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Australian Dollar Extends Weaknesses
June 17, 2019 By EWFHendra (Edit)
Australian Dollar dropped further last week as unemployment figure came out higher than expected at 5.2%. The consensus has been for a dip to 5.1%. Australian unemployment rate has now risen 0.3% since February. The official number has raised speculation that further interest rate cut will come.

RBA (Reserve Bank of Australia) has been fighting low inflation rate below 2-3% target range for several years now. In February, RBA has said that sustained increase in unemployment rate would require them to cut interest rates. On May, the central bank cut the rate by 25 basis point to a record low 1.25%. RBA provide little guidance on the direction of future cash rate. However, due to soft economic data and the fallout from China-US tariffs globally, investors bet on further aggressive rate cuts by RBA.
Futures suggest a 66% probability that RBA will further cut cash rate in July. The market also starts to price in another cut by the end of the year to 0.75% due to the mixed labour report.
EURAUD Bullish Elliott Wave Sequence Points for more Australian Dollar Weakness

Elliott Wave outlook in $EURAUD shows a 5 swing bullish sequence from July 2012 low, favoring more upside. A 100% extension in 7 swing double three structure from July 2012 targets 1.857 – 2.166 area. If pair breaks above Jan 3, 2019 high (1.679), then the next move higher has started and we should see further Australian dollar weakness. Wave b of (y) can be complete already at 1.568, but pair still needs to break above wave a at 1.679 to confirm this view.
EURAUD 4 Hour Elliott Wave Chart

$EURAUD shows a higher high sequence from April 17, 2019 low. If this sequence can extend to 100%, then it should resume higher to at least 1.663 – 1.677 area. Short term dips likely find support in 3, 7, or 11 swing as far as pivot at 1.604 low stays intact. Both the long term and short term Elliott Wave sequence therefore favors continuation higher in the pair and further weakness in Australian Dollar.
Please note that market is dynamic, thus the view above may have changed since the time of the writing. To get the latest update, you can check our service 14 days FREE.

EURAUD Found Buyers In Blue Box And Rallied

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURAUD. As our members know EURAUD has incomplete bullish sequences in the cycle from the 04/17 low. Break of the 05/17 peak made the pair bullish against the 1.6043 low, calling for further strength. Consequently, we advised members to avoid selling the pair and keep on favouring the long side. In the following article, we’re going to explain the Elliott Wave Forecast and Trading Setup.
EURAUD 1 Hour Elliott Wave Analysis 6.18.2019
The pair is doing short term pull back against the 1.6043low. As of right now wave 2 red pull back looks incomplete. Pull back is unfolding as Zig Zag, when we are in (c) leg that is still missing equal legs area. So, we are calling for another term low toward ((a))-((b)) equal legs area that comes at 1.6258-1.6187 ( blue box- buying area) . At that area we like to be buyers for proposed rally or 3 wave bounce alternatively. Although we expect to see another leg down , we advise members to avoid selling against the main bullish trend. Strategy is waiting for mentioned area ( 1.6258-1.6187) to be reached, before entering long positions.
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least. As soon as the bounce reaches 50 fibs against the red high, we will make long positions risk free and let the profit run. You can learn more about ZIG ZAG Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

EURAUD 1 Hour Elliott Wave Analysis 6.25.2019
Buyers appeared right at the equal legs when Elliott Wave Zig Zag completed at 1.6259 low. We got expected rally from the blue box and as a result members who took long trades are now enjoying profits in risk free positions. As far as the price stays above 1.6259 low we can see more strength as proposed on the chart. However, we need to see break above 06/18 peak ( wave 1 red high) to confirm next leg up is in progress. Once we get proposed break, the pair should ideally provide us with new intraday long opportunities.
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: Coffee Shows Bullish Sequence

Coffee (KC_F) shows a 5 swing sequence from April 17, 2019 low, suggesting further upside is likely. Short term, the pullback to 94.94 ended wave ((X)). Rally from there is unfolding as a zigzag Elliott Wave structure. Up from 94.94, wave A ended at 102.75 with subdivision as an impulse Elliott Wave structure. Wave B pullback ended at 99.6 as a double three Elliott Wave structure. Wave C reached 100% extension of wave A and proposed complete at 107.7.

