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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 200337, member: 40858"] In this technical blog, we will look at the past performance of 4 hour Elliott Wave Charts of Google stock ticker symbol: $GOOGL. In which, the rally from 23 March 2020 low unfolded as an impulse structure with an extended wave three. Therefore, we knew that the structure in GOOGL is incomplete to the upside & another push higher should happen to complete the 5 wave advance from March 2020 low. So, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below: [HEADING=3]Google 4 Hour Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/10/GOOGL-4H20211003064051.jpg'][IMG alt="Google Buying The Dip At Blue Box Area"]https://elliottwave-forecast.com/wp-content/uploads/2021/10/GOOGL-4H20211003064051-1024x512.jpg[/IMG][/URL] Here’s 4hr Elliott wave Chart from the 10/03/2021 Weekend update. In which, the cycle from 24 September 2020 low ended wave III in 5 waves structure at $2925.08 high & made a pullback in wave IV. The internals of that pullback unfolded as Elliott wave double three structure where wave ((W)) ended in 3 swings at $2726.44 low. Then a bounce to $2846.61 high ended wave ((X)) & started the next leg lower in wave ((Y)) with a lesser degree zigzag structure towards $2647.06- $2522.95 blue box area. From where buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum. [HEADING=3]Google 4 Hour Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/10/GOOGL-4H.png'][IMG alt="Google Buying The Dip At Blue Box Area"]https://elliottwave-forecast.com/wp-content/uploads/2021/10/GOOGL-4H-1024x525.png[/IMG][/URL] This is the latest 4hr Elliott wave Chart from the 10/11/2021 update. In which the stock is showing a strong reaction higher taking place from the blue box area at $2647.06- $2522.95. Right after ending the double three corrections 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 $2925.08 high is still needed to confirm the next extension higher & avoid double correction lower. Source: [URL]https://elliottwave-forecast.com/stock-market/google-buying-dip-blue-box-area/[/URL] [automerge]1634054086[/automerge] $FXC Canadian Dollar Trust Long Term Elliott Wave & Cycles Firstly the FXC instrument inception date was 6/26/2006. The instrument tracks changes of the value of the Canadian dollar relative to the U.S. dollar. It increases in value when the Loonie strengthens and declines when the dollar appreciates. In January 2002 the USDCAD forex pair made an all time high at 1.6184. Then it saw a decline into the November 2007 lows at .9059 where it is thought to have ended correcting the cycle up from the all time lows. That translates to the 113.02 price high from November 2007 in FXC. This is where the analysis begins on the FXC monthly chart shown below. The analysis continues below the FXC Monthly chart. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/10/fxcM101221.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/10/fxcM101221-1024x506.png[/IMG][/URL] Secondly as previously suggested the FXC instrument mirrors USDCAD price highs and lows inversely. The decline from the November 2007 highs in FXC appears to be a complete Elliott Wave five wave impulse although it does have some price overlap as would a diagonal. The wave III ended in January 2016 then saw a zig zag wave structure in wave IV that ended in September 2017 correct the cycle from the July 2011 wave II highs. In conclusion: As the chart suggests, the instrument appears ended a larger cycle lower in wave V of (C) to complete a flat wave ((B)) in March 2020. The bounce from there can be corrected while below the June 1st 2021 highs. The pullback area for the wave (II) in blue is pending at the moment however while it's below 78.76 it can see the 72.92-69.47 area as it corrects the cycle up from the March 2020 lows. While above the March 2020 lows it should resume higher again. Source: [URL]https://elliottwave-forecast.com/stock-market/fxc-canadian-dollar-trust-long-term-elliott-wave-cycles/[/URL] [automerge]1634054114[/automerge] $SMH Semiconductors Long Term Cycles & Elliott Wave Firstly as seen on the monthly chart shown below. There is data back to May 2000 in the ETF fund. Data suggests the fund made a low in November 2008. This low has not been taken out in price. The cycles in this instrument tends to reflect the Nasdaq index fairly well. However it has a larger degree difference in that the Nasdaq made a low to correct the cycle from the all time lows in October 2002 compared to the low made in November 2008 in the SMH semiconductors. Secondly every way I count this data it suggests several things. Several counts are always possible however the wave (III) in red & blue are still in progress as per the best reading of the cycles. The analysis continues below the monthly chart. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/10/SMHm101221.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/10/SMHm101221-1024x506.png[/IMG][/URL] Thirdly it appears a wave ((3)) can have already ended and the instrument can relatively soon end an Elliott Wave ((4)) pullback to correct the cycle from the March 2020 lows. The wave ((4)) should see only around a .236 to .382 retracement of the wave ((3)) before turning higher again in wave ((5)) of III. In conclusion. It appears the pullback in wave ((2)) to the March 2020 lows corrected the cycle up from the red wave II lows from December 2018. I always like to give the trend benefit of the doubt. In this case it should be obvious the trend is higher. The longer term lows highlighted on the chart suggest the SMH should trade higher. This while pullbacks are shallow and show they will remain above the March 2020 lows. Furthermore importantly while it's above the December 2018 lows according to the price data currently available. Source: [URL]https://elliottwave-forecast.com/stock-market/smh-semiconductors-long-term-cycles-elliott-wave-2/[/URL] [/QUOTE]
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