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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 197999, member: 40858"] GBPJPY is another pair that has given us nice trading opportunity lately . The pair has been showing impulsive bullish sequences in the cycle from the March 2020 low (124.27). Recently it made clear 3 waves pull back and found buyers as we were expecting . Pull back unfolded as Elliott Wave Double Three Pattern. In this technical blog we’re going to take a quick look at the charts of GBPJPY published in members area of the website and explain the Elliott Wave structure and trading strategy. Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern. [HEADING=3]Elliott Wave Double Three Pattern[/HEADING] 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. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/Elliott-Wave-Double-Three-Pattern.jpg'][IMG alt="GBPJPY"]https://elliottwave-forecast.com/wp-content/uploads/2021/08/Elliott-Wave-Double-Three-Pattern.jpg[/IMG][/URL] [HEADING=3]GBPJPY Elliott Wave 4 Hour Chart 7.15.2021[/HEADING] Current view suggests the pair is doing ((4)) black correction that is unfolding as Elliott Wave Double Three Pattern with (W)(X)(Y) inner labeling. First leg (A) is showing corrective sequences ABC red. Then we got 3 waves bounce in (X) and finally doing (Y) blue that also should have corrective sequences. Pull back looks incomplete at this stage. Suggesting we should see another leg down toward extreme zone : 150.39 -147.71 area. As the main trend is bullish we expect buyers to appear at the blue box for 3 waves bounce at least. Once bounce reaches 50 Fibs against the (X) blue high, we will make long position risk free ( put SL at BE). Invalidation for the trade would be break below 1.618 fibs extension: 147.71 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 Double Three Patterns at our [B]Free Elliott Wave Educational Web Page[/B].[/I] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/GBPJPY-07.15..jpg'][IMG alt="GBPJPY"]https://elliottwave-forecast.com/wp-content/uploads/2021/08/GBPJPY-07.15..jpg[/IMG][/URL] [HEADING=3]GBPJPY Elliott Wave 4 Hour Chart 7.31.2021[/HEADING] Buyers appeared at the blue box and we are getting good reaction from there. The rally from the blue box reached 50 fibs against the (X) connector, as a result members who took long positions are enjoying profits in a risk free positions. As far as the price stays above current low : 148.43, we can consider ((4)) pull back done as Elliott Wave Double Three Pattern. 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 [B]Live Trading Room[/B]. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/GBPJPY-7.31.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/08/GBPJPY-7.31.jpg[/IMG][/URL] [B]Elliott Wave Forecast[/B] Source: [URL]https://elliottwave-forecast.com/trading/gbpjpy-buying-elliott-wave-double-three/[/URL] [automerge]1627919520[/automerge] This blog provides an Elliott Wave update to our previous blog here --> Shopify (NYSE: SHOP) Wave V in progress Shopify has extended higher to end wave III as the previous blog suggests. Now it is in wave IV correction and still has chance to extend higher again later. [HEADING=3]SHOP Weekly Chart August 2, 2021[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/SHOP-Weekly20210802092141.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/08/SHOP-Weekly20210802092141.jpg[/IMG][/URL] Weekly Chart of Shopify above shows that the stock continues to make all-time high and currently looking for wave IV of (V) pullback. Potential target for wave IV is 23.6 - 50% fibonacci retracement of wave III at 1339 - 1500. It has currently pulled back to 23.6% Fibonacci retracement but short term can still see further extension lower before ending wave IV. Afterwards, the stock has scope to extend 1 more leg higher to complete wave V of (V). This should also complete wave ((I)) and end cycle from all-time low. Stock should then correct in a large wave ((II)) pullback to correct the entire rally from all-time low in 3, 7, or 11 swing. [HEADING=3]SHOP Daily Chart August 2, 2021[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/SHOP-Daily20210802092931.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/08/SHOP-Daily20210802092931.jpg[/IMG][/URL] The Daily Elliott Wave chart of Shopify above shows wave IV in progress to correct cycle from May 13 low. The pullback should unfold in 3, 7, or 11 swing with 1 more possible push higher. As far as pivot at 1017.31 low stays intact, expect dips to find buyers for further upside. [HEADING=3]SHOP 1 Hour Chart August 2, 2021[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/Shopify-1-Hour20210802094045.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/08/Shopify-1-Hour20210802094045.jpg[/IMG][/URL] 1 hour Elliott Wave Chart for Shopify above shows that wave IV pullback is in progress as a double three Elliott Wave structure. Down from wave III, wave ((W)) ended at 1513.04 and bounce in wave ((X)) ended at 1610. Wave ((Y)) lower is in progress as a zigzag and can see further downside to reach 1373 - 1463 area. Buyers can appear from this blue box area for more upside or 3 waves rally at least. Source: [URL]https://elliottwave-forecast.com/stock-market/shopify-nyse-shop-pulling-back-wave-iv/[/URL] [automerge]1627919562[/automerge] After 9 months, we present here an updated view on the Swiss Market Index (SMI). SMI represents a capitalization-weighted measure of the 20 most significant stocks on the SIX Swiss Exchange in Zurich; the ticker