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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 201358, member: 40858"] Gatos Silver, Inc (GATO) engages in the exploration, development & production of the precious metals. It primarily explores the Silver Ores including Zinc, Lead, Copper & Gold Ores. It's flagship asses is the Cerro Los Gatos mine located at the Los Gatos District in Chihuahua state, Mexico. It comes under Basic Materials sector & trades under GATO ticker at NYSE. [HEADING=3]GATO - Elliott Wave View on Daily chart:[/HEADING] Since October-2020, GATO started the higher high sequence as impulse up & ended at $24 on 2/01/2021 high as wave ((1)). Below there it started dip correction as wave ((2)), which ended at $9.26 low on 4/19/2021 as around 0.854 retracement. It again started impulse up as (1) from $9.26 low & favored ended at $20.26 high on 6/10/2021. The correction of wave (2) against the cycle up from 4/19/2021 low favored ended at $10.70 low on 10/12/2021 as 0.854 retracement. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/gato-d2-1-1.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/11/gato-d2-1-1-1024x504.jpg[/IMG][/URL] Since the major low at $5.78, it appears like nest structure in progress & expect to extend higher. Further upside will confirm only once it breaks above intermediate high $20.26 of (1) calling for further strength as the part of wave (3). Above $10.74 low, it proposed ended ((i)) at $13.48 high & below there it favors the correction of ((ii)) lower. It expecting one more leg lower in ((ii)) before turning up again. While dips remains above $10.74 low, it expect to extend higher in ((iii)) up of wave 1 red. Source: [URL]https://elliottwave-forecast.com/stock-market/elliott-wave-view-gato-extend-higher/[/URL] [automerge]1636470883[/automerge] $QQQ ETF Elliott Wave & Long Term Cycles Firstly the QQQ instrument inception date was in March 1999. That was before it ended a larger cycle up from the all time lows in March 2000. The ETF instrument mirrors the price movement of the Nasdaq index. As shown below from the March 2000 highs the instrument had a steep correction lower in three swings to the October 2002 lows. From there to the October 2007 highs it ended the first of the current series of Elliott wave impulses in the black color ((1)). This makes up the subdivisions of the wave ((5)) of the red I that ended on in August 2018. The correction of the cycle up from the October 2002 lows ended the red wave II in December 2018. The pullback into the December 2018 lows was strong in momentum but relatively speaking not so much in price. It suggested it had corrected the whole cycle from the October 2002 low. The analysis continues below the monthly chart. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/QQQ_11-09-21-M.png'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/11/QQQ_11-09-21-M-1024x506.png[/IMG][/URL] Secondly as previously suggested the QQQ instrument mirrors the Nasdaq index cycle highs & cycle lows. As known, impulses progress in 5-9-13-17 swings. Corrections against the trend proceed in 3-7 or 11 swings. So far the bounce from the December 2018 lows appears to be three, larger degree five wave impulse sequences still ongoing. This leaves an incomplete sequence higher. In conclusion the instrument is bullish most immediately while above the 350.32 lows from October 2021. While above there the instrument should trade higher toward the 430.00 area in wave ((3)). Once that high is established it may see a relatively shallow .236 to .382 Fibonacci retracement of the wave ((3)) cycle in wave ((4)) before turning higher again in wave ((5)) of III. Source: [URL]https://elliottwave-forecast.com/stock-market/qqq-etf-elliott-wave-long-term-cycles/[/URL] [automerge]1636470910[/automerge] Another good trading opportunity we have had lately is in GOOGL stock. Stock has been an impulsive rally since 10.4.2021 low with wave (1) completed at $2874.99, wave (2) completed at $2700, wave (3) completed at $2973 and it started pulling back within wave (4). Wave (4) took the form of a zigzag and presented a clear blue box extreme area where we expected buyers to enter to resume the rally in wave (5) or a reaction higher at least. In this technical blog we’re going to take a quick look at the charts of GOOGL Stock published in members area of the website. [HEADING=3]GOOGL Elliott Wave 1 Hour Chart 11.01.2021[/HEADING] Chart below shows wave (3) completed at $2973 which was followed by an Elliott wave zigzag correction. Wave B took the form of an expanded FLAT and wave C lower is in progress. Price is already very close to the blue box, another marginal push lower is expected to complete wave C and take prices lower toward $2888.38 - $2838.81 before buyers appear to resume the rally for a new high above $2973 in wave (5) or produce 3 waves reaction higher at minimum. As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. You can learn more about Elliott wave zigzag correction at our Elliott Wave Free Educational Web page [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/GOOGL-1-November-1-Hour-Midday.jpg'][IMG alt="GOOGL 1 November 1 Hour Midday Chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/GOOGL-1-November-1-Hour-Midday-1024x512.jpg[/IMG][/URL] [HEADING=3]GOOGL Elliott Wave 1 Hour Chart 11.08.2021[/HEADING] Chart below shows wave (4) completed at $2864 and stock resumed the rally after buyers appeared in the blue box. We have already seen a new high in wave (5) but rally from wave (4) low is so far in 3 waves so we are still expecting a pull back and 1 more high. Minimum target for blue box buy has been reached at $2988.35 which is inverse 1.236 Fibonacci extension of wave (4) pull back. Another high is still expected within the proposed wave (5) and next level of interest would be the inverse 1.618 Fibonacci extension of wave (4) comes at $3039.87. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/GOOGL-8-November-1-Hour-Midday.jpg'][IMG alt="GOOGL 8 November 1 Hour Midday chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/GOOGL-8-November-1-Hour-Midday-1024x512.jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/trading/googl-another-blue-box-buy-resulted-new-highs/[/URL] [/QUOTE]
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