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Elliott Wave View: S&P 500 (SPX) Has Resumed Lower

Short term Elliott Wave view on S&P 500 (SPX) suggests that it has resumed the next leg lower. The Index has ended the cycle from December 26, 2018 low after a 5 months rally. After topping at 2961.25 on May 1, 2019, it is now expected to pullback in larger 3, 7, 11 swing to correct the cycle from December 2018 low. We are calling the decline from May 1, 2019 as a zigzag Elliott Wave structure. On the chart below, we can see the bounce to 2892.15 ended wave B.

The Index has resumed lower in wave C with potential 100% extension target towards 2702.4 – 2738.4 area. The internal of wave C is unfolding as Elliott Wave impulse structure. Down from wave B at 2892.15, wave ((i)) ended at 2831.29 and wave ((ii)) ended at 2868.88. Wave ((iii)) is nesting and currently unfolding also as an impulse in lesser degree. Wave (i) of ((iii)) ended at 2805.49 and wave (ii) of ((iii)) ended at 2841.36. Near term, while rally fails below 2840.21 in the first degree, and 2892.15 in second degree, expect the Index to extend lower.

SPX 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

AUDCAD : Will Pair Continue Lower?
May 24, 2019 By EWF Aidan (Edit)
AUDCAD Technical Analysis May 24/2019
AUDCAD remains bearish as long as the April 17/2019 high remains untouched. On the 4 hour chart there is a clear visible bearish pattern that can be seen. The blue bearish pattern triggers SELLS at the BC 0.50% Fib. retracement level. Price has still not reached this level so traders will need to be patient and see if AUDCAD will push higher to this level. Previous structure can offer resistance at the blue box “possible area of reversal” where the BC 0.50% Fib. retracement is also situated. If looking to trade AUDCAD traders will need to watch for possible reversal signals in the blue box area and traders should wait for price to at least reach the minimum BC 0.50% level. The bearish pattern invalidates if price moves above the point B of the blue bearish pattern. At the moment this is just an analysis of a possible bearish scenario and traders will need to wait for more bearish confirmation if and when price reaches the reversal zone. Only time will tell what the pair will do but at least now you are aware of the possible area where AUDCAD can reverse lower from.
AUDCAD 4 Hour Chart 5.24.2019

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
*** Always use proper risk/money management according to your account size ***
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Paypal ( NASDAQ: PYPL) – Bulls are Looking for Further Profits
May 26, 2019 By Ayoub Ben Rejeb (Edit)
Paypal ( NASDAQ: PYPL) is a payment processor platform that enables digital and mobile payments on behalf of consumers and merchants worldwide providing an electronic alternative to traditional paper methods like checks and money. The company initial public offering was in 2002 then became a wholly owned subsidiary of eBay later that year before it spun off in 2015.
The initial rally from 2015 until 2018 peak $93.6, presented an Elliott Wave 5 waves impulsive structure which was followed by 3 waves pullback that ended at October 2018 low $74. Up from there, the stock resumed the move to the upside breaking to new all time highs and opening a new cycle higher aiming for a minimum target at 100% Fibonacci extension area $138.5 with a potential extension toward $177 if the whole structure from 2015 continue as an impulse.
Paypal PYPL Weekly Chart

The break to the upside created a bullish sequence for the stock allowing pullbacks to remain supported in 3 , 7 or 11 swings against October 2018 low $74. Currently the stock is correcting lower in wave (4) the cycle from December 2018 low and can see a pullback toward $105 – $100 area before resuming higher or a bounce takes place.
Paypal PYPL 8H Chart

