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Fear of Hard Brexit Put Intense Pressure to Poundsterling

Since Prime Minister Theresa May announced she stepped down from leadership position, the market has started to adjust the expectation for a hard Brexit scenario. Selling pressure on Poundsterling has intensified as the new prime minister hopefuls Boris Johnson and Jeremy Hunt adopted a hardline approach. Under the previous leadership of Theresa May, market previously anticipated a soft Brexit. This scenario includes access to a single market or maybe a second referendum. This probability now has decreased with the leadership change.
The pound has already lost more than 2% against the dollar since early July. It is also the worst performing currency against the dollar this year. The latest Brexit deadline is October 31. This gives the new British government just over three months to secure a deal that May failed to deliver in three years. Both prime minister candidates said they can get Brussels to change the deal made by May. In order to win the approval by the parliamentary, the new deal needs to change the Irish border backstop clause.
Brexiteers believe if London took a harder line and threatened to leave the EU without a deal, Brussels would be scared and back down. However, there is little indication that the EU intends to give the new prime minister any significant concession. Below we will take a look at a couple of Elliott Wave scenarios and the impact to Poundsterling.
Hard Brexit: Poundsterling breaks below 1985 all-time low

In the worst possible outcome (Hard Brexit) scenario, Cable (GBPUSD) can do a double zigzag from April 1972 high. In the chart above, the pair can potentially break below the all-time low on February 1985 (1.052). A 100% extension from April 1972 high is 0.517. It doesn’t mean the pair will go there for sure if it breaks below 1.052, but the above chart provides the worst case scenario for GBPUSD.
Soft Brexit: Poundsterling Holds above 1985 all-time low

If the new government softens the stance or the new government can secure a deal with Brussels, then Cable has the potential to hold above the 1985 all-time low. In the scenario above, the move lower from February 1991 high is unfolding as an expanded Flat where the pair is within wave c as a diagonal. In shorter cycle, the pair can continue to see pressure. The break below 1985 low however likely won’t happen unless we have a clear outcome in Brexit.
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eBay Rally Aiming For Break To New All Time Highs

eBay (NASDAQ: EBAY) is the world’s largest online marketplace that facilitates consumer-to-consumer and business-to-consumer. The company was founded in 1995 and currently operating in about 30 countries.
The stock is up nearly 40% so far this year and the move higher was supported by a better-than-expected first-quarter results which saw improvement across several key operating metrics. The company is scheduled to report earnings after today’s market close Wednesday, July 17 and investors are looking for further confirmation about the recent enhancements.
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, therefore it’s important to understanding the Nature of the Market is key for traders which doesn’t have anything to do with Fundamentals or events.
Based on Elliott Wave Theory , EBAY rally from December 2018 low unfolded as an impulsive 5 waves move which ended red wave I followed by a correction in 3 waves pullback in red wave II then the stock turned to the upside again creating a higher high bullish sequence which is aiming for a target higher at equal legs area $48 – $51.
eBay 4H Chart 7.17.2019

In the above 4H chart, we are looking for eBay to remain supported above $35.45 low and ideally it will find buyers in any 3 swings or 7 swings pullbacks taking place in the short term. The bullish sequence which started form December 2018 low is part of a larger degree cycle which can be observed on the next chart.
eBay Weekly Chart 7.17.2019

