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GBPUSD Elliott Wave View: Showing Impulse Structure

GBPUSD Elliott wave view in short-term cycle suggests that the decline from 4/17/2018 high (1.4377) is unfolding as an impulse Elliott wave structure where bounce to 1.3607 high ended Intermediate wave (4). Down from there, intermediate wave (5) remains in progress as Elliott Wave ending diagonal structure. Ending diagonal usually appears in the sub-division of wave (5) of impulse or wave (C) of a Zigzag correction with internal distribution of 3-3-3-3-3 corrective structure. It also commonly shows a wedge shape and has overlap between wave 1 & 4 when wave 4 may or may not enter the territory of wave 1.
In the case of GBPUSD, the decline from 1.3607 high to 1.3450 ended Minor wave 1 of (5) as a zigzag structure. Then the bounce to 1.3569 high ended Minor wave 2 of (5) in 3 swings as a zigzag structure. Down from there, the decline to 1.3389 low ended Minor wave 3 of (5) as Elliott wave double three structure. Above from there, the bounce to 1.3492 high ended Minor wave 4 of (5) which shows the overlap with Minor wave 1. Near-term, below from 1.3492 high, Minor wave 5 of (5) remains in progress which can extend to 1.3333-1.3295. This area is where Minor wave 5 = Minor wave 1 or 100%-123.6% Fibonacci extension area to end the cycle from 4/17/2018 peak. Afterwards, the pair is expected to do a bounce in 3 swings at least. We don’t like buying it into proposed bounces.
GBPUSD Elliottwave 1 Hour Chart

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Attached Image (click to enlarge)

The Hang Seng Index Larger Bullish Cycles

The Hang Seng Index Larger Bullish Cycles.
Firstly the Hang Seng index larger bullish cycles has been trending higher with other world indices. In April 2003 it put in a huge degree pullback low. From there the index rallied with other world indices again until October 2007. It then corrected the rally as did most other world stock indices. It ended this larger degree correction in October 2008. From those 2008 lows, the index shows a 5 swing sequence that favors further upside. Price has reached and exceeded the area of 29410 – 32040 which is the .618 – .764 Fibonacci extension of the 2008 to 2015 cycle.
The way this is measured is as follows. Use a Fibonacci extension tool on a charting platform. Point 1 will be at the beginning of the cycle at the 2008 lows. From there on up to the 2015 highs will be point 2. The point 3 will be down at the 2016 lows. As previously mentioned, the index in January 2018 saw the .618 – .764 Fibonacci extension of the 2008 to 2015 cycle. In most cases a fifth swing will end in this Fibonacci extension area however this index has been a bit more bullish. Analysis continues below the chart.
Hang Seng Index Weekly Chart

In conclusion . Currently the Hang Seng pullback from the 5th swing high ended the cycle up from the 2016 lows. It did a 3 swing pullback to the February 2018 lows to complete the 6th swing. At this point it is favored to remain above there during dips. Worst case if it remains below the January 2018 highs it can continue a pullback in the 6th swing in 3 more swings. This would make a possible 7, or 11 swings to correct the cycle up from the 2016 low which should be similar to the 2nd swing pullback of 2011. Afterward of completion of the 6th swing pullback it should see more upside in the 7th swing toward 36314.
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Lewis Jones of the ElliottWave-Forecast.com Team

USDX Elliott Wave View: Ending Diagonal In Progress

USDX short-term Elliott Wave view suggests that the rally from 5/14 low 92.24 is extending higher as Elliott Wave Ending diagonal structure within Intermediate wave (5). Keep in mind that Ending Diagonal usually appears in sub-division of wave (5) of impulse or wave C of Zigzag or Flat. In Ending Diagonal, the internal distribution of each leg is the combination of a 3 waves corrective structure i.e the internal of wave 1, 2, 3, 4 & 5 usually unfolds as double three, zigzag etc.
A rally from 5/14 low 92.24 to 94.05 high ended Minor wave 1 of (5). The internals of Minor wave 1 is unfolding as zigzag structure where Minute wave ((a)) at 93.63, Minute wave ((b)) ended at 93.11 low, and Minute wave ((c)) of 1 ended at 94.05. Then down from there, Minor wave 2 pullback ended at 93.29 low. The internals of Minor wave 2 is unfolding as a double three corrective structure where Minute wave ((w)) ended at 93.47, Minute wave ((x)) ended at 93.73 high, and Minute wave ((y)) of 2 ended at 93.29.
Near-term, as far as dips remain above 93.29 low, expect the index to extend higher in Minor wave 3 of (5) towards 95.09-95.52, which is 100%-123.6% Fibonacci extension area of 1-2. Afterwards, the index should pullback in Minor wave 4 of (5) in 3, 7 or 11 swing structure before a final push higher is seen. The last push higher in wave 5 of (5) in the Index should also end Cycle degree wave “w” & then it should do larger correction in Cycle degree wave “x”. We don’t like selling the Index.
USDX 1 Hour Elliott Wave Chart