In conclusion, Paypal structure is unfolding as an impulsive structure in both leg from 2015 and 2018 low suggesting a supported move higher is still expected to be seen, therefore investor will be looking to continue buying the stock in any corrective pullbacks against 2018 low.
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NASDAQ Calling The Turn Lower After Double Three Pattern
May 28, 2019 By EWF Vlada (Edit)
Hello fellow traders. In this technical blog we’re going to take a quick look at the charts of NASDAQ published in members area of the website. As our members know, NASDAQ ended cycle from the December 2018 low at 7879.93 peak. We got decline from April 25 peak that unfolded as an impulsive Elliott Wave structure . The price ended wave ((A)) at 7290 low and we got clear 3 wave bounce in wave ((B)) recovery. Proposed correction reached important technical area (blue box) from where we were calling turn lower.
Let’s take a look at the charts of NASDAQ.
NASDAQ Elliott Wave 30 Min Chart 5.17.2019
NASDAQ has given us short term recovery against the 7879.93 peak. We assume that correction has ended as Elliott Wave Double Three Pattern. Wave ((B)) correction completed at 7642.6 high. We would like to see further separation lower and break of 13th May low in order to confirm next leg is in progress. NASDAQ is not recommended for buying at this stage and we expect further weakness.
It’s important to keep in mind there is black arrow on the chart, that suggests there are no incomplete sequences to trade, hence we would rather stay on sidelines. Black arrows shows the highest path but highest probability path is not the same as highest probability trade. So, we recommend focusing on green / red right side tags or bullish / bearish sequence combined with blue boxes to trade.
You can learn more about Elliott Wave Patterns such as Impulsive Structures and Double Three Pattern at our Elliott Wave Educational Web Page.

NASDAQ Elliott Wave 30 Min Chart 5.28.2019
7642.6 peak held nicely and we got further separation from that high. Eventually NASDAQ broke 13th May low and made incomplete sequences in the cycle from the April 25 peak. Now NASDAQ should ideally keep trading lower as far as pivot at 7642.6 high holds, targeting 7082 area. Short term bounces can be completed. We don’t recommend buying it and favor the short side.
Keep in mind that market is dynamic and presented view could have changed in the mean time. 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. You can check most recent charts in the membership area of the site.

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Elliott Wave View: Further Downside in Dow Jones Futures (YM_F)

Elliott Wave view on Dow Jones Future (YM_F) suggests that the sequence from April 24, 2019 high (26694) remains incomplete and Index can see further downside. Short term, the rally to 25720 ended wave ((ii)) and wave ((iii)) ended at 24937. Internal of wave ((iii)) unfolded as Elliott Wave impulse structure. Down from 25720, wave (i) ended at 25592, wave (ii) ended at 2554, wave (iii) ended at 25159, wave (iv) ended at 25219, and wave (v) ended at 24937.

Index has resumed lower and broken the previous low on May 14 (25215), suggesting the next leg lower has started. Wave ((iv)) bounce appears complete at 25154 at the blue box area after a 3 waves bounce. Index still needs to break below wave ((iii)) at 24937 at this stage to avoid a double correction in wave ((iv)). We don’t like buying the index, and short term, while rally fails below 25720, expect Index to extend lower. If Index breaks above 25154 instead, then wave ((iv)) still remains in progress as a double zigzag Elliott Wave structure. In this alternate scenario, Index should still resume lower as far as the rally fails below 25720.

Dow Jones Future (YM_F) 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Elliott Wave View: Gold Should Remain Supported
Elliott wave view in Gold suggests that the decline to $1269.30 low ended intermediate wave (2) pullback. Above from there, the metal is nesting higher in an impulse structure looking for more upside within intermediate wave (3). While Minor wave 1 unfolded in lesser degree 5 waves structure where Minute wave ((i)) ended at $1275.31. Minute wave ((ii)) ended at $1272.20 low. Then Minute wave ((iii)) ended at $1287.30 high. Minute wave ((iv)) ended at $1280.50 low and Minute wave ((v)) ended at $1287.40 high.
Down from there, wave 2 unfolded as a zigzag structure where Minute wave ((a)) ended at $1275.90 low. Minute wave ((b)) ended at $1285.80 high and Minute wave ((c)) 2 ended at $1274.79 low. Up from there, Minor wave 3 of (3) remains in progress in another 5 waves structure initially looking for a marginal push higher towards $1292.79-$1297.06, which is the 100%-123.6% Fibonacci extension area of Minor wave 1-2 to end Minute wave ((i)) of 3. Afterward, metal is expected to do a pullback in Minute wave ((ii)) of 3, in 3, 7 or 11 swings against $1274.79 low before more upside can be seen. We don’t like selling it as the right side tag is bullish & calling for more upside.
Gold 1 Hour Elliott Wave Chart