The sequence tags and Blue Boxes presented in our charts alongside other tools are used on a daily basis to locate the Right Side of the market which is in the case of ebay ” higher “. Consequently, as long as the stock trade above 26 then it will be aiming to continue the rally higher within the main weekly trend with a minimum target for a 5th wave at $52 – $60 area which means new all time highs will be expected to be seen in the coming weeks.
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S&P 500 Futures (ES_F) Elliott Wave View: Correction Ended
Elliott wave view in S&P 500 Futures (ES_F) shows a bullish sequence from December 26, 2018 low favoring the further upside. In the short-term chart below, the index ended the 5 waves rally from 6/13/2019 low within wave ((i)) at $3023.50 high. Down from there, the index corrected the rally from 6/13/2019 low in wave ((ii)) & made a 3 swings pullback. The pullback from the peak unfolded as Elliott wave zigzag structure where wave (a) ended the first leg in lesser degree 5 waves at $3003.25 low.
Up from there, wave (b) bounce ended at $3013 high. Wave (c) ended at $2974.76 low with another lesser degree 5 waves. Therefore completed the correction in wave ((ii)) pullback. However, a break above $3023.50 high seen at 7/15/2019 peak will remain to be seen to validate this bullish view & to avoid double correction lower from the peak. Above from $2974.76 low, the index is looking to extend higher 1 more push higher to become 5 waves impulse rally in wave (i). Afterwards, the index is expected to see a shorter-term pullback against $2974.76 low in 3, 7 or 11 swings within wave (ii) before more upside can be seen. We don’t like selling the index and a potential target from December 26, 2018 low will remain at 3377 – 3529 area to the upside.
ES_F 1 Hour Elliott Wave Chart

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Apple Elliott Wave View: Break Higher Is Imminent
Elliott wave view in Apple ticker symbol: $AAPL suggests that rally from June 04 low ($170.27) is showing nesting higher as impulse Elliott wave structure where a pullback to $197.60 ended lesser degree wave ((iv)). Up from there, the stock rallied higher in 5 waves structure and ended wave ((v)) $206.11 high, which also completed wave 1. Down from there, the stock corrected the rally from 6/14/2019 low in wave 2 pullback.
The internals of that pullback unfolded as an Elliott wave Flat structure where wave ((a)) ended in 3 swings at $202.80 low. Wave ((b)) bounce ended with another 3 waves at $206.70 high. Down from there, wave ((c)) unfolded in lesser degree 5 waves & ended the wave 2 pullback at $202.23 low. Above from there, the stock already made a new high above previous peaks making the 1-hour cycle from June 04 & June 14 low bullish to the upside favoring more strength.
Near-term, while dips remain above $202.23 low expect the stock to extend higher in an impulse structure looking for more strength & to see a break above May 2019 peak to catch up with rest of indices & ETF's like SPX, YM & XLK, etc. We don't like selling the stock & expect intraday buyers to appear in 3, 7 or 11 swings. As far as a pivot from $202.23 low stays intact.
Apple 1 Hour Elliott Wave Chart

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Can Binance Coin (BNB) Price Reach 100$ in 2020 ?

Binance Coin (BNB) is cryptocurrency that was issued in July 2017 with Binance ICO and it’s used to pay fees on the Binance cryptocurrency exchange.
In 2018, the cryptocurrency market saw a significant correction causing the majority of coins to drop more than 70% and BNB wasn’t any difference with an 80% decline. However, since December 2018, the recover started over the market and BNB was one of only few coins that managed to rally to new all time highs ($43) in June 2018 marking a 50.000% increase in value from ICO.
Looking at the Daily chart of BNB/BTC, we can recognize a very technical structure taking place : impulsive 5 waves advance which took place since ICO then it was followed by a corrective 3 waves pullback into our extreme blue box area 0.0024 – 0.0011 which is a high-frequency area where the market is likely to end a cycle and make a turn. Therefore based on Elliott Wave Theory , BNB is looking at least to bounce in 3 waves from that inflection area and breaking above April 2019 peak will trigger the next bullish cycle higher indicating the coin will out-perform Bitcoin during the rally and aiming for a target at 0.0072 – 0.0083 area.
BNB/BTC Daily Chart 07.18.2019

As BNB already made new all time highs early this year, so it’s technically leading the move higher ahead of the major cryptocurrencies so consequently based on the correlation with Bitcoin, December 2018 is considered as a major low for the crypto-market and BNB created a higher highs sequence aiming for a minimum target at $63 and potential extension higher based on the expected Elliott Wave impulsive structure that could take it up toward $87 – $102 next year. (Targets were calculated using the current available data which is subject to adjustment later on )
BNB/USD Weekly Chart 07.18.2019

Conclusion:
Despite the recent drop, BNB is still up 300% year-to-date and remain as one of the strongest cryptocurrencies in 2019. With the technical picture both bullish against USD & BTC, the coin is looking to remain supported and see a higher move which will provide investing and trading opportunities.

