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

CME Group Daily Analysis: More Upside To Come
November 3, 2019 By EWFSanjay (Edit)
Hello fellow traders. In today’s blog, we will have a look at the CME stock. The stock is listed in the Eurostoxx SPX 500.
The CME Group is an abbreviation and stands for the Chicago Mercantile Exchange, which is a global market company. While holding the largets derivatives and options exchanges in Chicago. the CME group offers a wide range of benchmark products across all major asset classes. Wich includes indices, forex but also energy and much more.
Now, let’s have a look at the daily chart and the technical outlook for the company.

CME Group 11.3.2019 Daily Chart

In the chart above you can see that the stock ended the cycle from 03/2019 low at the all-time seen on the 09/2019 peak. Below from there, it has been correcting the cycle from 03/2019 low. At this stage it is still missing the equal legs towards 194.24-188.71 area With that said, the stock has a short-term incomplete sequence from 09/2019 peak indicating more downside in the short-term. At this stage, I am looking for 2 possible scenarios. The first one is showing the reaction higher from the blue box ending 3 swings and continuing higher. The second possibility is a reaction higher from the blue box and a 7 swing lower before continuation higher. Either way, if it reaches 194.24-188.71 we should see a reaction higher either new highs or 7 swings lower before higher again. Let’s see.


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Brexit and the Impact on Poundsterling
November 3, 2019 By EWFHendra (Edit)
We conducted a Free Seminar “Brexit and the Impact on Poundsterling” on Saturday November 2, 2019. Below is a brief summary and the recording of the seminar.
Latest development on Brexit suggests the deadline has been extended to January 31. PM Boris Johnson doesn’t get enough support by the MPs to ratify his Brexit deal. As a result, the U.K will have an election on December 12. There are several options based on the results:

1. Conservative win. If PM Johnson’s party wins a majority, then the UK likely leaves European Union on or before January 31
2. Labour win: If the main opposition party wins a majority, then there will be second referendum on Brexit
3. Conservative / Labour minority government
4. Hung parliament: No party wins outright majority and able to form minority government

In the seminar, we are looking at the Elliot Wave outlook for several Poundsterling pairs to give us the outlook for months ahead. $GBPAUD and $GBPNZD in particular show incomplete bullish sequence from October 2016 low, favoring more upside. GBPUSD also will show 5 waves up from September 3, 2019 low if the pair can rally 1 more leg higher. This suggests that Poundsterling likely will remain supported in the months ahead. We also look the Dollar Index and notice how the Dollar starts to reverse after the Fed announced balance sheet expansion.
Brexit and The Impact on Poundsterling Seminar

XLK Forecasting The Path & Buying The Dips In The Blue Box
November 4, 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 XLK – Technology Select Sector , published at elliottwave-forecast.com. As our members know XLK has been showing incomplete bullish sequences in the cycle from the August 5th low. Break of the September 12th peak made ETF bullish against the 77.29 low. So we advised members to avoid selling XLK 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.
XLK 1 Hour Elliott Wave Analysis 10.15.2019
As we can see on the chart below, the cycle from the 77.29 low is unfolding as a 5 waves structure. The price has already reached important technical area- blue box where buyers will be taking profits. We don’t recommend forcing the trades at this moment. We don’t like buying it at this stage as the price is already at the extremes from the lows and cycle can complete any moment. On other hand don’t like selling as the main trend is bullish. Strategy is waiting for clear 3 waves pull back against the 77.29 low, before we resume buying the dips again in 3,7,11 swings sequences.

XLK 1 Hour Elliott Wave Analysis 10.22.2019
Cycle ended right at the Blue Box area:82.32-83.18 and we are getting pull back-wave (2) blue . We got 5 waves down from the wave (1) blue peak. So, we are assuming that pull back is unfolding as Elliott Wave Zig Zag Pattern. Decline from the peak was only the first leg A red of wave (2) blue pull back. As far as the price stays below B red short term high, and more importantly pivot at 10/15 high holds , we can get another leg down toward Blue Box area: 80.02- 78.58 . At mentioned area we like to be buyers for proposed rally or 3 wave bounce alternatively.
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.
You can learn more about Elliott Wave Zig Zag Patterns at our Free Elliott Wave Educational Web Page.

