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Walgreens WBA Ready to Rally to New All Time Highs

Walgreens Boots Alliance (NASDAQ: WBA) is the second-largest pharmacy store chain in the United States. The drugstore chain will be listed in the Dow Jones Index replacing General Electric and a lot of expectation for the stock price to rise in future has come up recently following that news.
We believe the market is ruled by technical aspect and the news is an after-fact event to drive the market into the pre-determined direction, that’s why understanding the nature of the market is key for traders which have nothing to do with fundamentals or events.
Taking a look at the technical Elliott wave monthly chart of WBA, the stock is only showing 3 waves from all time lows which ended at 2015 peak $97 and down from there it did 3 swing pullback which reached 100% area $62.29 from where it’s expected to resume the rally higher in wave (V) or at least bounce in 3 waves. The expected move higher in WBA would take it toward $105 – $119 area and it will become an impulsive 5 waves move to the upside making new all time highs.
Walgreens Monthly Chart

Recap:
Walgreens technical picture is supporting the stock to rally higher after it ended the correction in wave (V), so the stock being added to the Down Jones index is only going to fuel the expected move to upside which will represent a good long term investment opportunity for the coming months.

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Nikkei How Far Elliott Wave Correction Can Take Place?
Nikkei short-term Elliott Wave view suggests that the index is correcting the cycle from 3/23/2018 low (20190) in 3, 7 or 11 swings. Rally to 23005 high ended Minor wave X of a possible double correction lower. Down from there, Minor wave Y remains in progress with lesser degree cycle showing another double correction structure.
Below from 23005 high, the decline to 22270 low ended Minute wave ((w)) as Elliott Wave Zigzagstructure. The internals of that decline ended Minutte wave (a) at 22585 low, Minutte wave (b) ended at 22710 high and Minutte wave (c) of ((w)) ended at 22105. Up from there, Minute wave ((x)) ended as double three at 22769 high. The internals of that bounce ended Minutte degree wave (w) at 22585. Minutte degree wave (x) ended at 22390 low and Minutte wave (y) of ((x)) ended at 22769 high. Down from there, Minute wave ((y)) is taking place with another double correction lower. The internals of that decline ended Minutte wave (w) at 22025 low and bounce to 22405 high ended Minutte wave (x).
Near-term, while rally stays below 22405 high, and more importantly the pivot at 22769 high stays intact, index is expected to turn lower 1 more time within Minutte wave (y) of ((y)) of Y lower approximately towards 21537 – 21811, which is the 100%-123.6% Fibonacci extension area of Minute wave ((w))-((x)). Afterwards, expect Index to resume higher or or bounce in 3 waves at least. We don’t like selling it and expect buyers to appear in 21537 – 21811 area above.
Nikkei Elliott Wave 1 Hour Chart

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Attached Image (click to enlarge)

OIL Elliott Wave Impulse Structure Calling For More Upside

OIL short-term Elliott Wave view suggests that the decline to $63.59 on 6/18/2018 low ended primary wave ((4)) pullback. Above from there, the instrument has rallied to new highs already. And confirming the next extension higher taking place in primary wave ((5)). The rally higher from $63.59 low is taking the form of Elliott wave impulse structure with extension favoring more upside in the instrument.
Up from $63.59 low, the rally to $66.53 high ended intermediate wave (1) in lesser degree 5 waves structure. Down from there, intermediate wave (2) ended at $64.34 low. Then up from there, intermediate wave (3) remains in progress in another 5 waves structure within lesser degree cycles. And expected to show sub-division of 5 waves structure in each leg higher i.e Minor wave 1, 3 & 5. Above from $64.34 low, Minor wave 1 of (3) ended in 5 waves at $69.44. Minor wave 2 of (3) ended at 67.72 low. Minor wave 3 of (3) is expected to complete soon in-between 123.6%-161.8% Fibonacci extension area of Minor wave 1-2 at 72.75 – 73.94 area. Afterwards, the instrument is expected to do a pullback in Minor wave 4 of (3) before further upside extension is seen. We don’t like selling it into a proposed pullback.
OIL 1 Hour Elliott Wave Chart

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Bitcoin Elliott Wave Analysis

