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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 214358, member: 40858"] In this article we’re going to take a quick look at the Elliott Wave charts of $NQ_F, published in members area of the website. As our members know Nasdaq ended cycle from the 13740.55 high as 5 waves, and now in a recovery to correct this decline. According to Elliott wave theory, after a 5 waves impulsive decline, there should be a correction in 3 or 7 swings. In this article, we will look at some charts from members area and explain Elliott wave structure within the corrective bounce. [HEADING=3]Nasdaq 1 Hour Elliott Wave Forecast October 18, 2022[/HEADING] In the chart below we can see Nasdaq completed a zigzag Elliott wave structure at 11431.75 on 10.18.2022 when wave ((a)) ended at 11185, wave ((b)) ended at 10713 and wave ((c)) ended at 11431.75. After this, we can see a drop which we have labelled as wave ((a)). As bounce fails below 11431.75 high, we expect another push lower to complete wave X before it turns higher in wave Y or bounces in 3 waves at least. [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/10/NQ_F-18-October-1-Hour-Midday.jpg'][IMG alt="Nasdaq 18 October 1 Hour Elliott Wave Analysis"]https://elliottwave-forecast.com/wp-content/uploads/2022/10/NQ_F-18-October-1-Hour-Midday.jpg[/IMG][/URL] [HEADING=3]Nasdaq 1 Hour Elliott Wave Forecast October 23, 2022[/HEADING] In the chart below, we can see Nasdaq completed 3 waves pull back and is pushing higher again. Wave ((a)) took the form of a diagonal and completed at 11008, wave ((b) completed at 11328.75 and wave ((c)) of X completed at 10935.50. It already made a new high above red 10.18.2022 peak to create a short-term incomplete sequence against 10.21.2022 low. We expect wave ((b)) pull back to unfold in 3 or 7 swings and hold above 10.21.2022 low for extension higher to complete the sequence. Bear in mind, the chart shows wave ((b)) unfolding in 3 swings but while below ((a)) high, wave ((b)) can do 7 swings lower also. Once seven swings up from 10.13.2022 low complete, expect the decline to resume for a new low below 10.13.2022 low or a larger 3 waves pull back at least to correct the cycle from 10.13.2022 low. Only a break of 10.21.2022 low would change this short-term view. [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/10/NQ-F-6020221024171911.jpg'][IMG alt="Nasdaq 24 October 1 Hour Elliott Wave Analysis"]https://elliottwave-forecast.com/wp-content/uploads/2022/10/NQ-F-6020221024171911.jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/stock-market/nasdaq-forecasting-rally-after-pullback/[/URL] [automerge]1666712966[/automerge] ETHUSD (Ethereum) is one of the three crypto-currencies covered as a regular instrument at Elliottwave-Forecast. Other two crypto-currencies we cover on a regular basis are BTCUSD (Bitcoin) and LTCUSD (Litecoin). In today's article, we will be looking at Ethereum which has been dropping since forming a high on 08.14.2022. It dropped 43% from 2036 to 1155 within 2 months and has now started recovering. We will take a look at structure of the rally into 08.14.2022 peak and the decline since then and share our forecast about the next expected move. [HEADING=3]ETHUSD 4 Hour Elliott Wave Analysis - 18 October 2022[/HEADING] ETHUSD (Ethereum) formed a low on 06.18.2022 at $880 and started rallying. Rally took the form of a double three Elliott Wave Structure and ended on 08.14.2022 at $2036. Structure of the rally was a double three structure where wave ((W)) ended at $1663, wave ((X)) completed at $1356 and wave ((Y)) completed at $2036. It then turned lower and has completed a 5 waves impulse decline from the peak. Within this Elliott wave impulse, wave 1 ended at $1422.30, wave 2 completed at $1789.10, wave 3 completed at $1218.80, wave 4 was possibly a triangle with extreme point of the triangle coming at $1401.70 and wave 5 completed at $1155. This impulse decline could be wave (A) or (1). After every 5 waves decline, as per Elliott wave theory, we should see a recovery in 3, 7 or 11 swings so we expected a bounce to correct the decline from 08.14.2022 peak. First leg of the bounce i.e. wave A has completed at $1342.90, wave B remains in progress and should completed above $1155 low for another leg higher in wave C to complete wave (B) or (2). [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/10/ETHUSD-18-October-4-Hour.jpg'][IMG alt="ETHUSD 18 October 4 Hour Elliott Wave Analysis"]https://elliottwave-forecast.com/wp-content/uploads/2022/10/ETHUSD-18-October-4-Hour.jpg[/IMG][/URL] [HEADING=3]ETHUSD 4 Hour Elliott Wave Analysis - 24 October 2022[/HEADING] After ending wave (A) or (1) at $1155, bounce remains in progress. In the chart below, we can see wave B is over at $1279.20 and ETHUSD has already broken above wave A high at $1342.90 suggesting wave C is in progress. While above $1279.20 low, we expect ETHUSD to continue higher toward $1449.80 - $1570.04 to complete wave C of (B) or (2) and then resume the decline in wave (C) or (3) or pullback in 3 waves at least. Since the decline from 08.14.2022 high is impulsive, we expect 08.14.2022 high to hold for at least 1 more leg lower. Only a break of 08.14.2022 high will negate this view and the idea of another leg lower. [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/10/ETHUSD-After.jpg'][IMG alt="ETHUSD 24 October 4 Hour"]https://elliottwave-forecast.com/wp-content/uploads/2022/10/ETHUSD-After.jpg[/IMG][/URL] Source: [URL]https://elliottwave-forecast.com/cryptos/ethusd-impulsive-decline-calls-downside/[/URL] [/QUOTE]
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