XLK 1 Hour Elliott Wave Analysis 10.24.2019
Eventually we got proposed leg down toward buying zone: 80.02-79.5. Buyers appeared right at the blue box and the price made decent bounce so far. As a result members are now enjoying profits in risk free positions. Now, we would like to see break of wave (1) blue high 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.
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Elliott Wave View: Dow Jones Ending 5 Waves Rally

Elliott Wave View on Dow Jones Future (YM_F) suggests the rally from October 3 low is unfolding as a 5 waves impulsive Elliott Wave. On the 1 hour chart below, we can see wave ((iii)) of this impulse ended at 27079 and wave ((iv)) pullback ended at 26588. Internal of wave ((iv)) unfolded as a zigzag where wave (a) ended at 26876, wave (b) ended at 27088 and wave (c) ended at 26588. Index is now ending wave ((v)) which subdivided in another 5 waves in lesser degree.

Up from 26588, wave (i) ended at 27230, and wave (ii) pullback ended at 26847. Index then resumed higher again in wave (iii) towards 27493. Near term, while wave (iv) dips stay above 26844, expect Index to extend higher 1 more time before ending wave (v) of ((v)). The move higher will also complete wave 1 and end the entire 5 waves up from October 3 low. Afterwards, it should pullback in wave 2 to correct cycle from October 3, 2019 low before the rally resumes. Potential target higher is 100% Fibonacci Extension from August 6 low towards 27945 – 28477.

YM_F 1 Hour Elliott Wave Chart

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Elliott Wave View: Further Weakness in Chesapeake Energy Corp (CHK)

Short Term Elliott Wave View on Chesapeake Energy Corp (ticker: CHK) shows 5 waves impulsive Elliott Wave decline from November 5 high. The bounce to $1.59 in the stock ended wave (2) as a double three Elliott Wave structure. On the chart below, we can see wave X of this double three ended at $1.33 and wave Y ended at $1.59. Down from 1.59, the decline has resumed with wave 1 ended at $1.28 as a 5 waves impulse in lesser degree. Bounce to wave 2 ended at $1.33. The stock then extended lower in wave 3 towards $0.79. Wave 3 is extended at 161.8% Fibonacci extension of wave 1. This extension further supports the idea the decline is only wave 3 and therefore likely not done.

Wave 4 bounce is currently in progress to correct the decline from wave 2. As far as the rally fails below 1.59, expect more downside in the stock. Wave 4 likely can complete at 23.6 – 38.2% retracement of wave 3 which comes at 0.99 – 1.06. Potential target to the downside is 100% Fibonacci extension from September 16 high which comes at 0.45 – 0.67.

CHK 1 Hour Elliott Wave Chart

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AMZN Buying The Elliott Wave Dips At Blue Box Area

In this technical blog, we are going to take a look at the past performance of 4 hour Elliott Wave charts of AMZN, which we presented to members. But, firstly we need to understand the market nature that it always fights between the two sides i.e Buying and Selling. We at elliottwave-forecast.com understand the Market Nature and always recommend trading the no-enemy areas. We called blue box areas on our Charts as the no-enemy areas, which gave us the reaction in favor of market direction in 3 swings at least. Now, let us take a quick look at the AMZN Charts and structure below:
AMZN 4 Hour Elliott Wave Chart