In this blog, we will have a look at some Elliott Wave charts of Bitcoin which we presented to our members in the past. Below, you can find the 4-hour updated chart presented to our members on the 06/17/18.
Bitcoin ended the cycle from 02/20/18 peak (11751.36) at the low of 04/01/18 (6419.51) in black wave ((W)). Up from there, it ended the correction to that cycle at the peak of 05/05/18 (9956.99) in black wave ((X)). Below from there, it ended the cycle from 05/05/18 peak (9956.99) as a Zigzag structure at 06/29/18 low (7018.16) in blue wave (W). Up from there, it ended blue wave (X) correction at 06/03/18 (7794.69). Below from there, it ended internal black wave ((i)) at 06/05/18 low (7350.11), black wave ((ii)) at 06/07/18 peak (7747.27) and black wave ((iii)) at 06/10/18 low (6609.15). Up from there, it ended black wave ((iv)) at 06/11/18 peak (6917.39) followed by another extension lower in black wave ((v)) to complete a 5 waves impulsive structure in red wave A. Up from there, it already ended the correction from the cycle of 06/03/18 peak in red wave B.
Bitcoin 06.17.2018 1 Hour Chart Elliott Wave Analysis


In the last weekend Elliott Wave chart, you can see that the instrument broke already to new lows below red wave A. From the equal legs area from 06/13 low, the crypto pair continued the weakness to the downside. Targeting, now the equal legs area from red wave A-B (5179.49-4788.72). Which is the cycle from 06/03 peak. As long as pullbacks fail below 6844.63. And more importantly, the pivot at 6844.63 holds in our distribution system. We expect bitcoin to continue lower. We don’t like buying it as of now and prefer the downside because of its bearish 1-hour sequence.

Bitcoin 06.24.2018 1 Hour Elliott Wave Chart



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GBPAUD Incomplete Sequences Calling The Rally

Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of GBPAUD published in members area of the website. As our members know GBPAUD has been showing incomplete bullish sequence: 5 swing in the short term cycle from the June 4th low. These types of structures usually help us to predict the future path with high accuracy , as we need to have clear 7 swings to complete the pattern. In further text we’re going to take a look at the price charts , explain the forecast and count the swings.
GBPAUD 1 Hour Elliott Wave Analysis 6.1.2018
As we can see on the chart below , short term cycle from the June 4th low is incomplete to the upside. Recently we got break of prevous peak , marked as (w) blue on the chart and now we have clear 5 swings. As of right now the price is at the 0.618-0.764 fibonacci extension area : 1.7747-1.7798. At that area buyers usually take some profits and we expect to get 3 wave pull back against the 1.75312 low. Proposed pull back should be ideally 6th swing. Once it completes, we expect rally again in 7th swing as shown on the chart. The pair is targeting 1.7891-1.7975 area as far as 1.75312 pivot holds. Invalidation for the bullish scenario is break of 1.75312 pivot.

GBPAUD 1 Hour Elliott Wave Analysis 6.14.2018
We got pull back from 0.618-0.764 fibonnacci extension area. As of right now pivot at 1.75312 low still holds. We expect price to make another leg higher to complete 7 swings structure in the June 4th cycle. Eventually the pair produced the rally and reached the target at 1.7891-1.7975 area, where buyers will be taking profit. We expect pull back from there
Note: Market is dynamic and view could have changed in the mean time. You can find most recent charts in membership area of the website.
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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USDX Elliott Wave Analysis: Bullish Sequence Calling Higher
USDX short-term Elliott Wave view suggests that the decline to 94.18 on 6/25 low has ended correction to the cycle from 6/7/2018 low as Intermediate wave (X). The internals of that pullback unfolded as a Flat correction where Minor wave A ended in 3 swings at 94.53, Minor wave B ended in 3 swings at 95.52 and Minor wave C of (X) ended at 94.18 low.
Above from there, the rally is unfolded in 5 waves structure which ended Minor wave A of a Zigzag structure. Up from 94.18, Minute wave ((i)) ended at 94.77. Minute wave ((ii)) ended at 94.52, Minute wave ((iii)) ended at 95.41. Minute wave ((iv)) ended at 95.20, and Minute wave ((v)) of A ended at 95.53 high. The Index made a marginal new high above the previous irregular Minor wave B of (X) at 95.52, suggesting that the next extension higher in intermediate wave (Y) has started.
Down from 95.53 high, the index is pulling back in shorter cycles to correct cycle from 6/25 (94.18) within Minor wave B pullback. Near-term focus remains towards 94.68-94.85 100%-123.6% Fibonacci extension area of a Minute wave ((a))-((b)) to find buyers in the index either for new highs or for 3 wave reaction higher at least. We don’t like selling the index and expect buyers to appear in Minor wave B pullback in 3, 7 or 11 swings at the extreme area provided the pivot at 94.18 low stays intact.
USDX 1 Hour Elliott Wave Chart