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Elliott Wave View: Impulsive Rally in $GDX

Elliott wave view in Gold Miners ETF ($GDX) suggests the pullback to $20.26 ended wave (2). Wave (3) is currently in progress and the internal subdivides as an impulse Elliott Wave structure. Up from $20.26, Wave ((i)) ended at $20.88, wave ((ii)) ended at $20.31 and wave ((iii)) can end soon at $22.47 – $22.69 area. It should then pullback in 3, 7, or 11 swing within wave ((iv)) to correct rally from May 29 low before the rally resumes again in wave ((v)).

We can see from the chart below the internal of wave ((i)) and ((iii)) also subdivide as an impulse in lesser degree. The internal of wave ((ii)) subdivides as an expanded Flat Elliott Wave structure. Potential target for wave ((iv)) is 23.6 – 38.2 Fibonacci retracement of wave ((iii)). In order to measure wave ((iv)) potential support area, we need to see wave ((iii)) fully completed first. We don’t like selling $GDX and expect buyers to appear in 3, 7, or 11 swing as far as pivot at $20.31 low stays intact. In larger time frame, if $GDX can break above Feb 21 peak ($23.70), then it should create a bullish sequence from Sept 11, 2018 low opening up more upside.

$GDX 1 Hour Elliott Wave Chart

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Elliott Wave View: High Frequency Box Suggested Natural Gas Sell Off
June 2, 2019 By EWFSanjay (Edit)
I want to share with you some Elliott Wave charts of Natural Gas Futures which we presented last month. You see the 4-hour updated chart presented to our clients on the 5/20/19. Natural Gas had a 4-hour right side tag against 2.910 peak suggesting more downside.
It ended the cycle from 02/27/19 peak in black wave ((v)) at 04/25/19 low (2.439). Above from there, we expected a bounce to occur. The bounce unfolded in an Elliott Wave double three correction. We advised members that Natural Gas should continue lower. Therefore, we expected sellers to appear in the sequences of 3, 7 or 11 swings. At the 100 – 1.618 Fibonacci extension of black (w)-(x) which came at around 2.701-2.817 area and that was the first area for selling the commodity.

Natural Gas 5.20.2019 4 Hour Chart Elliott Wave Analysis

Natural Gas

In the last Elliott Wave chart. You can see that it reached the blue box area. So traders could have opened a short position at the blue box. The Gas reacted perfectly lower. Any trades from our blue box area shown in the chart above were risk-free, which means the stop-loss should be moved to break even looking for lower levels. Please keep in mind that the 4-hour chart which I presented has changed. This blog should just illustrate how accurate our blue boxes are, and how our members trade our 3-7 or 11 swings strategy.
If you are interested in how to trade our blue box areas and want to understand how Elliott Wave works. Then I recommend you to get a shot on our 14 days free trial below. We present a lot of trading setups in our 3 Live Trading Rooms.

Natural Gas 6.02.2019 4 Hour Chart Elliott Wave Analysis


I hope you liked this blog and I wish you all good trades. And for all who are interested in learning more about our unique blue box areas and also want to trade profitably in 2019 then sign up for a free 14 days trial you can cancel anytime. Click the link and see you insight.

Indices Drop To End The Week Due To New Tariffs on Mexico or Technical?
June 2, 2019 By Daud Bhatti (Edit)
President Donald Trump threatened on Thursday to impose new tariffs on Mexico if the country does not step up its immigration enforcement actions, combining his boiling border-related frustrations with his preferred method of punishing foreign countries.
Trump said in a White House statement that the first round of tariffs would begin on June 10 at 5% “on all goods imported from Mexico.” (source CNN)
This resulted in a sell off in the World Indices starting in the Asian session on Friday. Was the drop really due to this announcement or was the market already technically positioned to drop and this news just acted a catalyst for the drop? Let’s take a look at some charts below to see why we think the drop was purely technical and happened from the blue boxes presented on our charts to members.
ES_F 30 May 1 Hour Elliott Wave Chart (Before New Tariffs on Mexico announced)
Chart below was published at 10:15 GMT on 30th May well before President Trump announced new 5% Tariff on Mexico, the chart showed the red Right side tag which suggested the right side was lower and decline was expected to resume after corrective bounce ended. Shaded blue box area showed the area for the corrective bounce to end and then decline to resume to new lows or a 3 waves reaction lower at least to take place from the blue box.