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SILVER ( $XAGUSD ) Forecasting The Rally

Hello fellow traders. Recently we were forecasting the rally in commodities like SILVER and GOLD. As our members know, GOLD has been showing an incomplete sequence from August 16, 2018 low. Consequently, we were expecting SILVER to follow the same path due to strong correlation they have. We advised members to avoid selling those commodities while keep favoring the long side, especially in GOLD due to clearer sequences. We already have long positions in GOLD as explained in previous blog. In this technical blog we’re going to take a quick look at the Elliott Wave charts of SILVER, published in members area of the website.
SILVER 1 Hour Elliott Wave Analysis 7.13.2019
SILVER ended wave 2 red pull back as Elliott Wave Double Three structure ((w))((x))((y)) at 14.87 low. The commodity found buyers at the blue box area 14.93-14.81 and gave us decent bounce already. At this stage we are calling short term pull back (ii) completed, forecasting further strength as far as the price stays above (ii) blue low and more importantly as far as pivot at 14.87 stays intact.
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.

SILVER 1 Hour Elliott Wave Analysis 7.16.2019
We got rally in the commodity. Wave (ii) low held well during the short term pull backs, and we got further separation from the 14.87 low. Now, we need to see break above 06/21 peak to confirm next leg up is in progress.
Reminder: Turning Black arrows shows the path we prefer , but highest probability path is not the same as highest probability trade which is why we focus on green / red right side tags or bullish / bearish sequence combined with blue boxes to trade.

SILVER 1 Hour Elliott Wave Analysis 7.18.2019
SILVER has given us rally as expected. Eventually the price broke above 06/21 peak and more importantly above 02/20 peak. Break of February peak made November 2018 cycle incomplete to the upside. At this stage SILVER is bullish against the 14.27 low.
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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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

Silver Elliott Wave View: Impulse Move Favoring More Upside
Silver rally from May 28, 2019 low is unfolding as an impulse Elliott wave structure favoring more upside to take place. The near-term pullback to $14.87 low ended wave ((ii)). Up from there, the metal made a strong rally to the upside and ended wave ((iii)) at $16.58 high. The internals of that rally unfolded in lesser degree 5 waves structure where wave (i) ended at $15.31 high. Wave (ii) pullback ended at $15.03 low, wave (iii) ended at $16.46 high. Then pullback to $16.22 low ended wave (iv) and a rally to $16.58 high ended wave (v).
Down from there, the 3 swings pullback to $16.04 low ended wave ((iv)). While above there, wave ((v)) remain in progress looking to extend higher 1 more time before wave 3 ends & pullback in wave 4 takes place in 3, 7 or 11 swings. The minimum extension area for wave ((v)) of 3 i.e inverse 1.236%-1.618% extension area comes at $16.72-$16.93. From where the metal can potentially see a pullback in 3, 7 or 11 swings before more upside can be seen. We don’t like selling the stock & expect intraday buyers to appear in 3, 7 or 11 swings within wave 4 pullback at a later stage. As far as a pivot from $14.87 low stays intact.
Silver 1 Hour Elliott Wave Chart