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Attached Image (click to enlarge)

Has Stock Market Put In Major Top?

In the video below, we take a look and explain the timing cycle of Hang Seng Index from Hong Kong to figure out whether stock market has put in a major top. Hang Seng Index is one of the clearest structures in the market that we can study to learn about the potential duration and degree of the correction in the world indices. Since Hang Seng Index has a good correlation with other major world indices, it’s helpful to properly understand Hang Seng to establish the current state of world Indices

Hang Seng Cycle Analysis Video
Hang Seng Long Term Cycle Analysis


There are two important cycles and sequences in Hang Seng Index. The first cycle starts from all-time low, denoted in red label, and shows the Index has a 5 swing sequence of higher high. The second cycle starts from 10.2008 low, denoted in blue label, also shows a 5 swing sequence of higher high. A 5 swing sequence is a bullish sequence, suggesting it is incomplete structure within a 7 swing double three (WXY) Elliott Wave structure. Please note this swing count does not refer to a 5 waves impulse Elliott Wave.
Within the cycle from 10.2008 low, we are now in the sixth swing (denoted in blue label) to correct cycle from 2.2016 low. Note that the Index has a nice price and timing symmetry. The move from 0 (10.2008 low) to 1 (11.2010) took 25 months. The same 25 months period happened in the move from 4 (2.2016 low) to 5 (1.2018 high). If the pattern repeats, then the move from 5 to 6 should take the same length of time from 1 to 2 or around 1 year. In other words, the current correction could last until the end of the year or early next year but that’s only if move from 5 to 6 takes the same length of time from 1 to 2 and it doesn’t have to.
If Hang Seng follows this pattern and the correlation to other world Indices remains positive, there’s a possibility that we could see correction in world Indices in the second half of the year. However, looking at the longer term, the sequence remains bullish. World Indices should continue to be supported against 2016 low for more upside.
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OIL Elliott Wave Analysis: Rallying Higher In An Impulse Structure
OIL short-term Elliott Wave view suggests that the pullback to $63.59 on 6/18/2018 low ended primary wave ((4)). Up from there, the instrument reacting strongly to the upside and internals of that rally higher suggests that it’s taking place in an Impulse Elliott wave structure with extension with lesser degree oscillation showing the sub-division of 5 waves structure in it’s each leg higher.
Above from $63.59 low, intermediate wave (1) ended in 5 waves structure at $66.53 high. Down from there, intermediate wave (2) pullback ended at $64.34 low. Up from there, intermediate wave (3) higher remains in progress with lesser degree cycles also showing the advance of 5 waves structure in Minor wave 1 & Minor wave 3 thus favoring more upside.
The internals of that advance ended Minor wave 1 of (3) at $69.44, Minor wave 2 of (3) ended at 67.72 low. The Minor wave 3 of (3) ended at $73.99 & Minor wave 4 of (3) ended at $72.48. Then above from there Minor wave 5 of (3) remains in progress. And as far as it stays above $72.48 instrument can reach as high as Minor wave 5=Minor wave 1 target area at $77.60-$78.84. Afterwards, the instrument is expected to do an intermediate wave (4) pullback in 3, 7 or 11 swings before further upside is seen. We don’t like selling it into a proposed pullback.
OIL 1 Hour Elliott Wave Chart

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Attached Image (click to enlarge)