E-mini S&P 500 futures reached the blue box and reacted lower but didn’t break the lows. Then, we got the news of new Tariffs on Mexico which acted as a catalyst for a new wave of selling to new lows. Let’s take a look at the chart below
ES_F 31 May 1 Hour Elliott Wave Chart (After New Tariffs on Mexico announced)

Nasdaq Futures 30 May 1 Hour Elliott Wave Chart (Before New Tariffs on Mexico announced)
Chart below was published at 10:15 GMT on 30th May well before President Trump announced new 5% Tariff on Mexico, the chart showed the red Right side tag which suggested the right side was lower and decline was expected to resume after corrective bounce ended. Shaded blue box area showed the area for the corrective bounce to end and then decline to resume to new lows or a 3 waves reaction lower at least to take place from the blue box.

Nasdaq Futures 30 May 1 Hour Elliott Wave Chart (After New Tariffs on Mexico announced)

This is yet another proof that markets are very technical and news just acts as a catalyst. We always advise our members to cut the noise and follow the Technicals and we aim to provide an edge to our members through Right Side tags and blue box areas to help identify the right side of the market and entry / profit taking areas. Also, by not trading against the right side tags or trading the turning arrows, members can avoid being on the wrong side of the market.

Russell Forecasting The Decline & Selling The Rallies
June 3, 2019 By EWF Vlada (Edit)
Hello fellow traders. In this technical blog we’re going to take a quick look at the charts of RUSSELL published in members area of the website. As our members know, RUSSELL has been showing incomplete bearish sequences in the cycle from the May 19th peak. Break of 05/13 low made May 19th cycle incomplete to the downside. The price structure has been showing lower-low sequences, suggesting the Index was bearish against the 1524.2 peak. Consequently we recommend members to avoid buying it, while favoring the short side.
In the charts below, we’re going to explain the Elliott Wave Structure and Trading Strategy.
RUSSELL Elliott Wave 30 Min Chart 5.30.2019
RUSSELL is correcting the short term cycle from the 1524.19 peak. As far as the mentioned pivot holds, we expect to see further weakness. We like selling intraday rallies in 3,7,11 swings against the 1524.19 peak. Short term recovery looks incomplete at the moment. The price is missing another short term swing up toward 1497.39-1506.6 ( blue box- selling zone). At that area we like to be sellers for proposed decline. Strategy is waiting for the selling are to be reached at 1497.39-1506.6 and then sell the Index. As the main trend is bearish, we expect the pair to find sellers at the blue box for a 3 wave pull back at least. As soon as the pull back reaches 50 Fibs against the last connector wave b red low, we should make our short positions risk free.

RUSSELL Elliott Wave 30 Min Chart 5.31.2019
RUSSELL made proposed leg up and found sellers right at the blue box : 1497.39-1506.6 Wave (b) recovery completed at 1502.98 high. We got decline which has made new low, confirming next leg down is in progress. As a result members who took short trades are now enjoying profits with risk free positions. Now, as far as 1502.9 pivot holds, more downside should ideally follow.
Keep in mind market is dynamic and presented view could have changed in the mean time. 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, but not every chart is trading recommendation. 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.
Welcome to Elliott Wave Forecast !

Elliott Wave Webinar: Elliott Wave for Beginners

We hosted a free Elliott Wave Webinar on June 1st, 2019. The webinar is suitable for new traders or those who have limited / basic knowledge of Elliott Wave. the recording of the webinar.

