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Elliott Wave View: Further Downside in Exxon Mobil


Exxon Mobil (ticker symbol: $XOM) shows an incomplete 5 swing Elliott Wave sequence from April 23, 2019 high favoring further downside. In the short term chart below, we can see the rally to $73.12 on November 6, 2019 ended wave (X). The stock then resumes lower. The structure of the decline from November 6 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from Nov 6 high, wave ((i)) ended at 71.2 and wave ((ii)) rally ended at 73.09. The stock then continues lower in wave ((iii)) towards 68.6 with internal subdivided as an impulse in lesser degree. The bounce in wave ((iv)) ended at 69.50

Exxon Mobil is finishing wave ((v)) of A lower. The stock still can see 1 more marginal low to end the 5 waves down from November 6, 2019 high. Afterwards, the stock should bounce in wave B to correct cycle from November 6 high before the decline resumes. Potential target to the downside is 100% Fibonacci extension from September 16, 2019 high which comes at 62.27 – 64.35. As far as pivot at 73.12 high stays intact, expect rally in the stock to find sellers in the sequence of 3, 7, or 11 swing for further downside.

Exxon Mobil 1 Hour Elliott Wave Chart

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Elliott Wave View: Impulsive Rally in 10 Year Notes (ZN_F)

Short Term Elliott Wave view on Ten Year Notes (ZN_F) suggests that the decline to 128 ended wave w. Wave x bounce is unfolding as a zigzag Elliott Wave structure. Wave ((A)) of x remains in progress with internal subdivision of a 5 waves impulse. Up from 128, wave (1) ended at 128.18 and pullback in wave (2) ended at 128.04. The Notes then resumed higher in wave (3) which ended at 129.15. Internal subdivision of wave (3) is also in 5 waves of lesser degree. Wave (4) pullback then completed at 128.31.

Up from 128.31, we can see a clear 5 waves as internal within wave (5). Near term, the Notes has enough number of swing to end wave (5) of ((A)) and it is expected to complete wave ((A)) soon. Afterwards, expect the Notes to pullback in wave ((B)) to correct cycle from 11/8/2019 low in 3, 7, or 11 swing before the rally resumes. We don’t like selling the Notes. As far as pivot at 128 low remains intact, expect buyers to appear during the dip in 10 year Notes in 3, 7, or 11 swing for another extension higher.

ZN_F 1 Hour Elliott Wave Chart

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The Nasdaq Tracker QQQ Long Term Cycles & Elliott Wave

The Nasdaq Tracker QQQ Long Term Cycles & Elliott Wave
Firstly the QQQ instrument inception date was in March 1999. That was before it ended a larger cycle up from the all time lows in March 2000. The ETF instrument mirrors the price movement of the Nasdaq which did that. As shown below from the March 2000 highs the instrument experienced a steep correction lower in three swings to the October 2002 lows. From there to the October 2007 highs it ended the first of the current series of impulses in the blue color. This makes up the subdivisions of the wave ((III)) that is in progress.
As can be seen, the pullback from the October 2007 highs was in 3 swings that ended in November 2008. This corrected the cycle up from the October 2002 lows. From there it appears the wave I was the extended oddity of the impulse subdivision of wave (III). Considering the wave three’s are the usual extended Elliott wave this is a bit odd although not unheard of. The wave II low created in August 2015 was strong enough to suggest it was correcting the cycle the November 2008 lows. Equally the same thought applies to the move up from there into the August 2018 wave (III) high.
It appeared the wave IV was only deep enough to be correcting the cycle from the August 2015 low. From there it saw another high in August 2018. The wave (IV) into the December 2018 lows was strong. It suggested it had corrected the cycle from the November 2008 low. The analysis and commentary continues below the QQQ Monthly chart.

Secondly as previously suggested the QQQ instrument mirrors the Nasdaq highs & lows. In addition the cycle up from the October 2002 lows remains in progress. Assuming the before hand data, the instrument has an all time high in March 2000. From there it has an Elliott wave incomplete sequence higher. The analysis and conclusion continues below the QQQ Weekly chart.

