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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 196183, member: 40858"] Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of XME ETF published in members area of the Elliottwave-Forecast . As our members know, XME is showing impulsive bullish sequences in the cycle from the 13.82 low. Consequently we recommended members to avoid selling it , while keep favoring the long side. Recently we got short term pull back that has unfolded as Elliott Wave ZIGZAG pattern that has given us opportunity to enter long trades. In further text we’re going to explain the forecast and Elliott Wave Pattern and trading strategy. [HEADING=3]XME 1 Hour Elliott Wave Analysis 5.13.2021[/HEADING] Right side remains in the favor of the ETF. XME remains buy in a dips. Current view suggests 2 red pull back is unfolding as Elliott Wave Zig Zag pattern. Inner labeling of correction is : ((a))((b))((c)) black. The price has already reached extremes at 43.41 and showing enough number of swings. Pull back can complete any moment. We don’t recommend selling it and favor the long side from the marked blue box area: 43.41-43.38 . As the main trend is bullish we expect buyers to appear for 3 waves bounce at least. As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. [I]You can learn more about Elliott Wave Zig Zag Patterns at our [B]Free Elliott Wave Educational Web Page[/B].[/I] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/XME-5.13.jpg'][IMG alt="XME"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/XME-5.13.jpg[/IMG][/URL] [HEADING=3]XME 1 Hour Elliott Wave Analysis 5.14.2021[/HEADING] XME found buyers at the blue box area. It made nice bounce from the buyers zone that has reached 50 fibs against the connector. All long positions from the blue box area should be risk free at this stage. Pull back completed at 43.00 low. As far as the price stays above that level, next leg up can be in progress. However, if 43.0 low gets broken, pull back will be still in progress as 7 swings structure, and we will measure new entry area. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/XME-5.14..jpg'][IMG alt="XME"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/XME-5.14..jpg[/IMG][/URL] [HEADING=3]XME 1 Hour Elliott Wave Analysis 5.17.2021[/HEADING] 43.0 low held well and we got further separation higher. We would like to see break above 3 red peak to confirm next leg up is in progress. Once we get that break, ETF will become bullish against the 43.00 low and it might be offering new buying opportunities for intraday traders. We don't like selling it in any proposed pull back and favor staying long from the blue box area. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/XME-5.17..jpg'][IMG alt="XME"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/XME-5.17..jpg[/IMG][/URL] [HEADING=3]XME 1 Hour Elliott Wave Analysis 6.02.2021[/HEADING] Eventually XME broke toward new highs. With new price action, we adjusted count a little bit. Wave 4 red is now counted completed at the 44.07 low. ETF should ideally keep finding buyers against the 44.07 low. Keep in mind that market is dynamic and presented view could change 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 [B]Live Trading Room[/B]. You can check most recent charts in the membership area of the site. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/XME-6.02..jpg'][IMG alt="XME"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/XME-6.02..jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/trading/xme-rally-buying-dips-blue-box/[/URL] [automerge]1623078843[/automerge] Since the crash of March 2020, all stocks have tried to recover what they lost and P&G was no exception. P&G did not only recover the lost, but It also reached historic highs. Now, we are going to try to build an impulse from wave II with a first target to $154.00 next $167.50 and $174.00, depending how the structure is developing. [HEADING=2][B]P&G Old Daily Chart[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/PGDaily20210508225520.png'][IMG alt="P&G Old Daily Chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/PGDaily20210508225520.png[/IMG][/URL] As we see in the daily chart, P&G built an impulse ((1)), ((2)), ((3)), ((4)), and ((5)) that we call I in red and it ended at 146.92. Then, the stock dropped in 7 swings down ((W)), ((X)) and ((Y)) forming a double correction and wave II. This wave II bounced from 121.54 dollars missing our ideal level for a few cents at 120.68. (If you want to learn more about Elliott Wave Theory, please follow this link: Elliott Wave Theory). [HEADING=2][B]P&G Daily Chart[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/PGDaily20210606193324.png'][IMG alt="P&G Daily Chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/PGDaily20210606193324.png[/IMG][/URL] P&G rallied, and it completed wave ((1)) at 138.63 dollars. Also, we have seen a pullback that bounced at 130.19 dollars, Fibonacci 50% retracement, ending for us the wave ((2)). As we stay above this level, we should continue higher to build a new impulse as wave ((3)) as you could see in the chart above. If 130.19 level gives up, it will entry in a double correction as wave ((2)), but keeping above 121.54 level to continue higher again. Source: [URL]https://elliottwave-forecast.com/stock-market/pg-still-track-wave-3-pullback-deep/[/URL] [automerge]1623078884[/automerge] NexGen Energy (NXE) is a Canada-based company with a focus on acquisition, exploration, and development of Canadian uranium projects. The company owns a portfolio of prospective uranium exploration assets in Athabasca Basin, which are some of the largest in the world. The stock has dropped 80% from its 2017 high to $0.50 / share at the March 2020 low. However, since then it has rallied 10x higher. It is speculative as it's not yet producing uranium, but its potential and also the bullish uranium market prove to be supportive of the stock. [HEADING=3]Nuclear Energy Production[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/Nuclear-Energy-Production.