11, wave 4 ended at $39.57, and wave 5 ended at $41.74.

This 5 waves higher ended wave (1) in higher degree. Pullback in wave (2) is currently in progress as an expanded Flat. Down from wave (1) at $41.74, wave A ended at $39.36, wave B ended at $41.90, and wave C of (2) is expected to end soon before Oil turns higher again. As far as wave ((4)) pivot low at $36.89 low stays intact, expect Oil to extend higher again once wave (2) Flat correction is complete.

Oil (CL) 1 Hour Elliott Wave Chart​

 

[Elliottwave-Forecast]

COVID-19 has changed the permanently investing world, with certain sectors poised to take advantage of the pandemic for years to come. Online retail is hot and isn't cooling down any time in the years ahead. Some select names have rallied sharply off the March 2020 lows and Wayfair is one of those names. Wayfair has managed to rally from a low of 21.70 in March 2020 to a recent high of 349.08. Is that all the stock has to give? I believe there is much more upside ahead. Lets take a look at the company profile:

“Wayfair Inc. is an American e-commerce company that sells furniture and home-goods. Formerly known as CSN Stores, the company was founded in 2002. Their digital platform offers 14 million items from more than 11,000 global suppliers. The online company is headquartered in Boston, Massachusetts,Wayfair has offices and warehouses throughout the United States as well as in Canada, Germany, Ireland, and the United Kingdom.

Wayfair operates five branded retail websites: the main Wayfair site, Joss & Main, AllModern, Birch Lane, and Perigold.“

Lets take a look at the Elliott Wave view of Wayfair below.

Wayfair Elliott Wave Weekly View​

On a Weekly Time Frame. From the December 2014 lows of 16.74, Wayfair spent a few years ralling in a wave (I). With Blue (I) peaked in March 2019 at 173.72, and Blue (II) bottomed in March 16 2020 at 21.70. After that, an explosive rally has taken hold. And the price has increased from 21.70 to a peak of 349.08. Which is an increase of 1600%. It is favoured that Wayfair has recently peaked in a nesting Red I top on August 24/2020 at the 349.08 price point. It has been correcting the cycle from March 2020 low so far, and still is favoured to post one more low before resuming higher.

Lets zoom into the 4H view.

Wayfair 4H Elliott Wave View:​

Medium term term view from 3/19/2020 lows of 21.70. There is a 5 waves impulse leading into Red I, which peaked on August 24/2020 at a price of 349.08. After that, a sharp wave down for ((A)) took place. A bounce in ((B)) is favoured set on October 1/2020 at 324.21 Presently, another leg down in ((C)) of Red II is favoured to be underway. As long as prices remain under the ((B)) high, further downside extension is likely, until the extreme area is reached.

The blue box extreme area represent an area where buyers may enter the market. A bounce can take place from that 209 - 137 area in 3 waves at least. Stops can be placed under the 137 level if going long at the blue box extreme.

In conclusion, the structure from the 2014 low on Wayfair is bullish. It has potential to break out in a multi year wave (III) rally. Patience is needed in the near term, we do not like trading the middle, we like to trade the extreme areas.

 

[Elliottwave-Forecast]

Short term Elliott Wave View in AUDJPY suggests that cycle from August 31 high is unfolding as a zigzag Elliott Wave structure. On the 60 minutes chart below, we can see wave B of this zigzag ended at 76.52. Pair has resumed lower in wave C with the internal subdivision as 5 waves impulse. Pair still needs to break below the previous low on September 24 low (not shown) at 73.95 to confirm the view and avoid a double correction.

Down from wave B high at 76.52, wave (i) ended at 75.44 and bounce in wave (ii) ended at 75.94. Pair then resumed lower again in wave (iii) towards 74.23, and bounce in wave (iv) ended at 74.95. Final leg wave (v) ended at 74.17. The 5 waves move lower ended wave ((i)) of C in higher degree. Wave ((ii)) correction is currently in progress as a zigzag structure to correct cycle from October 10 high. Afterwards, expect pair to resume lower again. As far as pivot at October 10 high at 76.52 remains intact, pair should find sellers in 3, 7, or 11 swing for further weakness. Potential target lower is 100% Fibonacci extension from August 31 peak at 70.9 - 72.

