Elliottwave-Forecast.com - Official Thread w/ Analysis Blogs

EURUSD Selling The Elliott Wave Bounce 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 EURUSD, which we presented to members. But before digging further into the Charts, we need to understand market nature. The market always fights between the two sides, Buying and Selling. We at elliottwave-forecast.com understand the Market Nature and always recommend trading the no-enemy areas. We called these no-enemy areas which are reflected as blue box areas on our Charts, which gave us the reaction in favor of market direction in 3 swings at least. Now, let us take a quick look at the EURUSD Charts and structure below:
EURUSD 1 Hour Elliott Wave Chart

The decline from September last year peak showed a lower low sequence favored more weakness. Thus our recommendation to our members kept selling the bounces on any 3, 7 or 11 swings. EURUSD 1 Hour Chart from 9/13/2019 NY update. In which the decline from 6/25/2019 peak ended in wave W at $1.0924 low. Above from that low, the pair made a wave X bounce to correct the decline. The internals of that bounce unfolded as a zigzag structure where wave ((a)) ended at $1.1084 high, wave ((b)) pullback ended at $1.0926 low. Wave ((c)) ended at $1.1110 high. After reaching $1.1091-$1.1130 100%-123.6% Fibonacci extension area of ((a))-((b)) & saw sellers as expected.
EURUSD 1 Hour Elliott Wave Chart

EURUSD 1 Hour Chart from 9/24/2019 London update. In which the pair is showing reaction lower taking place from the blue box area & allowed our members to create a risk-free position. Near-term, while bounces fail below $1.1110 high the pair is expected to resume the downside. However, a break below $1.0924 low would remain to be seen to confirm the next extension lower & avoid double correction higher.
Keep in mind that the market is dynamic and the view could change in the meantime. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our services with Special 50% discount offer by using this code: 864AA98028.

CPER Copper Index Tracker Long Term Cycles & Elliott Wave

CPER Copper Index Tracker Long Term Cycles & Elliott Wave
Firstly the CPER Copper Index Tracking instrument has an inception date of 11/15/2011. There is data in the HG_F copper futures before this going back many years. That shows copper made an all time high on February 15th, 2011 at 4.649. Translated into this instrument, it is mentioned on the weekly chart. The decline from there into the January 2016 lows appeared to have been a double three in the commodity HG_F. Thus I will work with that idea in this CPER instrument.
The analysis continues below the CPER weekly chart.

Secondly the CPER Copper Index Tracking instrument from the all time highs made what is favored to be a double three correction lower in the wave ((b)) that ended at the 12.97 lows in January 2016. From the January 2016 lows up into the December 2017 highs appeared to be an Elliott Wave impulse. The bounce was strong enough on momentum indicators to suggest it had ended the cycle lower from the all time highs. This is as reflected in the weekly chart shown above.
The analysis continues below the CPER daily chart.

Thirdly, the CPER Copper Index Tracking instrument decline from the December 2017 highs is very ambiguous. This means it is open to more than one interpretation as is most any chart by an Elliott wave analyst. The key points here are as follows. This daily chart decline in wave (II) analysis is derived from price highs and lows. This is coupled with momentum indicator reading highs and lows. The August 2018 lows at 16.20 represent the end of the cycle lower from the December 2017 highs. From there into the April 2019 highs appears to have been an expanded flat 3-3-5 structure. This had another low in January 2019 in 3 waves before getting higher in 5 waves to the April 2019 highs.
In conclusion. The decline from the April 2019 highs is either impulsive as in a five wave c or a double three w-x-y. Either way it should continue lower toward the equal legs area at 13.66 for the rest of this year. If the decline from the April 2019 highs is impulsive, bounces should remain below the July 2019 highs before it reaches the target area at 13.66. Providing it remains above the January 2016 lows it can see a longer term turn back higher develop.
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

NZDCAD : Will the Pair Continue Lower?