is $SMI. In the initial blog article from November 2020, we were calling the “COVID-19” drop in February-March 2020 to become a significant low in world indices. We were right. Now, SMI is trading at the all-time highs. Here we will discuss the updated monthly but also the more detailed daily views. [HEADING=3]SMI Monthly Elliott Wave Analysis 08.01.2021[/HEADING] The monthly chart below shows the SMI index $SMI listed at SIX Swiss. From the all-time lows, the index price has developed a cycle higher in wave (I) of a super cycle degree. It has ended by printing a high in July 1998 at 8491. From the highs, a correction lower in wave (II) has retraced during following 10 years a half of the of the motive cycle higher towards March 2009 lows at 4216. Technically speaking, the decline can be seen as an Elliott Wave running flat pattern. From the lows at 4216, another cycle higher in wave (III) has been confirmed by breaking 8491 highs. Later on in February 2020, it has printed a top at 11272. From the highs, a sharp decline in wave (IV) has unfolded as a straight down correction. It has found its bottom in March 2020 at 7648.5. While above there, SMI is trading already within wave (V). Indeed, this has been confirmed by breaking above 11272 to the new all-time highs. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/SMI-Monthly-new-1.jpg'][IMG alt="SMI Elliott Wave Monthly"]https://elliottwave-forecast.com/wp-content/uploads/2021/07/SMI-Monthly-new-1-300x147.jpg[/IMG][/URL] [HEADING=3]SMI Daily Elliott Wave Analysis 08.01.2021[/HEADING] The daily chart below shows in more detail the advance higher in wave I of (V). From the March 2020 lows, wave I demonstrates three nests: ((1))-((2)), (1)-(2), 1-2. Recently, we saw an accelration higher in red 3 of blue (3) of black ((3)). Even though the main acceleration might be already over, we anticipate a series of 5th waves which should provide the new all-time highs. The short-term pullbacks should remain supported in 3, 7, 11 swings for more upside to complete the impulsive structure within wave I. Later, we expect a pullback in wave II to take place which should correct the cycle in wave I from March 2020 lows. It should find support in 3, 7, 11 swings above 7648.5 lows for an extension higher in wave III of (V). Therefore, investors can be waiting end 2021 - start 2022 to buy SMI against 7648.5 lows for an extension higher in waves III-V of (V). [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/07/SMI-Daily-new.jpg'][IMG alt="SMI Elliott Wave Daily"]https://elliottwave-forecast.com/wp-content/uploads/2021/07/SMI-Daily-new-300x147.jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/stock-market/smi-swiss-market-index-2021/[/URL] [automerge]1627919654[/automerge] Électricité de France S.A. (literally, Electricity of France), commonly known as EDF, is a French multinational electric utility company. The operations include electricity generation and distribution, power plant design, construction and dismantling, energy trading and transport. Founded in 1946 and headquartered in Paris, France, the company is largely owned by the French state. EDF is a part of CAC Next 20 index. Even though the energy stock demonstrates a high attraction like that of E.ON from Germany, the stock price has strongly depreciated in 12,5 years. As a matter of fact, it has lost 93% of its value from November 2007 to March 2020. Today, we see energy sector strongly turning up. Commodities like oil, gas, uranium are trading higher. In consequence, utility company like EDF should also catch up the overall bullish market. Therefore, investors can be looking to buy the french giant EDF in order to diversify their portfolio by indirect investment in rising commodity prices. [HEADING=3]EDF Monthly Elliott Wave Analysis 08.01.2021[/HEADING] The monthly chart below shows the EDF stock $EDF traded at Euronext. From the all-time lows, the stock price has developed a cycle higher in black wave ((I)) of grand super cycle degree towards the all-time highs on November 2007 at 81.36. From the highs, a correction lower in black wave ((II)) has unfolded as an Elliott wave zigzag pattern. It has printed an important bottom on March 2020 at 5.97. From March 2020 lows, a new cycle in wave ((III)) has already started and should extend towards 81.36 highs and even higher. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/EDF-Monthly.jpg'][IMG alt="EDF Elliott Wave Monthly"]https://elliottwave-forecast.com/wp-content/uploads/2021/08/EDF-Monthly-300x147.jpg[/IMG][/URL] [HEADING=3]EDF Daily Elliott Wave Analysis 08.01.2020[/HEADING] The daily chart below shows in more detail the first stages of the advance higher in wave ((III)). From the March 2020 lows at 5.97, the initial impulsive advance in black wave ((1)) has ended at 13.57 in January 2021. From there, a correction in wave ((2)) has started and should find support above 5.97 lows in 3, 7 or 11 swings for more upside. Without any doubt, current stock price at 10.26 Euro does possess a high attractivity for investors. While above 5.97 lows, investors can anticipate EDF to extend higher. In a long run, EDF should break to the new all-time highs above 81.36. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/08/EDF-Daily.jpg'][IMG alt="EDF Elliott Wave Daily"]https://elliottwave-forecast.com/wp-content/uploads/2021/08/EDF-Daily-300x147.jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/stock-market/edf-electric-utility-giant-higher/[/URL] [/QUOTE]
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