Facebook ($FB) Elliott Wave Analysis: Pullback Remains In-progress
Facebook ticker symbol: $FB short-term Elliott wave analysis suggests that the rally to $203.55 ended primary wave ((1)). Down from there, the pullback in primary wave ((2)) remains in progress in 3, 7 or 11 swings to correct cycle from 3/26/2018 low. The internals of that pullback shows an overlapping structure thus suggesting that the correction takes the form of corrective structure i.e either (W),(X),(Y) or (W),(X),(Y),(X),(Z) structure within the intermediate degree.
Below from $203.55 high, the pullback is proposed to be unfolding as Elliott wave double three structure where Intermediate wave (W) ended at 193.11, Intermediate wave (X) ended at 200.75, and Intermediate wave (Y) of ((2)) remains in progress. The internal of Intermediate wave (W) also unfolded as a double three structure where Minor wave W ended in 3 swings at $199.31, Minor wave X ended $202.24 and Minor wave Y of (W) ended at $193.11 as a Flat. Up from there, intermediate wave (X) also unfolded in 3 swings as Elliott Zigzag structure with Minor wave A ended at $199.40, Minor wave B ended at $195.98 and Minor wave C of (X) ended at $200.83 high.
Down from there, intermediate wave (Y) of ((2)) remains in progress as another double three structure. Internals of that decline ended Minor wave W in 3 swings at $192.22 and Minor wave X ended at $197.45. Near-term focus remains towards $188.91-$186.90, which is 100%-123.6% Fibonacci extension area of Intermediate wave (W)-(X) to end primary wave ((2)) pullback. Afterwards, the stock is expected to find buyers for primary wave ((3)) higher ideally or should do a 3 waves reaction higher at least. We don’t like selling it into a proposed pullback.
Facebook ($FB) 1 Hour Elliott Wave Chart

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Dow Jones Elliott Wave Analysis: Tracking Recent Price Action

Today, we will have a look at some Elliott Wave charts of the Dow Jones Futures which we presented to our members in the past. Below, you can find our 1-hour updated chart presented to our members on the 06/20/18 calling for more downside after a 3 waves correction in black wave ((a))-((b)).
Dow Jones Future ended the cycle from 04/02 low in blue wave (1) at around the areas of 25405 (06/11 peak). From that peak, we mentioned that the market should ideally pullback in 3-7 or 11 swings against that low. After ending the cycle from 04/02 low, the index started a recovery. After ending the first 3 waves correction lower in black wave ((w))-((x)). At the equal legs area of 24644-24523, we said to members that the market should ideally do 7 swings lower. As at that time the Hangsengeng index was still missing the equal legs from the equivalent peak. Therefore, we suggested that the Index can do 7 swings lower in red wave W-X-Y. After ending cycle from 06/11 peak in red wave W and its correction in red wave X. We forecasted that the index will do another leg lower.
Dow Jones Future 06.20.2018 1 Hour Chart Elliott Wave Analysis


In the last weekend Elliott Wave chart, you can see that the instrument made a fresh new low after ending correction in red wave X. Below from red wave X. The market unfolded an Elliott Wave leading Diagonal, which ended at the low of blue wave (a). We said to members that the market can do a pullback in 3-7 or 11 swings in blue wave (b) before heading lower again as long as the pivot at 24861 stayed intact. Do please keep in mind that the 1-hour chart which I presented here already have changed. If you want updates every day. I can recommend you to take our special offer below.
Dow Jones Future 06.21.2018 1 Hour Chart Elliott Wave Analysis



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GBPNZD Forecasting the Rally after ZIGZAG

In this technical blog we’re going to take a quick look at the past Elliott Wave charts of GBPNZD published in members area of the website. As our members know, we have been calling for the recovery in the pair since the cycle from the April peak ended at 1.8889 low. In further text we’re going to take a look at the price charts , explain the past forecast and Elliott Wave pattern.
Before we take a look at the real market example, let’s explain Elliott Wave ZIGZAG pattern in a few words.
Elliott Wave ZIG ZAG 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.
At the graphic below, we can see what Elliott Wave Zig Zag structure looks like. 5 waves down in A, 3 wave bounce in B and another 5 waves down in C.