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/06/Nuclear-Energy-Production.png[/IMG][/URL] The chart above shows 50 years of nuclear energy production which is a good proxy for uranium demand. After the Fukushima disaster in 2011, many nuclear power plants came offline. However, we have seen a pickup in the demand again. Most of the growth in nuclear power plants came from emerging markets as the chart below shows: [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/Nucelar-power-generation.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/06/Nucelar-power-generation.png[/IMG][/URL] Supply on the other hand continues to decline starting from 2016 due to the low Uranium price. It has created a demand-supply imbalance. The Covid-19 further exacerbates the deficit and between demand and supply. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/Uranium-Deficit.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/06/Uranium-Deficit.png[/IMG][/URL] [HEADING=3]$NXE Weekly Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/NXE-Weekly20210607073917.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/06/NXE-Weekly20210607073917.jpg[/IMG][/URL] Weekly chart above shows the rally from all-time low unfolding as a 5 waves impulse Elliott Wave structure. Wave (I) ended at $3.04, and dips in wave (II) ended at $0.50. Wave (III) is currently in progress and unfolding as another impulse in lesser degree. Up from wave (II), wave I ended at $1.59 and pullback in wave II ended at $1.22. Expect the stock to remain supported and dips to find support in 3, 7, 11 swing for further upside. [HEADING=3]$NXE Daily Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/NXE-Daily20210607074345.jpg'][IMG alt="NXE Elliott Wave chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/NXE-Daily20210607074345.jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/stock-market/nexgen-energy-nxe-rallies-impulsively/[/URL] [automerge]1623078931[/automerge] Greetings and salutations fellow traders. In this blog, we examine the recent buying opportunity presented by Coffee. Looking at the Elliott Wave 1 hour chart from 6/3/2021, we see a rally from $143.85 red wave 2 lows. We anticipated the rally to complete five wave impulse in the blue degree. As shown in the chart from 6/3/2021, we had 3 swings up, labelled blue waves (i) to (iii). The commodity completed blue wave (iii) at around the $167.00 area. We anticipated a pullback lower in blue wave (iv) to end soon, somewhere within the blue box area. Naturally, we expect blue wave (v) to follow once blue wave (iv) completes. And up from the red wave 2 lows, each of the blue waves (i) and (iii) subdivided into 5 waves of a smaller degree. We labelled these internal subdividions as red waves i to v. Blue wave (ii) corrected blue wave (i) in seven swings, or an Elliot Wave double three. We labelled blue wave (ii) internals w-x-y in red. Within each of the waves red i, iii and v, we have an even lower degree subdivision. The subdivisions in red i and v would form either an impulse or a diagonal, while wave iii should be an impulse. This is the fractal nature of the market, where smaller cycles build up to form larger cycles, which in turn build up even larger cycles or degrees. Nedless to say, wave (iii) in blue would be followed by a correction lower in blue wave (iv), as per Elliott Wave theory. The fourth wave pullbacks are typically shallow, and usually only retrace less than half of the length of the preceeding third wave. Indeed, down from the blue wave (iii) peak, coffee declined in impulse red wave a. This was followed by a bounce in red wave b. Just like red wave a, wave c unfolded as an impulse too, into the blue box. Elliott Wave 1 hour chart from 6/3/2021[URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/2KCF-1H20210603192803.jpg'][IMG alt="Coffee (KC)"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/2KCF-1H20210603192803.jpg[/IMG][/URL] We see a reaction higher from the blue box in the 1 hour chart from 6/4/2021, New York midday update shown below. Furthermore, long positions from the blue box area were already running risk free. Therefore, we expect the commodity to continue trading higher in blue wave (v). However, we need to see a break above blue wave (iii) peak in order to confirm the next leg higher. As a matter of fact, we expect coffee to extend much higher beyond completion of blue wave (v), as we propose it in red wave 3. Thus,we prefer to buy dips in 3,7 or 11 swings at extreme areas as the right side is upside. Elliott Wave 1 hour chart from 6/4/2021[URL='https://elliottwave-forecast.com/wp-content/uploads/2021/06/2KCF-1H20210604141249.jpg'][IMG alt="Coffee (KC)"]https://elliottwave-forecast.com/wp-content/uploads/2021/06/2KCF-1H20210604141249.jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/commodities/coffee-buying-opportunity-blue-box/[/URL] [/QUOTE]
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