Near term, Coffee is correcting cycle from June 17 low within wave (X) before the rally resumes. The structure of the pullback is still at the early stage and thus can unfold in various ways. The chart below proposes a double zigzag structure in wave (X). However, regardless what the structure of the pullback is, the main idea remains the same that as far as pivot at 94.94 low stays intact, it should extend higher again. We don’t like selling the instrument and expect buyers to appear after pullback is complete in 3, 7, or 11 swing. The view remains valid as far as pivot at 94.94 low stays intact. Target to the upside is 100% extension from April 17 which comes at 114.75 – 119.44 to end the double three structure.

Coffee (KC_F) 1 Hour Elliott Wave Chart

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Elliott Wave View: GBPUSD Impulse Looking for Further Upside

Short term Elliott Wave view on GBPUSD suggests the rally from June 18 low (1.2505) unfolded as an impulse Elliott Wave structure. Up from 1.2505, wave ((i)) ended at 1.257 and wave ((ii)) pullback ended at 1.254. Pair then rallied higher again in wave ((iii)) towards 1.2727, wave ((iv)) pullback ended at 1.2641, and wave ((v)) ended at 1.2784. The 5 waves move higher ended wave A of higher degree. This suggests that the rally from June 18 low is unfolding as a zigzag in a higher degree. A zigzag has an ABC label and it is a 5-3-5 structure where wave A and C subdivide in 5 waves.

We have an impulsive 5 waves move from June 18 low which ended wave A of this zigzag. Wave B pullback is now unfolding as a zigzag Elliott Wave structure where wave ((a)) ended at 1.2661. Expect pair to bounce in wave ((b)) then do another leg lower in wave ((c)) to complete wave B correction. Afterwards, pair should resume the rally higher in wave C. We don’t like selling the pair. As far as pivot at 1.2505 stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

GBPUSD 1 Hour Elliott Wave Chart

Elliott Wave View: GBPAUD Rally Should Find Sellers

Short term Elliott Wave view on GBPAUD suggests the rally to 1.8426 ended wave (X) on June 20. The decline from there is unfolding as a zigzag Elliott Wave structure. A zigzag is an ABC structure which subdivides in 5-3-5. The decline from June 20 high (1.8426) to June 28 low (1.8062) ended wave A of this zigzag. The internal of wave A subdivides as an impulse Elliott Wave structure. Wave ((i)) of A ended at 1.8287 and wave ((ii)) of A ended at 1.8403. Pair then resumes lower in wave ((iii)) of A to 1.8115, wave ((iv)) of A ended at 1.8198, and wave ((v)) of A is proposed complete at 1.8062.

At this stage, there’s not enough separation from the low and pair still can make marginal low. If pair breaks below 1.8062, then the 5 waves move lower from June 20 high remains in progress. Otherwise, pair can start to see wave B bounce to correct cycle from June 20 high before the decline resumes. We don’t like buying the pair and expect rally to fail in 3, 7, or 11 swing as far as pivot at 1.842 high stays intact.

GBPAUD 1 Hour Elliott Wave Chart

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Elliott Wave View: AUDJPY Should Remain Supported

Short term Elliott Wave view on AUDJPY suggests that the rally from June 18 low is unfolding as a zigzag Elliott Wave structure. A zigzag is an ABC structure with 5-3-5 subdivision. The rally from June 18 low ended wave A at 76.28 as a 5 waves impulse. Up from June 18 low, wave ((i)) ended at 74.77, and wave ((ii)) ended at 74.32. Pair then rallied higher again and ended wave ((iii)) at 75.62, then wave ((iv)) pullback ended at 75.3. Wave ((v)) of A ended at 76.28 and this ended the cycle from June 18 low.

Pair is currently correcting cycle from June 18 low within wave B. The internal of wave B is unfolding as a double zigzag Elliot Wave structure. Down from 76.28, wave ((w)) ended at 75.4 as a zigzag. While wave ((x)) bounce fails below 76.28, pair has scope to extend lower within wave ((y)) as another zigzag structure before ending wave B. Afterwards, pair should resume higher again. We don’t like selling the pair and expect buyers to appear and dips to be supported in 3, 7, or 11 swing as far as pivot at 73.9 low stays intact.