We cover the following topics:

1. Elliott Wave degree.
2. Motive wave: Impulse, diagonal.
3. Corrective wave: Zigzag, Flat, Triangle, Double Three.

Elliott Wave degree
There are 9 degrees in Elliott Wave Theory: Grand super cycle, Super cycle, Cycle, Primary, Intermediate, Minor, Minute, Minutte, and Subminutte. We explained what these different degrees mean and how to understand Elliott Wave charts. In addition, we also explained which time frame do you usually find these different degrees.
Motive Wave
Motive wave is a 5 waves move and has 2 types: Impulse and Diagonal. We cover the rules of each type and also the Fibonacci relationship. We spend some time to talk about the diagonal as most new traders are familiar with Impulse but not a diagonal.
Corrective Wave
Corrective wave is a 3 waves move and has several types: Zigzag, Flat, Triangle, Double Three, and Triple Three. We spent time to talk about zigzag, Flat, and double three since these are the most common corrective patterns in the market.
If you would like to know more about Elliott Wave or would like to get forecast for your favorite instrument, feel free to try our 14 days Free Trial –> FREE 14 days Trial.

Elliott Wave View: Further Strength in DAX Short Term

Elliott wave view in DAX calls the pullback to 11625.31 as ending wave (W). This move lower ended the decline from May 3 high. The Index thus is within wave (X) rally to correct the cycle from May 3 high (12435.67) before the it resumes lower again. On the chart below, we can see the rally from June 3 low (11625.31) is unfolding as an impulse Elliott Wave structure. Up from 11625.31, Wave (i) ended at 11744.93, wave (ii) ended at 11689.51, and wave (iii) remains in progress. Wave (iii) subdivides as another impulse Elliott Wave structure in lesser degree.

Expect the Index to see 1 more high before ending wave ((a)) as 5 waves. It should then pullback in wave ((b)) to correct the cycle from June 3 low in 3, 7, or 11 swing before turning higher. As the first leg of the rally from June 3 low is in 5 waves, there’s a good chance that the rally can extend at least another leg higher in wave ((c)) as far as pivot at 11625.31 low remains intact during the pullback. We don’t like selling the Index.

DAX 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Elliott Wave View: 5 Waves Rally in S&P 500 Futures (ES_F) Suggests More Upside

Elliott wave view in S&P 500 Futures (ES_F) suggests that the Index ended wave (W) at 2729.56 on June 4. This ended the decline which started from May 1 high as a 3 waves zigzag Elliott Wave structure. The Index is correcting cycle from May 1 high in wave (X) in 3, 7, or 11 swing. The internal of wave (X) rally is unfolding as a zigzag Elliott Wave structure. A zigzag is an ABC with 5-3-5 structure. Wave A is currently in progress as a 5 waves impulse.

Up from 2729.56, wave ((i)) ended at 2755.75, wave ((ii)) ended at 2744, wave ((iii)) ended at 2824.75, and wave ((iv)) ended at 2801. The Index can see 1 more leg higher in wave ((v)) before ending wave A. Afterwards, it should pullback in wave B to correct cycle from June 4 low (2729.56) in 3, 7, or 11 swing before turning higher again in wave C. We don’t like selling the Index. As the rally from June 4 low is impulsive, expect wave B pullback to hold above 2729.56 for at least 1 more push higher in wave C.

S&P 500 Futures (ES_F) 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Gold Soars as Bets on US Rate Cut Grows
June 5, 2019 By EWFHendra (Edit)
After 5 months of correction, Gold found strength again and hit more than three-month high on Tuesday. The move higher comes on the expectation that the U.S. Federal Reserve would cut interest rate to offset the U.S – China trade war. Recent commentary by the Fed governors and Chair hinted the willingness to do a rate cut. Yesterday we have James Bullard talking about a rate cut. Today, the Fed chair also confirms his dovish view and said the Fed will act as appropriate to sustain the expansion.