In conclusion the move up from the December 2018 wave (IV) lows appears to be incomplete. The target area figures on the weekly chart blue box represents the equal legs of the wave I & II of the cycle up from the December 2018 lows which is 228.17 As shown the 247.14 number represents the Fibonacci extension 61.8% of the cycle up from the October 2002 lows. Afterward the instrument can see a pullback lower of the same magnitude as like in the March 2000 to October 2002 lows in wave ((IV)) before turning higher again.
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

NIKKEI ( $NKD_F ) Made Bounce From The Blue Box

In this technical blog we’re going to take a quick look at the Elliott Wave charts of NIKKEI published in the membership area of the elliottwave-forecast.com . As our members know, NIKKEI ended cycle from the 22427 low as 5 waves structure. We got 3 waves pull back , when the price reached Equal Legs – Blue Box. NIKKEI found buyers at that area as we expected. In further text we’re going to explain Elliott Wave Forecast.
NIKKEI 1 Hour Elliott Wave Analysis 11.14.2019
NIKKEI is correcting the cycle from the 22427 low, when Pull back is unfolding as Elliott Wave Double Three Pattern. We can count clear 7 swings down from the peak when the price has already reached the equal legs- Blue Box area. We don’t have any clear sign yet that pull back is done, but we are aware that turn can happen any moment . As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a reaction from there. We expected buyers to appear at the blue box for a proposed rally or 3 waves bounce alternatively and extend lower to continue correcting cycle from 10/3 low. We advise members to avoid selling against the main bullish trend and expect rally to happen from the blue box in 3 waves bounce at least.

NIKKEI 1 Hour Elliott Wave Analysis 11.18.2019
NIKKEI found buyers right at the blue box area. We are getting nice reaction from there so far. At this stage we are calling wave (4) blue pull back completed as Flat Pattern. We would like to see further extension higher and break above 11/07 high to confirm next leg up is in progress. Otherwise break below 23013 low would open possibility for a deeper correction.
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.

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Elliott Wave View: Correction in Russell Should Find Buyers

Short Term Elliott Wave view on Russell (RTY_F) suggests that the Index ended wave 2 at 1463.14. The Index then resumes higher and ended wave 3 at 1613.60. The internal subdivision of wave 3 is unfolding as a 5 waves impulse Elliott Wave structure. Up from 1463.14, wave ((i)) ended at 1530 and pullback to 1500.80 ended wave ((ii)). From there, Index rallied higher to 1582.90 to end wave ((iii)) and wave ((iv)) pullback ended at 1551. The last push higher wave ((v)) of 3 ended at 1613.60.

Wave 4 pullback is currently in progress. Structure of the pullback is overlapping and corrective suggesting the trend remains higher. The internal of wave 4 is subdividing as a double three Elliott Wave structure. Down from 1613.60, wave ((w)) ended at 1579.70 and wave ((x)) bounce ended at 1605. Wave ((y)) of 4 is expected to complete at 1549.94 – 1571.05 blue box area. From there, the Index should extend higher or bounce in 3 waves at least. We don’t like selling the Index. As far as pivot at 1463.14 low stays intact, expect dips to find support in 3, 7, or 11 swing and Index to extend higher.

Russell (RTY_F) 1 Hour Elliott Wave Chart

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Elliott Wave View: Bullish Sequence Suggests Supported SPX
Elliott Wave View in SPX suggests that the sequence in the index from December 26.2018 low remains incomplete to the upside suggests any dips should remain supported in 3, 7 or 11 swings looking for more upside. Therefore, we don’t prefer selling the index. On the short term chart below, the index is rallying higher in a wave 3 as 5 waves impulsive Elliott Wave structure within the cycle from 10/03/2019 low. Up from there, a rally to $3008.29 high ended wave ((i)) as a lesser degree 5 wave structure. Down from there, a decline to $2976.31 low ended wave ((ii)) pullback in lesser degree 3 swings.
Above from there, wave ((iii)) also unfolded as 5 waves impulse structure where lesser degree wave (i) ended at $3014.57 high. Wave (ii) ended at $2991.21 low, wave (iii) ended at $3097.70 high, wave (iv) ended at $3083.26 low and wave (v) ended at $3127.64 high. While wave ((iv)) pullback unfolded as a lesser degree flat structure where wave (a) ended at $3113.47 low. Wave (b) ended at $3125.16 high and wave (c) ended at $3091.72 low. Up from there, wave ((v)) remains in progress looking to extend higher towards minimum extension target i.e inverse 1.236%-161.8% Fibonacci extension area of wave ((iv)) which comes at $3138.92-$3153.86 area to the upside before a pullback in wave 4 could take place. Near-term, while dips remain above $3091.72 low expect index to extend higher.
SPX 1 Hour Elliott Wave Chart