AMZN 4-hour Chart from 10/23/2019 update. In which, the rally from 12/24/2018 low ended 5 waves impulse rally at $2036.31 high seen at 7/11/2019 peak. Down from there, the stock corrected the cycle from 12/24/2018 low and made a pullback. The internals of that pullback unfolded as double three structure with the sub-division of 3-3-3 corrective structure in each leg lower. When initial decline to $1849.44 low ended wave (A), wave (B) bounce ended at $1897.92 high and wave (C) ended at $1718 low thus completed wave ((W)) as zigzag structure.
Up from there, wave ((X)) bounce also unfolded as a zigzag structure where wave (A) ended at $1834.26 high. Wave (B) ended at $1738.69 low and wave (C) ended at $1853.66 high. Down from there, wave ((Y)) lower was also expected to unfold as a zigzag structure. While the first leg lower ended in wave (A) at $1685.06 low. Wave (B) bounce ended at $1800.95 high and wave (C) was expected to reach $1631.22-$1535.94 blue box area for next buying opportunity looking for 3 wave reaction higher at least.
AMZN 4 Hour Elliott Wave Chart

Here’s a 4-hour view from 11/06/2019 update. In which, the stock managed to reach the blue box area at $1631.22-$1535.94 as expected & bounced. Allowed members to create a risk-free position shortly after taking the long opportunity. Near-term, while dips remain above $1617.14 low the stock is expected to resume the upside. However, a break above $2036.31 high still needed to confirm the next extension higher & avoid further correction lower.
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 service by taking a Free Trial.

USDSEK Found Sellers At The Blue Box

In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDSEK , published in members area of the website. As our members know, USDSEK has incomplete bearish sequences in the cycle from the 9.9632 (October 9th) peak. Consequently, we advised members to avoid buying the pair and keep favoring the short side. We expected USDSEK to keep on finding sellers in the sequences of 3,7,or 11 swings. In further text we’re going to explain Elliott Wave Forecast and trading strategy.
USDSEK h1 Hour Elliott Wave Analysis 11.5.2019
Break of 10/24 low made the incomplete sequences in October cycle. The pair is bearish against the 9.7502 peak looking for further weakness toward new lows. Decline from the 10/29 peak unfolded as 5 waves structure- wave 1 red. Currently we are doing 3 waves bounce against the 9.7502 high that is unfolding as Elliott Wave Zig Zag pattern. As of right now, short term recovery wave 2 red looks incomplete. Price is missing equal legs area:9.6719-9.7283 to complete the pattern. At the marked blue box sellers should ideally appear for proposed decline or 3 wave pull back alternatively. We don’t recommend buying the pair in proposed leg up, and favor the short side from the blue box.As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a pull back. As soon as the pull back reaches 50 fibs against the ((b)) black low, intraday sellers should make short positions risk free.

USDSEK h1 Hour Elliott Wave Analysis 11.5.2019
The pair made leg up and reached ((a))-((b)) equal selling area at 9.6719. Sellers appeared right at the blue box and the price is already showing nice reaction from there. At this stage we are calling 2 red recovery completed. The pull back has already extended below 50 fibs against the ((b)) black low. So members who took short positions from the blue box should be already risk free. Now we need to see break below wave 1 red low (11/04) to confirm next leg down is in progress.
It’s crucial to fully understand our official strategy: trading the equal legs and sequences in 3,7,11 swings. Combined with Trend Trading it gives you very powerful system that protects your account and makes you profit. If not already familiar with this strategy, all you have to do is to sign up for 14 days Free Trial and watch our Free Educational Video in membership area. If still having some questions after watching it, feel free to let us know and we will help. You can ask questions in 24 Hour Chat Room and in Live Analysis Sessions.
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.

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: Nasdaq Strength to Continue

Short Term Elliott Wave View on Nasdaq Futures (NQ_F) shows 5 waves impulsive Elliott Wave rally from October 3, 2019 low. On the chart below, we can see the pullback to 7586.99 ended wave ((ii)). The Index has resumed higher and wave ((iii)) has completed at 8282.25. Subdivision of wave ((iii)) unfolded as 5 waves impulse in lesser degree. Up from 7586.99, wave (i) ended at 7994.75 and wave (ii) pullback ended at 7810.25. Index then resumed higher in wave (iii) towards 8248, and wave (iv) pullback ended at 8161. The final leg wave (v) of ((iii)) ended at 8282.25. Wave ((iv)) pullback is in progress in 3, 7, or 11 swing before the rally resumes. We don’t like selling the Index. As far as pivot at 7586.99 stays intact, expect dips to find support in the sequence of 3, 7, or 11 swing for further upside.