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Sentiment Extreme Drags GBPUSD Lower

In this blog, I want to discuss the retreat in the COT Sentiment Net long position in the GBPUSD and what effects it can take.
First off let me start explaining what the COT report is all about. The Commitments of Traders Report, short COT is a weekly market report which is issued by the Commodity Futures Trading Commission. It displays the holdings of participants in various futures markets in the United States. It is collated by the CFTC from submissions from traders in various instruments, starting from commodities to forex futures markets and many more. They are primarily based in Chicago and New York.
Very important: The COT report is issued every Friday at 3:30 p.m. Eastern Time, and that report reflects the commitments of traders on the prior Tuesday. So it lagging as it is reflecting always the data of the last weeks reading.
The report provides a breakdown of positions held by three different types of traders. Which are the following once: Commercial Traders, Non-Commercial Traders, and Non-reportable. Commercial traders an the nonreportable are not of interest. Because commercial traders are traders who mainly hedge their position against high volatility and try to protect their profits through their futures contracts against price falls.
They are primarily producing and manufacturing companies. Nonreportable traders are mostly retail traders. Due to the small trading position they trade, they are not listed in the COT report individually.
So the most important positions to look at are the Non-Commercial Traders (Large speculative traders). Those are large institutional investors, insurance companies. hedge funds and other entities which trade the futures market for making money. These are the so-called market markets. They dominate the overall trend of a market. Therefore, we need to pay attention to them.
Overall, the COT report can tell us how investors sentiment currently is. We can determine sentiment extremes which “can” lead to a top or bottom in the larger timeframes. Keep in mind that not every sentiment extreme results in a top or bottom, so we need to be aware of this. Also, the COT report can be just a justification for trend reversion. You can’t trade based on the information! Therefore, it is very important to understand the concept of market timing.

GBPUSD Futures Large Speculative Traders
The chart below is showing the percentage of large speculative trader’s positions held in the Sterling. Which are large institutional investors, insurance companies, hedge funds and other entities. The equation is based on a % basis which shows the percentage of long and short holding in the futures market. Let’s have a look.




In the chart above you can clearly see that the GBP futures long position have been the highest since 2014. The grey color line is the long positions in % holding from the large speculative traders. The green one is the GBP. The retreat from the 4-year long position peak is remarkable. This was also shown in the late depreciation of the GBPUSD in the last weeks. This coincides what our Elliott Wave view chart is suggesting below.
In the recent weekend updated chart of the GBPUSD which we presented to our members. You can see that overall more downside is expected. Please keep in mind that the markets never move in a straight line higher or lower. There is always a correction against the main trend. Some Elliott Wave labels have been removed to protect our client’s privilege.
GBPUSD Weekend Update 05.19.2018

Please always keep in mind that the COT is a highly lagging report as it is showing the positions of traders from the prior week. But the COT can help to identify sentiment extremes like in the example of the GBPUSD and a possible reversion and consequently follow through. But again you can’t trade based on the information.
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Natural Gas ( NG #F) Buying The Dips

Hello fellow traders. Another trading opportunity we have had lately is Natural Gas (NG #F). In this technical blog we’re going to take a quick look at the past Elliott Wave charts of NG #F published in members area of the website. In further text we’re going to explain the forecast and trading setup.
Natural Gas have incomplete and a bullish Elliott wave sequence in the cycle from the February and March lows suggesting further strength. Consequently, we advised our members to avoid selling and keep on buying the dips in the sequences of 3-7-11 swings.
Natural Gas (NG#F) 1 Hour Elliott Wave Analysis 5.17.2018
As we can see on the charts bellow, rally from the 2.695 low has unfolded as 5 waves, hence we labeled it as wave ((a)). Currently the commodity is correcting the cycle from the mentioned low, doing wave ((b)) pull back. Inner structure of ((b)) wave pull back is counted as (w)(x)(y) Double Three. As of right now we’re at the buying zone, equal legs (w)-(x) 2.793-2.781 where pull back should ideally complete. In the mentioned area buyers should ideally appear for further rally or 3 wave bounce alternatively which should allow us to get in a risk free position. Invalidation for the longs would be below 1.618 Fibonacci extension :2.761 level.