NZDCAD Technical Analysis September 24/2019
NZDCAD : A possible bearish pattern is visible on the 1 hour chart. The green bearish pattern still needs to make a push higher to complete point D at the BC 0.50% Fib. retracement level. At the moment traders need to wait for price to reach the the BC 0.50% Fib. retracement level where NZDCAD can possibly reverse lower from. If price extends lower below the AB 2.24% Fib. level before reaching the BC 0.50% Fib. level then the bearish pattern is invalid and SELL setup is cancelled. The BC 0.50% Fib. level together with previous support structure, which will now offer as possible price resistance, will be a strong area where the pair can and should reverse lower from. If looking to trade NZDCAD traders should be patient and wait for price to make a move higher towards the minimum BC 0.50% Fib. retracement level. Waiting for price to hit the BC 0.50% Fib. retracement minimum will offer a better risk/reward trade setup. Green bearish pattern is invalidated if price moves above point B of the pattern and any Stop Loss should be placed at this level. Watch for the 0.8250 area target zone if sellers enter the market and push it lower.
NZDCAD 1 Hour Chart 9.23.2019

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 ***
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
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Microsoft Elliott Wave View: Why It Will Be Supported Into $157.78-$172.77 Area

Many Instruments across the Market are ending the Super Cycle Degree from their 2009 lows. In this blog we will have a more in-depth view of Microsoft.
With the break of last year high earlier this year, the instrument can be counted as a 5 waves advance from its 2009 low. Consequently, it is trading within a dangerous area, but we believe more upside still needs to come. Have a look at the following chart.

Microsoft Monthly Elliott Wave View 9.23.2019


We at Elliott Wave Forecast look at the Market in a different way. We take into account not only the Elliott Wave Theory which most of the time it will provide you more than one count but looking around among similar instruments we decide which Elliott Wave counts makes the most sense. In this case, we understand that Microsoft can be counted completed but we decide to label a nest and we got a variety of reasons for that. As an Elliott Wave participant, we can either label 5 waves from 12.24.2018 low or a nest which you can see it in the chart below.

https://elliottwave-forecast.com/wp-...-1-300x300.jpg

A nest is a series of 5 waves with a break higher which can be seen at the chart when (1) created wave (2) and then a rally in wave 1. Which opens up a rally higher within a wave (3) This structure happens a lot across the Market and can be anticipated only with a so-called multi-market correlation. We can label MSFT either as 5 waves for its 12.24.2018 low or we could label the nest which can be seen in the chart below.

Microsoft Daily Elliott Wave View 9.23.2019


As you can see, we went for the nest because 12.24.2018 low was a big day across the Market and many instruments found a significant low on that day. If we have a look at the Eurostoxx from Europe we see that it trades the same cycle as MSFT.

Eurostoxx Daily Elliott Wave View 9.23.2019


We can see that it has a bullish sequence and when we relate that low with the 8.15.2019 low we can assume that it supports higher prices in MSTF. Also, we got GM (General Motors) which is showing 5 waves advance from its 10.24.2019 low and should extend higher in another set of 5 waves, as we are showing in the following chart.

GM Daily Elliott Wave View 9.23.2019


The Idea of higher prices in GM will mean also higher prices in MSTF. As we keep saying, we at Elliott Wave Forecast approach the Market in a different way and know how to read the sequences and relate them to over 100 instruments across the world. But we also know how to decide between different scenarios provided by the Elliott Wave Theory. In this case, it was between a nest or 5 waves but after looking at GM and SX5E_STX it is clear to call the nest. You can watch the video below it will explain the path for Microsoft.

Lufthansa AG Stock Should Remain Weak In The Coming Weeks
September 23, 2019 By EWFSanjay (Edit)
Hello fellow traders. In today’s blog, we will have a look at the Lufthansa AG stock. The stock is listed in the DAX 30.
Lufthansa AG is the biggest German airline and has a lot of subsidiaries. And when combining them together Lufthansa is the biggest airline in Europe in terms of a passenger airline. The company has its Headquarter in Cologne Germany. The airline is also one of the founding members of the so-called Star Alliance, which is the world largest airline alliance.
In the last couple of weeks, Lufthansa has some company intern problems which reflecting the current stock price. Moreover, due to the Oil attacks against Saudi Arabia, the company was suffering as well, due to its demand for Oil.
The stock is currently under serious pressure which can be seen in the chart below. Let’s have a look at the weekly price action and what to expect for the company.

Lufthansa AG 09.29.2019 Daily Chart Analysis


In the chart above you can see that the stock ended the cycle up from its all time low at its 2018 peak. Below from there, it has been in the progress of correcting its all-time low cycle in 3-7 or 11 swings. Recently, Lufthansa broke below its 2018 low. With that said, the stock has now an incomplete sequence from 2018 peak indicating that more downside should be becoming. We can see that it reached the 61.8-76.40 extension area from 2018 peak.
From there it has been bouncing higher and it could end up correcting internal cycle from 2/26/2019 peak in 3-7 or 11 swings before initial downside should be seen. Lufhansa should ideally now see the equal legs from 2018 peak towards 9.22-5.80 area. This area can be used based on Elliott Wave Hedging for a good buy investment opportunity. Summarizing, the stock should see more downside in the next coming weeks and month into 9.22-5.80 area where a bigger reaction higher in favor of the Lufthansa stock should ideally be taking place.