AUDJPY 1 Hour Elliott Wave Chart

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Chevron (NYSE: CVX) Bullish Structure Driving The Stock Higher
July 1, 2019 By Ayoub Ben Rejeb (Edit)
Chevron (NYSE: CVX) is the 2nd largest US oil and gas company and is the world’s 12th-largest by revenue ($158.9 B). Its stock price is only 6.5% away from making new all time highs in a second attempt after it failed to do it last year missing by 2$.
CVX Initial cycle which started since the seventies unfolded as an impulsive 5 waves structure and peaked in 2014 at $135. On the same year, Oil price saw a sharp decline which allowed the stock to correct 50% of all time rally in larger 3 waves before finding a low in August 2015 after reaching the extreme buying area $77 – $55.
Since then, the stock rallied for 3 year showing a 5 waves advance but failed to break 2014 peak so following the same code it corrected lower in 3 waves which again reached an extreme equal legs blue box area $105 – $88 from where a reaction higher took place.
The blue boxes in our charts are the High-frequency areas where the Markets are likely to end cycles and make a turn therefore therefore CVX found buyers and started the next leg higher which is expected to take the stock to new all time highs starting a new bullish cycle aiming for a target at $205 – $288 area.
In Conclusion, Chevron overall technical structure remain bullish as the stock right side is supported by the impulsive structure taking place to the upside and initial confirmation of the next leg higher would come after CVX manage to break above April 2019 peak.
CVX Weekly Chart 6.30.2019

CVX Quarterly Chart 6.30.2019


The following video explains the bullish path of Chevron and why the Energy sector is expected to turn higher :
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Kospi Long Term Cycles Remain Bullish
July 1, 2019 By EWF Lewis (Edit)
Kospi Long Term Cycles Remain Bullish
The KOSPI Index in the long term has been trending higher with other world indices since inception in 1983. The index began with a base value set at 100 and trended higher until it ended that cycle in 1994. The index then corrected that cycle with the dip into 1998 lows during the Asian Financial Crisis. That is where the monthly chart pictured below begins. From the 1998 lows the index did three bullish swings higher into the November 2007 highs. The pullback from there until October 2008 was strong enough to suggest it was correcting the whole cycle up from the June 1998 lows.
Secondly I would like to mention this is a swing count. It is not an Elliott Wave count. As per the rules an impulse travels in the direction of the trend in 5-9 or 13 swings. When the bullish trend renewed to the April 2011 highs it reached the .618-.764 Fibonacci extension of the June 1998 to November 2007 cycle. This is a usual area for a 5th swing of a cycle. The 6th swing dip to the September 2011 lows corrected that cycle up from the October 2008 lows. The analysis continues below the chart.
Kospi Monthly Chart

Thirdly, how these extension areas are measured. Take the Fibonacci extension tool on a charting platform. On this chart, point 1 will be at the beginning of the cycle at the 1998 lows. From there on up to the 2007 highs, marked with a 3, will be point 2. The point 3 will be down at the 2008 lows. This point is marked with a 4. The extension areas shown are the same as long as price remains above the 2008 lows. As previously mentioned from the 2008 lows the index has bounced in a 5th swing higher as well as correcting that bounce with the 2011 lows. From there the bounce higher into the April 2015 highs did not make new all time highs and the pullback into the August 2015 lows corrected that cycle from the 2011 lows.
Lastly in conclusion the bounce from the 2015 lows ended a cycle on January 2018 and the dip to the January 2019 lows corrected that cycle. It should in the near term remain above there. Until it gets back above the January 2018 highs another swing lower can not be ruled out. However the trend is up and the index should trade higher into the target area at 2700-3126+ area before it sees another pullback of similar magnitude as the one in 2011.
Thanks for looking. Feel free to come visit our website and check out our services Free for 14 days and see if we can be of help.
Kind regards & good luck trading.
Lewis Jones of the ElliottWave-Forecast.com Team

