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

Short Term Any Breakout Of The Rupees (USDINR) Should Be False
July 24, 2023 By EWFLuis
The Indian rupee (USDINR) is the official currency of India. The rupee is subdivided into 100 paise (singular: paisa), though as of 2022, coins of denomination of 1 rupee are the lowest value in use whereas 2000 rupees is the highest.
Quarterly USDINR Log Chart December 2022


In the quarterly log chart, we could see USDINR is building an impulse since 1970. Wave I ended at 9.35 and pullback as wave II finished at 7.66. Then the pair had a big rally reached 49.16 as wave III. We could see wave III in the Stoch how in long term kept above 80 until wave IV appeared. Wave IV started in 2002 after Tech’s recession and continued until when Housing’s recession began. Since 2008, pair extended the rally from 39.01. It is developing a wave V of (I) that it looks like is not going to end soon. However, we could see an interesting pullback around 88.26 where it is the equal legs taken from wave III and IV. (If you want to learn more about double correction or Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).
Monthly USDINR Chart December 2022


In the monthly chart, we saw that wave ((1)) of V ended at 52.51. Retracement as wave ((2)) of V at 43.88. Since then, the pair has held up in groups of waves 1 and 2 nesting in the market. This should continue with the uptrend in groups of waves 3 and 4.
Monthly USDINR Chart July 2023


After 7 months ago, the rupees has been consolidating. This means the currency is building some wave 4, in this case wave (iv). Therefore, any breakout above 83.28 should be false because that break should be a wave (v) of ((iii)) and we should wait for a pullback in wave ((iv)) immediately. Thus, the market would continue with the bullish movement in groups of 3 and 4 waves. Besides, we are making some adjustments to the count. The principal changing is the leading diagonal as wave 1. This only affects the strength of the wave V and we are calling that wave 3 should hit 88.26 before entering in wave 4.
Source: https://elliottwave-forecast.com/for...-usdinr-false/
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Source:https://elliottwave-forecast.com/for...-usdinr-false/

Dow Futures (YM) Ending Short Term Impulse Soon


Short Term Elliott Wave view in Dow Futures (YM) suggests cycle from 7.10.2023 low is about to end as 5 waves impulse. From 7.10.2023 low, wave i ended at 34211 and dips in wave ii ended at 34060. The Index rallies again in wave iii towards 34493 and pullback in wave iv ended at 34410. Final leg wave v ended at 34792 which completed wave (i). Index then pullback in wave (ii) which ended at 34493. Index then resumes higher again in wave (iii).

Up from wave (ii), wave i ended at 34788 and pullback in wave ii ended at 34581. Index then resumes higher in wave iii to 35417 and pullback in wave iv ended at 35192. Final leg wave v ended at 35549 which completed wave (iii). Pullback in wave (iv) ended at 35348 with internal subdivision as a double three. Down from wave (iii), wave w ended at 35364, wave x ended at 35514, and wave y ended at 35348 which completed wave (iv). The Index resumes higher in wave (v) with internal subdivision as a 5 waves. Near term, as far as pivot at 34493 low stays intact, the Index can extend higher a few more highs before ending wave (v) of ((iii)). This should complete cycle from 7.10.2023 low and Index should then see larger degree pullback to correct that cycle.

Dow Futures (YM) 60 Minutes Elliott Wave Chart
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YM_F Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...-impulse-soon/
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Travelers (TRV) Is Correcting The Cycle From March 2020 Low.
July 25, 2023 By EWFLuis
The Travelers Companies, Inc., TRV, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents.
Weekly TRV Chart July 2023
TRV ended a great super cycle in the year of 2019 reaching a peak at $154.86 which we call the wave ((I)). Then the market made a quick and strong correction driven by the COVID19 pandemic in 2020. The company lost 50% of its value reaching $76.99 per share in March. This culminated wave ((II)) and we are currently building wave ((III)). Wave (I) of ((III)) ended at $194.51 in January 2023 building an impulse and it has been correcting in wave (II) of ((III)) ever since.
Wave “a” of (II) fell to the price of $161.33 in March and the rebound as wave “b” ended at $185.77. As long as the price action is below this level, we expect to continue to the downside building an impulse as wave “c” of (II). The blue box is in the 152.52 – 131.87 area, from where we should finish the wave ((II)) and continue the rally or see 3 swings up at least.
Weekly TRV Alternative Chart July 2023