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Bank Of America (NYSE: BAC) Inverted Head & Shoulder
September 23, 2019 By Ayoub Ben Rejeb (Edit)
Bank Of America (NYSE: BAC) recovered 50% of the 2008 financial crisis crash while majority of banks already rallied back to new all time highs. The stock is still showing positive signs as the rallies taking place since 2009 low are unfolding as an Elliott Wave impulsive structure.
BAC recent daily rally from 2016 low was an impulsive 5 waves advance which ended on March 2018 peak. Down from there, the stock entered a consolidation period of time to correct the previous cycle before it can resume the main bullish trend.
The decline from $33 peak was a corrective 3 swings move which ended on December 2018 before the stock started bouncing again without making new highs. The overall shape of the moves during the recent 2 years formed an inverted head and shoulder pattern which usually appear at the end of a bearish trend to indicate a reversal. However, it can also be used as a continuation pattern within a bullish trend which can be the case for BAC as long as it remains above $22.6 low.
BAC Weekly Chart

The inverted head and shoulder pattern needs a conformation with a clear breakout of its neckline and ideally taking the previous peak to open a higher high sequence indicating the resumption of the trend. Consequently, BAC needs an initial break above April 2019 peak $31 followed by a break above $33 to open a new incomplete bullish sequence and aim for a target higher around $36 – $39 area.
Inverted Head & Shoulder Pattern

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GBPNZD 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 GBPNZD, published in members. As our members know, GBPNZD recently corrected cycle from the 07/30 low. Pull back has unfolded as Elliott Wave ZIG ZAG pattern. After the pull back completed we got expected rally when the pair broke 08/28 peak confirming further extension higher within the cycle from the 1.828 low. In further text we’re going to explain the forecast and Elliott Wave Pattern.
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.

GBPNZD 1 Hour Elliott Wave Analysis 9.2.2019
As we can see on the chart, we are getting 3 waves down in wave B red pull back. Pull back is unfolding 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)). And finally another leg down ((c)) that should be unfolding as a 5 waves structure. At this moment we are calling Zig Zag incomplete, looking for a more short term weakness toward blue box area : 1.91154-1.8957. At mentioned zone buyers should ideally appear for proposed rally or 3 waves bounce alternatively.
As our members know , Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.

GBPNZD 1 Hour Elliott Wave Analysis 9.3.2019
At this moment we are calling Zig Zag completed at 1.8993 low. As far as the price stays above that level, we expect further rally in the commodity pair. We would like to see further separation from the 1.8993 low and ideally break above A red peak ( 08/28 ) to confirm next leg up is in progress.
You can learn more about Zig Zag Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

GBPNZD 1 Hour Elliott Wave Analysis 9.13.2019
1.8993 low held well and we got proposed rally as expected. Eventually the price has broken above 08/28 peal confirming next leg up is in progress. We expect further strength in the pair within the cycle from the 07/30 low.
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.

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Elliott Wave View: EURJPY Has Resumed Lower

After forming a low on September 3, 2019 at 115.8, EURJPY has rallied in 3 waves. The rally ended at 120.62 and we labelled this bounce as wave 4. As the structure of the rally from September 3, 2019 low is in 3 waves, this tells us that the rally is only a correction. The pair has since turned lower again and likely has started wave 5 as the chart below shows. However, the pair still needs to break below 115.8 to confirm this view and avoid a double correction.

The internal of wave 5 is unfolding as a 5 waves impulse Elliott Wave structure. Down from 120.62, wave (i) ended at 118.66 and wave (ii) bounce ended at 119.82. Pair then resumed lower in wave (iii) towards 117.72 and wave ((iv)) bounce ended at 118.56. Expect pair to do 1 more leg lower in wave (v) before ending cycle from September 14 high (120.62). The 5 waves move lower will also end wave ((i)) in larger degree. Afterwards, wave ((ii)) bounce is expected to correct cycle from September 14 in 3, 7, or 11 swing before pair resumes lower again. As far as pivot at 120.62 high stays intact, bounce should fail and pair should resume lower.