BAC Elliott Wave View: Found Buyers in Blue Box and Rallied
June 30, 2019 By EWFSanjay (Edit)
Hello fellow traders. Today, I want to share some Elliott Wave charts of the Bank of America (BAC) stockwhich we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 06/23/19.
BAC ended that short-term cycle in red wave 1. Below from there, we advised members that it should see the equal legs from 06/19/19 peak towards the areas of the 100 – 1.618 Fibonacci extension of black wave ((w))-((x)) which came around 27.44-26.75 and unfolded as an Elliott Wave Double three structure. Therefore, we expected buyers to appear in the sequences of 3, 7 or 11 swings. And that was the first area for buyers to appear to take prices to new high or a larger 3 waves reaction at least.

BAC 06.23.2019 1 Hour Chart Elliott Wave Analysis


In the last Elliott Wave chart, you can see that BAC reached the blue box area. Then it showed a nice impulsive reaction higher and if traded our blue box than any trades from that area have been risk-free, which means the stop-loss was moved to breakeven, targeting higher levels. Do please keep in mind that the 1-hour chart which I presented may have changed already. The blue boxes you see in our charts are our so-called High-Frequency boxes. Where the market ideally shows us a reaction either lower or higher.
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 with our risk-free 14 days trial below.

BAC 06.30.2019 1 Hour Chart Elliott Wave Analysis


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G20 Temporary Truce between USA and China May Boost Market Sentiment
June 29, 2019 By EWFHendra (Edit)
The highly anticipated meeting between the U.S. and China during G20 meeting in Japan has concluded. Both parties agree to resume the trade talks and the U.S also agreed to put on hold additional tariffs on $325 billion Chinese goods for the time being. The U.S. previously has threatened to slap 25% tariffs on all remaining Chinese goods imported to the U.S.
So far, the U.S. has raised tariffs on $250 billion of Chinese imports to 25%. In return, China has imposed 25% tariffs on $60 billion of American goods in a tit-for-tat. President Trump also signaled that he will allow U.S. firms to continue selling products to China’s Huawei. He added however that the sales would be fine for equipment which does not pose national-emergency problem.
The temporary truce will buy time for the negotiators to finalize the deal. There’s no specific timeline or deadline that the U.S. demanded for the truce. With 2020 election looming, President Trump understands the trade dispute can carry immense political risk. Some recent economic data from the U.S. however paints a slowdown in the economy. In June, PMI (Purchasing Manager Index) fell to 50.1, the worst reading since 2009. A reading below 50 usually signals contraction and recession in the economy.

The U.S. however appears to also have made progress. President Trump said that China will resume some of its purchase of American farm goods even when the U.S. still keeps in place the 25% tariffs.
Despite the good news, the current dispute is still ongoing and the tariffs are still in place. The longer the tariffs are in place, the worse the global economy will be. In addition, there’s no certainty that the U.S. and China would come into accord soon, if at all. Nonetheless, the market may cheer the positive development and market sentiment may get a boost next week.
G20 Temporary Truce May Boost Market Sentiment and Support S&P 500 Futures

Market participants seem to position themselves for a good outcome ahead of the G20 meeting. S&P 500 Futures (ES_F) chart above shows a bullish sequence (higher high sequence) from December 26, 2018 low favoring more upside. The rally from December 26, 2018 low to May 1, 2019 high unfolded as an impulse Elliott Wave structure. Thus, the rally can either be wave ((1)) or wave ((A)) as the subdivision is in 5 waves. The Index ended the correction on June 4, 2019 low in 3 waves. The correction can either end wave ((2)) or ((B)). The Index has since rallied and broke above May 1, 2019 high suggesting the next leg higher has started.
Unless the marginal high above May 1, 2019 high is a wave (B) of expanded Flat, then the Index should continue to see more upside as far as pullback remains above June 4, 2019 low (2735). Next week, if ES_F is able to break above June 21 high (2969.25), then it suggests wave (3) has already started. Alternatively, Index still can do another leg lower within wave (2) of ((3)) as a double correction before the rally resumes.
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Chevron Elliott Wave View: Stock Can Take Oil To $100

