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Ford (F) Should Resume Lower After Sideways Movement Ends
August 20, 2023 By EWFLuis
Ford Motor Company is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand, and luxury cars under its Lincoln luxury brand.
FORD (F) Daily Chart March 2023


Last update in March, we can saw that Ford (F) price remained sideways creating a triangular structure. For this reason, we adjusted the Elliott count and the wave (B) we called as a triangle that ended at the price of $13.20. From this value, we expected that shares should keep the downward movement. However, to confirm the continuation of the downtrend it had to break $10.57 low. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).
FORD (F) Daily Chart August 2023


After 5 month, the price action could not break the pivot level of $10.57. Rather the stock rally, but without breaking the invalidation level making a more complex structure as wave (B). The end of wave A was at $14.67 in November 2022. Then, we have a triangle structure as wave B that completed at $11.27 and rally. The rally was a clear impulse that ends at $15.43 as wave C of (B) finished the wave (B) correction. From July high, the price action has dropped returning of wave B levels. This bearish movement should be the beginning of a wave (C), but we still need to break $10.57 low to confirm the path. The wave 1 of (C) should end next week, if it has not already ended. Therefore, a bounce is coming, but should fail in the next months to send the Ford shares to the blue box of 7.60 – 4.14 area.
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Source:https://elliottwave-forecast.com/sto...movement-ends/

$SIE: Join the Siemens Rally in a Pullback from All-Time Highs
August 20, 2023 By EWF Helgi
Siemens SE is a German multinational conglomerate company and by revenue the largest industrial manufacturing enterprise in Europe. Company’s principal business divisions are Industry, Energy, Healthcare, Infrastructure & Cities. Founded in 1847 and headquartered in Munich, Germany, the company employs approx. 385’ooo people worldwide. Siemens is a part of both DAX40 and of SX5E indices. One can note that the economic success of the company is truly accompanied by a strong performance of the Siemens stock.
In the initial article from February 2021, we have forecasted a rally to the new highs. We were right. The price has printed the new all-time highs in January 2022 at 157.96. Then, we saw the stock price pulling back from the all-time highs. In the article from June 2022, we have expected a rally to take place after doing zigzag lower. However, March 2022 lows have broken and the market has decided to do a double correction before turning higher. In the last article from January 2023, we have analyzed the structure of the price movement and have forecasted a break to the new all-time highs. We were right. The price printed new highs at €167. In the current blog, we take a look again on the wave structure, show next buying oppportunity in 3 swings from extremes and provide with the targets.
Siemens Monthly Elliott Wave Analysis 08.20.2023
The monthly chart below shows the Siemens stock $SIE traded at XETRA. From the all-time lows, the stock price has developed a cycle higher in black wave ((I)) of grand super cycle degree towards May 2001 highs at 89.75. From there, a correction lower in black wave ((II)) has unfolded as an Elliott wave expanded flat pattern. It has printed an important bottom on October 2008 at 32.07. From October 2008 lows, a new cycle in wave ((III)) has been already confirmed by breaking above 89.75 highs.
A closer look on the price action from 2008 lows unveils the development of another nest being blue wave (I) of black wave ((III)). The 2008 cycle has reached towards 133.50 on May 2017. From there, a correction has unfolded as a zigzag structure in wave (II). The consolidation has ended in March 2020 at 58.77. While above there, Siemens is already within blue wave (III). A target for wave (III) is 159.95-222.60 area and beyond. Within larger wave (III), one can distinguish already a first nest comprising red waves I and II. While above July 2022 lows, red wave III is in progress. Break above the 157.96 high has confirmed that. The target for red wave III will be 192.92-254.30 area and even higher.


Siemens Daily Elliott Wave Analysis 08.20.2023
The daily chart below shows in more detail the first stages of the advance higher in red wave III from July 2022 lows. As a matter of fact, break above the January 2022 highs has confirmed next extension in wave III. Within it, one can see already an impulse higher in black wave ((1)) containing 5 waves. Hereby, blue wave (3) shows an extension beyond 2.618x of the blue wave (1). It is the preffered view that black wave ((1)) has ended at new all-time highs in June 2023. From the peak at €167, a pullback in wave ((2)) is taking place. Firstly, blue wave (W) has set a short-term low at €141.46 in July 2023. Secondly, bounce in blue wave (X) has set a connector at €156.32 lower highs. Then, price broken €141.46 lows opening up a bearish sequence. Now, blue wave (Y) is in progress and should reach lower towards 130.67-114.83 area. Investors and traders can be looking to buy pullback in black wave ((2)) from 130.67-114.83 area targeting 192.92-254.30 area and even higher.