EURJPY 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Elliott Wave View: Further Downside in Exxon Mobil (XOM)

Short term Elliott Wave view on Exxon Mobil (ticker: XOM) suggests the rally to 75.68 on September 16, 2019 high ended wave ((X)). The stock has turned lower and the structure of the decline unfolded as a 5 waves impulse Elliott Wave structure. Down from 75.68, wave ((i)) ended at 73.6 and bounce to 74.37 ended wave ((ii)). The stock then resumed lower in wave ((iii)) towards 70.81 as another 5 waves in lesser degree. This is classic example of Elliott Wave structure with extended wave ((iii)).

Wave ((iv)) bounce ended at 71.44, and wave ((v)) finally ended at 70.6. The 5 waves move lower completed wave 1 in higher degree. The stock now is in wave 2 bounce to correct the cycle from September 16 high in 3, 7, or 11 swing before the decline resumes. As far as pivot at 75.68 high stays intact during the bounce, expect rally to fail and stock to extend lower again. If the stock instead breaks below 70.6, then it suggests that wave ((v)) of 1 remains in progress. In that case, it should still bounce in wave 2 again from lower levels to correct cycle from September 16 high before the decline resumes.

XOM 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Elliott Wave View: Nike continues to make All Time High

Short term Elliott Wave view on Nike (ticker: NKE) is calling the rally from August 5, 2019 low (78.19) as a 5 waves impulse Elliott Wave structure. The chart below shows wave ((iii)) of the impulse ended at 89.35, and wave ((iv)) pullback ended at 86.54 as a symmetrical triangle. The stock then extended higher in wave ((v)) with internal as an impulse of lesser degree. The entire 5 waves rally is expected to complete at 94.35 – 96.04 and this should also end wave 1 in higher degree.

The stock should then pullback in wave 2 to correct the entire rally from August 5 low before it resumes higher. Wave 2 pullback should unfold in 3, 7, or 11 swing with the key level on August 5 low (78.19). As far as pivot at 78.19 low stays intact during wave 2 pullback, we favor the stock to extend higher. We do not like selling the stock. Potential target to the upside is 100% Fibonacci extension area from Dec 20, 2018 low which comes at 100.4 – 105.9.

NKE 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

Elliottwave View: GBPUSD Rally Expected To Fail

Short term Elliott Wave view on $GBPUSD suggests the rally to 1.258 on September 20, 2019 high ended wave (4). Pair has since turned lower within wave (5) which is unfolding as 5 waves impulse Elliott Wave structure. Down from 1.258 high, wave ((i)) ended at 1.241 and wave ((ii)) bounce ended at 1.25. Pair then resumed lower again and ended wave ((iii)) at 1.227. Wave ((4)) bounce ended at 1.234 and wave ((5)) lower ended at 1.22. The entire 5 waves move lower ended wave 1 in higher degree.

Pair should bounce in wave 2 to correct cycle from September 20 high before the decline resumes. Wave 2 is proposed to unfold in a zigzag structure where wave ((a)) ended at 1.234. Expect a wave ((b)) pullback followed by another leg higher in wave ((c)) before ending wave 2. Afterwards, pair should resume lower again at least for another leg lower which subdivides in 5 waves. We don’t like buying the pair. As far as pivot at 1.258 high stays intact, expect bounce to fail in 3, 7, or 11 swing for further downside.

GBPUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)

GBPCAD : Bearish Market Patterns Calling for Another Move Lower
October 2, 2019 By EWF Aidan (Edit)
GBPCAD Technical Analysis October 2/2019
GBPCAD : Possible bearish patterns are visible on the 4 hour chart. The orange bearish pattern still needs to make a push higher to complete point D at the BC 0.50% Fib. retracement level. At the moment traders need to wait for price to reach the the BC 0.50% Fib. retracement level where GBPCAD can possibly reverse lower from. The BC 0.50% Fib. level together with previous support structure, which will now offer as possible price resistance, will be a strong area where the pair can and should reverse lower from. If looking to trade GBPCAD traders should be patient and wait for price to make a move higher towards the minimum BC 0.50% Fib. retracement level (1.6440). Waiting for price to hit the BC 0.50% Fib. retracement minimum level will offer a better risk/reward trade setup. Orange bearish pattern is invalidated if price moves above point B of the pattern and Stop Loss should be placed at this level. Watch for price to move lower targeting minimum the 1:2 RR Target. Overall watch for price to hit the green Target Trend Line of another bearish pattern that have already triggered SELLS after the blue point 5 terminated.
GBPCAD 4 Hour Chart 10.2.2019