NQ_F 1 Hour Elliott Wave Chart

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Elliott Wave View: Bullish Sequence in DAX Favors Higher

Elliott Wave View on DAX suggests that the sequence in the Index from December 27, 2018 low remains incomplete. On the short term chart below, the pullback to 11878.98 on October 4 ended wave (2). The Index resumed higher in wave (3) and the rally is unfolding as 5 waves impulsive Elliott Wave structure. up from Oct 4 low, wave ((1)) ended at 12097.4 and wave ((ii)) pullback ended at 11933.02. Index resumed higher in wave ((iii)) towards 12682.40 and wave ((iv)) pullback ended at 12603.83. The last leg wave ((v)) ended at 12814.49 and that ends wave 1 in higher degree.

Wave 2 pullback has also ended at 12603.17. Index is now in wave 3 of (3) with internal subdivision as another impulse. Up from 12603.17, wave ((i)) ended at 12986.49 and wave ((ii)) pullback ended at 12792.56. Index resumed higher in wave ((iii)) towards 13300.75 and wave ((iv)) ended at 13144.09. Near term, while dips stay above 12792.56, expect Index to extend higher in wave ((v)) of 3. We don’t like selling the Index. If pivot at 12792.56 low gives up, then DAX may have ended wave (3) at 13300.76. In the event that pivot at 12792.56 fails, the Index can see a larger pullback in wave (4) to correct cycle from October 4 low before the rally resumes.

DAX 1 Hour Elliott Wave Chart

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Silver Elliott Wave View: Incomplete Sequence Calling More Downside
Short term Elliott Wave view suggests the rally in Silver ( $XAGUSD) to $18.32 high ended wave (X) bounce. Down from there, wave (Y) remains in progress & shows an incomplete sequence from 9/04/2019 peak ( $19.64) favoring more weakness. While the initial decline from $18.32 high unfolded in a lesser degree leading diagonal structure within wave ((i)) where wave (i) ended at $17.83. Wave (ii) bounce ended at $18.13, wave (iii) ended at $17.58, wave (iv) bounce ended at $17.95 high and wave (v) ended at $17.56 low. Up from there, wave ((ii)) bounce unfolded as a lesser degree zigzag structure where wave (a) ended at $18.17 high. Wave (b) pullback ended at $17.91 low and wave (c) ended at $18.21 high.
Down from there, wave ((iii)) remain in progress as impulse structure where wave (i) ended at $17.36 low. Above from there, wave (ii) ended at $17.66 high, wave (iii) ended at $16.67 low & wave (iv) ended at $16.97 high. Below from there, wave (v) remain in progress approximately towards $16.59-$16.47 inverse 123.6%-161.8% Fibonacci extension area of (iv) before a bounce in wave ((iv)) could be seen which is expected to fail for another leg lower to complete 5 waves decline from $18.32 high. Only if the pivot at $18.21 high gives up, wave ((v)) lower would be negated and then the decline from $18.32 high should become an Elliottwave zigzag rather than an impulse.
Silver 1 Hour Elliott Wave Chart

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$SPY price action is in alignment with US 2020 Elections or Impeachment debate

The $SPY has been trading higher since the summer of 2019’s correction. The Index has made new all time high as we have been forecasting at Elliottwave-Forecast.com. It is currently still trading within the Super Cycle degree since 2009 and the expected extension is taking place. Below is the chart of the S&P 500 ETF:

$SPY is trading above the Super Cycle degree trend-line, but every single high is coming with momentum divergence in the RSI. The momentum divergence is typically happening within wave V. When we count the waves since 2009 low, a wave 5 extension can be happening in the Index. 2020 is looking like a very, very interesting year across the market and many extremes can be reached in time and price. The following blog explains our views and why the year of 2020 can be the year where Indices make a huge peak or a temporary peak.
2020 is also an interesting year where something should be happening to create the pullback across the world Indices. We believe the Super Cycle degree from 2009 low ends next year. When it ends, many factors will determine the Elliott Wave counts whether we are ending an ABC from all time lows or we are ending wave (III). One factor for example is the extensions in $SPY and whether the index trades above the 1.618 extension which comes at $319.00. Another factor is where the Yen pairs stand when the $SPY dip in 2020 takes place.
As we always said, the Market trades as a whole and understanding the correlations among instruments and groups are the key. The United States will have a very interesting political year in coming months and year. First of all, the Presidential Election will take place in November of 2020. Secondly, it’s going through the impeachment process of the president. We can see as always the technicals calling the Market, but we can see a political reason to justify the biggest pullback since 2009. As we always said, we do not forecast or trade based on fundamentals or news events. However, we understand when The technical side starts sending warnings, there is always a reason for the pullback. In this case, the potential justification is the 2020 elections or the impeachment debate.
$SPY Elliott Wave Video Analysis

Pivotal Software Inc. Reacting From Blue Box

In today’s blog, we will have a look at the latest price action of the Pivotal Software stock. In the previous month, I did a blog about the company. You can read it here.
In that blog, we talked about the price action and the reason why the company lost half of its value. But I also said that the stock was close to equal legs. Regardless of what happens when that area has been reached the stock should see a reaction higher.
Now, let’s have a look at the chart from the previous blog.

Pivotal Software Daily Elliott Wave view 06.09.2019

Pivotal Software

In the chart above, you can see the daily chart of Pivotal Siftware Inc. The stock ended the cycle from its Zero line at 6/14/2018 peak ($31.36). Below from there, it has been correcting that cycle in the sequences of 3-7 or 11 swings. With the gap down it opened up an incomplete sequence to the downside from 6/14/2018 peak towards the equal legs of $7.97-3.99 areas (blue box).
From that blue box area, we should get a bigger reaction higher in 3 waves at least which should help the company again to rise in value.

Pivotal Software Daily Elliott Wave view 11.10.2019



In the latest chart above you can see how the market reached perfectly at the blue box. Long term traders could have used that area for buying. At this stage it ended the pullback from its all-time low and could be now in the progress of rising in value again. Anyway, any trades from that blue box should be risk-free by now and looking for more upside. As you can see the blue box is very powerful.

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

AMZN Buying The Elliott Wave Dips At Blue Box Area
November 7, 2019 By Hassan Sheikh (Edit)
In this technical blog, we are going to take a look at the past performance of 4 hour Elliott Wave charts of AMZN, which we presented to members. But, firstly we need to understand the market nature that it always fights between the two sides i.e Buying and Selling. We at elliottwave-forecast.com understand the Market Nature and always recommend trading the no-enemy areas. We called blue box areas on our Charts as the no-enemy areas, which gave us the reaction in favor of market direction in 3 swings at least. Now, let us take a quick look at the AMZN Charts and structure below:
AMZN 4 Hour Elliott Wave Chart