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Nikkei Elliott Wave View: Leading The Move Higher
In Nikkei, the decline to 20966 low ended the wave (2) pullback & also completed the correction against 6/03/2019 low. The internals of that pullback unfolded as Elliott wave zigzag structure where the first leg ended in wave A ended at 21495 low. Up from there, the 3 wave bounce to 21690 high ended wave B. Down from there, index made a 5 waves decline as Elliott wave impulse structure where wave ((i)) ended at 21360. Wave ((ii)) ended at 21460 high, wave ((iii)) ended at 21085 low. Wave ((iv)) ended at 21125 and wave ((v)) ended at 20966 low, which also completed the wave C of (2).
Up from that low, the index can be nesting higher in an impulse structure where initial rally to 21445 ended wave 1 in lesser degree 5 waves structure. Down from there, index made a wave 2 pullback as a zigzag structure where wave ((a)) ended at 21305 low. Wave ((b)) bounce ended at 21390 high and wave ((c)) ended at 21255 low. Above from that low, the index made a strong rally higher and ended wave ((i)) with another lesser degree 5 waves at 21715 high. Wave ((ii)) pullback ended at 21605 low and wave ((iii)) high remain in progress looking for more highs. We don’t like selling the index. And as far as dips remain above 21605 low and more importantly above 20966 low expect more upside to take place.
Nikkei 1 Hour Elliott Wave Chart

Gold Reached The Biggest Extreme. What’s Next?
In this Chart of the Day, we have explained that Gold has reached the biggest extreme from 2015 lows by reaching our target area at $1450. However, Gold is calling for another push higher in biggest time frame charts still but near-term cycles are calling for a pullback to reset before another push higher takes place. Now let’s take a look at the shorter cycles & look at Elliott wave structures below:
Gold 1 Hour Elliott Wave Chart

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Gold 1 hour Elliott wave Chart from Asia update, in which a pullback to $1389.82 low ended the wave (4) pullback. Up from there, a rally to $1452.95 high ended wave (5), which also completed a bigger wave ((3)). Down from there, the wave ((4)) pullback is taking place in 3, 7 or 11 swings to correct the rally from 4/23/2019 low (1265). While the pullback from the peak is taking place as a zigzag structure where wave ((i)) ended at $1433.30 low. Wave ((ii)) ended at $1441.85 high, wave ((iii)) ended at $1423.60 low, wave ((iv)) bounce ended at $1430.02 high and wave ((v)) ended at $1416.88 low, which also completed wave A lower.
Up from there, wave B bounce unfolded as a lesser degree zigzag structure where wave ((a)) ended at $1430.23 high. Wave ((b)) ended at $1421.40 low and wave ((c)) ended at $1433.71 high. Down from there, wave C remains in progress in another 5 waves structure looking for more downside towards $1395.36-$1385.67 100%-123.6% Fibonacci extension area of A-B. Then from there, Gold will determine either if it’s going to rally for new highs in wave ((5)) or just do a 3 wave bounce and fail again to do the double correction lower. We don’t like selling it and expect buyers to appear again in wave ((4)) pullback at the later stage of the market.

Elliott Wave View: Impulsive Rally in FTSE Favors Upside

Elliott Wave view suggests FTSE ended a double three correction in wave ((ii)) on July 25 low (7464.50). We can see from the chart below the internal of wave ((ii)) as a double three. Wave (w) ended at 7475.49, wave (x) ended at 7598.60, and wave (y) of ((ii)) ended at 7464.50. After ending wave ((ii)) pullback, the rally in FTSE from July 25 low (7464.50) is unfolding a 5 waves impulse structure. In addition, the Index also shows an Elliott Wave bullish sequence from June 3 low (7079.71) and December 27, 2018 low (6536.53). This suggests that further upside is favored as far as pivot at 7464.50 low stays intact.

Up from 7464.50 low, wave i ended at 7506.85, wave ii ended at 7486.74, and wave iii ended at 7711.34. Expect Index to pullback in wave iv then do another leg higher in wave v before ending wave (i) in higher degree. Alternatively, wave (i) could have already ended and Index can start wave (ii) pullback already. Wave (ii) pullback should unfold in 3, 7, or 11 swing. As far as pivot at 7464.50 low stays intact, expect Index to see more upside.