Orange Bearish Pattern

Bearish Pattern
https://elliottwave-forecast.com/wp-...ve-pattern.jpg
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 ***
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trial

Will XAUUSD Follow The Path of Gold vs other Major Currencies?
September 28, 2019 By Daud Bhatti (Edit)
On Thursday, September the 26, 2019 we at Elliott Wave Forecast hosted a Free Seminar. The topic of the seminar was ” Will $XAUUSD Follow The Path of Gold vs other Major Currencies?”. We analyzed the outlook of Gold vs other Major currencies like against the EUR, GBP, CAD, JPY, AUD.
We explain which technical tools we use to forecast the potential path of $Gold against the Dollar. Significant to mention is that XAU against other major currencies saw a break to new all-time high above their previous peak in 2011. Which can be seen in the chart below.

XAU vs EUR, GBP, CAD, JPY, AUD


And in this Webinar, we talked about whether the most popular one which is Gold against the U.S. Dollar can see an equivalent break higher. Watch the Free Webinar recording below and get a sneak peek on our work. Check to see how we determine the next potential path in XAUUSD.

Will $XAUUSD Follow The Path of other Major Currencies? 9.26.2019 Video


Learn more about our methodology with a Free 14 Day Trial and Learn how to trade the market with a much improved Elliott Wave Theory. We hope you liked this Webinar and we 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.

Seabridge Gold Analysis: Stock Should Remain Supported
September 29, 2019 By EWFSanjay (Edit)
In today’s blog, we will have a look at the Seabridge Gold stock. The stock is listed in the SP 500.
Seabridge Gold is a Canadian resource gold mining company headquartered in Toronto Ontario Canada. It was founded in 1979 as Copper Mines Ltd. Over the last years, the stock lost 91% of its value. Starting from November 2007 peak. The stock dropped to $3.45 low which marked in July 2015. From its 2007 peak ti reaches the equal legs towards 4.70 area and from there a bigger reaction higher in favor of the stock was expected to take place. It was a perfect equal leg hit. Above from 3.45, it managed to gain over 342% from (3.45 to around 16.79).
Let’s have a look at the weekly price action and what to expect for the company.

Seabridge Gold 09.29.2019 Weekly Chart


In the chart above you can see that the stock ended the cycle from 2007 peak at 2015 low. Above from there, Seabridge Gold has been showing strength. Below 2007 peak, it has been in the progress of correcting that in 3-7 or 11 swings. Recently, Seabridge Gold broke above 7/2016 peak opening up a higher high sequence. With that said, the stock has an incomplete sequence from 2015 low indicating that more upside towards 19.85-27.60.
Summarizing, the stock should see more upside in the next weeks into 19.85-27.60. Anyway, as you can see there should be strong in the next years. Of course, nothing runs in a straight line. There will be pullbacks, but those should be supported in the sequences of 3-7 or 11 swings.


We believe in cycles, distribution, and many other tools in addition to the classic or new Elliott wave Principle. To get a regular update on the market and Elliott wave charts in 4-time frames. And the best thing is you can join us for a 14 days FREE trial to see whether our service suits you.
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Sanofi S.A. Daily Analysis: More Upside To Come
September 28, 2019 By EWFSanjay (Edit)
Hello fellow traders. In today’s blog, we will have a look at the Sanofi stock. The stock is listed in the Eurostoxx 50.
Sanofi S.A.is a French multinational pharmaceutical company headquartered in Paris, France. It is one of the biggest companies based on prescription sales in Europe. Over the last couple of years, the stock almost lost 33 of its value. Starting from May 2017. The stock dropped to 62€ low which marked the low in 2018.
Since, its low in 2018, Sanofi could recover almost 28% from its initial low. Let’s have a look at the weekly price action and what to expect for the company.

Sanofi S.A. 09.28.2019 Daily Chart


Sanofi S.A. 09.28.2019 Daily Chart


In the chart above you can see that the stock ended the cycle from 2017 peak at 2018 low. Above from there, Sanofi has been showing strength. Below from there, it has been in the progress of correcting that in 3-7 or 11 swings. Recently, Sanofi broke above 11/14/2018 peak opening up a higher high sequence. With that said, the stock has an incomplete sequence from 2018 low indicating that more upside towards 89.14-93.28. Consequently, I am looking for another push higher until 89.14 has reached.
Summarizing, the stock should see more upside in the next coming days/weeks into 89.14-93.28 area where a bigger reaction lower could be taking place later on.