AMZN 4-hour Chart from 10/23/2019 update. In which, the rally from 12/24/2018 low ended 5 waves impulse rally at $2036.31 high seen at 7/11/2019 peak. Down from there, the stock corrected the cycle from 12/24/2018 low and made a pullback. The internals of that pullback unfolded as double three structure with the sub-division of 3-3-3 corrective structure in each leg lower. When initial decline to $1849.44 low ended wave (A), wave (B) bounce ended at $1897.92 high and wave (C) ended at $1718 low thus completed wave ((W)) as zigzag structure.
Up from there, wave ((X)) bounce also unfolded as a zigzag structure where wave (A) ended at $1834.26 high. Wave (B) ended at $1738.69 low and wave (C) ended at $1853.66 high. Down from there, wave ((Y)) lower was also expected to unfold as a zigzag structure. While the first leg lower ended in wave (A) at $1685.06 low. Wave (B) bounce ended at $1800.95 high and wave (C) was expected to reach $1631.22-$1535.94 blue box area for next buying opportunity looking for 3 wave reaction higher at least.
AMZN 4 Hour Elliott Wave Chart
https://elliottwave-forecast.com/wp-...g-1024x503.png
Here’s a 4-hour view from 11/06/2019 update. In which, the stock managed to reach the blue box area at $1631.22-$1535.94 as expected & bounced. Allowed members to create a risk-free position shortly after taking the long opportunity. Near-term, while dips remain above $1617.14 low the stock is expected to resume the upside. However, a break above $2036.31 high still needed to confirm the next extension higher & avoid further correction lower.
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 service by taking a Free Trial.

Gold Suffered Biggest Weekly Drop in 3 Years on Trade Prospect

Gold hit a three-month low last Friday as the metal loses its luster with increasing prospect of US-China phase 1 trade deal. Spot Gold was down 3.7% last week, its biggest weekly drop since November 2016. A risk on market caused dollar to surge and US equities to break to all-time high. Earlier last week, there was news that China and US have agreed to roll back existing tariffs as part of the phase 1 deal. It buoyed the stock market earlier last week. However, President Trump’s denial on Friday introduced further uncertainty in the fate of the trade deal. Reuters reported that the agreement to roll back existing tariffs face fierce internal opposition at the White House.
Gold this year has risen 14% and one of the reasons is because of the US-China trade war. Investors consider Gold as safe haven during economic and political uncertainties. Quantiative Easing and low (in some cases negative) interest rate also bolster the appeal for Gold. Market is currently pricing in the best outcome from the trade deal between U.S and China. However, is the Phase 1 deal really a big breakthrough to be optimistic about? Unfortunately, the core issues between the US and China still remain unsolved. China refused to discuss domestic subsidies and intellectual properties, a key concern of the U.S. On the other hand, U.S. refused to talk about Huawei and other Chinese firms on the entity list. This is the key issue for China. Phase 1 deal therefore accomplishes nothing of significance. A lot of uncertainties still exist and there are doubts whether both sides can achieve significant progress.
Phase 1 trade deal only stipulates China’s agreement to buy certain amount of U.S agricultural products. It also secures China’s commitment not to manipulate their currency. In return, the U.S agreed not to cancel further tariff to Chinese goods last month. Even in the current form, there’s still back-and-forth negotiation as the Chinese wants to have existing tariff’s rollback. Should there be a problem along the way, Gold may regain its appeal as safe haven asset.
Gold Elliott Wave Structure

Gold 4 hour chart above shows the decline from Sept 5 is unfolding as a double zigzag Elliott Wave structure. The first leg of the decline from September 5 high to October 1 low was in 3 waves, suggesting the decline is corrective. A 100% extension from September 5 high can see Gold reaching $1361 – $1422 where buyers should appear for more upside or 3 waves bounce at least.
Gold Daily Chart

Above is Gold’s chart and the red line is Exponential Moving Average (EMA) 150. We can see that during the bull phase from 2008 to 2011, although the rally is strong, it is not a 1 way street. The rally has pullback along the way and each pullback found support at EMA 150, as indicated with blue circle. We can at the current stage, Gold is retesting the EMA 150 again around 1435. The 100% extension area from September 5 comes at around $1420. Thus, it’s worth to watch the area around $1420 – $1430 for potential support.
To get further update on Gold or other commodities, forex pairs, or indices, please feel free to try our service –> 14 Days FREE Trial.