As an alternative to the previous chart, we see the possibility that wave “b” has not ended yet. This means that it should break above $185.77, reach around $189.22 and turn lower as wave “c”. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).
Source: Travelers (TRV) Is Correcting The Cycle From March 2020 Low. (elliottwave-forecast.com)
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Source:https://elliottwave-forecast.com/sto...ng-march-2020/

SPDR S&P Bank ETF (KBE) Bouncing from Daily Blue Box Area
July 25, 2023 By EWFAyoub
SPDR S&P Bank ETF (KBE) is a widely-tracked exchange-traded fund that provides exposure to the banking sector within the S&P 500 index. As an essential component of the financial markets, KBE offers investors an opportunity to participate in the performance of leading banks and financial institutions. This article will explore the current outlook for KBE, based on the current Elliott Wave structure and potential price action for future growth.
KBE experienced a daily decline from its January 2022 peak, unfolding as a 3-wave Zigzag Structure. The initial leg, wave a, ended in July 2022, followed by a bounce in wave b, and then the decline resumed in wave c in August last year. The downside move accelerated during the March Banking crisis, and wave c reached its main target area at the blue box ($34 – $30).
The blue box on our charts represents a high-frequency area where the market is likely to end its cycle and reverse. After reaching this area, KBE began a reaction higher, initially showing 3 swings up and aiming for the equal legs area at $42 – $47. Around that region, the ETF is expected to complete the initial rally that started from May 2023 low, forming a potential 5-wave advance. Subsequently, a 3-wave pullback may occur to correct that cycle, followed by further upside.
Despite the challenges faced by the Banking sector earlier this year, the market is showing signs of recovery. Technically, the daily chart indicates a potential major low, as buyers stepped in within the extreme area, leading to a bounce for the Bank ETF.
KBE Daily Chart 7.25.2023

Source:https://elliottwave-forecast.com/sto...-kbe-bouncing/

CHFJPY Strong Rally From The Elliott Wave Blue Box Area
July 25, 2023 By Hassan Sheikh
In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of CHFJPY. In which, the rally from 13 January 2023 low unfolded as an impulse sequence and showed a higher high sequence. Therefore, we knew that the structure in CHFJPY is incomplete to the upside & should see another leg higher to complete the impulse rally. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
CHFJPY 1-Hour Elliott Wave Chart From 7.12.2023


Here’s the 1hr Elliott wave Chart from the 7/12/2023 update. In which, the rally to 161.64 high ended wave ((iii)) & made a pullback in wave ((iv)). The internals of that pullback unfolded as Elliott wave double three correction where wave (w) ended in 3 swings at 159.96 low. Then a bounce to 160.99 high ended wave (x) & started the next leg lower in wave (y) towards 159.29- 158.23 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.
CHFJPY Latest 1-Hour Elliott Wave Chart from 7.25.2023


This is the latest 1hr Elliott wave Chart from the 7/25/2022 Asia update. In which the pair is showing a strong reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the pair has already made new highs supporting some more upside. Note, with further data, we were able to adjust the degree into wave 5 higher.
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Source:https://elliottwave-forecast.com/for...wave-blue-box/

Freeport-McMoRan (FCX) Should Remain Sideways To Higher
July 25, 2023 By EWFRaj
Freeport-McMoRan Inc., (FCX) engages in the mining of minerals in North America, South America & Indonesia. It primarily explores for Copper, Gold, Molybdenum, Silver & other metals, as well as Oil & gas. It is based in Phoenix, Arizona, US, comes under Basic Materials sector & trades as “FCX” ticker at NYSE.
FCX finished corrective pullback at $24.80 low against 2016 low & expect further upside in III sequence, which confirms above I high of $51.99. It favors higher in 1 of (1) of ((3)) & expect higher, while dips remain above ((2)) low of $33.05.
FCX – Elliott Wave Weekly Latest View:

It started impulse sequence from January-2016 low, which ended as I of (III) at $51.99 high. It placed ((1)) at $17.06 high & ((2)) at $4.82 low as flat correction. Above there, it extended higher in ((3)), which ended at $46.10 high & corrected lower in ((4)) at $30.02. Finally, it ended ((5)) as diagonal at $51.99 high as wave I. It finished II correction at $24.80 low as 3 swing pullback.
Above II low, it favored ended ((1)) of III at $46.73 high. It placed (1) at $33.89 high, (2) at $26.03 low, (3) at $41.16 high, (4) at $36.85 low & (5) at $46.73 high as ((1)). It favored ended ((2)) correction at $33.06 low, in which it placed (A) at $34.88 low, (B) at $43.46 high & (C) at $33.06 low in 3 swing correction. Currently, it favors higher in 1 of (1) of ((3)) & expect small upside as diagonal before correcting in wave 2. It expects further upside, while dips remain above ((2)) low & confirm the sequence above ((1)) high to avoid any double correction, if breaks below $33.06 low.
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Source:https://elliottwave-forecast.com/wp-...1-1024x525.jpg

CADJPY Calling The Rally After Elliott Wave Double Three
July 24, 2023 By EWF Vlada
Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts of CADJPY forex pair, presented in members area of the of our website. As our members know, CADJPY is showing impulsive bullish sequences in the cycle from the 94.069 low. Consequently , we recommended members to avoid selling the pair and keep favoring the long side.The pair is bullish against the 98.36 low. Recently we got nice 3 waves pull back that unfolded as Elliott Wave Double Three Pattern. The pair found buyers right at the equal legs and made rally as expected. In further text we are going to explain Elliott Wave Forecast and Double Three Pattern.
Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.
Elliott Wave Double Three Pattern

Attached Image (click to enlarge)

Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.

CADJPY Elliott Wave 4 Hour Chart 07.17.2021
The pair has made 5 waves up in the rally from the 98.38.71 low which is considered to be wave (3) of larger bullish cycle. Current view suggests the pair can be still doing (4) blue correction that is unfolding as Elliott Wave Double Three Pattern with WXY red inner labeling. First leg W is showing corrective sequences – 3 waves down ((a))((b))((c)). Then we got 3 waves bounce in X red in shallow correction. The price has already reached extreme zone at 104.835-103.136. However wave Y red still can see another wave down to complete the pattern. We expect buyers to appear soon.
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.


CADJPY Elliott Wave 4 Hour Chart 07.22.2021
Current view suggests the pair completed wave (4) blue pull back as a 7 swing pattern at the 104.24 low. The buyers appeared and we got nice reaction from the equal legs area. As far as the pivot at 104.24 low holds, the pair should ideally continue trading higher. Break of (3) blue is needed 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. 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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Source:https://elliottwave-forecast.com/ell...-double-three/

Elliott Wave View: USDCAD Rally Expected to Fail

Short Term Elliott Wave view in USDCAD suggests wave 2 ended at 1.338. The pair has extended lower within wave 3 with internal subdivision as a 5 waves impulse structure. Down from wave 2, wave (i) ended at 1.326 and rally in wave (ii) ended at 1.33. Pair then extended lower in wave (iii) towards 1.3139 and rally in wave (iv) ended at 1.3199. Pair made a final leg lower in wave (v) towards 1.3089. This completed wave ((i)) in higher degree.

Wave ((ii)) rally is in progress with internal subdivision as a zigzag Elliott Wave structure. Up from wave ((i)), wave (a) ended at 1.3232 and wave (b) pullback ended at 1.311 as an expanded flat. Down from wave (a), wave a ended at 1.3157, wave b ended at 1.324, and wave c lower ended at 1.311 which completed wave (b). Wave (c) is now in progress as a 5 waves. Up from wave (b), wave i ended at 1.322 and wave ii ended at 1.3145. Expect pair to extend higher in wave iii of (c), followed by wave iv pullback, and final wave v higher. Potential target higher is the blue box area of 1.3269 – 1.336 before it resumes lower. As far as pivot at 1.3385 high stays intact, expect the rally to fail at the blue box for further downside.