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$EWC iShares MSCI Canada ETF Long Term Cycles & Elliott Wave

$EWC iShares MSCI Canada ETF Long Term Cycles & Elliott Wave
Firstly the EWC instrument inception date was 3/12/1996. The iShares MSCI Canada ETF seeks to track the investment results of an index composed of large and mid-sized companies in Canada. This is of course reflected in the price. The best Elliott Wave reading of the long term cycles in $EWC iShares MSCI Canada ETF must presume some lower prices that did not exist prior to the ETF fund inception date.
Shown on the monthly chart, the bullish cycle from all time lows is believed to have ended in November 2007. This is mostly in line with many other broad based ETF’s and indices that ended larger cycles near that time. Likewise the steep pullback lower into the March 2009 lows replicated the pullbacks in other ETF & indices instruments. This pullback was strong enough to suggest it had corrected the cycle up from the all time lows. The analysis and commentary continues below the EWC Monthly chart.

Secondly the bounce from the March 2009 lows has not got back above the November 2007 highs as of yet. Compared to other instruments it is lagging. That not to say it will not catch up it is just the way it works out. EWC bounces higher as related instruments are going higher however at a slower pace. Similarly, the instrument corrects cycles in pullbacks lower when the related instruments are doing the same.
The analysis and conclusion as mentioned earlier; Price has not got above the November 2007 highs yet. As the above chart shows it will eventually however will take some time. The cycles remain bullish and the instrument should proceed higher with the related other countries ETF’s and indices reflecting the improvements in the progression of mankind.
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

Kirkland Lake Gold Ltd. (NYSE: KL) New All-Time-High in Sight
November 25, 2019 By Ayoub Ben Rejeb (Edit)
Kirkland Lake Gold Ltd. (NYSE: KL) is gold mining growing company with highly productive yet low-cost mining operations in Canada and Australia.
On October 9, Kirkland Lake announced record production for its third quarter of 2019. President and CEO Tony Makuch said, “Q3 2019 was our best quarter to date driven by exceptional results at Fosterville and a solid quarter of performance at Macassa.” It posted record cash flows and net earnings per share for Q3 2019. The company credits strong production growth and better unit costs.
Since IPO, KL traded higher within an impulsive Elliott Wave structure which is still in progress within the 3rd wave as cycle from 2016 low has an incomplete number of swings. Currently, the stock reached equal legs area $48.78 – $60.90 from September 2018 low and it’s expected to end wave (3) of III around that area followed by a 3 waves pullback before resuming the upside.
KL has been trading within a sideways range in the recent 2 month and after the good Earnings report it has the potential of breaking higher toward target area $53 – $56 as long as $43 low is holding. If it fails to break higher, then wave (3) could be already in place and Kl can do a double three correction lower toward equal legs area $40.8 – $38.6 before buyers show up again for 3 waves bounce at least. Consequently, traders can look for buying opportunities during pullbacks in 3 or 7 swings as the overall picture for the stock remain supported within a bullish trend.
KL Weekly Chart 11.07.2019

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Will the Passing of Hong Kong Human Rights and Democracy Act Threaten Stock Market Rally?