OIL Found Sellers After Irregular Elliott Wave Flat
September 30, 2019 By EWF Vlada (Edit)
In this technical blog we’re going to take a look at the Elliott Wave charts of OIL ( $CL_F ) published in members area of the website. The Commodity corrected the cycle from the 66.69 peak recently, when recovery unfolded as Irregular Elliott Wave Flat structure. These kinds of movements are Traps for traders as the market gives 5 waves structure in the direction against the trend. Many traders believe that new trend started, but unfortunately, those 5 waves present the wave C – last leg of Irregular Flat. These Irregular movements are nightmares for many traders who play breakout strategies. However Elliott Wave practitioners are familiar with this pattern and they recognize it as Expanded Flat. We at Elliott Wave Forecast can spot such patterns early by looking at the structure of internal subdivision, looking at price distribution and using market correlation strategies.
In further text we’re going to explain the forecast and Elliott Wave Pattern. Before we take a look at the real market example of Expanded Flat, let’s explain the pattern in a few words.
Elliott Wave Expanded Flat Theory
Elliott Wave Expanded Flat is a 3 wave corrective pattern which could often be seen in the market nowadays. Inner subdivision is labeled as A,B,C , with inner 3,3,5 structure. Waves A and B have forms of corrective structures like zigzag, flat, double three or triple three. Third wave C is always 5 waves structure, either motive impulse or ending diagonal pattern. It’s important to notice that in Expanded Flat Pattern wave B completes below the start point of wave A, and wave C ends above the ending point of wave A which makes it Expanded. Wave C of expanded completes usually close to 1.236 Fibonacci extension of A related to B, but sometimes it could go up to 1.618 fibs ext.
At the graphic below, we can see what Expanded Flat structure looks like.

Now, let’s take a look at real market example and see what that pattern looks like.
OIL 4 Hour Elliott Wave Analysis 9.16.2019.
Recovery against the 66.72 peak is unfolding as Elliott Wave Expanded Flat Structure. We can see A and B red waves are 3 waves structures.Wave A unfolded as FLAT and has ((a))((b))((c)) inner labeling. Wave B red unfolded as Double Three ((w))((x))((y)),, while wave C red is unfolding as 5 waves rally.
As we can see on the chart below OIL made price structure that is characteristic for bearish Expanded Flat. Wave B completed below the start point of wave A red, and wave C broke above the ending point of wave A. We’re already having enough number of swings in wave C red leg, and expect sellers to appear soon for proposed decline.
You can learn more about Elliott Wave FLAT Patterns at our Free Elliott Wave Educational Web Page.

Let’s downgrade to 1 Hour chart, so we can see better wave C red subdivisions.
OIL 1 Hour Elliott Wave Analysis 9.15.2019.
Currently the price is forming last leg of proposed Expanded Flat- wave C red. Wave ((ii)) of C ended at 54.03 low. We got gap higher in wave ((iii)) , and now looking for another leg up after short term ((iv)) pull back completes .

OIL 1 Hour Elliott Wave Analysis 9.17.2019.
At this stage we are calling expanded flat completed . As far as the price holds below 63.43 peak (X) recovery is counted completed and we get further weakness in the Commodity. Now we would like to see further separation down from the 63.43 peak.
Keep in mind 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.
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Elliott Wave View: Oil Resumes Lower Impulsively

Short term Elliott Wave view on Oil suggests wave (B) rally ended at 63.38 on September 17, 2019 high. The commodity has since turned lower within wave (C) which is unfolding as 5 waves impulse Elliott Wave structure. This view will get validation when it breaks below the previous low on August 7, 2019 low (50.52). Down from 63.38, wave 1 ended at 57.67 and the bounce to 59.54 ended wave 2. Oil then resumes lower in wave 3 which is extended and subdivides as an impulse in lesser degree.

Wave ((i)) of 3 ended at 58.01 and wave ((ii)) of 3 ended at 59.39. Wave ((iii)) of 3 ended at 53.05 and wave ((iv)) of 3 ended at 54.42. Near term, while bounce stays below 59.54, expect Oil to extend lower to continue the 5 waves move from September 17, 2019 high (63.38). We don’t like buying Oil and as far as pivot at 59.54 stays intact, expect any bounce to fail in 3, 7, or 11 swing and Oil to resume lower. Potential target to the downside is 100% fibonacci extension area from April 23, 2019 high which comes at 43.62 – 47.38.

