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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 197857, member: 40858"] Nikkei Futures (NKD) shows a lower low bearish sequence from February 16, 2021 peak. The Index also shows a 5 swing bearish sequence from June 15, 2021 peak. Both of these sequence suggest Nikkei likely see further downside. Below is the chart showing a 5 swing sequence from June 15, 2021 peak. [HEADING=3]Nikkei (NKD) 5 Swing Sequence from June peak[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/Nikkei-5-Swing-Blog20210728174156.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/07/Nikkei-5-Swing-Blog20210728174156.jpg[/IMG][/URL] The chart above shows a 5 swing sequence from June 15, 2021 peak. Please note this is not an Elliott Wave label, rather it's just a swing count. A 5 swing is an incomplete sequence as corrective sequence always ends in 3, 7, or 11 swing. We can label this move in 2 ways, but both with the same conclusion that it is likely to see further downside. The first way to label is to treat the 5 swing as part of a 7 swing WXY double three structure. Below is the WXY 7 swing general structure [HEADING=3]Double Three (7 swing WXY) Elliott Wave Structure[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/Double-Three.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/07/Double-Three.jpg[/IMG][/URL] If the 5 swing move lower is labelled as double three WXY, then Nikkei should continue lower in 7th swing to end the WXY pattern. The 100% - 123.6% Fibonacci extension target in 7 swing comes at 26309 - 26797. A second way to look at the move lower from June 15 peak is to label it as a 5 waves diagonal which ends wave A at the low as the chart below shows: [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/Nikkei-5-Swing-Blog-220210728181531.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/07/Nikkei-5-Swing-Blog-220210728181531.jpg[/IMG][/URL] In the chart above, the Index can see a 3 waves rally to correct the decline from June 15, 2021 peak before it turns lower. Either way, more downside is expected in the Index. Source: [URL]https://elliottwave-forecast.com/stock-market/elliott-wave-view-nikkei-5-swing-sequence-favors-further-downside/[/URL] [automerge]1627487601[/automerge] In this technical blog, we will look at the past performance of Elliott Wave Charts of General Electric stock ticker symbol: $GE, which we presented to members at the elliottwave-forecast. In which, the rally from 13 May 2020 low unfolded in 3 wave structure with extended 3rd wave. Therefore, we knew that the structure is taking a form of an impulse sequence & it should see another new high to complete the 5 waves rally. So, we advised members not to sell it & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below: [HEADING=3]General Electric Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/GE-Daily20210718044107.jpg'][IMG alt="General Electric ($GE) Longs Are Risk Free"]https://elliottwave-forecast.com/wp-content/uploads/2021/07/GE-Daily20210718044107-1024x512.jpg[/IMG][/URL] Here's Daily Elliott wave Chart from the 7/18/2021 weekend update. In which, the stock is showing an impulse rally higher from 5.13.2020 low where wave ((1)) ended at $8.57 high. Wave ((2)) ended at $5.93 low, wave ((3)) ended at $14.42 high and made a pullback in wave ((4)). The internals of that pullback unfolded as Elliott wave double three structure where wave (W) ended at $11.95 low. Wave (X) ended at $14.40 high and wave (Y) was expected to reach $11.92- $10.39 blue box area from where reaction higher was expected to take place. [HEADING=3]General Electric Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/GE-Daily20210725055403.jpg'][IMG alt="General Electric ($GE) Longs Are Risk Free"]https://elliottwave-forecast.com/wp-content/uploads/2021/07/GE-Daily20210725055403-1024x512.jpg[/IMG][/URL] Here’s the Daily Elliott wave Chart from the 7/25/2021 update. In which the stock is showing a reaction higher from the blue box area. Right after ending the double three correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area. However, a break above $14.42 high is still needed to confirm the next extension higher & avoid double correction lower. Source: [URL]https://elliottwave-forecast.com/stock-market/general-electric-longs-risk-free/[/URL] [/QUOTE]
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