FTSE 1 Hour Elliott Wave Chart

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BAC Provided Another Buying Opportunity At Blue Box Area

In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of Bank of America ticker symbol BAC, which we presented to members at elliottwave-forecast.com. In which, the rally from June 03.2019 lows unfolded as Elliott wave impulse structure & showed a higher high sequence favored more strength. Also, the right side tag pointed higher against $27.37 low seen on 6/25/2019 low called for more upside. We will explain the structure & forecast below:
BAC 1 Hour Elliott Wave Chart

BAC 1 hour Elliott Wave Chart from 14 July Weekend update, in which the stock ended the 5 waves rally from $27.37 low in an impulse structure within wave ((i)) at $29.89 high. Down from there, the stock corrected the rally from $27.37 low in wave ((ii)) pullback. The internals of that pullback unfolded as Elliott Wave Zigzag structure where wave (a) ended in lesser degree 5 waves at $28.93 low. Up from there, wave (b) bounce ended in 7 swings at $29.80 high. And wave (c) was expected to reach $28.84-$28.24 100%-161.8% Fibonacci extension area of (a)-(b). Afterwards, the stock was expected to find buyers at the blue box area looking for more upside into the direction of right side tags.
BAC 1 Hour Elliott Wave Chart

Here’s BAC Latest 1 hour Chart from 28 July Weekend update, in which the stock is showing reaction higher taking place from blue box area. Allowing our members to create a risk-free position shortly after taking the trade. However, it’s important to note that as the structure develops & due to our distribution system we upgraded the degree of labeling. Now, as far as dips remain above $28.61 low we expect stock to extend higher.
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$ASX Forecasting The Rally After Elliott Wave Zig Zag Pattern

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of ASX. As our members know ASX is another Index that is showing incomplete bullish sequences in the cycle from the December 2018 low. Rally from the 5413.6 low is showing incomplete impulsive structure, calling for further extension higher. Consequently we recommended members to avoid selling the Index and keep favoring the long side. We have been calling for extension higher within 2018 cycle after pull back completed as Elliott Wave Zig Zag Pattern.
In the further text we are going to explain the Elliott Wave Pattern and the Forecast.
Before we take a look at the real market example, let’s explain Elliott Wave Zigzag pattern.
Elliott Wave Zig Zag Pattern
Elliott Wave Zigzag 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 Zigzag structure looks like. 5 waves down in A, 3 waves bounce in B and another 5 waves down in C.

Now, lets’ take a look what Elliott Wave Zigzag looks like in the real market.
$ASX 1 Hour Elliott Wave Chart 7.21.2019
As we can see on the chart, we got 3 waves down in wave 2 red pull back. Pull back has unfolded as ((a))((b))((c)) Elliott Wave Zig Zag pattern. First leg ((a)) has made a very sharp decline, which is obviously impulsive structure. ( 5 waves are not labeled on this chart but they’re vissible on lower time frames) . Then we got 3 wave bounces in wave ((b)) that ended as truncation. And finally another leg down ((c)) that also have 5 waves structure. At this moment we are calling Zig Zag completed at 6626.7 low. As far as the price stays above that level, we expect further rally in the index. Otherwise break below that level will open extension down in 7 swings structure.
You can learn more about Zig Zag Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

$ASX 1 Hour Elliott Wave Chart 7.24.2019
6627.2 low held well and we got proposed rally as expected. Eventually the price has broken above 1 red peak, confirming next leg up is in progress. Now, the index is bullish against the 6627.2 low in first degree. We don’t recommend selling ASX in any proposed pull back and expect it to keep finding buyers in 3,7,11 swings as far as 6627.2 pivot holds.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. 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 View: DAX Has Reached Support Area

Elliott Wave view suggests DAX is doing wave 2 correction as a Flat Elliott Wave structure. Rally to 12656.05 on July 4 ended wave 1. Down from there, wave ((a)) ended at 12172.59 as a zigzag. Index then rallied to 12599.93 as a Flat and ended wave ((b)). Wave ((c)) is in progress as a 5 waves impulse. Wave (i) of ((c)) ended at 12299.10, wave (ii) of ((c)) ended at 12473.97, and wave (iii) of ((c)) ended at 12117.28. Expect Index to bounce in wave (iv) then do another leg lower in wave (v) of ((c)) of 2. Index should then resume to new high or bounce in 3 waves at least.