Natural Gas (NG#F) 1 Hour Elliott Wave Analysis 5.17.2018
Natural Gas has given us nice reaction from buying zone 2.793-2.781 and it has broken above previous peak : ((a)) black. As a result members are now enjoing profits with risk free positions. Mentioned break has confirmed that wave ((b)) pull back is done and next leg is in progress. As far as the price stays above ((b)) low and 2.695 pivot holds, we expect further rally.
Note:Market is dynamic and view could have changed in the mean time. Keep in mind not every chart is Trading Signal. 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 Live Trading Room.

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Elliott Wave Analysis: EURJPY Has a Bearish Sequence

EURJPY short-term Elliott Wave view suggests that the bounce to 5/14 high at 131.38 ended Minor wave B. Down from there, the decline is unfolding as Elliott wave impulsive structure in Minor wave C lower. The internal sub-division of each leg lower is showing 5 waves structure in lesser degree cycles, which is characteristic of an an impulse. Also, it’s important to note here that the below chart is showing a bearish sequence tag, which refers to the incomplete downward structure in the pair.
Below from 131.38 high the lesser degree Minutte wave (i) of ((i)) ended in 5 waves structure at 129.49. Above from there, the bounce to 131.35 high ended Minutte wave (ii) of ((i)) as a double three structure. Then the decline to 128.22 low ended in Minutte wave (iii) of ((i)) with another 5 waves structure. Up from there, the lesser degree Minutte wave (iv) of ((i)) ended at 129.06 high. Down from there, Minutte wave (v) of ((i)) ended at 127.94 low in another 5 waves. Above from there, the pair is correcting the short-term cycle from 131.38 high within Minute wave ((ii)) bounce which is epxected to fail in 3, 7 or 11 swings for further downside extension. We don’t like buying it into a proposed bounce.
EURJPY Elliott Wave 1 Hour Chart

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Attached Image (click to enlarge)

NZDUSD : Possible Reversal Higher?

NZDUSD Technical Analysis 5.25.2018
NZDUSD at the current moment looks to be in a 3 swing move lower (Daily chart) starting from the July 27/2017 highs. Expect price to continue lower and break below the November 17/2017 lows. If breaks lower, the next level of interest where NZDUSD can find support and possibly reverse and bounce higher can be seen at the 0.6690 – 0.6470 area. There are two clear bullish patterns that can possibly trigger BUYS in this area. In the Daily chart below first orange bullish pattern triggers BUYS at the XA 1.13% Fib.retracement level (0.6694) where the pair can find bulls waiting. Second blue bullish AB=CD pattern triggers BUYS at the 1.0% Fib. Extension level (0.6658) where the pair too can find bulls and push price higher. Orange bullish pattern is invalid if price moves below 0.6515 and the blue AB=CD bullish pattern invalidates if price moves below 0.6470. As long as price stays above these invalidation levels it is possible that NZDUSD will reverse higher.
NZDUSD Daily Chart May 25/2018

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
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CORN (ZC #F) Futures Forecasting the Rally & Buying The Dips

Hello fellow traders. Another trading opportunity we have had lately is Corn Futures. In this technical blog we’re going to take a quick look at the Elliott Wave charts of ZC #F published in members area of the website. In further text we’re going to explain the forecast and trading setup.
As our members know, Corn Futures have had incomplete bullish sequences according to Sequence Report, suggesting further strength. On April 30th the commodity has broken previous peak from 07/11/2017 and open further extension to the upside. Consequently, we advised our members to avoid selling it and keep on buying the dips in the sequences of 3,7,or 11 swings.
Let’s take a look at the previous short term Elliott Wave forecasts.
CORN (ZC #F) 1 Hour Elliott Wave Analysis 5.10.2018
Current view suggests the price is still doing X red correction against the 369’2 low. It’s sideways in short term, but we see possibility of double three correction. ((x)) connector has ended and the price is in ((y)) of X ideally. As far as the price stays below ((x)) high, Corn Futures has scope to reach 398’0-395’7 ( buying zone). Invalidation for the long setup is break below 1.618 Fib Extension : 392’3. From mentioned blue box area Corn should ideally turn higher and break above 408’3 peak, or give us 3 wave bounce alternatively. Anyway due to bullish sequences Corn has in higher time frames, we expect reaction to the upside which will allows us to make longs risk free.


