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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 201562, member: 40858"] Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of AT&T ($T) Stock, published in members area of the website. As our members know, the stock is showing incomplete bearish sequences in the cycles from the Jule 2016 and November 2019 peaks. We’ve been calling the decline in the stock and recommend members to avoid buying the stock, while favoring short selling. AT&T recently made the recovery that has had a form of Elliott Wave Zig Zag pattern. In the further text we are going to explain the Elliott Wave Pattern and trading strategy. Before we take a look at the real market example, let’s explain Elliott Wave Zigzag. [B]Elliott Wave Zigzag[/B] is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and ideal retracements. [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/ZIGZAG-Vlada-bullish.jpg'][IMG alt="AT&T"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/ZIGZAG-Vlada-bullish.jpg[/IMG][/URL] Now, let’s take a look what Elliott Wave Zig Zag Pattern looks like in the real market. [HEADING=3][B]AT&T ( $T )[/B] 1 Hour Elliott Wave Analysis 10[B].21.2021[/B][/HEADING] AT&T is giving us (iv) black recovery that is unfolding as Elliott Wave Zig Zage Pattern. It’s having (a)(b) (c) blue inner labeling. The main characteristic of Zig Zag is that it has 5,3,5 structure. Waves (a) and (c) has 5 waves form, while (b) is 3 waves. The price reached Sellers zone at 26.19-26.77. Although another marginal push up withing the marked zone is possible, there is already enough number of swings in place. So, turn lower can be seen any moment. Invalidation for the short trade is break above 1.618 fib extension (1381’7). We don't advise buying the stock and favor the short side from the Blue Box Area. [I]You can learn more about Elliott Wave Theory and Patterns at our [B]Free Elliott Wave Educational Web Page[/B].[/I] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/T-21-Oct-Pre-Market.jpg'][IMG alt="AT&T"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/T-21-Oct-Pre-Market.jpg[/IMG][/URL] [HEADING=3][B]AT&T ( $T )[/B] 1 Hour Elliott Wave Analysis 10[B].22.2021[/B][/HEADING] Sellers appeared at the blue box and we got good reaction from there. The decline from the blue box reached 50 fibs against the (b) connector. As a result short positions from the blue box are Risk Free and partial profit are taken. Break of 13th October low – ((iii)) black is needed to confirm next leg down is in progress. [HEADING=3][B][URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/T-10.22.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/11/T-10.22.jpg[/IMG][/URL][/B][/HEADING] [HEADING=3][B]AT&T ( $T )[/B] 1 Hour Elliott Wave Analysis 11[B].09.2021[/B][/HEADING] Eventually the stock resume the decline and we got the break of 10/13 low. AT&T now remains bearish against the 26.43 pivot. The stock is still expected to keep finding sellers as far as 26.43 pivot holds. 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/2021/11/T-Midday-9-Nov.jpg'][IMG alt="AT&T"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/T-Midday-9-Nov.jpg[/IMG][/URL] [B]Elliott Wave Forecast[/B] Source: [URL]https://elliottwave-forecast.com/trading/att-t-stock-decline-selling-rallies/[/URL] [automerge]1636993231[/automerge] Since the crash of March 2020, all stocks have tried to recover what they lost and PG was no exception. PG did not only recover the lost, but it also reached historic highs. We tried to build an impulse from wave II with a first target to $154.00, but market movements of last months have showing the impulse from wave II ended at 147.23 as wave III and PG appears to have entered in an ending diagonal structure from March 2020 low. [HEADING=2][B]PG February Daily Chart[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/09/PGDaily20210219181825.png'][IMG alt="PG Daily Chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/09/PGDaily20210219181825.png[/IMG][/URL] As we see in the daily chart, PG built an impulse ((1)), ((2)), ((3)), ((4)), and ((5)) that we call I in red and it ended at 146.92. Then, we saw the stock with an incomplete bearish sequence and we called 2 swings more down (B) and (C) in blue to finish wave ((Y)) forming a double correction as wave II. [HEADING=2][B]PG July Daily Chart[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/09/PGDaily20210711160637.png'][IMG alt="PG Daily Chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/09/PGDaily20210711160637.png[/IMG][/URL] The market dropped and the wave II bounced from 121.54 dollars missing our ideal level for a few cents at 120.68. [HEADING=2][B]PG September Daily Chart[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/09/PGDaily20210902085343.png'][IMG alt="PG Daily Chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/09/PGDaily20210902085343.png[/IMG][/URL] P&G rallied, and it completed wave ((1)) at 138.63 dollars. Also, we have seen a pullback that bounced at 130.19 dollars, Fibonacci 50% retracement, ending for us the wave ((2)). Wave (1) of ((3)) ends at 139.18 and wave (2) of ((3)) made a double correction to complete at 131.93. Wave (3) of ((3)) ended at 145.97 and wave (4) of ((3)) pullback completed at 141.47. At this moment, we were calling one more high to 147.19 – 149.97 area to complete wave the whole wave ((3)). The stock hit the area at 147.23, but the pullback as wave ((4)) were to dip to consider a wave ((4)) and we rebuilt the count from wave II ending the impulse at 147.23 as wave III. