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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 201143, member: 40858"] Centennial Resource Development, Inc. ( CDEV ), is an independent Oil & Natural gas company from Energy Sector, focuses on the development of unconventional oil & associated liquid rich natural gas reserves in US. It trades under CDEV ticker at Nasdaq. [HEADING=3]CDEV - Elliott Wave View on Daily chart:[/HEADING] Since 2016, CDEV made all time low at $0.24 in April-2020 during the global sell off in early last year. Thereafter it started higher high sequence as an impulse & favors ((5))th wave up. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/cdev-4.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/11/cdev-4-1024x480.png[/IMG][/URL] It started the impulse sequence as ((1)) from April-2020 low & ended at $2.21 high on 6/08/2020. The ((2)) was quite dip correction as 0.854 retracement against previous cycle & ended at $0.51 low on 9/10/2020. Thereafter it started ((3)) as extended move & favored ended at $7.52 high on 6/23/2021. While below there it placed ((4)) at $3.90 low on 8/20/2021. Thereafter it extends higher as the part of ((5)) up. It confirmed the higher high sequence by breaking above the previous high of ((3)). It suggest the next extension higher in progress as (1) expecting one more high before it starts pulling back in (2). As far as the dips remains above $3.90 it expects to extend higher in ((5)). Alternatively, it has finished the impulse as I red at June-2021 peak & the correction as II at August-2021 low & until dips remains above August low, it expect to extend higher as the part of III as shown in alternate view below. So both the views suggest that pullback should be supported and extend higher. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/cdev-4-alt.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/11/cdev-4-alt-1024x481.png[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/stock-market/elliott-wave-view-cdev-pullback-supported-extend-higher/[/URL] [automerge]1635866692[/automerge] $FXE EURO ETF Elliott Wave & Long Term Cycles Firstly as seen on the monthly chart shown below the instrument made a high in April 2008. There is data back to December 2005 in the ETF fund. Data correlated in the EURUSD foreign exchange pair suggests the high in April 2008 was the end of a cycle up from the all time lows. EURUSD data shows the pair had a five wave up move from the early 1970’s era. This data is derived from the German Mark currency against the US Dollar that preceded the inception of the Euro currency. As you can see the FXE instrument reflects the price swings of the single currency well. As previously mentioned the instrument made a high in April 2008. This where the analysis begins on the monthly chart shown below. The correction from those highs appears to be a an Elliott Wave zig zag structure correction. The analysis continues below the monthly chart. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/FXE_2021-11-02-m.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/11/FXE_2021-11-02-m-1024x506.png[/IMG][/URL] Secondly as mentioned the decline from the April 2008 highs appears to be an Elliott Wave zig zag structure. This structure is also called a 5-3-5 in Elliott Wave terms. When a cycle ends against a trend it will show up in momentum indicators usually before price makes it obvious. Further these cycle lows and highs are in the blue color as shown on the chart above (a)-(b)-(c). This finished ((b)) in January 2017. Lastly and in conclusion. The instrument ended a cycle lower from the January 2018 highs in March of 2020. From the highlighted blue box area it can develop a bounce higher toward the 135.00 - 140.00 area before correcting the cycle up from the January 2017 lows again. Source: [URL]https://elliottwave-forecast.com/stock-market/fxe-euro-etf-elliott-wave-long-term-cycles/[/URL] [automerge]1635866716[/automerge] The fundamental outlook for Soybean (ZS) and other agricultural commodities continue to look bright. The major cost component of agricultural commodities is the energy prices. Farmers require gasoline to operate their equipment, while natural gas is used for fertilizer. The recent rise in energy price should continue to drive commodity prices up. Crude oil price increased by 150% since November 2020 last year, while natural gas rallied 139% since December 2020. In addition, global supplies of soybean remain tight while Chinese import continues to rise. Below is the USDA estimate on Chinese import this year. Despite the ongoing trade war, the estimate calls for a record number of import. [HEADING=3]Chinese Soybean Import[/HEADING] [HEADING=3][URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/Chinese-Soybean-Import.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/11/Chinese-Soybean-Import.png[/IMG][/URL][/HEADING] [HEADING=3]Soybean (ZS) Weekly Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/ZS-Soybean-Weekly20211102070113.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/11/ZS-Soybean-Weekly20211102070113.jpg[/IMG][/URL] ZS weekly chart shows an impulsive rally from May 2019 low suggesting the higher time frame trend is looking higher. Up from there, wave ((1)) ended at 961 and pullback in wave ((2)) ended at 808.2. Soybean then extends the rally higher in wave ((3)) towards 1460 and pullback in wave ((4)) ended at 1364.2. Final leg higher wave ((5)) ended at 1667.4 and this completed wave I in higher degree. Wave II pullback is now either complete or can see 1 more push lower before the rally resumes. The commodity has reached 50% - 61.8% retracement area of the entire wave I rally from May 2019. This area typically is the support where we could see buyers for the next leg higher. Source: [URL]https://elliottwave-forecast.com/commodities/soybean-reached-support-area/[/URL] [automerge]1635866744[/automerge] ETHUSD ended cycle from June 22, 2021 ($1700) low at September 3, 2021 (4025) peak and started pulling back. Rally from June 22, 2021 low was in 5 waves and hence we expected the pull back to hold above June 22, 2021 low for extension higher. We told members that pull back was a buying opportunity for at least 1 more leg higher and ideally for a break to new all time high. Let's take a look at some charts below to see how we forecasted the rally following the correction. [HEADING=3]ETHUSD September 19, 2021 4 Hour Elliott Wave Update[/HEADING] [HEADING=3][URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/ETHUSD-19-September-4-Hour.jpg'][IMG alt="ETHUSD 19 September 4 Hour Elliott Wave Analysis"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/ETHUSD-19-September-4-Hour.jpg[/IMG][/URL]ETHUSD September 22, 2021 4 Hour Elliott Wave Update[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/ETHUSD_2021-09-22_19-10-48.jpg'][IMG alt="ETHUSD 22 September 4 Hour Elliott Wave Analysis"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/ETHUSD_2021-09-22_19-10-48.jpg[/IMG][/URL] [HEADING=3]Ethereum October 10, 2021 4 Hour Elliott Wave Update[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/ETHUSD-10-October-4-Hour-Weekend.jpg'][IMG alt="ETHUSD 10 October 4 Hour Elliott Wave Analysis"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/ETHUSD-10-October-4-Hour-Weekend.jpg[/IMG][/URL] [HEADING=3]Ethereum October 31, 2021 4 Hour Elliott Wave Analysis[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/ETHUSD-4-Hour.jpg'][IMG alt="ETHUSD 31 October 4 Hour Elliott Wave Analysis"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/ETHUSD-4-Hour.jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/forex/ethereum-ethusd-forecasting-rally-following-corrective-pullback/[/URL] [/QUOTE]
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