Some market participants worry that the passing of Hong Kong Human Rights and Democracy Act can reverse the gain in stock market. Both the US Senate and House of Representative overwhelmingly voted 417 to 1 in favor of passing the bill. It is now waiting for President Donald Trump to sign. According to Bloomberg, Trump is expected to sign the legislation rather than veto it. This bill will sanction China’s officials who are deemed to harm human rights and freedom in Hong Kong. It will also require US to assess annually whether Hong Kong is sufficiently autonomous to warrant favorable trading status.
Separately, the House also passed another bill called the Protect Hong Kong Act. This bill will ban the export of weapons such as tear gas and rubber bullets to Hong Kong. These measures are mostly symbolic but may alter Washington’s relationship with China. Even before this bill, China has accused the U.S as meddling with China’s internal affair. Joshua Wong, the poster child of the protest movement, was spotted meeting one of the US consulate employees in Hong Kong. What started initially as a peaceful protest against extradition bill has morphed into violent acts and vandalism.
With the U.S and China currently still negotiating a “Phase 1” Deal, this bill led some market participants to believe that a deal will never happen. They argue that the U.S has insulted China’s national honor and thus there won’t be any comprehensive trade deal. Consequently, the global economy will suffer greatly as the relationship between two biggest economies in the world worsen. Indeed, there are currently obstacles to reach the agreement as China wants the US to roll back some of the existing tariffs. Trump recently was visibly frustrated and he publicly warned that he can raise the tariffs higher if there is no agreement.
For their part, China has responded to the passing of the bill with strong condemnation and opposition. The following is part of the official response by the Chinese government:
“On November 19th, the US Senate passed the “Hong Kong Bill of Rights on Human Rights and Democracy.” The bill disregards the facts, confuses right and wrong, violates the axioms, plays with double standards, openly intervenes in Hong Kong affairs, interferes in China’s internal affairs, and seriously violates the basic norms of international law and international relations. The Chinese side strongly condemns and resolutely opposes this.”
Despite the complexity of the situation, we don’t think the passing of the bill will derail the gain in stock market. Based on our technical analysis, pullback in major stock markets exhibit corrective characteristics. Thus, we still conclude the bullish bias remains intact for now. Dips should continue to provide opportunity to buy in the sequence in 3, 7, 11 swing. Below we will take a look at a couple of charts to determine the structure of the latest decline.
Russell 1 Hour Elliott Wave chart

We can see from above chart that the decline in Russell from wave 3 high still shows a clear overlapping corrective characteristic. We believe the Indices remain firmly bullish. Pullback should find buyers in the sequence of 3, 7, 11 swing.
XLF 1 Hour Elliott Wave Chart

Above is the 1 hour chart of XLF, which is the Financial Sector ETF. The decline from November 8, 2019 high is also overlapping and 3 waves. This suggests that the trend remains bullish. The ETF should see buyers at the blue box above. From there, it should extend higher or bounce in 3 waves at least.
ES_F 1 Hour Elliott Wave Chart

Latest decline in S&P 500 Future (ES_F) from November 19, 2019 high is in 3 waves. Therefore, the trend and bias remain higher. If the Index can see another leg lower to do 7 swing, then the next area of support is 3047 – 3072 area. From here, the Index can extend higher or bounce in 3 waves .
Conclusion
By looking at the technical pictures of some instrument above, we can conclude that the current risk-on rally is likely not over yet. We therefore conclude the passing of the Hong Kong Human Rights bill is not enough to derail the current rally in the market. Indeed, China and Hong Kong market actually reacted higher one day after the news about the bill as China’s Central Bank injects money into the market. To get regular technical update on Indices, Forex, or commodities, please feel free to try our service –> 14 Days FREE Trial.