Now, lets’ take a look what Elliott Wave ZIG ZAG looks like in the real market.
GBPNZD 1 Hour Elliott Wave Analysis 6.13.2018
The pair has ended cycle from the 04/26 peak down at 1.8889 low. Currently the pair is doing short term pull back against that level.Pull back seems to be unfolding as ((a))((b))((c)) ZIGZAG pattern. We can see clear 5 waves down from the W red peak, assuming that was the first leg ((a)) of ZIGZAG. As far as the price stays below ((b)) high, we see possibility of another leg lower that should also unfold as 5 waves structure. Proposed leg down should reach 1.8930 area which is ((c))=((a)) zone. At that area buyers should appear for further rally or 3 wave bounce alternatively. it’s very important price to hold above 1.88895 low Otherwise break below that level would invalidate current count and open further extension to the downside.


GBPNZD 1 Hour Elliott Wave Analysis 6.15.2018
The pair has made proposed leg down. As soon as the price has reached equal legs ((c))=((a)) at 1.8930 , buyers appeared. We got nice reaction from the reversal zone. Now as far as the price stays above 1.8922 low and 1.88914 pivot holds we expect further strength in the pair. Next short term technical area to the upside comes at 1.9172-1.9231.
Note: 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. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy. Currently we’re running special promotion for new members, giving 2 Months for the price of 1.

SPX Elliott Wave Analysis: Calling Correction Lower
SPX short-term Elliott wave analysis suggests that the rally from 4/02/2018 low to $2792.25 ended the intermediate wave (1). Down from there, correction against that cycle remains in progress in 3, 7 or 11 swing structure. Also, it’s important to note here that the decline from $2792.25 peak shows an overlapping price action thus suggesting that the correction is taking place in a corrective manner i.e either Double three or Triple three structure.
Down from $2792.25, Minor wave W unfolded as a double three structure with a combination of 3,3,3 swings in each leg. Minute wave ((w)) of W ended at $2743.10, Minute wave ((x)) of W ended at $2774.86 and Minute wave ((y)) of W ended at $2698.67 low. Up from there, Minor wave X bounce remains in progress to correct cycle from 6/13 high ($2792.25) as a Zigzag structure where Minute wave ((a)) ended at $2746.09 and Minute wave ((b)) remains in progress as a running triangle structure. Near-term focus remains towards $2745.32-$2756.36, which is the 50%-61.8% Fibonacci retracement area of the cycle coming from $2792.25 high to complete Minute wave ((c)) of X. Afterwards, the index is expected to continue lower in Minor wave Y to correct cycle from 4/02/2018 low. We don’t like selling the proposed pullback.
SPX 1 Hour Elliott Wave Chart

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Attached Image (click to enlarge)

Hang Seng Elliott Wave Analysis: Correction Lower Happening
Hang Seng short-term Elliott wave view suggests that the rally to 31521.13 high on 6/07/2018 peak ended Intermediate wave (2). Down from there, the decline to 27990.45 low is proposed to have completed Intermediate wave (3). The internals of Intermediate wave (3) unfolded as Elliott Wave Impulse structure with extension. This suggests the sub-division of each wave lower (i.e. Minor wave 1, 3, and 5) unfolded as 5 waves structure.
Below from 31521.13 high, Minor wave 1 of (3) ended in 5 waves at 30874.1 and Minor wave 2 of (3) ended at 31242.86 high. Then down from there, Minor wave 3 of (3) took place in extended 5 waves & ended at 28169.1. Up from there, Minor wave 4 of (3) ended at 28962.29 high, and Minor wave 5 of (3) ended at 27990.45 low. Above from there, the index is correcting cycle from 6/07 peak in Intermediate wave (4) bounce.
The internals of that bounce is expected to unfold as an expanded flat. As far as a pivot from 6/07 peak (31537) peak stays intact during the bounce, index is expected to fail 1 more time within Intermediate wave (5) towards 27588-26540 target area next. Afterward, the index is expected to find buyers there for larger 3 wave reaction higher at least. We don’t like selling the Index.
Hang Seng 1 Hour Elliott Wave Chart

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Elliott Wave Analysis: Is US Dollar About to Turn?