CORN (ZC #F) 1 Hour Elliott Wave Analysis 5.14.2018
The price has given us forecasted leg lower and it has reached buying zone at 398’0-395’7. Sellers were strong enough to break below 1.236 Fib Extension ( 395’7), however buyers appeared shortly after and invalidation level held nicely. We’re getting some reaction to the upside and calling X red pull back completed at 394’3. We would like to see further separation from X red low, in order to get further confirmation in proposed view.
Note: We switched count of X red pull back to Elliott Wave ZIGZAG instead of Double Three due to last swing structure.

CORN (ZC #F) 1 Hour Elliott Wave Analysis 5.23.2018
Finally we got further separation from our buying zone. As a result members who are in trades enjoying profits with risk free positions. Break above (w) blue peak and more importantly above W red peak (05/03 high from previous chart) would give us confirmation for further extension to the upside.
Note: Market is dynamic and presented view could have changed in the mean time. Keep in mind not every chart is Trading Signal. 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 Live Trading Room.

Elliott Wave Forecast
We cover 78 instruments in total. We present Official Trading Recommendations in Live Trading Room. If not a member yet, Sign Up for Free 14 days Trial now and get access to new trading opportunities. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy.

Ethereum ETHUSD Short Term Analysis
Ethereum is an open-source blockchain-based in addition to a decentralized platform featuring smart contract functionality.
ETHUSD is the value token of the Ethereum blockchain against US Dollar.
Today, we will look at the updated Elliott Wave Analysis of ETHUSD. Rally from 4.1.2018 can be sub-divided in 5 waves with an extended wave 3. Rally to 417.59 completed wave 1, pull back to 362.42 completed wave 2, up from there wave 3 completed at 712.58, dip to 595.35 completed wave 4 and was followed by new highs to 838.24 to complete an impulsive rally from 4.1.2018 low. According to Elliott Wave Theory, after an impulse, there is a correction which can take many different forms. In this case, we believe the correction is taking the form of a double three (WXY) Elliott wave structure. Dip to 636.72 complete wave W, rally to 742.46 was wave X and decline in wave Y is proposed to be taking the form of an ((a))-((b))-((c)). Ideally we should see a drop towards 543.53 – 496.45 area to complete 7 swings in wave (2)/(B) and then ETHUSD should turn higher to resume the rally for new highs above 838.24 in wave (3)/(C) or make a larger 3 waves bounce at least. 543.53 – 496.45 is an Elliott wave hedging area and should see buyers appearing there for minimum 3 waves reaction to the upside to allow the buyers to create a risk free position. Price should stay above 1.618 Fibonacci extension of W-X at 420.25 for this decline to stay corrective. Below this level, the decline could extend and result in a full test or even a break of 4.1.2018 low.
ETHUSD 4H Chart 5.23.2018

Ripple XRPUSD Short Term Analysis
Ripple is a distributed financial technology allowing banks to efficiently settle transactions in real time. XRPUSD is the native currency of the Ripple network traded against the US Dollar.
Up from 04/01/2018 low $0.45, Ripple did 5 waves move to the upside which ended at 4/25 peak $0.96.
Down from there, Ripple is doing a zigzag ABC correction and reached 100% – 123.6% area ($0.60 – $0.53) where it can resume to new highs or bounce in 3 waves at least .

XRPUSD 4H Chart 5.28.2018

Ripple XRPUSD Short Term Analysis
Ripple is a distributed financial technology allowing banks to efficiently settle transactions in real time. XRPUSD is the native currency of the Ripple network traded against the US Dollar.
Up from 04/01/2018 low $0.45, Ripple did 5 waves move to the upside which ended at 4/25 peak $0.96.
Down from there, Ripple is doing a zigzag ABC correction and reached 100% – 123.6% area ($0.60 – $0.53) where it can resume to new highs or bounce in 3 waves at least .