USDCAD Forecasting The Rally From The Blue Box

In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDCAD published in members area of the elliottwave-forecast . As our members know, USDCAD ended cycle from the 1.30122 low as 5 waves structure. We got 3 waves pull back , when the price reached Equal Legs – Blue Box. Commodity pair found buyers there as we expected. In further text we’re going to explain Elliott Wave Forecast.
USDCAD 4 Hour Elliott Wave Analysis 10.26.2019
USDCAD is correcting the cycle from the 1.30122 low. Pull back has reached important technical zone – equal legs area A-B red at 1.30927-1.3032 ( marked blue box). The price structure of the pull back already showing enough number of swings, and turn can happen any moment. As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a reaction from there. We expected buyers to appear at the blue box for a proposed rally or 3 waves bounce alternatively. As far as the price stays above 1.30122 we expect pair to trade higher

USDCAD 4 Hour Elliott Wave Analysis 11.11.2019
Eventually USDCAD found buyers at 1.30927-1.3032 , the Blue Box area. 1.30122 low held nicely during proposed pull back. We count pull back completed and believe next leg up is in progress. Currently we believe the price is doing wave 3 red of the next leg higher as labeled on the chart.

USDCAD 1 Hour Elliott Wave Analysis 11.20.2019
On the chart below we can see what short term structure looked like on November 20th. The pair is showing higher high sequences in the short term cycles from the 11/05 low. Break of 11/13 peak – wave ((i)) black, made the pair bullish against the 1.3176 low . We expect pair to find intraday buyers in 3,7,11 swings as far as the short term pivot at 1.3176 low stays intact.
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. Not every chart is Trading Signal. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.

Elliott Wave Forecast
We cover 78 instruments in total, but not every chart is trading recommendation. We present Official Trading Recommendations in Live Trading Room. If not a member yet, Sign Up for Free 14 days Trial now and get access to new trading opportunities. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy.
Welcome to Elliott Wave Forecast !

Elliott Wave View: Nasdaq (NQ_F) Extending Higher as Impulse

Elliott Wave View in Nasdaq (NQ_F) suggests that the rally from October 3, 2019 low is unfolding as 5 waves impulsive Elliott Wave structure. On the chart below, we can see wave 3 of the impulse from October 3 low ended at 8379. The pullback in wave 4 ended at 8231 as a zigzag Elliott Wave structure. Wave ((a)) of 4 ended at 8291.50, wave ((b)) of 4 ended at 8348 and wave ((c)) of 4 ended at 8231. Wave 5 is currently in progress as an impulse.

Up from 8231 low, wave ((i)) of 5 ended at 8313.50 and wave ((ii)) of 5 pullback ended at 8233.25. The Index then resumes higher again in wave ((iii)) of 5 towards 8422. Pullback in wave ((iv)) of 5 is proposed complete at 8366.25. Index still needs to break above wave ((iii)) at 8422 to avoid a double correction in wave ((iv)). Near term, while pullback stays above 8231.4, expect Index to extend higher. We don’t like selling the Index. Potential target higher is wave ((i)) = ((v)) towards 8447 – 8497. As far as pivot at 8231.4 low stays intact, dips should find buyers in 3, 7, or 11 swing.

NQ_F 1 Hour Elliott Wave Chart

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Elliott Wave View: Russell (RTY_F) Ending Wave 5

Rally in in Russell 2000 (RTY_F) from October 3, 2019 low is unfolding as 5 waves impulsive Elliott Wave structure. The chart below shows wave ((iv)) of the impulse ended at 1579.28. Index is currently within wave ((v)) before ending the cycle from October 3 low. Up from wave ((iv)), wave i ended at 1592.8 and wave ii pullback ended at 1580.60. Index then resumes higher in wave iii towards 1631.3 and wave iv pullback ended at 1619.80. Wave v of (i) is proposed complete at 1636.40.

Index should now pullback in wave (ii) to correct cycle from November 21 low (1579.28) before the rally resumes. We don’t like selling the proposed pullback. As far as pivot at 1579.28 stays intact, expect dips to find buyers in 3, 7, or 11 swing for more upside. Alternatively, instead of ending wave (i) of ((v)), the 5 waves move higher from 1579.28 can also complete the entire wave ((v)) already. In this case, Index should then end a larger 5 waves cycle from October 3 low. The pullback will be a larger degree correction to correct the entire 5 waves up from October 3 low before the rally resumes again.