Russell Elliott Wave View: Impulse Rally Calling More Upside
Elliott Wave View on Russell index suggests that the rally from 10/03/2019 low is unfolding as a 5 waves impulse structure favoring more upside to take place. While above 10/03/2019 low, wave 1 ended at $1510.7 high and a pullback in wave 2 ended at $1463.8 low. Index has extended higher in wave 3 with the subdivision of another 5 waves in lesser degree cycles where wave ((i)) ended at $1530 high. Wave ((ii)) pullback ended at $1500.8 low, wave ((iii)) ended at $1582.9 high and wave ((iv)) ended at $1551 low. Up from there, a rally to $1613.6 high ended wave ((v)) and also completed wave 3 in red.
Down from there, the pullback in wave 4 is taking place to correct the rally from 10/09/2019 low ( $1463.8). The internals of that pullback are unfolding as double three structure where wave ((w)) ended at $1586.9 low. Wave ((x)) bounce ended at $1610.6 high and wave ((y)) has managed to reach the $1584-$1567.2 100%-161.8% Fibonacci extension area of ((w))-((x)). Thus suggesting that as far as a pivot from $1463.8 low stays intact, soon index is expected to find buyers looking for more upside or should do a 3 wave bounce at least. Alternatively, the pullback from the peak could become a Flat structure as well & may do 2 more lows within the blue box area before resuming higher. We don’t like selling the index in a proposed pullback.
Russell 1 Hour Elliott Wave Chart

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Elliott Wave View: USDJPY Remains Supported

Elliott Wave View on USDJPY suggests the rally from October 3 low is unfolding as a leading diagonal. A leading diagonal is one form of a 5 waves move with wave 1 and 4 overlapping and the structure looks like a wedge. Up from October 3 low, wave ((i)) ended at 108.93 (not shown on chart), and wave ((ii)) pullback ended at 107.87. Pair then resumed higher in wave ((iii)) and ended at 109.49. Wave ((iv)) pullback remains in progress and expected to end at 108.26 – 108.65 area.

Pair should then resume higher in wave ((v)) and it should also end wave 1 in higher degree. Afterwards, expect pair to pullback in wave 2 to correct cycle from October 3 low before the rally resumes. As far as pivot at 107.87 low stays intact in the first degree, expect pair to find support soon and resume higher. The alternative scenario suggest the rally from August 27 low ended at 109.49 as a 5 waves diagonal. In this scenario, pair should then pullback to correct the entire rally from August 27 low in larger 3 waves before the rally resumes.

USDJPY 1 Hour Elliott Wave Chart

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Elliott Wave View: Rally in Oil (CL_F) Remains Corrective

The rally in Oil (CL_F) from October 3 low ($50.99) looks overlapping and corrective. This suggests the current rally is likely not a new bullish cycle. The structure of the rally is unfolding as a double three Elliott Wave structure. Up from October 3 low, wave ((w)) as shown on the chart below ended at $56.92. The pullback in wave ((x)) ended at 53.71 with the internal of a double zigzag. Oil then resumes higher again within wave ((y)). Internal of wave ((y)) is unfolding as a zigzag where wave (a) ended at $57.85 as a 5 waves impulse.

Wave (b) of ((y)) is in progress as a symmetrical triangle where further sideways consolidation is expected. As far as Oil remains above 55.78, it has scope to extend higher again in wave (c) of ((y)). Possible target for wave (c) of ((y)) higher is $59.57 – $63.19, which is the 100% Fibonacci extension from October 3 low. Once Oil reaches this area, cycle from October 3 low should end. It should then see sellers for more downside or a larger 3 waves pullback to correct cycle from October 3.