Mr. Powell also mentions that the Fed is closely monitoring the implications of trade negotiation for the US economic outlook. He also suggested that the Fed likely will use unconventional tools such as Quantitative Easing (QE) and ZIRP (Zero Interest Rate Policy) again in the future. He further said that it’s perhaps time to call these tools as conventional.
Lower interest rate reduces the opportunity cost of holding Gold. The yellow metal also benefits from risk off sentiment in the market as safe haven asset. With the United States opening trade war with China and Mexico, there’s plenty of concern in the market about the future global growth. Furthermore, recent U.S ISM manufacturing data for May hits the lowest level since October 2016 amid escalating global trade tension. Signifying the flight to safety, speculators increased their net long positions in COMEX gold in the week to 28 May. Holdings in SPDR Gold Trust also rose 0.3% to 43.21 tonnes on Friday.
Gold ready to challenge 2018 high again

The yellow metal is showing a rounded bottom pattern and it’s been building a base for the last 5-6 years. If Gold can break above the neckline, it will likely cause money to flow aggressively into gold and related. The first target of Gold if it is able to break above the neckline will be $1460 – $1540 area.
Gold against World Currency Unit (WOCU)

The WOCU is a standardized basket of 26 largest national economies measured by GDP. The chart above shows Gold measured against a basket of global currencies. The structure from December 30, 2013 low is unfolding as a double three Elliott Wave structure. The structure will turn bullish when it finally breaks above July 6, 2016 peak at 940.35. What this chart is saying is that Gold is strong against all the fiat currencies. With major central banks around the developed countries implementing ZIRP, NIRP, quantitative easing, it’s a matter of time before the devaluation of all the fiat currencies happen.
Please keep in mind that market is dynamic, and the view may have changed since the time of the writing. To get the latest update, you can check our service 14 days FREE.

Microsoft ( NASDAQ: MSFT) Looking for buyers to remain in control
June 4, 2019 By Ayoub Ben Rejeb (Edit)
Microsoft ( NASDAQ: MSFT) established new all time highs back in April the 25th and since then it saw a 9% drop. MSFT follow the same code as the rest of the financial market so if we take a look at the technical chart of the stock we can recognize a clear impulsive pattern taking place from December 2018 low.
Based on the Elliott Wave Theory, every 5 waves impulsive structure is followed by a technical corrective sequences which comes in 3, 7 or 11 swings. At the end of the corrective sequence, usually the instrument will resume the move within the main trend or at least correct the previous cycle. In the Classic 3 swings ABC zigzag structure, the Market does 5 waves move, then it corrects in 3 waves followed with another 5 waves move to the same direction of the previous 5 waves.
MSFT rally from $93.7 low was in impulsive 5 waves which ended at 4/25/2019 peak $131.8. Down from there it started the correction lower showing an initial 3 waves pullback which reached the 100% – $161.8% Fibonacci extension area $121.5 – $115.9 . Up from there, the stock will have the possibility to resume the rally to new all time highs and create separation to absorb the next pullback.

MSFT 4H Chart Zigzag Structure

However, if MSFT only bounce in 3 waves and fail to break above April peak, then the stock will be looking to extend the correction in a 7 swings structure to the downside. In a double three structure, the Market does 3 waves move, then it corrects in 3 waves followed with another 3 waves move to the same direction of the previous 3 waves. In that case, MSFT can trade lower toward the 50% – $61.8 Fibonacci retracement area $112.7 – $108.2 before ending the ((W))((X))((Y)) structure then the stock will try one more time to rally to new all time highs.

MSFT 4H Chart Double Three Structure

Conclusion
Our Blue Box in extension creates a reaction 85% of the time and it represent a High-frequency area where the Markets are likely to end cycles and make a turn. Consequently, Microsoft ending a corrective Elliott Wave technical structure from April peak and buyers will show up around extreme area looking for the rally to resume to new all time highs or to provide a 3 waves bounce at least as long as pivot at $December 2018 low $93.7 remains intact.
If you’re interested in further structures & sequences then take this opportunity and try our services 14 days to learn how to trade Stocks and ETFs using the 3, 7 or 11 swings sequence and our blue boxes. 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.