RTY_F 1 Hour Elliott Wave Chart

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Elliott Wave View: FTSE Bullish Sequence Favors Higher

FTSE shows a bullish Elliott Wave sequence from October 3, 2019 low favoring further upside. The rally from October 3 low is unfolding as a double three Elliott Wave structure. On the chart below, we can see wave ((w)) ended at 7431.94 and pullback in wave ((x)) ended at 7199.40. Internal structure of wave ((x)) unfolded as a zigzag where wave (a) ended at 7258.46, wave (b) ended at 7404.47, and wave (c) of ((x)) ended at 7197.33. The Index has resumed higher and broken above wave ((w)), suggesting then ext leg higher in wave ((y)) has started.

Weave ((y)) is in progress as a zigzag Elliott Wave structure. Up from 7199.40, wave i ended at 7242.16 and wave ii ended at 7203.23. Index resumes higher in wave iii towards 7421.3, wave iv ended at 7384.96, and wave v of (a) ended at 7446. Index is now in wave (b) pullback to correct the cycle from November 21 low before the rally resumes. We don’t like selling the proposed pullback. As far as pivot at 7199.4 remains intact, expect dips to find support in 3, 7, or 11 swing for further upside. Potential target higher is 100% Fibonacci extension from October 3 low towards 7609 – 7707 area.

FTSE 1 Hour Elliott Wave Chart

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Global Indices Should Remain Resilient Despite Geopolitical Threat
November 29, 2019 By EWFHendra (Edit)
Despite Beijing’s objection, President Trump has gone ahead and signed two bills backing Hong Kong’s protesters into law. Beijing has continuously voiced strong objection against the legislation as China sees it as meddling in its domestic affairs. Trump signed these bills as US and China still try to reach a phase one trade deal. China immediately responded by saying the bills reflect sinister intentions and hegemonic nature of the United States. The Hong Kong government also expressed strong opposition to the bills. It said it extremely regrets the U.S. repeatedly ignoring Hong Kong’s concern regarding the two bills.
The first bill will require the State Department to assess annually whether Hong Kong is sufficiently autonomous to retain its special U.S trading status. Under the special status, the city is not subject to the tariffs that have been levied on China. The bills also allow the U.S. to sanction government officials the U.S. deems responsible for human rights violation in Hong Kong. The second bill will prevent the sale of tear gas and rubber bullets to Hong Kong police.
China has said it’s considering a strong countermeasure. However, it’s still not known what they would be doing. Hu Xijin, the editor in chief of the Chinese state-run Global Times, suggested on Twitter that China was considering barring people responsible for drafting the legislation from entering mainland China, Hong Kong, and Macau.
Several economists believe that the bills might encourage further protests and riots in Hong Kong. If the situation escalates badly, and China has to do military intervention, it will be impossible to reach trade deal. However, so far China seems to still leave the door open for a trade deal with the U.S. despite the strong complain. Both US and China have enough incentives to keep trade, Hong Kong, and political issues on separate tracks.
Now that the bills are officially signed, will it derail the risk-on rally? What does the Elliott Wave tell us about the recent development? Below we will take a look at a few major Indices:
Russell 2000 (RTY_F) Elliott Wave Chart

Russell 2000 (RTY_F) has recently broken above May 7, 2019 high (1621.9) opening up a bullish sequence from December 26, 2018 low. The Index now has scope to extend higher to 100% extension towards 1810.3 – 1897.1 area. Short term dips should continue to find support in 3, 7, or 11 swing as far as pivot at 1448.06 remains intact.
Nifty Elliott Wave Chart

Nifty from India recently broke above June 3, 2019 high (12103.05). The break opens up a bullish sequence from October 26, 2018 low. The Index should continue to see more upside and dips likely find buyers in 3, 7, 11 swing as far as pivot at 10643.92 stays intact. The Index has a 100% minimum target towards 12726.9 – 13220.5
Based on the technical outlook, we can conclude that global Indices should remain resilient despite the geopolitical issue on Hong Kong. Indeed, despite all the harsh criticism, China still seems eager to finalize phase 1 trade deal with the U.S.
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Elliott Wave View: SPX Correction in Progress

Short term Elliott Wave view on S&P 500 (SPX) suggests the rally from August 6, 2019 low is unfolding as a 5 waves impulsive Elliott Wave structure. On the chart below, we can see wave 3 of the impulsive move ended at 3155.32. Wave 4 pullback is currently in progress as a double zigzag before the rally resumes. Down from 3155.32, wave (a) ended at 3110.78 and wave (b) rally ended at 3124.53. Index then resumes lower in wave (c) and ended the zigzag move at 3070.33. This zigzag move also completes wave ((w)) in higher degree.