The Index has currently reached the 100% extension in 3 waves from July 4 high. As the minimum target is met, it can bounce and rally any moment. Furthermore, the pullback from July 4 high in DAX can also be counted as a double zigzag which doesn’t require further low. However, looking at the structure of the correlated Eurostoxx where same wave ((b)) made a marginal high above July 4 high, we believe a Flat structure is the better view. We don’t like selling the Index and expect buyers to appear soon for a 3 waves bounce at least.

DAX 1 Hour Elliott Wave Chart

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Lockheed Martin (NYSE: LMT) Bulls Facing CrossRoad
July 31, 2019 By Ayoub Ben Rejeb (Edit)
Lockheed Martin (NYSE: LMT) has a current market cap of $104.3B and $56.46B in revenue, outperforming the defense sector companies in the recent years. The second quarter earnings report provided a clear indication that the bull case for the stock is intact with revenue up across the board.
The technical picture for the stock is showing an Impulsive Elliott Wave structure from all time lows which remains in progress as LMT managed to break to new all time highs earlier this month opening further upside against December 2018 low.
LMT Daily cycle remains bullish with the current structure unfolding as impulsive waves but the stock still have the possibility of following two different path within that cycle:
The main scenario is based on a bullish nest taking place from $241 low and consequently the pullbacks are expected to be shallow and supported above July low in first degree and March low in second degree. Based on this path, the stock can extend higher toward a target area of $431 – $482 before another correction takes place.
LMT 4H Chart ( Bullish Nest )

In the second possible scenario, LMT can be ending an initial impulsive 5 waves advance from December 2018 after it reached the equal legs area $363 – $407 from where the stock can correct that cycle in 3 waves pullback before it can resume the rally toward new all time highs as long as $241 low is holding.
LMT 4H Chart ( 5 Waves )

Conclusion:
Lockheed Martin is looking to remain supported in a bullish cycle mainly against December 2018 low and the stock can either continue the rally higher using an aggressive path or can provide another buying opportunity with a larger 3 waves correction.
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 in the right side of the market 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.

XLF Buying The Dips At The Blue Box
July 31, 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 XLF ( Financial Select Sector), published in members area of the website. Break of April 26th peak made December 2018 Cycle incomplete to the upside .Consequently XLF is bullish against the 25.72 low. We advised members to avoid selling XLF and keep buying the dips in the sequences of 3,7,or 11 swings whenever opportunity presented itself. In further text we’re going to explain Elliott wave Forecast and trading strategy.
XLF 1 Hour Elliott Wave Analysis 7.17.2019
Current view suggests XLF is correcting the short term cycle from the 26.89 low. At this stage Pull back is showing incomplete 3 waves down from the peak, missing another swing down toward equal legs area :27.85-27.61. Due to incomplete bullish sequences we favor the long side and buying the dips in 3,7, or 11 swings against the 26.89 low. Buying zone comes at 27.85-27.61 ( blue box area). We like to be buyers there for proposed rally or 3 wave bounce alternatively.
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 b red high, we will make long positions risk free. Invalidation level for buyers is break below 1.618 fib extension: 27.61.

XLF 1 Hour Elliott Wave Analysis 7.19.2019
Buyers appeared right at the blue box: 27.85-27.61 and we are calling pull back completed at 27.76 low as Elliott Wave Zig Zag Pattern. XLF made nice bounce so far and members who took the long trades are now enjoying profits with risk free positions. We would like to see further separation from the current low and ideally break above July 15th peak to confirm next leg up is in progress. We don’t recommend selling it in any proposed pull back and favor the long side from the blue box area.
You can learn more about Zig Zag Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

XLF 1 Hour Elliott Wave Analysis 7.29.2019
27.76 low held nicely all the time and we got rally. Eventually XLF broke above July 15th peak and gave us confirmation next leg up is in progress. Now XLF is bullish against the 27.76 in first degree. We should be ending cycle from the 27.76 low soon as 5 waves structure. Buyers can be taking profits at 28.76-28.87 area and consequently we can get 3 waves pull back before further rally ideally resumes.
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.