Microsoft: More Upside within the Super Cycle Degree
June 6, 2019 By EWFEric (Edit)
Microsoft: More Upside within the Super Cycle Degree
Microsoft (MSFT) has been in a tremendous rally since the lows at 2009. Without a question, the stock is developing into a nice 5 waves advance. The Elliott Wave Theory’s main pattern is an advance in 5 waves with the trend and a 3 waves pullback against the trend. In an impulse, as a guideline, wave (III) typically has an extension relative to wave (I). In this case, we have more than enough extension as the stock has passed the 1.618% fibonacci extension at 112.51 area. The following chart is showing the Monthly chart of $MSFT

As the chart above shows, MSFT has already shown 5 waves from the lows at 2009. This low is also the same low across the World Indices. We believe the stock will extend higher within wave V, as far as the lows on December 2018 remains in place. The move higher will also end Super Cycle degree wave (I) and start the biggest correction. The move is very technical and cycles are very well defined. A great opportunity into a multi month buy will come sometimes by the end of the Summer.
Similar to many World Indices, we are looking at important peak sometimes at the end of year 2020. However, like we mentioned before , as far as the last significant low on December 2018 holds, buying in 3-7-11 should be the right side. We want to highlight and acknowledge that the stock has already shown 5 waves since 2009, so technically it can also end and do bigger pullback. However, based on correlation with other stocks such as $BABA and $TESLA, we are calling extension within the wave V.
The following video explains the view by comparing $MSFT with $TESLA and provides a trading opportunity.

Elliott Wave View: Further Strength in EURUSD

Short term Elliott wave view in EURUSD suggests that the rally from May 23 low (1.11) unfolded as a 5 waves leading diagonal. Up from May 23 low, wave (i) ended at 1.1215 and wave (ii) pullback ended at 1.1115. Pair then resumes higher in wave (iii) to 1.13068, wave (iv) pullback ended at 1.12, and wave (v) of ((i)) ended at 1.1309. As wave (i) and wave (iv) overlaps, this is an example of a 5 waves leading diagonal. The 5 waves diagonal can either end wave ((i)) or wave ((a)). The implication however is the same that further upside is likely.

Short term, pair is correcting the cycle from May 23 low within wave ((ii)) in 3, 7, or 11 swing. Potential target for wave ((ii)) pullback can be measured as 100% Fibonacci extension of (a)-(b) which comes at 1.119 – 1.123 area. Buyers can appear from this area during the dips and pair can extend higher in wave ((iii)) afterwards. Pullback ideally stays above 1.1194 (1.618 fibonacci extension) of wave (a)-(b) or else the decline can become impulsive. We don’t like selling the pair. While pivot at 1.1106 low remains intact in the pullback, expect pair to resume higher again.

EURUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

USDTRY Mid-Term Elliott Wave View
June 6, 2019 By Daud Bhatti (Edit)
In this blog, we revisit Turkish Lira Elliott wave analysis presented back in August 2018 and present the latest USDTRY Elliott Wave Analysis. We were looking for a bounce to fail below August 2018 peak for another leg lower to complete a larger 3 waves correction down from August 2018 peak before buyers entered the market again.
Let’s take a look at USDTRY Daily chart below to see how price action unfolded since August 2018
USDTRY Elliott Wave Analysis – Daily Time Frame
We can see the bounce failed below August 2018 peak as expected and price turned lower again. It reached blue box which was 100 – 123.6 extension area of black ((A)) – ((B)) where buyers appeared as expected and produced a bounce. The bounce appears to be in 5 swings as we will show in the 4 Hour chart below.

USDTRY Elliott Wave Analysis – 480 Minute Time Frame
Preferred view suggests that cycle from 11/29/2018 low (5.129) ended at 5/9/2019 (6.199). This move can be counted in 11 swings and hence appears to be a diagonal structure. We have labelled this as wave (( 1)) and now expected a wave (( 2 )) pull back in 3, 7 or 11 swings. Pair is already showing 3 waves down from the peak and as far as it stay above 5.67306 level, expect a 3 waves bounce in wave (X) to correct the decline from 5/9/2019 peak before another 3 swings lower are seen to complete wave (( 2)) pull back as a double three Elliott Wave structure. A break below 5.67306 would suggest decline from 5/9/2019 peak could take the form of an impulse in the first leg when pair would still need a 4,5 to complete the 1st leg as an impulse i.e. wave (A) before we get a bounce in wave (B) and lower again to complete wave (( 2 )) pull back as Zigzag Elliott Wave Structure. We don’t like selling and consider the buying after 7 swings lower in wave (( 2)) to be a safer strategy.