Hello fellow traders. In today’s video blog, we will have a look at Chevron Corporation (CVX) which is an American energy corporation based in San Ramon, California. It is one of the worlds largest oil companies. We will explain why CVX is important for commodities like Oil and how it may affect the next move it Oil.
In the chart below you can see the Elliott Wave View of CVX in the weekly chart. We can see that the instrument has a right side tag against 69.65 low. Up from there, it ended red wave I at $133.76 peak in a 5 wave Elliott Wave structure. Below from there, it managed to reach the equal legs of black ((A))-((B)) at 105.01-88.83 areas. Which were the first areas for buyers to appear. We can see nicely that CVX reached the areas and rallied in an impulsive manner, making red wave II pullback complete at its December 2018 low (100.21).
Up from its December 2018 low, it ended black wave ((1)) at 127.20 peak and also the proposed black wave ((2)) pullback at 113.80 low. Above from there, it is close to taking the black wave ((1)) peak. Key will be CVX breaking that peak because than it will show an incomplete sequence to the upside from its December 2018 low making it bullish. The possible target can be the equal legs of black ((1))-((2)) which will come at around 140.50 area.

CVX 07.02.2019 weekly Hour Chart Elliott Wave Analysis


This will have huge effects on other commodities or better said Oil-related stocks. If CVX takes the black wave ((1)) peak then Oil will be supported after all. In the chart below you can see an overlay of the Oil chart and the Chevron stock. We can observe that both are correlated to each other. And if CVX takes the key level of 127.20 then Oil could trade into its equal legs area from January 2016 low. That implies Oil trading at around 93.70-105.80 areas in the future. We did also a blog about the GCC index which is also at a very interesting long-term buying area.

Chevron 07.02.2019 weekly Hour Chart Elliott Wave Analysis


If you are a long term investor your trade should be for several months or years then this can be a good opportunity. It is simple how to operate in this market but sometimes traders lack and make things too complicated. The following video explains the view and goes into more detail and provides the idea.

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Nifty Elliott Wave View: Buying The Dips At Blue Box Areas
July 3, 2019 By Hassan Sheikh (Edit)
In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of Nifty index from India, which we presented to members at elliottwave-forecast.com. In which, the rally from 1/29/2019 low showed higher high sequence favored more upside to take place. Also, the right side tag pointed higher against 11109.98 low looking for more upside. Therefore, we advised members not to sell the index & buying the blue boxes remained the preferred path looking for 3 wave reaction higher at least. We will explain the structure & forecast below:
Nifty 4 Hour Elliott Wave Chart From 6/16/2019 Update

Nifty 4 hour Elliott Wave Chart from 6/16/2019 weekend update, in which the rally from 1/29/2019 low showed higher high sequence. Also, it’s important to note here that the right side is pointing higher calling for more upside as far as dips remain above 11109.98 low. Up from there, the rally to 12103.05 high ended wave 1. Down from there, the index was expected to make a 3 wave pullback as zigzag structure within wave 2 before more upside can be seen. Therefore, our strategy remained buying the wave 2 Elliott wave dip towards the blue box area looking for more upside.
Nifty 1 Hour Elliott Wave Chart From 6/19/2019 Update

Here’s Nifty 1 hour Elliott Wave Chart from 6/19/2019 London update, in which the index managed to reach the blue box area at 11667.36-11460.36 100%-161.8% Fibonacci extension area of ((a))-((b)) as expected. And provided buying opportunity to our members in that area looking for next extension higher or for 3 wave bounce at least.
Nifty 1 Hour Elliott Wave Chart From 6/20/2019 Update