Elliott Wave View: Rally in Nikkei Should Fail and See Sellers

Short Term Elliott Wave View in Nikkei suggests the bounce to 21805 ended wave (2). The Index has resumed lower and ended wave (3) at 19900. The internal of wave 3 unfolded as a 5 waves impulse Elliott Wave structure. Down from 21805, wave 1 ended at 21245 and rally to wave 2 ended at 21570. Index then continues the decline in wave 3 at 20485, wave 4 ended at 20690 and wave 5 of (3) ended at 19900. Further subdivision of wave 1 and wave 3 is also in the form of an impulse structure of lesser degree and can be seen at the chart below.

Near term, expect Index to rally higher within wave (4) as a zigzag Elliott Wave structure. Up from 19900, wave A ended at 20650 and wave B ended at 20220. While above there, Index has scope to extend higher towards 20977 - 21447 area to end wave C of (4) before the decline resumes. We don't like buying the Index. As far as pivot at 21805 high stays intact, expect Index to extend lower from above area or pullback in 3 waves at least. Potential target to the downside is 19085 - 19607 area which is the 100%-123.6% extension from May 2019 high.

Nikkei 1 Hour Elliott Wave Chart

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Elliott Wave View: Selling Pressure in Oil Should Continue

Oil shows incomplete bearish sequence from April 23, 2019 high favoring further downside. The recent break below June 5, 2019 low (50.60) confirms the double three Elliott Wave structure from April 23 high and suggests the next leg lower has started. Near term, bounce to 60.8 ended wave (X). Wave (Y) is in progress and the internal is unfolding also as a double three in lesser degree. Down from 60.8, wave ((w)) ended at 54.72, wave ((x)) ended at 58.82, and wave ((y)) ended at 50.52. The decline to 50.52 ended wave W of (Y).

Wave X bounce is currently in progress to correct cycle from July 11, 2019 high in 3, 7, or 11 swing before the decline resumes. The internal of the rally is proposed to be unfolding as a zigzag Elliott Wave structure. Up from 50.52, wave ((a)) ended at 52.84 and wave ((b)) ended at 51.94. While short term dips stay above 50.52, expect Oil to extend higher in wave ((c)) of X. Afterwards, Oil should resume the decline lower. Potential target to the downside is 100% extension from April 23 high towards 41.2 – 45.

We don’t like buying the proposed bounce and expect sellers to appear once rally is complete in 3, 7, or 11 swing. As far as pivot at 60.8 high stays intact, Oil should resume lower again.

Oil 1 Hour Elliott Wave Chart

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An Elliott Wave Structure : Triple Three Corrections
August 9, 2019 By EWF Lewis (Edit)
Elliott Wave Structure : Triple Three Corrections
Firstly, triple three corrections are a sideways combination of three corrective patterns in Elliott Wave Theory. These corrections are one of the five types of corrective patterns that correct the completed cycle of the prevailing trend. Zigzags (5-3-5), Flats (3-3-5), Triangles (3-3-3-3-3), Double threes which are a combination of two corrective patterns previously mentioned. Then lastly a Triple three that is a combination of three corrective patterns mentioned above. That structure is the focus of this particular article.
Secondly here are some guidelines. The corrective structures are labeled as WXYXZ. They are an 11 swing structure. The subdivision of wave W, wave Y, and wave Z can be a zigzag, a flat, a double three of smaller degree, or a triple three of smaller degree. The Wave X can be any corrective structure including a stand alone triangle.
The Fibonacci ratio relationships are as follows. Wave X will retrace anywhere from 50%, 61.8%, 76.4%, or 85.4% of wave W. Wave Y can not pass 161.8% of wave W or it can become an impulsive wave three. The second wave X will retrace the wave Y in the same aforementioned Fibonacci retracement levels as it did the wave W. The second wave X structure does not have be the same structure as the first wave X. The Wave Z target area to finish the triple three correction will be a Fibonacci extension 61.8%, 100%, or 123.6% of the wave W.
The graphic below is an example of three corrective structure combinations that can form triple three corrections. In this one wave W is an expanded flat with a zigzag connector first wave X. This is followed by a double three wave Y. The second wave X connector is a zigzag. Lastly the wave Z is also a zigzag. Continued below the graphics.