In the end, we will revisit the Weekly chart and present an alternate path in the weekly time frame.
USDTRY Weekly Elliott Wave Analysis

USDTRY Weekly Elliott Wave Analysis – Alternate view

The BEL20 Index is Correcting the Cycle up from the 2009 Lows

The BEL20 Index is correcting the cycle up from the 2009 lows.
Firstly the BEL20 Index has trended higher with other world indices since the benchmark was established. The index remained in a long term bullish trend cycle into the May 2007 highs. From there it made a sharp correction lower that lasted until March 2009 similar to other world indices. That is where the index corrected the whole long term bullish cycle from the all time lows. At this point is where this bullish trend, cycle and swing analysis begins. The analysis continues below the monthly chart.
BEL20 Monthly Chart

Secondly, the 2009 lows corrected the whole longer term cycle higher from inception in the benchmark index. The bounce from the March 2009 lows into the January 2018 highs was a clear five swing impulse. The pullback lower from that high is strong enough to suggest it is correcting the whole cycle up from the March 2009 lows. This is determined by reading the RSI and other momentum indicators.
Thirdly, previously mentioned earlier, the pullback from the January 2018 high to the December 2018 lows was strong enough to suggest it is correcting the cycle up from the March 2009 lows.At this point the index could have possibly completed a corrective sequence against the uptrend however some related instruments suggest an otherwise deeper pullback. This pullback Fibonacci extension area shown on the chart is measured by the following. Take the Fibonacci extension tool on a charting platform and use January 2018 high as point one. Go down from there to the low of December 2018 as point two. From there make the point three at the April 2019 highs which gives the Fibonacci extension target area shown.
In conclusion, this double three correction is a typical and common Elliott Wave corrective structure. Previously mentioned earlier, this is correcting the cycle from the 2009 low. At this point in time the preferred view is while bounces fail below the April 2019 highs the index can see some further weakness toward the shown extension area. Afterward it can resume the longer term bullish trend.
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Lewis Jones of the ElliottWave-Forecast.com Team

Elliott Wave View: Pivotal Software Inc. Lost 45% In Value In 1 Day
June 9, 2019 By EWFSanjay (Edit)
In today’s blog, we will have a look at the latest price action of the Pivotal Software stock. The stock is trading at the New York Stock Exchange.
Pivotal Software Inc. is an American company which is based in San Francisco. It is a software solution company with several other offices and divisions. They are specialized in developing software solution for customers and also provide cloud-based applications platform services in the United States. It was founded in April 2013.
The company released last week its earning and plunged over 30%. In the peak, it is down almost 45%. Consequently, the company lost almost half its market value in one day. It is the worst day since the IPO. A very black day for the company. In comparison, the SP-500 was almost 1% up on that day.
However, with every drop, there can arise also an opportunity. Let’s have a look at the Elliott Wave structure.

Pivotal Software Daily Elliott Wave view 06.09.2019

Pivotal Software


In the chart above, you can see the daily chart of Pivotal Siftware Inc. The stock ended the cycle from its Zero line at 6/14/2018 peak ($31.36). Below from there, it has been correcting that cycle in the sequences of 3-7 or 11 swings. With the recent gap down it opened up an incomplete sequence to the downside from 6/14/2018 peak towards the equal legs of $7.97-3.99 areas (blue box). The current pullback in blue wave (x) is proposed to unfold as an Elliott Wave ZigZag Structure. Which ended red wave a at $14.47 low and wave b bounce at $24.68. Below there it made a new low indicating more downside in wave c.
The c leg lower has been now unfolding as a 5 waves Elliott Wave impulse. Which could still be in black wave ((3)). Before a bounce in wave ((4)) can be seen followed by another push lower into the blue box area (7.97-3.99). From that area, we should get a bigger reaction higher in 3 waves at least which should help the company again to rise in value. That area can be used for a long-term to buy based on the Elliott Wave hedging principle.
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