In this video today, we will analyze US Dollar through USDPLN (Poland Zloty). Below you can find the short term and long term outlook in US Dollar

Video on US Dollar Elliottwave Analysis through USDPLN



At Elliottwave-Forecast.com, we use correlation as one tool to complement our forecast. We often use USDPLN as we believe it is good proxy for Dollar Index (DXY). In below’s chart, we overlay the two instrument, and we can clearly see they are nearly identical

Short Term Elliott Wave Analysis on USDPLN

USDPLN shows a clear 5 waves impulse Elliott Wave structure from 1.25.2018 low, and there’s also a momentum divergence at the end of wave 5. The current reaction lower in the pair suggests it has likely ended wave (5). Therefore, at minimum, pair should see a 3 waves reaction lower to correct the rally from 1.25.2018 low (3.3075). Due to the positive correlation with Dollar Index, we could say that in the short term, we can see USD weakness in 3 waves at least.

Long Term Elliott Wave Analysis on USDPLN: Bearish View (Scenario #1)

In Scenario #1 (Bearish view) above, the 5 waves rally from 1.25.2018 low is part of wave (C) of FLAT which starts from 9.4.2017 low. Thus, the decline from Dec 2016 peak to 9.4.2017 low ended wave ((A)) as 5 waves impulse Elliott Wave structure. Then wave ((B)) correction is unfolding as an expanded FLAT Elliott Wave structure. In this count, USDPLN is ready to extend lower and will eventually break below 1.25.2018 low. As it has a positive correlation with Dollar Index, then we can see Dollar Index resuming the weakness to new low.
Long Term Elliott Wave Analysis on USDPLN (Scenario #2)

In Scenario #2, USDPLN ended cycle which starts from Dec 2016 high at 1.25.2018 low in wave “w” as a zigzag Elliott Wave structure ((A))-((B))-((C)). Wave “x” correction is taking place as a zigzag structure in which wave (A) ended at 3.8011. In this scenario, pair should pullback in wave (B) then extend higher 1 more leg in wave (C) of “x” to retest the Dec 2016 high. Even in this scenario however, US Dollar should still weaken at least in 3 waves in the short term due to the wave (B) pullback.
USDPLN broke 10 year trend line

It’s worth to mention that USDPLN broke trend line from 2008 low last year. The pair has since recovered and currently sitting at the same broken trend line retesting it. If the break is valid, then ideally the pair doesn’t close above the broken trend line and should continue to extend lower at least 1 more leg.
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EURJPY Elliott Wave Analysis: Pullback can Provide Buying Opportunity
EURJPY short-term Elliott wave analysis suggests that the decline to $126.63 on 6/19 low ended intermediate wave (2) pullback. Up from there, intermediate wave (3) remains in progress as Elliott wave impulse. The internals of Minor wave 1 is unfolding as a leading diagonal with sub-division of 5-3-5-3-5. Up from $126.63 low, Minute wave ((i)) ended in 5 waves at $128.84. Minute wave ((ii)) pullback ended in 3 swings as a double three Elliott Wave structure at $127.12 low. Then rally from there ended Minute wave ((iii)) in another 5 waves at $129.5 high. Down from there, the pullback to $128.44 low ended Minute wave ((iv)) pullback as a Running Flat. Above from there, Minute wave ((v)) of 1 remains in progress in another 5 waves structure. The cycle looks mature but pair can extend higher 1 more time before it completes Minor wave 1. Afterwards, the pair is expected to do a pullback in Minor wave 2 in 3, 7 or 11 swings to correct cycle from $126.63 low before further upside towards $132.30-$133.63 area is seen. We don’t like selling the proposed pullback.
EURJPY 1 Hour Elliott Wave Chart