XRPUSD 4H Chart 5.28.2018

Litecoin LTCUSD Short Term Analysis
Litecoin is a peer-to-peer digital decentralized currency distributed worldwide and LTCUSD represents the price of Litecoin in US Dollar.
Up from 03/30/2018 low $109, Litecoin did 5 waves impulsive structure which ended at 05/06/2018 peak $183.8 .
Down from there, LTCUSD is doing an ABC 3 waves corrective structure and reaching short term equal legs area $117 – $111 where it can resume higher or bounce in 3 waves at least.

LTCUSD 4H Chart 5.28.2018

EURUSD Elliott Wave View: Bounces Are Expected To Fail
EURUSD short-term Elliott wave view suggests that the decline from ( 1.1996 ) 5/14/2018 peak is unfolding as ending diagonal structure in Intermediate wave (5) lower as mentioned in the previous post here. The internals of each of leg in ending diagonal structure is the combination of a 3 waves corrective structure i.e the internal of wave 1, 2, 3, 4 & 5 unfolds as double three, zigzag etc. Ending Diagonal usually appears in the sub-division of the wave 5 of impulse or wave C of Zigzag or Flat.
Down from 1.1996 high, the decline to 1.1715 low ended Minor wave 1 lower. Then the bounce to 1.183 high ended Minor wave 2 bounce as double three structure. Below from there, Minor wave 3 remains in progress as Elliott wave double three structure where internal Minute wave ((w)) of 3 ended at 1.1644. The bounce to 1.173 at yesterday’s high ended Minute wave ((x)) of 3. Near-term focus remains towards 1.1544-1.1500, which is 100%-123.6% Fibonacci extension area of Minute ((w))-((x)) to end the Minute wave ((y)) of 3. Afterwards, the pair is expected to do a bounce in Minor wave 4 which should then fail below 1.1833 high in 3, 7 or 11 swings for more downside. We don’t like buying it the pair.
EURUSD 1 Hour Elliott Wave Chart

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Wheat Elliott Wave Analysis: Forecasting And Buying The Rally

In this blog, I want to share some short-term Elliott Wave charts of Wheat Futures which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 05/15/18 showing Wheat reaching a blue box buying area as a Zig-zag Elliott wave structure.
Wheat ended the cycle from 03/29 low, at the high of around 540 (05/03 peak) in blue wave (W). Up from there, it started a pullback to correct the cycle from 03/29. The pullback unfolded as a zig-zag (5-3-5) structure. Due to the higher degree bullish sequence, we advised members that the right side remains to the upside. Therefore, we expected buyers to appear in the dips in the sequences of 3, 7 or 11 swings. 488’1 – 480’4 highlighted 100 – 1.236 Fibonacci extension of A-B and was the first area for buyers to appear to take prices to new highs above wave (W) peak or a larger 3 waves bounce at least.
Wheat Futures 05.15.2018 1 Hour Chart Elliott Wave Analysis



In the last Elliott Wave chart, you can see that Wheat rallied to the upside, confirming that blue wave (X) was in place. The rally was unfolding as a double three in blue wave (w)-(x) from 05/15 low. So our members bought the equal legs from 488.1+ areas and any trade from that area are risk-free by now, targeting higher levels. This current trade is doing very well and our members are enjoying the current rally.
Wheat Futures 05.18.2018 1 Hour Chart Elliott Wave Analysis


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Nikkei Elliott Wave Analysis: Pullback Remains In Progress
Nikkei short-term Elliott wave view suggests that the rally to 23060 on May 20 high ended Intermediate wave (1) as an impulse. Down from there, the index is pulling back in Intermediate wave (2) pullback to correct cycle from March 23, 2018 low in 3, 7 or 11 swings before the rally resumes. The decline from 23060 high is unfolding as Elliott wave double three structure.
Double three is a 7 swing pattern, which is a combination of two corrective patterns, including Flats, Triangles, Triple three, Zigzag etc. The two corrective patterns combine together to form the double three structure. In the case of Nikkei, the decline from 23060 high to 22075 low ended Minute wave ((w)). The internals of Minute wave ((w)) unfolded as a Zigzag structure where Minutte wave (a) ended at 22475, Minutte wave (b) ended at 22640, and Minutte wave (c) of ((w)) ended at 22075.
From 22075 low, the bounce to 22560 high ended Minute wave ((x)) recovery as zigzag structure. The Index has since made a new low below 22075 and shows 5 swings bearish sequence from May 20 high (23060). Please note that 5 swing sequence is not the same as 5 waves impulse. 5 swing sequence refers to the swing count and refers to 7 swing WXY (double three structure). The 5 swing sequence favors more downside & confirms Minute wave ((y)) lower has started. The internals of Minute wave ((y)) is also unfolding as a Zigzag structure where Minutte wave (a) ended at 21920. Near-term, while bounces fail below 22560 high, expect the Index to see another extension lower towards 21350 – 21579, which is 100%-123.6% Fibonacci extension area of Minute ((w))-((x)). Afterwards, expect the Index to at least see a 3 waves bounce. We don’t like buying the Index.
Nikkei 1 Hour Elliott Wave Chart