CL_F 1 Hour Elliott Wave Chart

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Elliott Wave View: Gold May Have Completed Correction

Elliott Wave view on Gold suggests the rally from August 2018 low last year remains in progress as a 5 waves impulse Elliott Wave structure. On the 1 hour chart below, we can see wave ((4)) of this impulse is proposed complete at 1458.76. Internal subdivision of wave ((4)) unfolded as a double three where wave (W) ended at 1484.2, wave (X) ended at 1535.69 and wave (Y) ended at 1458.76. Gold has since turned higher and the structure of the rally from 1458.76 unfolded as a 5 waves.

Up from 1458.76, wave 1 ended at 1487.3 and wave 2 pullback ended at 1474.3. The yellow metal then resumes higher in wave 3 towards 1502.13, wave 4 pullback ended at 1495.6 and wave 5 ended at 1519.7. The 5 waves move completed wave (1) in higher degree. The metal should pullback in wave (2) to correct cycle from Oct 1 low in 3, 7, or 11 swing before the rally resumes. The yellow metal still needs to break above September 4, 2019 high (1557.1) to rule out the possibility of a deeper correction. We don’t like selling Gold.

XAUUSD 1 Hour Elliott Wave Chart

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$SPY: Elliott Wave Impulse Simple Rule Imply Bulls are Still in Control

The Elliott Wave Theory is famous for the 5 waves advance and 3 waves declined, as we are showing in the following chart:

As we can see, there are 5 waves up, which each one comes with the subdivisions of 5 wave structure. Most of the trades are able to see and understand the idea. But there are other details within the pattern, which are as important, as the simple 3 rules :
1: Wave 2 cannot pass the beginning of wave 1.
2: Wave 3 cannot be the shortest.
3: Wave 4 can not overlap the peak of wave 1.
We at elliottwave-forecast.com always look at more tools and details to keep members on the right side and not enter traders against the main trend. One of those details is the Elliott Wave Channels. The Channels are a great tool to know when a cycle has ended helping traders to enter the wrong side of the Market and get trapped for the 5 waves advances. In Elliott Wave Theory there are extensions which happen in one of the 3 main impulses within the higher degree impulse, as we showing in the following chart:
https://elliottwave-forecast.com/wp-.../Extension.png
As we can see, there is wave 1 extension. Wave 3 extension or wave 5 extension. Sometimes trades see the 5 waves and start selling premature and get caught at the wrong side.
The Following Chart of $SPY:

The $SPY Monthly chart which is showing a very nice 5 waves since 2009, which is tenting many traders to sell the Index without any indication that any top is in place. If we look at the Blackline is the bottom part of the channel and consequently saying that the Bulls are in control. Therefore, we don’t need to pick a top, not even to called wave (III) in place. Sometimes little details are overlooked and traders ending losing money. Learn that picker gets it wrong 9 times and right only 1. We would rather get it right 9 and wrong 1. Watch the following video to understand the idea of the channel.

Elliott Wave View: Facebook can See Larger Correction

Short term Elliott Wave view on Facebook (ticker: FB) suggests the rally to 193. ended wave ((X)). The stock has resumed lower within wave ((Y)) which is unfolding as a zigzag Elliott Wave structure. Down from 193.1, wave (A) of the zigzag ended at 173.09. Internal subdivision of wave (A) unfolded as 5 waves where wave 1 ended at 188.12, and wave 2 bounce ended at 190.41. Stock resumed lower in wave 3 towards 175.66, wave 4 bounce ended at 179.84, and wave 5 of (A) ended at 173.09.

Wave (B) bounce is currently in progress to correct the cycle from Sept 20 high in 3, 7, or 11 swing before the decline resumes again. Internal of wave (B) is unfolding as zigzag of lesser degree where wave A of (B) ended at 181.18. Expect a pullback in wave B, then another leg higher in wave C to end wave (B). Afterwards, as far as pivot at 193.1 high stays intact, Facebook should extend lower. Potential target to the downside can be as low as 100% Fibonacci extension from July 25, 2019 high towards $143.4 – 152.9.

Facebook (FB) 1 Hour Elliott Wave Chart

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