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OIL Elliott Wave View: Providing Buying Opportunity Soon
OIL short-term Elliott Wave view suggests that the pullback to $63.39 on 6/18/2018 low ended primary wave ((4)). Up from there, the instrument rallied strongly to the upside and went on to make new high for the year. A rally from there took place in the form of an Impulse Elliott wave structure with extension with lesser degree oscillation showing the sub-division of 5 waves structure in each leg higher.
The internals of rally from $63.39 low ended Minor wave 1 in 5 waves at $66.53. Then the pullback to $64.34 low ended Minor wave 2 in 3 swings. Above from there, instrument rallied higher strongly in Minor wave 3 and ended another 5 waves at $74.46 high. Down from there the pullback to $72.51 low ended Minor wave 4. Then a rally to $75.27 high ended Minor wave 5 and also completed Intermediate wave (1) higher.
Below from there, the instrument is pulling back to correct cycle from 6/18 low ($63.39) in Intermediate wave (2) and expected to find buyers in 3, 7 or 11 swings. Currently, the instrument already did a 3 waves pullback in Minor wave W at $72.14, which is located inside $72.39-$71.82 blue box area and bounced higher. However, while it stays below the $75.27 high, the instrument is expected to do a double correction in 7 swings lower towards $70.74-$69.53, which is 123.6%-161.8% Fibonacci extension area of Minor wave W-X before it resumes the upside provided the pivot from $63.39 low stays intact. We don’t like selling it and expect Oil to stay supported as far as a pivot at $63.39 low is holding.
OIL 1 Hour Elliott Wave Chart

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Elliott Wave Analysis: Is AUDUSD Ready to Resume Lower?
AUDUSD short-term Elliott Wave view suggests that the decline to $0.7308 low ended Intermediate wave (A) of a possible Zigzag structure coming from 6/06/2018 peak ($0.7676). Above from there, the 3 waves recovery to $0.7484 high ended Intermediate wave (B) bounce. The internals of that Intermediate wave (B) unfolded as Elliott Wave Zigzag correction where Minor wave A ended at $0.7424 high. Subdivision of Minor wave A of (B) unfolded as 5 waves where Minute wave ((i)) ended at $0.7342. Minute wave ((ii)) ended at $0.7312, Minute wave ((iii)) ended at $0.7404. Then Minute wave ((iv)) ended at $0.7368 and Minute wave ((v)) of A ended at $0.7424 high.
Down from there, Minor wave B ended at $0.7359 low. Up from there, Minor wave C of (B) ended at $0.7484 high with internals also unfolded in another 5 waves structure. Minute wave ((i)) ended at $0.7408. Minute wave ((ii)) ended at $0.7371, Minute wave ((iii)) ended at $0.7483. Then Minute wave ((iv)) ended at $0.7452 and Minute wave ((v)) of C ended at $0.7484 high. This rally also completed Intermediate wave (B) bounce there, after reaching the 100%-123.6% Fibonacci extension area of Minor A-B at $0.7475-$0.7503 area. Near-term, while bounces fail below there, expect pair to resume lower in Intermediate wave (C). However, a break below $0.7305 low remains to be seen to validate this view & until than a double correction higher in Intermediate wave (B) bounce can’t be ruled out. We don’t like buying it.
AUDUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Attached Image (click to enlarge)

The S&P/TSX Composite Index Long Term Bullish Trend & Cycles

The S&P/TSX Composite Index Long Term Bullish Trend & Cycles
The S&P/TSX Composite Index has been trending higher with other world indices. As far back as one can find data, the cycles have shown a bullish trend. From early years not seen on this chart it rallied with other world indices trending higher into the June 2008 highs. It then corrected the bullish cycle as did most other world indices. The index ended that larger degree correction in March 2009. It is at this point where the index corrected the whole decades long bullish cycle. Thus the March 2009 lows is from where this cycle and swing analysis will begin.
Firstly from those 2009 lows the index shows a 5 swing sequence that favors further upside. Price has reached and exceeded the 61.8 – 76.4 Fibonacci extension of the 2009 to 2011 bullish cycle. This happened in September 2014 under the more conservative red swing count. This area was also seen in the preferred blue count the 61.8-76.4 Fibonacci extension was reached and slightly exceeded in January 2018.
Secondly, I want to mention how this Fibonacci extension is measured. Use a Fibonacci extension tool on a charting platform. Point 1 will be at the beginning of the cycle at the 2009 lows. From there on up to the 2011 highs will be point 2. The point 3 will be down at the 2011 lows. This put the swing higher to the 2014 highs in the aforementioned 61.8 – 76.4 Fibonacci extension of the 2009 to 2011 bullish cycle. That alone is not a usual place for the 3rd swing of a cycle to end as it is usually 100 to 1.236. The decline to the 2016 lows was strong enough to suggest the index had corrected the whole cycle up from the 2009 lows. This, other than the bullish trend is why I prefer the swing count in blue.
The analysis continues below the chart.
S&P/TSX Composite Index Monthly Chart