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Elliott Wave View: Russell (TF_F) in Ending Diagonal
Russell (TF_F) index short-term Elliott Wave view suggests that the rally from April 02.2018 low (1482.6) is taking a form of an Elliott wave leading diagonal structure within Intermediate wave (1) higher. Leading diagonal structure usually appears as the sub-division of a wave (1) of an impulse or wave (A) of a Zigzag structure. The internal sub-division of a leading diagonal can either be 5,3,5,3,5 or 3,3,3,3,3.
In Russell’s case, the internal sub-division of Intermediate wave (1) is unfolding in 3.3.3.3.3. Minor wave 3 of (1) ended at 1643.3 as corrective 3 waves (zigzag) structure. Where Minute wave ((a)) of 3 ended at 1616.2. Minute wave ((b)) of 3 ended 1591.2. And Minute wave ((c)) of 3 ended at 1643.3. Down from there the pullback to 1607.23 low ended Minor wave 4 of (1) with internals also as a zigzag structure. When the Minute wave ((a)) of 4 ended at 1618.1 and Minute wave ((b)) of 4 ended at 1639.
Above from 1607.23 low the index has already made a new high confirming Minor wave 5 of (1) has resumed. The rally is expected to take the form of another zigzag structure. As far as near-term dips remain above 1607.23 level, the index has scope to extend higher towards 1680.67 area before ending Intermediate wave (1). Afterwards, the index is expected to do a pullback in intermediate wave (2) in 3, 7 or 11 swings before further upside is seen. We don’t like chasing it here because it has already reached the minimum extension area for Minor wave 5. I.e it has reached inverse 1.236-1.618% Fibonacci extension area of 4 at 1652.50-1666.59 area.
Russell 1 Hour Elliott Wave Chart

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World Uranium Index Suggesting Higher price for the metal

World Uranium Index (URAXPD) and Uranium Futures contract tracking the spot price of the metal which ended the downtrend cycle from 2007 peak and been bouncing higher since 2016 lows. The two instrument may have different dates for the peak or low but they share the same swings and URAXPD is the one leading move at current stage to the upside.
World Uranium Index vs UX1 (Uranium Futures)

In the next chart, we overlay the majority of main commodities including Oil and precious metals which had the same low in 2016. We can notice that URAXPD is up 80% at current stage, it’s considered one of the outperforming instrument among the rest.

Looking at the daily chart of URAXPD from 2016 low, we can count 5 swings ( red count ) to the upside (which is different from the regular Elliott wave count) and we consider it as an incomplete sequence to the upside missing the final 7th swing higher toward equal legs area $337.2 – $368.5. We also can see another 5 swing ( blue count ) from 2017 low suggesting also more upside to take place toward a similar target area $314 – $332.
World Uranium Index URAXPD Elliott Wave Daily Chart

Consequently both sequence from 2016 & 2017 are bullish and suggesting that Uranium price will remain supported in the coming few months to see higher levels. Uranium does not trade on an open market like other commodities. But you can get exposure by trading a related Etf like URA or a related stock like CCJ.

Get more insights about the Uranium stocks, Energy & Mining Sectors by taking this opportunity to try our services 14 days for Free and learn how to trade Stocks and ETFs using our blue boxes and the 3, 7 or 11 swings sequence. You will get access to our 78 instruments updated in 4 different time frames, Live Trading & Analysis Session done by our Expert Analysts every day, 24-hour chat room support and much more.