USDCAD 60 Minutes Elliott Wave Chart

Attached Image (click to enlarge)

USDCAD Elliott Wave Video


Source: https://elliottwave-forecast.com/new...expected-fail/
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Microsoft (MSFT) Looking for Zigzag Pullback

Rally in Microsoft (ticker: MSFT) from the 11.4.2022 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 11.4.2022 low, wave ((1)) ended at 263.92 and pullback in wave ((2)) ended at 219.35. The stock rallies again in wave ((3)) which ended at 366.82 as the 30 minutes chart below shows. Wave ((4)) pullback is currently in progress as a zigzag Elliott Wave structure. Down from wave ((3)), wave 1 ended at 352.01 and rally in wave 2 ended at 357.97. The stock resumes lower in wave 3 towards 345.37 and wave 4 ended at 350.56. Final leg wave 5 ended at 339.83 which completed wave (A).

Rally in wave (B) ended at 354.9 with internal subdivision as an expanded flat. Up from wave (A), wave ((a)) ended at 349.9, wave ((b)) ended at 345.07, and wave ((c)) ended at 351.89. This completed wave A of (B) in higher degree. Pullback in wave B ended at 338.56 and rally in wave C ended at 354.90 which completed wave (B). The stock now has resumed lower in wave (C). Down from wave (B), wave 1 ended at 333.11. Wave 2 rally is in progress as a zigzag to correct the decline from wave (B). Expect wave 2 rally to fail below wave (B) high at 354.9 and the stock to reesume lower. As far as pivot at 366.82 high stays intact, rally should fail in 3, 7, or 11 swing for further downside.

MSFT 30 Minutes Elliott Wave Chart

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MSFT Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...gzag-pullback/

Elliott Wave View: GBPUSD Zigzag Correction in Progress


Short term view in GBPUSD suggests the rally to 1.3143 ended wave 1. Pullback in wave 2 is currently in progress as a zigzag Elliott Wave structure. Down from wave 1, wave (i) ended at 1.305 and rally in wave (ii) at 1.3126. Pair then declined in wave (iii) towards 1.2867 and rally in wave (iv) ended at 1.2965. Pair made the last leg lower wave (v) towards 1.2839 to end wave (v). This completed wave ((a)). Rally in wave ((b)) unfolded as an expanded flat structure. Up from wave ((a)), wave (a) ended at 1.2904, wave (b) ended at 1.2797, and wave (c) of ((b)) ended at 1.2997. Pair then extends lower in wave ((c)).

It has broken below the previous expanded flat wave (b) low at 1.2797, which suggests the next leg lower has started. Down from wave ((b)), expect wave (i) to complete soon. Pair should then rally in wave (ii) to correct wave (i) before it resumes lower again as far as it stays below 1.2997. Potential target for wave 2 lower is 100% – 161.8% Fibonacci extension of wave ((a)) which comes at 1.256 – 1.269. Near term, as far as pivot at 1.2997 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

GBPUSD 60 Minutes Elliott Wave Chart

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GBPUSD Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...tion-progress/
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Shopify (SHOP) Is Extending An Impulse From October 2022 low
July 29, 2023 By EWFLuis
Shopify Inc. is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. Shopify (SHOP) is the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems. The Shopify platform offers online retailers a suite of services including payments, marketing, shipping and customer engagement tools.
SHOP Daily Chart February 2023