Thirdly, I will mention the way the blue swing count and target area is measured. Using the earlier mentioned Fibonacci extension tool on a charting platform, the point 1 will be at the beginning of the cycle at the 2009 lows. From there on up to the 2011 highs will be point 2. The point 3 will be down at the 2016 lows. This is how the shown target area is derived. The index in January 2018 saw the 61.8 Fibonacci extension of the 2009 to 2014 cycle. In most cases a fifth swing of a 7 swing move will end in this 61.8 – 76.4 Fibonacci extension area. The dip into the February 2018 lows suggested it was only correcting the cycle from the 2016 lows. From the February 2018 lows the index has went back into new highs territory.
The conclusion is as follows. The index should trend higher in either scenario. This should happen before seeing a pullback lower of the same size of the 2014 to 2016 dip. While the index corrections remain above the February lows, price should trend higher toward the 19000+ area. That is under the more conservative alternate swing count view. The preferred view is while above the February 2018 lows, prices will trend higher toward the 22622 area in an impulse.
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Lewis Jones of the ElliottWave-Forecast.com Team

Elliott Wave Analysis: USDJPY Extending Higher As Impulse
USDJPY short-term Elliott Wave view suggests that the rally to 111.13 high ended Minute wave ((i)). Down from there, the pullback to 110.24 low ended Minute wave ((ii)). The internals of that pullback unfolded as a Flat Elliott Wave structure where Minutte wave (a) ended in lesser degree 3 swings at 110.77. Then bounce to 111.10 ended Minutte wave (b). And Minutte wave (c) of ((ii)) ended in 5 waves at $110.24 low.
Up from there, Minute wave ((iii)) remains in progress. And rally higher is showing the sub-division of 5 waves in lesser degree cycle suggesting an impulse structure. Above from $110.24 low, Minutte wave (i) of ((iii)) ended in 5 waves at 111.35. The pullback to 110.74 low ended Minutte (ii) of ((iii)). A rally higher from there is expected to complete Minutte wave (iii) of ((iii)) soon in another 5 waves in between 161.8%-200% Fibonacci extension area of Minutte wave (i)-(ii)) at 112.56 – 112.93. Afterwards, the pair is expected to do a pullback in Minutte wave (iv) of ((iii)) before another push higher is seen. We don’t like selling it. And as far as a pivot from 110.24 low holds pair is expected to see more upside.
USDJPY 1 Hour Elliott Wave Chart

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Berkshire Hathaway Stock Aiming for Recovery

Berkshire Hathaway (Class A NYSE: BRK.A – Class B NYSE: BRK.B) is currently the seventh largest company in the S&P 500 Index by market capitalization. The company ,lead by Warren Buffett, has averaged an annual growth in book value of 19.0% to its shareholders since 1965.
Berkshire Hathaway Class B NYSE: BRK.B is one of the main stock within the Financial Select Sector SPDR Fund XLF. Year-to-date, the whole financial sector is still pointing in the negative side and not seeing any profit yet.
The 5 most weighted stocks in XLF are Berkshire, JP Morgan, Bank of America, Wells Fargo and Citibank . They will be reporting earning tomorrow and next week which may shift things around in the coming few weeks to end up with a green summer.

The stock market is turning bullish as Technology & Consumer Discretionary sectors already leading the move higher, so we need to take a look at the technical Elliott Wave structure of BRK.B to help identify the path for the Financial sector.
Since 01/29/2018 peak, Berkshire Hathaway did a corrective 7 swings structure ( Double Three ) which reached it’s equal legs area around $185.68 – $180.64. Up from there the stock started bouncing higher and it’s expected to resume the rally to new all time highs with a minimum target at $225 – $238 area.

Recap:
Berkshire Hathaway is looking for at least a 50% bounce to correct the decline from January peak which may be followed later on by a higher move to take that peak and open a new daily cycle to the upside.
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