AUDJPY 1 Hour Elliott Wave Chart​

 

[Elliottwave-Forecast]

Drawing The Blue Box in the Russell​

In the London updated, the Russell showed possible flat correction to complete the wave (2). That is because wave B reaction was strong near to the level of (1), classic movement for a flat structure and we looked for 3 or 5 swings down as an impulse to complete the correction. Thus, we drew the blue box in the area when the market should react to the upside. The blue box came between 1592.25 and 1557.61 levels and also we co-located the “Right Side” mark because is the main trend in the $RTY #F. We only trade in favor of the trend.

$RTY #F reaction​

We readjusted the count in the next days based in how the market structure developed. The flat correction was adjusted to a WXY structure where Y was labelled as ((a)) ((b)) ((c)) zig-zag Elliott wave structure. $RTY reached the blue box at exactly 1588.28 level and since then we have seen a nice bull momentum. The bounce looks like as an impulse, but we need a little more information from the market to determine it. Break of wave (1) peak is needed to confirm that wave (2) completed, until then another push lower and a larger double correction in wave (2) still can't be ruled out.

 

[Elliottwave-Forecast]

Nokia is a Finnish multinational telecommunications, consumer electronics and information technology company. Founded 1865, it is headquartered in Espoo, Finland. Investors can trade it under the ticker $NOKIA at Nasdaq Nordic OMX and at Euronext Paris. The company is a part of Euro Stoxx 50 (SX5E) index. Also, one can trade Nokia under the ticker $NOK in US in form of ADRs. Today, Nokia is employing more than 100'000 people, it is doing business in more than 130 countries and it is the world's third-largest network equipment manufacturer.

Unfortunately for long-term investors, after bursting of the telecom bubble, the Nokia stock price fell from above 60 down to 1.30. As a matter of fact, during 12 subsequent years, it has lost 98% of its value. From 2012, the mammoth of the telecommunications industry is in the primary stages to rise again. Based on the the bullish patterns of the Nasdaq index in US and the TecDax index in Germany, technology sector should continue to remain strong. Indeed, this should provide support to $NOKIA for more upside. Hereby, investors can be looking to buy Nokia at a very attractive price with an expectation for a rally in the coming years.

Nokia Monthly Elliott Wave Analysis 10.25.2020​

The monthly chart below shows the Nokia shares $NOKIA traded at Nasdaq Nordic OMX Exchange. From the July 2012 lows at 1.30, the stock price has developed a cycle higher in wave I towards 7.86 highs on April 2015. After the primary impulse higher, a double three correction lower in wave II has ended on March 2020 at 2.08.

From the March lows, a new cycle in wave III of (I) may have started to the new highs. Break of 7.86 highs would confirm that. As of right now, the price is turning up against 2.08 lows in a black wave ((1)) of III. While abobe there, the target for wave III is 8.66-12.72 area and even higher.

Nokia Daily Elliott Wave Analysis 10.25.2020​

The daily chart below shows the $NOKIA shares price action in more detail. From the March 2020 lows at 2.08, the stock price has advanced in a blue wave (1) of black wave ((1)) towards August highs at 4.35. From the top, a decline in 5 waves of red wave A of (2) has ended. Consequently, expect wave (2) to develop as a zigzag pattern being a 5-3-5 structure. Currently, a bounce in wave B of (2) is unfolding. It should fail below the August highs for another leg in red wave C lower. The pullback in blue wave (2) should find buyers above the March lows at 2.08 for another extension higher in wave (3) of ((1)).

As an outlook, investors in technology may be looking for an opportunity to buy $NOKIA in a pullback against 2.08 lows with a potential towards 8.66-12.72 area and higher in the coming years.

 

[minguyenmylinh]

Absolutely, the labels won't matter that much as it could be changed in a matter of a seconds, but the trader should use both two technique for trading quickly and effectively, but they must expert in these technique.

 

[Elliottwave-Forecast]

Bitcoin has been rallying for the last few weeks and this week it managed to make a new high above August 17, 2020 peak. The low seen on 8th September 2020 was $9825 and this week's high is $13235 which makes it $3410 and equates to 34.7% rally since 8th September 2020. In today's article, we will look at the Elliott wave picture for Bitcoin to conclude what should be next for this major and most popular cryptocurrency. However, before we look at the Elliott wave structure of Bitcoin in detail, we need to understand that Bitcoin trades against US Dollar and so does the yellow metal (Gold). We believe in the concept of one market and hence why we will try to get clues from the chart of Gold to get more conviction in the future path of Bitcoin.

Bitcoin Elliott Wave View: Wave (1) of ((3)) in Progress​