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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 197580, member: 40858"] Hello fellow traders. As our members know Indexes have been giving us a lot of good trading opportunities recently. Another instruments that we have been trading lately is NIFTY from India. In this technical blog we’re going to take a quick look at the Elliott Wave charts of NIFTY published in members area of the website. The index is showing impulsive bullish sequences in the cycle from the March 2020 low. Consequently we are calling for more strength in the Index, suggesting members to avoid selling it and keep on buying the dips in 3,7,11 swings. In further text we’re going to explain Elliott Wave Forecast and how we traded the instrument. [HEADING=3]NIFTY 1 Hour Elliott Wave Analysis 7.1.2021[/HEADING] NIFTY is bullish against the 15454.4 low in first degree. The Index ended cycle from that low as 5 waves. Currently we are doing 3 waves pull back in ((ii)) intraday pull back. Correction looks incomplete at the moment suggesting more downside toward 15644.6-15525.5 area. Strategy is buying the dips at blue box area. As the main trading is bullish , we expect to see 3 waves bounce at least from the blue box. As soon as the price reach 50 Fibonacci Retracement against the (b) blue peak, we should make long positions Risk Free. We will put SL at BE and book partial profits. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/NIFTY-7.01..jpg'][IMG alt="NIFTY"]https://elliottwave-forecast.com/wp-content/uploads/2021/07/NIFTY-7.01..jpg[/IMG][/URL] [HEADING=3]NIFTY 1 Hour Elliott Wave Analysis 7.5.2021[/HEADING] NIFTY found buyers at the blue box zone as expected. As the price already reached and exceeded 50 fibs against the (b) high, we made long positions risk free and took the partial profits. We already got clear 3 waves so wave ((ii)) pull back can be completed at 15635 low. We need to see break above ((ii)) black high to confirm next leg up is in progress. Alternatively pull back still can turn out as a double or flat. In that case our long trades would be stopped at BE ( no loss) , and we will enter again at the next set of equal legs. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/NIFTY-7.5..jpg'][IMG alt="NIFTY"]https://elliottwave-forecast.com/wp-content/uploads/2021/07/NIFTY-7.5..jpg[/IMG][/URL] [HEADING=3]NIFTY 1 Hour Elliott Wave Analysis 7.8.2021[/HEADING] We got nice rally from the blue box, however it didn't break previous ((i)) high. In the mean time pivot at 15635 low has given up. Current view suggests ((ii)) can be still in progress toward 15634.16-15461.3 area. Longs from previous blue box are still active as far as the price holds above last low. If we reach new blog box, we will get chance to enter the long side again. Don't recommend selling in proposed push down and favor the long side ,buying the dips at the next extremes against the 15452.5 low. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/NIFTY-7.8..jpg'][IMG alt="NIFTY"]https://elliottwave-forecast.com/wp-content/uploads/2021/07/NIFTY-7.8..jpg[/IMG][/URL] [HEADING=3]NIFTY 1 Hour Elliott Wave Analysis 7.16.2021[/HEADING] Eventually NIFTY made extension down toward blue box area 15634.16-15461.3. The index found buyers again. We got nice reaction from the blue box, breaking toward new highs. Members who are long from the blue box are enjoying profits in risk free trades. NIFTY remains bullish against the 15634.9 low in first degree. It's expected to keep finding buyers in intraday pull backs in 3,7,11 swings. 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 [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/2021/07/NIFTY-07.16..jpg'][IMG alt="NIFTY"]https://elliottwave-forecast.com/wp-content/uploads/2021/07/NIFTY-07.16..jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/trading/nifty-buying-opportunity-blue-box/[/URL] [automerge]1626710537[/automerge] Goodyear Tire and Rubber Company is a multinational tire manufacturing company based in Akron, Ohio, USA. The stock being a component of the S&P MidCap 400 index can be traded under ticker $GT at NASDAQ. As a matter of fact, Goodyear manufactures tires for automobiles, commercial trucks, light trucks, motorcycles, SUVs, race cars, airplanes, farm equipment and heavy earth-moving machinery. Currently, we can see commodities like oil, rubber, cotton turning higher against weakining US dollar. Hereby, Goodyear being one of the top four tire manufacturers worldwide should be a great opportunity for investors to diversify their portfolio by indirect investement in the rising commodity prices. [HEADING=3]Goodyear Quarterly Elliott Wave Analysis 07.17.2021[/HEADING] The Quartely chart below shows the Goodyear shares $GT traded at NASDAQ. First, the stock price has developed a leading diagonal higher in black wave ((I)) of a grand super cycle degree. It has printed the all-time highs in the first quarter of 1998 at 76.75. From the highs, a correction lower in black wave ((II)) has unfolded as an Elliott wave zigzag pattern with a truncated (c) wave. Frequently, lack of space to the downside makes many stocks truncate in the last swing without reaching the usual extension of 100%. Goodyear has printed an important bottom on the first quarter of 2009 at 3.17. As a matter of fact, the stock price has lost 96% of its value within 11 years. From 2009 lows, a new cycle in wave ((III)) has already started and should extend towards 76.75 highs and beyond. Then, the target for wave ((III)) will be towards 80.05-127.53 area and even higher. In shorter cycles, from 2009 lows a cycle higher in blue wave (I) has ended in the last quarter of 2015 at 35.30. From the highs, a correction lower in blue wave (II) has developed an expanded flat pattern. It has found a bottom in March 2020 at 4.09. From there, a new cycle in blue wave (III) of black wave wave ((III)) has started and should extend higher. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/GT-quarterly.jpg'][IMG alt="Goodyear Elliott Wave Quearterly"]https://elliottwave-forecast.com/wp-content/uploads/2021/07/GT-quarterly-300x147.jpg[/IMG][/URL] [HEADING=3]Goodyear Daily Elliott Wave Analysis 07.17.2021[/HEADING] The daily chart below shows in more detail the first stages of the advance higher in blue wave (III). From the March 2020 lows, red wave I has developed so far waves ((1))-((3)). From the June 2021 highs, a correction lower in wave ((4)) is currently in progress. Now, it should find support in 7 or 11 swings above 5.73 lows. Currently, while below 17.83, a double three correction may reach into 13.81-11.33 blue box area. From there, a rally to new highs within wave ((5)) of red wave I or a bounce in 3 waves as minimum should take place. Medium-term, investors and traders can be looking to buy $GT in a pullback in red wave II against 4.09 lows in 3, 7 or 11 swings targeting 80.05-127.53 area in a long run. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/GT-daily.jpg'][IMG alt="Goodyear Elliott Wave Daily"]https://elliottwave-forecast.com/wp-content/uploads/2021/07/GT-daily-300x147.jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/stock-market/goodyear-tire-ramping/[/URL] [/QUOTE]
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