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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 214923, member: 40858"] WOOD tracks the S&P Global Timber & Forestry Index, a cap-weighted index of the 25 largest forestry firms around the world. The fund starts with all the eligible securities from the S&P Global BMI that are classified under agriculture, forestry, homebuilding, and paper industry. [HEADING=2][B]ETF WOOD Daily Chart[/B][/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2022/11/ETF-WOOD20221114070303.jpg'][IMG alt="ETF WOOD Daily Chart"]https://elliottwave-forecast.com/wp-content/uploads/2022/11/ETF-WOOD20221114070303.jpg[/IMG][/URL] ETF WOOD ended an uptrend cycle in May 2021 reaching the 99.05 level. Since then, it began a corrective movement that was oscillating sideways for a year and then turned down. We have called the structure of this retracement a double correction ((W)), ((X)) and ((Y)), which ended in September 2022. (If you want to learn more about double correction or Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory). From 99.05 we can see that we had a double correction ending at 81.69 as ((W)). Connector ((X)) bounced in 3 waves ending at 94.35 to continue the drop. The decline started strongly, ending wave (A) of ((Y)) at 71.50 as an impulse. Then we saw a retracement (B) reaching 81.93, to fall again in wave (C). This completed a zigzag structure ((Y)) at 63.78 and wave II. Since then, the rally has continued and appears to be building an impulse. Wave 1 made a leading diagonal that ended at 72.02. Wave 2 pullback ended at 68.51 and the market moved higher again. We now expect to complete an impulse as wave (1), as the chart indicates, and then see a retracement in 3, 7, or 11 swings as wave (2). This retracement must hold above 68.51 for the count to be valid and continue with the rally. Source: [URL]https://elliottwave-forecast.com/stock-market/price-wood-started-rise/[/URL] [/QUOTE]
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