Shopify ended a Grand Supercycle in July 2021 and we labeled it as wave ((I)). Since then, It entered in a flat correction as wave ((II)). Three swings drop ended at 128.46 as Wave (a). Then market breaks above 164.88 in another 3 swings suggesting a possible flat correction and we labeled wave (b) at 176.49. Down from this price, SHOP built a perfect impulse lower completing a big short at 23.75 and we labeled as wave (c) and also wave ((II)). Market bounced from this low and we are expecting to continue higher to reach 2021 prices again. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).
SHOP Daily Chart July 2023
The impulse from October low has extended and made a nest ((1)) and ((2)) to continue wave III higher. Therefore, wave I of (I) ended at 45.09 and wave (II) pullback. Wave III extended completing at 67.55 and then a small wave IV took part retracing to 60.22. While price action remains above 60.22, we are expecting to keep moving higher to end wave V of (I). Then. the market should be rejected and turn lower in 3, 7 or 11 swings correction as wave (II) and continue the rally again. The view is valid as the market stays above 23.75.
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Source:https://elliottwave-forecast.com/sto...ober-2022-low/

$CVS: CVS Health Corporation Trading within Bullish Triangle
July 29, 2023 By EWF Helgi
CVS Health Corporation is an US American healthcare company. Founded in 1963 and headquartered in Woonsocket, Rhode Island, USA, it is a part of S&P100 and S&P500 indices. Investors can trade it under the ticker $CVS at New York Stock Exchange. CVS Health owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands..
CVS Health Monthly Elliott Wave Analysis 07.29.2023
The monthly chart below shows the CVS Health stock $CVS traded at NYSE. From the all-time lows, the stock price is developing an impulse structure. Firstly, leading diagonal in blue wave (I) of super cycle degree has ended in June 2008 at 44.29 highs. From there, a pullback in blue wave (II) has set a bottom in December 2008 at 23.19 lows. Then, from the December 2008 lows, new cycle has started. It has printed the all-time highs in June 2015 at $113.65. Importantly, that cycle has extended beyond 2.0 multiples of the wave (I). As a matter of fact, one should count it as an extended blue wave (III) of super cycle degree. Therefore, natural Elliott wave count would suggest blue waves (IV) and (V) still to follow. These two waves should accomplish the impulse from all-time lows in black wave ((I)) of grand super cycle degree.
It is the preferred view that wave (IV) is currently in progress. Indeed, while below the all-time highs, wave (V) has not been confirmed yet. The wave pattern shows a converging price action. It is the preffered view that we are dealing with an Elliott wave contracting triangle being 3-3-3-3-3 structure. Within it, waves a-b-c have ended. While above 66.34 lows, red wave d should extend higher in 3 or 7 swings. After a pullback in red wave e, expect a thrust higher in blue wave (V). The target for blue wave (V) is 128.66-152.41 area and possibly higher.


CVS Health Daily Elliott Wave Analysis 07.29.2023
The daily chart below shows the 3rd swing out of 5 within bullish triangle in blue wave (IV). Following first two swings being red waves a and b, 3rd swing in red wave c has started from 111.25 highs back in February 2022. It has unfolded as a double three pattern being 3-3-3 structure.
Firsty, 3 swings in black wave ((W)) of red wave c have printed a low at $86.28 in October 2022. Then, a bounce has set a connector wave ((X)) at $104.83 highs in December 2022. Later on, the price has broken 86.28 lows opening up a bearish sequence. As a consequence, target area for black wave ((Y)) is towards 79.80-64.32 area. It has been reached within another 3 swings of the wave ((Y)). It is the preffered view, that wave c has ended in May 2023 at 66.34 lows. While above there, new cycle in red wave d has started.
Investors and traders can be looking to buy $CVS from 79.80-64.32 area targeting 128.66-152.41 and even higher in the long run.


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Source:https://elliottwave-forecast.com/sto...lish-triangle/