Index should now bounce in wave ((x)) to correct the decline from November 28 high before turning lower again. As far as pivot at 3155.32 stays intact, Index has scope to extend lower to continue correcting in wave 4 as a double zigzag. Wave 4 typically ends around 23.6 – 38.2 Fibonacci retracement of wave 3. This area comes at 3040 – 3084. The Index has already reached 23.6 Fibonacci retracement at 3084, so technically it has met the minimum requirement to end wave 4. However, we are still calling a double zigzag in wave 4 as far as rally fails below 3155.32. If pivot at 3155.32 gives up, it suggests the Index has ended wave 4 as a zigzag, and Index then would be already in wave 5 higher.

SPX 1 Hour Elliott Wave Chart

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AUDJPY : Possible Move Lower Then A Bounce Higher?
AUDJPY Technical Analysis December 1/2019

AUDJPY : A possible bullish pattern is visible on the Daily time frame. The blue bullish pattern still needs to make a push lower to complete point D at the BC 0.50% Fib. retracement level where AUDJPY can possibly bounce higher from. If price extends higher above the AB 2.24% Fib. level before reaching the BC 0.50% Fib. level then the bullish pattern is invalid and BUY setup is cancelled. If looking to trade AUDJPY traders should be patient and wait for price to make a move lower 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. Blue bullish pattern is invalidated if price moves below point B of the pattern. The pink 4 hour bearish pattern can trigger SELLS first where its possible the bears will push price lower towards the blue BC 0.50% level where it will be met by bulls and possible buying opportunities will be clearer to see. Click for 4 hour pink bearish pattern setup.
AUDJPY Daily Chart December 12.1.2019

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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Fortinet Inc (NASDAQ: FTNT) Making Record Highs
December 3, 2019 By Ayoub Ben Rejeb (Edit)
Fortinet Inc (NASDAQ: FTNT) is an American multinational corporation providing network security solutions such as firewalls, anti-virus, intrusion prevention and endpoint security.
Since IPO, the stock started a bullish cycle within an impulsive Elliott Wave structure which is currently still in progress. It’s expected to continue making new all time highs as the more aggressive view is suggestion further extension higher within wave (3) of ((5)) while October 2019 low is holding which can reach target area $113 – $122 from where a 3 waves pullback takes place before it resume the rally again.
FTNT Weekly Chart

The lesser aggressive view for FTNT would suggest the recent price action since 2018 peak was a triangle consolidation in wave ((4)) followed by a thrust in wave ((5)) with another extension higher toward equal legs area $109 – $117. Down from there a larger 3 waves pullback can take place in wave IV before buyers again will show up looking to resume the main bullish trend.
FTNT Weekly Chart Alternative View


Conclusion
FTNT is Showing an impulsive structure from all time lows and looking to remain supported in 3 or 7 swing pullbacks as long as 2018 and 2019 lows remains in place.

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LP Elliott Wave View: Buying The Dips At Blue Box Areas
December 3, 2019 By Hassan Sheikh (Edit)
In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLP, which we presented to members at elliottwave-forecast.com. In which, the rally from December 2018 lows & August 2019 lows, showing the higher high sequence favored more strength to take place. Also, the right side tag pointed higher against $60.29 low seen on 11/05/2019 low with a bullish sequence stamp called for more upside. We will explain the structure & forecast below:
XLP 1 Hour Elliott Wave Chart

XLP 1 hour Elliott Wave Chart from 11/21/2019 Post-Market update, in which the ETF ended the 5 waves rally within wave (i) at $61.91 high. Down from there, the pullback in wave (ii) took place in 3 swings as a Flat structure, which managed to reach $61.31-$60.96 100%-161.8% Fibonacci extension area of lesser degree a-b. Thus provided buying opportunity to our members at the blue box area looking for the next extension higher or for 3 wave reaction higher at least.
XLP Latest 1 Hour Elliott Wave Chart