CL_F 1 Hour Elliott Wave Chart

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The Coca-Cola Company (NYSE: KO) Looking to Remain Supported

The Coca-Cola Company (NYSE: KO) is an American multinational corporation and it’s the world’s leading soft-drink company.
Since February 2019, KO rallied higher within an impulsive 5 waves advance breaking to new all time highs and opening further extension. Down from $56 peak, the stock started a correction lower which is currently unfolding as Double Three Structure which reached the equal legs area $52 – $50 from where buyers are expected to show up to resume the rally within the main bullish trend or provide a 3 waves bounce at least.
KO Daily Chart 11.3.2019

The above blue box is a High-frequency area where the stock is likely to end the cycle because it’s a zone used as a hedging area where buyers and sellers agrees on a technical reaction to take place from there allowing the stock to turn . Therefore, as long as the trend remains intact and more importantly $44 low is holding then KO will find support and bounce to the upside.
If the expected bounce fail to break to new highs, the stock can still do a 7 swings correction from September peak and find another extreme area later on at lower level before buyers would step in again for another chance to buy it.
KO Daily Chart Double Correction

In Conclusion, KO bullish cycle should remain intact as long as February low is holding and buyers are looking to remain in control because the stock is doing a corrective decline which is expected to presenting buying opportunities before resuming the move to the upside.
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US Indices made New All Time Highs. Will Russell Follow?

In the recent months, we have seen US Indices like $SPX $NQ_F $YM_F and $ES_F making new all time highs but Russell is the one which has been lagging and has not yet made a new high. It is on par in terms of percentage gains with other US Indices but has not made a new all time high and has not even made a new high above May 2019 peak yet. In this blog, we would take a look at whether it would follow other US Indices in breaking to new all time high and also highlight the key level it needs to break in order to make a break to new all time high more likely.
Russell Cycle from 12.26.2018 low
Chart below shows Russell put in a strong rally from 12.26.2018 low to 5.6.2019 peak which was follow by a 3 waves pull back to 8.26.2019 low. Since then, we have so far seen a 3 waves rally which has held just below 5.6.2019 peak. 100% Fibonacci extension of the rally from 8.26.2019 low comes at 1617.01 which is still below 5.6.2019 peak. However, ES_F and NQ_F have already made new all time highs and in addition, we have DAX and Eurostoxx already showing incomplete bullish sequences from 12.26.2018 low with more upside to come before they reach the minimum targets for the cycles from 12.26.2018 low which supports the idea of Russell Futures also extending higher.
5.6.2019 is the key level that Russell Futures need to break to open a move towards new all time highs. Break above 5.6.2019 low would create a bullish sequence from 12.26.2018 low and 1810.66 – 1898.29 would the ideal target area for the cycle from 12.26.2018 low to end. This is above the current all time peak and hence a break above 5.6.2019 peak would trigger a move to a new all time high.

Russell Futures overlay with NQ_F and ES_F

Elliott Wave View: DAX Resumes Higher

DAX shows an incomplete Elliott Wave sequence from December 27, 2018 low favoring further upside. The rally from August 15, 2019 low (11266.48) is unfolding as an impulse Elliott Wave structure where wave 1 ended at 12814.49 and wave 2 pullback ended at 12607.06. Wave 3 remains in progress and the internal subdivides in 5 waves of lesser degree. Up from 12607.06, wave ((i)) ended at 12986.49 and wave ((ii)) pullback ended at 12795.09. The Index has resumed higher again in wave ((iii)) towards 13308.26 and wave ((iv)) pullback is proposed complete at 13137.88. Expect Index to extend higher 1 more time to end wave ((v)) of 3, then it should pullback in wave 4 to correct cycle from October 18 low before the rally resumes again in wave 5.

Near term, while dips stay above 12607.06, expect the Index to extend higher. We don’t like selling the Index and expect buyers to appear in any dip in the sequence of 3, 7, or 11 swing for more upside. Possible target higher is 100% Fibonacci extension from December 2018 low which comes at 13660 – 14221. The Index still needs to break above wave ((iii)) at 13308.26 to avoid a double correction. If the Index instead turns lower and breaks below 13137.88, then the Index is doing a double zigzag. In this case, it will still find support after it ends a 7 swing pullback.

DAX 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)