LE #F: Live Cattle Futures Trading within Monthly Bullish Sequence
July 30, 2023 By EWF Helgi
Live Cattle is a livestock commodity within the agriculture asset class, along with lean hogs, feeder cattle and porc cutouts. Once the feeder cattle have reached the target weigh of 1050-1500 pounds, they can be referred to as fed or live cattle. One can trade Live Cattle futures at Chicago Board of Trade in contracts of 40’000 pounds each under the ticker LE #F. Without any doubt, anticipation of the LE #F price development is of a high impact on the modern society. As a matter of fact, the price action of the cattle reflects the future meat price on the plate.
In the initial article from February 2021, we have expected the rally in LE #F to break to the new all-time highs. We were right. In June 2023, the prices have broken above 171.65. At the same time, this move has opened a monthly bullish sequence. Now, dips should find buyers in 3, 7 swings while LE #F prices should continue climbing up. As a matter of fact, this rally in cattle prices will make consumption of meat much more less affordable for the broad population. In the current article, we discuss the wave structure in Live Cattle futures and provide with targets.
Live Cattle Monthly Elliott Wave Analysis 07.30.2023
The monthly chart below shows the live cattle front contract LE #F. From the all-time lows, the prices have developed a cycle higher in black wave ((w)) of a grand super cycle degree. It has printed the highs in November 2014 at 171.65. From the highs, a correction lower in wave ((x)) has unfolded as an Elliott Wave zigzag pattern. In five and half years, LE #F has become cheaper by more than 50% reaching 76.60 price level. From the April 2020 lows, black wave ((y)) is currently in progress. Break above 171.65 highs has co confirmed that. In 3 years, the prices have more than doubled. Now, the target for wave ((y)) to end will be 248-354 area. In fact, extension towards 100% extension will mean that prices from April 2020 are going to tripple.
In shorter cycles, intraday pullbacks should see buyers. However, LE #F prices have entered monthly intermediary 182-211 area. There, a larger pullback should take place. Therefore, investors and traders can be waiting for blue wave (a) of black wave ((y)) to end first. Then, pullback in wave (b) should find support against April 2020 lows in 3, 7 swings for more upside in blue wave (c).


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Source:https://elliottwave-forecast.com/com...lish-sequence/

NZDJPY Found Buyers After Elliott Wave Double Three Pattern
July 31, 2023 By EWF Vlada
Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of NZDJPY forex pair published in members area of the website. As our members know NZDJPY has recently made pull back against the 83.5 low that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the peak and completed correction right at the Equal Legs zone. In further text we’re going to explain the Elliott Wave pattern and forecast
Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.
Elliott Wave Double Three Pattern
Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.


NZDJPY Elliott Wave 4 Hour Chart 07.27.2023
The pair has made 5 waves up in the rally from the 83.5 low which is considered to be wave (3) of larger bullish cycle. Current view suggests the pair can be still doing (4) blue correction that is unfolding as Elliott Wave Double Three Pattern. Pull back has WXY red inner labeling. First leg W is showing corrective sequences – 3 waves down ((a))((b))((c)). So, we assume Y red leg should also have 3 waves structure. Pull back looks incomplete at the moment, we expect to see another leg down toward 85.22-84.4 equal legs- buyers zone.
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.


NZDJPY Elliott Wave 4 Hour Chart 07.30.2023
NZDJPY made extension down toward marked zone 85.22-84.4 and found buyers as expected. Bounce already reached 50 fibs against the X red connector. Consequently, any long positions from the equal legs area should be risk free by now. We call wave (4) completed at the 84.95 low. Once the pair make a break of (3) blue high, it will confirm next leg up is in progress.
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Source:https://elliottwave-forecast.com/ell...-double-three/

Crocs Inc (CROX) Favors Corrective Pullback Before Rally Resumes
July 31, 2023 By EWFRaj
Crocs Inc., (CROX) designs, manufactures, markets & distributes casual lifestyle footwear & accessories for men, women & children worldwide. The company sells its products in approximately 85 countries through wholesalers, retail stores, e-commerce sites & third-party marketplaces. It is based in Colorado, US, comes under Consumer Cyclical sector & trades as “CROX” ticker at Nasdaq.
In the previous article from 4.17.2023, CROX favored higher in (5) to finish ((1)) impulse sequence, which ended at 151.32 high & favors pullback in ((2)) in 7 swings structure. It favors lower in (Y) towards $80.76 – $50.05 area to finish ((2)) correction before upside resumes in ((3)).
CROX – Elliott Wave View From 4.17.2023:

It placed I at $183.88 high & II at as 3 swing zigzag correction at $46.08 low. Above there, it favors higher in wave III, which confirms above I high. It placed (1) of ((1)) at $80.64 high started from II low & (2) at $65.17 low. (2) was corrected 0.5 Fibonacci retracement of (1). Later, it extended higher in (3), which ended at $143.50 high. It ended (4) correction at $109.47 low as slightly lower below 0.382 Fibonacci retracement of (3). Finally, it ended (5) at $151.32 high as ((1)) of III.
CROX – Elliott Wave Latest Daily View:

It placed (W) of ((2)) at $101.65 low as 3 swing pullback. It bounced off in (X) connector as flat structure, which ended at $130.36 high. Below there, it favors lower in (Y) of ((2)) & expect to extend between $80.76 – $50.05 area before turning higher in ((3)) or at least can see 3 swing bounce. It favors lower in A of (Y) & expect small downside as it breaks below (W) low before a bounce in B connector. (Y) expect to unfold in 3 swings lower to finish the double correction in ((2)).
CROX – Elliott Wave Latest Weekly View:

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Source:https://elliottwave-forecast.com/sto...rally-resumes/

DAX Higher High Sequence Supports More Upside
Short Term Elliott Wave view in DAX suggests that a index ended wave (3) at 16427.42 high. Down from there, the index made a pullback in wave (4). The internals of that pullback unfolded as a zigzag correction where wave A ended at 15713.70 low. Up from there, the wave B bounce ended at 16209.29 high in a lesser degree 3 wave. And started the C leg lower towards 15494.55- 15054.13 extreme area. From there, the index started the next extension higher & now showing an incomplete sequence within the cycle from the 7.07.2023 low supporting more upside.
The index ended wave (4) at 15460.47 low and above from there already made a new high above 16427.42 high confirming the next extension higher. While the initial rally to 16240.79 high ended the impulse rally in wave ((i)) in a lesser degree 5 waves sequence. Below from there, the index made a 3 wave pullback in wave ((ii)) as a lesser degree zigzag structure. When small wave (a) ended at 16050.98 low. Then small wave (b) bounce ended at 16225.89 high and wave (c) ended at 16000.04 low. Then index started the next leg higher suggesting a possible nesting higher. Near-term, as far as dips remain above $16000.04 low and more importantly above 16427.42 low the index is expected to remain supported in 3, 7 or 11 swings looking for more upside towards 16785- 17272 area.
DAX 1 Hour Elliott Wave Chart From 8.01.2023


DAX Elliott Wave Video

GBPJPY 3 Wave Pullback Coming After ending Impulse Rally
The short-term Elliott wave view in GBPJPY suggests that the pullback to 176.26 low ended larger degree wave (4). While the pullback unfolded as a zigzag structure where wave A ended at 179.45 low. Wave B bounce ended at 182.52 high and wave C managed to reach the 177.65- 174.63 100%-161.8% Fibonacci extension area of A-B. From there, the pair started the next leg higher in an impulse sequence & due a 3-wave pullback minimum soon before more upside happens.
Up from the 176.26 low, the rally took place in an impulse sequence where lesser degree wave (i) ended at the 179.08 high. A pullback to 178.45 low ended small wave (ii) pullback & then the pair made another 5 waves rally within wave (iii) at 183.20 high. Down from there, the pair is doing a short-term pullback in wave (iv) towards the 182.46- 182.21 area before the pair makes a last push higher in wave (v) & ends wave ((i)). Afterward, the pair is expected to see a pullback in wave ((ii)) in 3, 7, or 11 swings before more upside happens. Near-term, as far as dips remain above the 176.26 low expect pair to extend higher.
GBPJPY 1-Hour Elliott Wave Chart From 8.02.2023