Here’s 1 Hour Elliott Wave Chart from 12/02/2019 Post-Market update, in which the ETF is showing reaction higher taking place from the blue box area. And shortly after taking the trade the ETF bounced strongly & managed to make a new high above the previous peak ($61.91) confirming the next extension higher. Also, with this rally higher the ETF allowed our members to create a risk-free position in the trade. Now, as far as dips remain above $61.06 low the ETF should extend higher. It’s important to note that as the structure further develops & due to our distribution system we upgraded the degree of labeling into a corrective sequence.
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GBPAUD Calling The Rally From The Blue Box

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPAUD published in members area of the Elliottwave-Forecast.com . As our members know, GBPAUD is showing incomplete sequences in the cycle from the December 2018 low. We’ve been calling for further extension higher toward 1.923 + area. Recently we got 3 waves pull back , when the price reached Blue Box- Buyers zone. The pair found buyers there as we expected. In further text we’re going to explain Elliott Wave Forecast.
GBPAUD 1 Hour Elliott Wave Analysis 11.22.2019
GBPAUD is correcting the cycle from the 1.85443 low. We are assuming that pull back is unfolding as Elliott Wave Zig Zag Pattern. Decline from the peak was only the first leg (a) blue of wave ((ii)) black pull back. As far as the price stays below (b) blue short term high, we can get another leg down toward Blue Box area: 1.88805-1.87693. At mentioned area we expect buyers to appear 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.

GBPAUD 1 Hour Elliott Wave Analysis 11.25.2019
GBPAUD found buyers at 1.88805-1.87693 , the Blue Box area. We are getting nice reaction from there so far. At this stage we are calling wave ((ii)) pull back completed as Elliott Wave Zig Zag Pattern. We would like to see further extension higher and break above 11/19 high to confirm next leg up is in progress. Otherwise break below current short term low would open possibility for a deeper correction.

GBPAUD 1 Hour Elliott Wave Analysis 11.30.2019
Eventually we got further separation higher and the pair broke 11/19 high as we expected. Current view suggests we can be ending soon short term cycle from the 1.88709 low as 5 waves structure. We expect to see 3 waves pull back against the 1.88709 soon.

GBPAUD 1 Hour Elliott Wave Analysis 12.2.2019
Short term cycle from the 1.887 low ended as 5 waves structure. The pair is correcting the cycle from the mentioned low. As of right now short term pull back (ii) blue looks incomplete, and we can still get more short term weakness against the 1.8870 low. Anyway, as far as the price stays above 1.88709 low, the pair can remain trading higher within wave ((iii)) as shown on the chart.
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.

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Elliott Wave View: GBPUSD Should Remain Supported

Short term Elliott Wave view on GBPUSD suggests the rally from November 9, 2019 low is unfolding as a 5 waves impulsive Elliott Wave structure. On the chart below, wave 2 of the impulsive structure ended at 1.282. Wave 3 higher remains in progress and subdivides as an impulse in lesser degree. Up from 1.282, wave ((i)) ended at 1.2951 as 5 waves impulse. Pullback in wave ((ii)) ended at 1.2878 as a zigzag.

Pair then resumed higher in wave ((iii)) towards 1.3121 as a 5 waves. There is a separation within wave ((iii)) confirming it is the strongest wave. Pullback in wave ((iv)) is proposed complete at 1.3085. Expect pair to extend higher 1 more leg in wave ((v)) and this should also end wave 3 in larger degree. Afterwards, pair should pullback in wave 4 to correct cycle from November 23 low before the rally resumes. As the right side stamp is green and higher, our bias is to the upside and we don’t like selling the pair. As far as pivot at 1.282 low stays intact, we expect pullback to find support in 3, 7, or 11 swing for further upside.

GBPUSD 1 Hour Elliott Wave Chart

Attached Image (click to enlarge)