USDJPY Elliott Wave view: Calling For Bounces To Fail Ahead of NFP?
USDJPY Short-term Elliott Wave view suggests that the rally to 111.40 on May 21 ended intermediate wave (A) as a Diagonal structure coming from March 26 low (104.52) cycle. Pair is currently correcting cycle from 3/26 low within Intermediate wave (B). The pullback shows overlapping price structure suggesting that it is taking the form of a corrective structure i.e either as W,X,Y or W,X,Y,X,Z structure.
Down from 111.40 high, the decline to 108.94 low ended Minute wave ((a)) of W in 5 waves. The bounce to 109.83 high then ended Minute wave ((b)) of W in 3 waves bounce. Afterwards, the decline to 108.10 low ended Minute wave ((c)) and also completed Minor wave W as an Elliott Wave Zigzag structure. Up from there, Minor wave X bounce is in progress to correct the cycle from 111.40 high. The rally should fail in 3, 7 or 11 swings for further downside correction as far as pivot at 111.4 high stays intact. Near-term focus remains towards 109.35-109.59 to finish Minor wave X. This is the 100%-123.6% Fibonacci extension area of Minute wave ((a))-((b)) of a zigzag structure. Once wave X is complete, pair should resume lower provided the pivot at 111.40 high stays intact or should react lower in 3 swings at least. We don’t like buying the proposed rally.
USDJPY 1 Hour Elliott Wave Chart

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SPX Elliott Wave Analysis: Close To A Pullback?
SPX short-term Elliott wave view suggests that the rally from 4/02/2018 low (2553.8) is extending higher in 5 waves structure. These 5 waves are expected to be part of a leading diagonal structure within intermediate wave (1) higher. The move higher from 2553.8 low has the characteristic of a diagonal where the internal distribution of each leg higher shows sub-division of 3 waves and there’s an overlap between Minor wave 1 & 4 .
The internals of a rally from 2553.8 low ended Minor wave 1 at 2717.49 in 3 waves corrective sequence. Down from there, the pullback to 2594.62 low ended Minor wave 2 as Elliott wave double three structure. Above from there, the rally to 2742.1 high ended Minor wave 3 as Elliott Wave Zigzag structure. Below from there, the pullback to 2676.81 low ended Minor wave 4 as zigzag structure. Near-term focus remains towards 2752.9 – 2765.33, which is 100%-123.6% Fibonacci extension area of Minute wave ((a))-((b)) to end Minor wave 5. The move higher should also complete the cycle from 4/02/2018 low (2553.8) within Intermediate wave (1). Afterwards, the index is expected to do a pullback in Intermediate wave (2) and expected to find buyers in 3, 7 or 11 swings for further upside. We don’t like selling the index.
SPX 1 Hour Elliott Wave Chart

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Attached Image (click to enlarge)

FTSE Elliott Wave View: Buying Opportunity Soon
FTSE short-term Elliott wave view suggests that the rally to 7903.50 high on 5/22/2018 peak ended primary wave ((1)). This rally to 7903.5 starts from 3/23/2018 low and took the form of an impulse Elliott wave structure. The index is currently in Primary wave ((2) pullback to correct cycle from 3/23/2018 low.
So far the decline from the peak shows an overlapping internal structure, suggesting the index is pulling back in corrective sequence i.e either as W,X,Y or W,X,Y,X,Z structure. Down from 7903.5 high, the decline to 7610.66 low ended the first leg of the pullback in Intermediate wave (W). The internals of Intermediate wave (W) unfolded as Elliott wave Zigzag structure where Minor wave A ended at 7703.26, Minor wave B ended at 7738.46, and Minor wave C of (W) ended at 7610.66.
Above from 7610.66, the bounce to 7772.12 high ended Intermediate wave (X). The internals of Intermediate wave (X) unfolded as Elliott wave double three structure where Minor wave W ended at 7727.45, Minor wave X ended at 7651.412, and Minor wave Y of (X) ended at 7772.12. Near-term, while below 7772.12 Intermediate wave (X) high, expect the Index to extend lower in Intermediate wave (Y). Intermediate wave (Y) should see more downside towards 7477.94-7408.77, which is 100%-123.6% Fibonacci extension area of Intermediate wave (W)-(X). This move lower should also end Primary wave ((2)) pullback & Index should resume higher again. We don’t like selling the index.
FTSE 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)