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory). [B]Elliott Wave Theory Motive Wave Structure[/B] [HEADING=2][B][URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/Impulse-Graphic.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/11/Impulse-Graphic.jpg[/IMG][/URL]PG Daily Chart[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/PGDaily20211113102235-1.png'][IMG alt="PG Daily Chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/PGDaily20211113102235-1.png[/IMG][/URL] At last the wave III was finished. Wave ((1)) of III ended at 139.18, wave ((2)) ended at 131.93. Wave ((3)) completed at 145.98 with and ending diagonal as wave (5). Wave ((4)) correction finished at 141.47 and the last push to 147.23 as we know. Then we have a deep pullback as a double correction completed wave IV at 137.60 and that is why it is better to consider that the structure from March low is an ending diagonal. Actually, wave V already ended 2 swings. Wave ((1)) at 144.87 and wave ((2)) at 138.80. Wave ((3)) almost should done; therefore, we are near a pullback as wave ((4)) before rally to complete wave fifth. This rally could end in 149.56 – 153.26 at first view and we could expect a nice correction from those levels. Source: [URL]https://elliottwave-forecast.com/stock-market/pg-rally-complete-cycle-march-2020/[/URL] [automerge]1636993274[/automerge] Since the crash of March 2020, all stocks have tried to recover what they lost, and Disney was no exception. Disney did not only recover the lost, but It also reached historic highs. Now, we are going to try to build an impulse from the March 2020 lows with a target around $230. Target measured from 0 to 2019’s high projected from March’s low, equal legs. Since we begin with this analysis on February 13th, we bought the share in 160.97 then the market broke to a new historical high and reached the first target at 190.88 after hours. The target gave us a return of +18.58% in 12 days. [HEADING=2][B]Disney Old Daily Chart[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/10/DISDaily-220211003220226.png'][IMG alt="Disney Daily Chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/10/DISDaily-220211003220226.png[/IMG][/URL] We relabeled Disney impulse building a leading diagonal from March 2020 low ending at 137.34 as wave ((1)). Then a zig zag correction as wave ((2)) finishing at 117.19. Wave ((3)) is a clearly impulse ended at 183.54 and wave ((4)) pullback ended at 160.57. The last push to the upside to complete wave ((5)) and Wave I topped at 203.01. From there, the stock did 3 swings down gave us the idea that we need one more rally to complete the impulse to $230.00 target, but the lagging in time from last months were too long to think about that rally and it was better to think that we were already in wave II correction. Therefore, Disney stock began to build a double correction. Down from the peak 3 swings completed wave (W) at 167.10. Then, we had 7 swings higher to complete wave (X) at 187.58 and we were looking 3 swings more to complete wave (Y) and the first leg of ((W)) in 165.79 - 152.18 area. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory). [B]Elliott Wave Theory Double Correction Structure[/B] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/Graphic-40.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2021/11/Graphic-40.jpg[/IMG][/URL] [HEADING=2][B]Disney Daily Chart[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/11/DISDaily-220211112081841.png'][IMG alt="Disney Daily Chart"]https://elliottwave-forecast.com/wp-content/uploads/2021/11/DISDaily-220211112081841.png[/IMG][/URL] After a month, wave (Y) of ((W)) is still developing and we could appreciate clearly a double correction structure. In lesser degree from X at 179.63, we have an incomplete ((a)), ((b)), ((c)) flat correction. Wave ((c)) of Y of (Y) reacted down finding support at 158.33, but it looks to need one more low to complete an impulse and we have considered an area of 156.50 – 149.34 to end this structure. Then we should bounce in 3 swings that should fail to complete the connector ((X)) and further downside should take place. This last face should have the same structure of the first one, that is a double correction (W), (X), (Y) to complete wave ((Y)) and also wave II. We will look to buy when wave II is done. Source: [URL]https://elliottwave-forecast.com/stock-market/disney-no-rally-correction-mode/[/URL] [/QUOTE]
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