GBPJPY Elliott Wave Video

NVDA 3 Wave Pullback Soon Should Find Support
The short-term Elliott wave view in NVDA suggests that the stock has ended the cycle from the 22 February 2023 low in 5 waves impulse sequence within bigger wave ((3)) at $480.88 high. Now, while below there the stock is doing a pullback lower in wave ((4)). To correct that cycle in 3, 7, or 11 swings before the upside resumes again. So far the pullback is unfolding in 3 waves. And soon should find support either for the next leg higher or should do a 3-wave bounce at least.
Down from $480.88 high the pullback lower is taking place as Elliott wave zigzag structure where wave (A) ended at $440.40 low. Up from there, the wave (B) bounce unfolded in a lesser degree 3 waves where wave A ended at $466 high. Then wave B pullback ended at $446.30 low in a lesser degree 3 waves. Wave C ended at $473.98 high & thus completed wave (B) bounce. While below there, wave (C) remains in progress in an impulse sequence. Near-term, now as far as bounces fail below $473.98 high. The stock is expected to extend lower towards $433.05- $407.63 100%-161.8% Fibonacci extension area of (A)-(B). Then from there, the stock is expected to resume the upside or should see a minimum reaction higher in 3 swings at least.
NVDA 1 Hour Elliott Wave Chart From 8.03.2023


NVDA Elliott Wave Video

Vale SA (NYSE: VALE) Price Action Signals Further Upside
August 2, 2023 By EWFAyoub
As a major player in the mining sector, Vale SA (NYSE: VALE) has been making significant strides with its robust performance and strategic position in the industry. This article will delve into Vale’s Monthly chart analysis, focusing on the bullish continuation pattern that has been unfolding.
In a prior 2019 article, we examined the prospect of surpassing the downtrend line from the 2008 peak, implying possible upward movement. As shown in the subsequent chart, the stock hit a significant low in 2016, and the anticipated breakout would trigger an impulsive upward movement.
VALE Weekly Chart 2019


In 2020, a breakout occurred, propelling the stock into a wave III surge until June 2021, peaking at $23.18. Subsequently, Vale embarked on a corrective phase in wave IV, characterized as a Contracting Triangle. Looking ahead, the stock is projected to ascend in wave V, provided it stays above the wave IV low of $12.51.
The anticipated target for wave V of (I) stands at the $26 – $30 range, potentially leading to a subsequent 3-wave pullback in wave (II) before an extended upward movement unfolds in the ensuing years.
VALE Elliott Wave Monthly Chart 8.2.2023


A breach of May 2023 low for Vale could trigger a further decline to around $9, potentially concluding wave IV. Staying above the 2020 low of $6.5 may allow for a subsequent rally, either as a fifth wave or within a nested structure since 2016.
With its strong presence in the mining market and positive price action, Vale is showing promising signs of further growth. The Elliott Wave technical structure indicates a significant potential upside for the stock, irrespective of near-term developments. With a substantial low established in 2016, a new monthly upside cycle is in progress.
Source:https://elliottwave-forecast.com/sto...-price-action/

CHFJPY Pullbacks Are Expected To Remain Supported
The Elliott wave view in the CHFJPY suggests that the pair should remain supported in 3, 7, or 11 swings & extend higher. Because the main cycle from the 13 January 2023 low is having a higher high impulse sequence favoring more upside to take place. Within the short-term sequence, the pullback in wave 4 unfolded as an expanded flat correction where wave ((a)) ended at 161.28 low. Wave ((b)) bounce ended at 163.98 high and ((c)) ended in a lesser degree 5 waves at 158.81 low.
Up from there, the pair rallied higher once again & managed to see a break above the 163.98 high. Thus confirming the next extension higher in the pair. The rally unfolded in an impulse sequence within wave ((i)) where lesser degree wave (i) ended at 160.72 high. Wave (ii) ended at 159.32 low, and wave (iii) ended at 164 high. Then wave (iv) ended at 162.87 low, and wave (v) ended at 164.03 high. Down from there, the pair is doing a wave ((ii)) pullback to correct the cycle from 7.28.2023 low. The internals of that pullback is unfolding as a zigzag structure where wave (a) ended at 162.07. Wave (b) ended at 163.76 high and wave (c) is expected to reach 161.80- 160.59 100%-161.8% Fibonacci extension area of (a)-(b). From there, the pair is expected to resume the upside or should produce a 3-wave bounce at least.
CHFJPY 1 Hour Elliott Wave Chart From 8.04.2023


CHFJPY Elliott Wave Video