The graphic below is another example of three corrective structure combinations that can form triple three corrections. In the same fashion this particular one is a double three wave W followed by the first wave X being a zigzag. Likewise as the wave W, the wave Y is a double three. This is followed by a zigzag second wave X connector. The wave Z ends with another double three. Continued below the graphics.

In conclusion. As has been noted triple threes are a combination of three corrective patterns. They can occur in either a bearish trending market or as in the illustrations shown above a bullish trending market.
Thanks for looking. Feel free to come visit our website. Please 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

Boeing Elliott Wave Analysis: Stock Will Dictate Path For World Indices
August 9, 2019 By EWFEric (Edit)
Hello Traders. In this previous Boeing blog, we discussed the path for the Boeing stock.
Now, let have a look at the latest 4 Hour chart. We can see that soon the stock will be reaching the $267.00 area. That area in the following chart is the 100% extension from 3.1.2019 peak. The Instrument has created a bearish sequence from its March 2019 peak and should trade lower into the mentioned target.

Boeing (BA) 8.8.2019 4-Hour Elliott Wave Analysis


The idea of the bearish sequence in Boeing will keep the world Indices sideways at best. But most likely will force Indices into a 7 swings structure from their July 2019 peak respectively.
It will be interesting to see what BA will do when reaching the $267.00 area. Because from there either rally into new highs or fail to make new highs and then turn lower again. Which can be seen in the chart below.

Boeing (BA) 8.8.2019 Monthly Elliott Wave Analysis


As we know, SPX, SPY and some other World Indices have the minimum numbers of swings within the Supercycle degree since 2009 low in place. And the reaction in BA from $267.00 will dictate if they will extend within the 2009 cycle or a significant peak have formed already. We still believe nothing significantly has happened across World Indices and the 2018 Decembmer low pivot is holding.
But BA will be showing the path for months and even years to come. The following video explains the idea and why the timing of the $267.00 target will make the difference if the SPX will see the 3500-3700 area.

HG_F (Copper) Incomplete Elliott Wave Sequence and Next Opportunity
August 9, 2019 By Daud Bhatti (Edit)
In this blog, we will take a look at how HG_F (Copper) rally from June low failed in a blue box and resulted in new lows. We will also look at the sequence from December 2017 peak and talk about the next Trading opportunity and targets for the sequence from December 2017 peak.
HG_F (Copper) 20th July 4 Hour Elliott Wave Update
https://elliottwave-forecast.com/wp-...0720174219.jpg
Copper rally from 6.7.2019 low unfolded as a Zigzag Elliott wave structure and reached the blue box where it was expected to end. Chart above shows, price reached the blue box and showed the initial reaction lower due to which we called wave ((2)) bounce completed and called for the decline to resume to new lows below 6.7.2019 lows.
HG_F (Copper) 8th August 4 Hour Elliott Wave Update

Chart above shows, Copper resumed the decline and went to break below 6.7.2019 low and now has an incomplete sequence down from 12.28.2017 peak and also down from 4.17.2019 peak. This is represented by a Bearish Sequence stamp on the chart and the red Right Side tag at 2.804 indicates that sequence is bearish against the said level. Decline from 2.804 peak could be counted as 5 waves impulse which has been labelled as wave 1 and we are now looking for a bounce in wave 2 before the decline resumes. Wave 2 corrective bounce should unfold in the sequence of 3, 7 or 11 swings and fail below 2.804 peak for extension lower. We don’t like buying the metal in proposed wave 2 bounce and expect the bounce to be sold for the next leg lower.
HG_F (Copper) Downside Targets

As bounces continue to fail below 2.804 peak, we expect more downside and it should ideally extend lower towards 2.219 – 2.0366 area and any rallies are viewed as a selling opportunity.