Here’s 1 hour Elliott Wave Chart of Nifty from 6/20/2019 London update, in which the index provided the buying opportunity ta blue box area & bounced higher as expected. Allowing members to create a risk-free position shortly after taking the trade at the blue box area. However, a break above 12103.05 high from 6/03/2019 peak remains to be seen for final confirmation of next extension higher & to avoid double correction lower in wave 2 pullback.
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GOLD ( $XAUUSD ) Buying The Dips At The Blue Box
July 2, 2019 By EWF Vlada (Edit)
Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GOLD . As our members know GOLD has incomplete bullish sequences within August 2018 cycle. When the price broke 02/20 peak, GOLD became bullish against the 1265.92 low. Since then we favor the long side. Consequently, we advised members to avoid selling the pair and keep buying the dips in the sequences of 3,7,or 11 swings whenever there is a chance. In the following article, we’re going to explain the Elliott Wave structure and Trading Strategy.
GOLD 1 Hour Elliott Wave Analysis 6.29.2019
GOLD is giving us short term pull back -wave 4 red. As of right now we’re calling pull back incomplete, forecasting another leg down toward 1384.00-1374.43 ( buyers area). We don’t recommend selling GOLD at this stage and favor the long side – buying the dips at the blue box area if it gets reached. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least.

GOLD 1 Hour Elliott Wave Analysis 7.2.2019
GOLD made leg down and the price reached 1384.00-1374.4 area. Buyers appeared right at the blue box and the price is already showing reaction from there. We changed the labeling to ZIG ZAG, as it fits better with the current price action. At this stage we are calling wave (4) completed at 1381.2 low. However, we would like to see further separation from that low to get confirmation GOLD completed 3 waves down. Anyway members are already long from equal legs 1384 area. Invalidation of the long trade is break below 1.618 fib ext:1358.93. As soon as the bounce reaches 50 fibs against the ((x)) high -1424.29, we will make long positions risk free and let the profit run.


GOLD 1 Hour Elliott Wave Analysis 7.2.2019
1381.24 low held nicely and we got further separation from that level. At this moment the price already reached 50 fibs against the B red peak. We are getting rally and as a result members are now enjoying profits in risk free positions. We would like to see break of 06/25 peak to confirm next leg up is in progress.
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.


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 View: More Upside in S&P 500 Futures (ES_F)

Elliott wave view in S&P 500 Futures (ES_F) shows a bullish sequence from December 26, 2018 low favoring further upside. In the short term chart below, the pullback to June 27 low (2914.5) ended wave ((ii)). Wave ((iii)) remains in progress as an impulse Elliott Wave structure looking for more upside. Up from June 27 low, wave (i ) ended at 2981.75 with subdivision as another impulse in lesser degree. Wave i of (i) ended at 2944.75 and wave ii of (i) pullback ended at 2935. Index then resumes higher in wave iii of (i) towards 2977.5, wave iv of (i) ended at 2963 and wave v of (i) ended at 2981.75.

Wave (ii) pullback ended at 2955.5. Wave (iii) is in progress and short term, while dips stay above 2955.74, expect the Index to extend higher. We don’t like selling the Index. As far as pullback stays above July 2 low (2955.74), expect Index to continue higher. If pivot at 2955.74 gives up, the Index is still expected to remain supported against June 4 low (2728.75). The Index has potential target to the upside towards 100% extension from December 26, 2018 low which comes at 3377 – 3529 area.

ES_F 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Elliott Wave View: AUDUSD Strength Should Resume

AUDUSD shows a bullish sequence from June 18, 2019 low. Rally from there is unfolding as a zigzag Elliott Wave structure where wave A ended at 0.7035. Wave B pullback ended at 0.6953. The internal of wave B unfolded as another zigzag in lesser degree. Wave ((a)) of B ended at 0.6988, wave ((b)) of B ended at 0.7 and wave ((c)) of B ended at 0.6953.

Wave C higher is in progress and pair has broken above wave A at 0.7035 confirming the next leg has started. Internal of wave C is unfolding as a 5 waves impulse Elliott Wave. Up from 0.6953, wave (i) ended at 0.7 and wave (ii) pullback ended at 0.6982. Pair then resumes higher in wave (iii) towards 0.7039, wave (iv) ended at 0.7024 and wave (v) ended at 0.7048. The entire move higher ended wave ((i)) of C in higher degree. Pair is now correcting cycle from July 2 low within wave ((ii)) before the rally resumes. We don’t like selling the pair and expect dips to find buyers in 3, 7, or 11 swing as far as pivot at 0.6953 stays intact.

AUDUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Elliott Wave View: An Impulsive Rally in Bausch Health (BHC)

Elliott Wave View in Bausch Health (BHC) suggests the rally from June 4 low (20.28) unfolded as a 5 waves impulse Elliott Wave structure. Up from 20.28, wave (1) ended at 21.9 and wave (2) pullback ended at 20.8. The stock then resumes the rally higher in wave (3) towards 25.85, and wave (4) pullback ended at 24.61. Finally, the stock ended wave (5) of ((1)) at 25.9.

The stock is now correcting cycle from June 4 low within wave ((2)). Wave ((2)) pullback should unfold in the sequence of 3, 7, or 11 swing. The current pullback is proposed to unfold as a double zigzag Elliott Wave structure. Down from 25.9, wave (W) ended at 24.64 as a zigzag structure. Expect a bounce in wave (X) then another leg lower in wave (Y) as another zigzag before wave ((2)) pullback is complete. We don’t like selling the stock and expect dips to continue finding support in 3, 7, or 11 swing as far as pivot at June 4 low (20.28) stays intact.

BHC 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Strong NFP Report Tempers Fed’s Rate Cut Expectation and Boosts US Dollar
July 8, 2019 By EWFHendra (Edit)
Jobs report for the month of June came above the expectation, tempering the hope of a Fed’s rate cut. June NFP (Nonfarm Payroll) rebounded to 224,000 after a disappointing 72,000 May figure. Unemployment rate increased to 3.7% while average wage gains increased less than expected at 3.1%. The gain however might not be enough to prevent the Federal Reserve to cut interest rates this month amid an evidence of slowing economy. Low inflation rate and a lack of substantive progress in the trade war between the U.S and China still pose a growing risk to the global economy. Trump’s administration has said that it will take time to get the right deal with China. In the meantime, current tariffs are still in place and the trade war has affected business confidence. These likely will be a deciding factor in the Fed’s rate decision this month.
The Fed is also under political pressure to cut the interest rate. President Trump in many occasions has repeatedly called the Fed to cut interest rates.

President Trump last Wednesday also accused China and Europe of manipulating currency to compete with the U.S. He suggested the Fed should do the same to match them.

The Fed last month gave a signal that it can ease monetary policy as early as July. It also stands ready to support the economic expansion. The market trimmed the bets on rate reduction after the June job’s report to about 94%, but still expect a 25 basis point cut in July. US Dollar reacted higher after the report as it reprices the odds of a serious US economic downturn.
Short Term USDJPY Elliott Wave Path after June NFP

USDJPY has broken above the bearish trend channel from April 24, 2019 high. It retested the channel, held and extended higher again after strong jobs report. Pair currently shows a 5 swing sequence from June 25, 2019 low favoring further upside to end 7 swing double zigzag Elliott Wave structure towards 109.3 – 110.4. Near term, while pullback stays above July 3 low (107.5), expect pair to extend higher.
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XLV Buying The Elliott Wave Dips Into The Direction Of Right Side Tags
July 9, 2019 By Hassan Sheikh (Edit)
In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLV a health care ETF from the USA, which we presented to members at elliottwave-forecast.com. In which, the rally from April 2019 lows, showed the higher high sequence in an impulse structure favored more upside to taking place. Also, the right side tag pointed higher against $86.79 low seen on 5/31/2019 low called for more upside. Therefore, we advised members not to sell ETF and buying the blue boxes at the extreme areas in 3, 7 or 11 swings pullback remained the preferred path. We will explain the structure & forecast below:
XLV 1 Hour Elliott Wave Chart

XLV 1 Hour Elliott Wave Chart from 6/23/2019 weekend update, in which the rally from $86.79 low unfolded as 5 waves impulse structure with right side tag is pointing higher. When the rally higher to $94.33 high ended wave ((i)) of 3. Down from there, the ETF was expected to make a wave ((ii)) pullback in 7 swings structure towards the blue box area at $92.24-$91.19 100%-161.8% Fibonacci extension area of small (w)-(x). Therefore, our strategy remained buying the Elliott Wave dip to $92.24-$91.19 blue box area looking for more upside extension or for 3 wave reaction higher at least.
XLV 1 Hour Elliott Wave Chart

Here’s XLV 1 Hour Elliott Wave Chart from 7/07/2019 Weekend update, in which the ETF managed to reach the blue box area at $92.24-$91.19 and provided buying opportunity to our members. And shortly after taking the trade the ETF bounced strongly & managed to make a new high above $94.33 peak confirming the next extension higher in wave ((iii)) of 3. Also, with this rally higher the ETF allowed our members to create a risk-free position in the trade. Now, as far as dips remain above $91.50 low the ETF should extend higher.
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Tesla Elliott Wave Analysis Calling The Rally From Blue Box

Today, I want to share some Elliott Wave charts of the Tesla stockwhich we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 06/30/19.
Tesla short-term cycle ended in a black wave ((1)). Below from there, we advised members that it should see the equal legs from 06/18/19 peak towards the areas of the 100 – 1.618 Fibonacci extension of blue wave (a)-(b) which came around 216.50-208 and unfolded as an Elliott Wave flat structure. Therefore, we expected buyers to appear in the sequences of 3, 7 or 11 swings. And that was the first area for buyers to appear to take prices to new high or a larger 3 waves reaction at least. You can see that the stock reached the blue box and reacted higher. Due to the fact that we went with the more aggressive view, by calling black wave ((2)) pullback completed at around 212 low we expected Tesla to extend higher. One of the reasons was the ES Futures. The Benchmark equity has been showing a bullish sequence. making the right side to the upside. This will project also to U.S. stocks as well.

TESLA 06.30.2019 1 Hour Chart Elliott Wave Analysis


In the last Elliott Wave chart, you can see that TSLA managed to extend very nicely to the upside. The more aggressive which we presented above proved to be the right one. The stock rallied very aggressively to the upside and eventually made a new high above black wave ((1)) peak, making it an incomplete sequence from 6/04/2019 low looking for more upside. Do please keep in mind that the 1-hour chart which I presented may have changed already. The blue boxes you see in our charts are our so-called High-Frequency boxes. Where the market ideally shows us a reaction either lower or higher.
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TSLA 07.03.2019 1 Hour Chart Elliott Wave Analysis


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Elliott Wave Analysis: XLF Sector Rallying from Blue Box Target
July 5, 2019 By EWFEverardo (Edit)
Welcome traders. In this technical analysis we will look at a couple of XLF sector charts. This will show you how profitable and efficient it can be to trade with our philosophy and basic Elliott Wave application.
We start on June 23rd with a 30-minute chart presented to our members. At the time, we maintain a bullish sentiment based on a fully completed impulsive move to wave ‘1’. The $25.72 pivot served as support and more importantly as an invalidation level. From there, according to Elliott Wave theory, we expected a pullback to correct the impulsive move completed. After a couple of days of observation we are able to recognize an Elliott Wave double three structure.
Under our methodology, we encourage our members to take action with the right side of the market. Also, this corrective structure, allowed us to defined our blue box target area.When wave ((x)) is confirmed, a 1:1 minimum target and a 1:1.618 extreme target is derived. These targets are combined to provide a high probability area for a reversal (this are is illustrated as a blue box). To add to this, a crucial rule in our methodology is a sequence must finish as a complete 3,7 or 11 swing move. So, based on this, our members are fully encouraged to take long position in this particular case. The area within 26.91-26.49 now offered an 85% chance of a bounce once the price reached it.
XLF 6.23.2019 30-Min Chart Elliott Wave Analysis


Below you can see an updated chart of the instrument from June 30th. Notice how the pair reacted off of the blue box target area and resumes the upside. Our members took a long trade in our Live Trading Room and now has a risk free trade with stop at break even. At this stage however, the pair is no longer at extreme area so we don’t recommend opening a new position. Certainly, trading is always about taking a chance. But, what can be better than taking a chance with probabilities on your side. With a mapped entry, an invalidation level set up, the right side, and sequences, add up to great trading opportunities. Above all, patience for the right signals to present themselves proved to be successful and we got the proposed reaction as expected.
XLF 6.30.2019 30-Min Chart Elliott Wave Analysis


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