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

FCOJ: Buying Pullbacks in Frozen Concentrated Orange Juice
August 20, 2023 By EWF Helgi
In the previous articles from March, November 2021 and October 2022, we have discussed the price action and the outlook for the Frozen Concentrated Orange Juice. As it has been expected, the soft commodities have advanced or they are nesting higher. In particular, we saw cocoa rallying. Others, like sugar, coffee and cotton are nesting before acceleration higher should take place. Hereby, orange juice futures OJ #F are the strongest. In fact, they broke to the new all-time highs. In the current blog we analyze the wave strucuture, provide with targets and next buying ideas.
Orange Juice Monthly Elliott Wave Analysis 08.20.2023
The monthly chart below shows the FCOJ front contract OJ #F at NYBOT (e-Signal ticker: JO). From the important low in May 2004, the prices have developed a cycle higher in blue wave (I) of a super cycle degree. Hereby, wave (I) has demonstrated a leading diagonal pattern and has ended in October 2016 at 227.50. From the highs, a correction lower in wave (II) has unfolded as an Elliott Wave double three pattern. In 2.5 years, OJ #F has become cheaper by 60% reaching 90.60 level. Hereby, an important bottom in May 2019 has been set and the correction has ended.
From the May 2019 lows, a new rally within blue wave (III) has already started. As a matter of fact, break of the 227.50 highs has confirmed that. The target for wave (III) is 264.29-371.64 area and even higher. Even though the minimum target level being 264.29 has been reached already, OJ #F should still extend higher in series of waves 4-5. Also, wave (III) can easily surpass $372 and extend towards 2 and 2.618 multiples of wave (I) being $438 and $545 levels, respectively.


Orange Juice Weekly Elliott Wave Analysis 08.20.2023
The weekly chart below shows in more detail the blue wave (III). From the May 2019 lows at $90.60, we see 4 nests in red waves I-II, black waves ((1))-((2)), blue waves (1)-(2), red waves 1-2 and an acceleration in red wave 3 of blue wave (3) of black wave ((3)) of red wave III. Hereby, RSI reading has provided a higher high. Typically, waves 3 of 3 demonstrate higher highs in price and also in RSI. Now, series of waves 4-5 should take place. That should allow OJ #F for more upside. Currently, red wave 5 is underway. Once ended, a pullback in blue wave (4) and another 3 highs should take place.
Investors and traders can be, therefore, looking to buy FCOJ in short term pullbacks in 3, 7, 11 swings against 90.60 lows targeting 1.236 inverse Fibonacci extension higher based on the depth of the previous pullback.


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Source:https://elliottwave-forecast.com/com...-orange-juice/

HCA Healthcare (HCA) Favors Pullback Providing Another Opportunity
August 21, 2023 By EWFRaj
HCA Healthcare, Inc., (HCA) provides health care services company in the United States. The company operates general & acute care hospitals that offers medical & surgical services, including inpatient care, intensive care, cardiac care, diagnostic & emergency services & outpatient services. It is based in Tennessee, comes under Healthcare (XLV) sector & trades as “HCA” ticker at NYSE.
As shown in the previous article from 6.05.2023 update, HCA reacted higher & finished the diagonal sequence in (1) of ((3)) of III at $304.86 high. It favors pullback in (2) in 3 or 7 swings pullback & expect short term correction before upside resumes in (3) of ((3)).
HCA – Elliott Wave Latest Daily Chart:

Since, March-2020 low, it placed wave I at $279.02 high in bullish impulse sequence in April-2022. Later, it corrected lower in II, ended at $164.47 low in 3 swings pullback in July-2022. Above there, it already confirms higher high sequence, favoring upside in wave III. It placed ((1)) of III at $219.68 low & finished ((2)) at 178.32 low as 0.764 Fibonacci retracement.
HCA – Elliott Wave Weekly Latest View:

Above ((2)) low, it finished (1) of ((3)) at $304.86 high as diagonal sequence & favors pullback in (2) in 3, 7 or 11 swings before upside resumes. It placed 1 of (1) at $269.09 high & finished 2 at $240 low in 3 swings pullback. It finished 3 at $294.02 high & corrected in 4 at $259.18 low. Finally, it favored ended 5 of (1) at $304.86 on 6.30.2023 high in ((3)) sequence. Currently, it favors pullback in ((v)) of A & soon can bounce in B of (2). Later, it should resume lower in C to finish (2) correction against 10.21.2022 low of ((2)) followed by upside in (3) of ((3)). It expect to find support in 3, 7 or 11 swings towards next extreme areas to see further upside in (3) of ((3)).
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Source:https://elliottwave-forecast.com/sto...g-opportunity/

SPY Likely to Extend Correction in Double Three Structure

Short Term Elliott Wave view in S&P 500 ETF (SPY) suggests the decline from 7.27.2023 high is in progress as a double three Elliott Wave structure. Down from 7.27.2023 high, wave ((a)) ended at 444.96 and rally in wave ((b)) ended at 451.7. The ETF then extended lower in wave ((c)). Down from wave ((b)), wave (i) ended at 443.35 and rally in wave (ii) ended at 448.92. The ETF extended lower again in wave (iii) towards 433.93 and wave (iv) rally ended at 436.77. Final leg wave (v) lower ended at 433.05 which completed wave ((c)) of W.

Wave X rally is now in progress to correct cycle from 7.27.2023 high before the next leg lower. Up from wave W, wave i ended at 436.55 and wave ii ended at 434.38. Wave iii ended at 438.89, wave iv ended at 435.32, and wave v ended at 440.11 which completed wave (i). Expect wave (ii) pullback to correct cycle from 8.18.2023 low before it turns higher again. Near term, as far as pivot at 433.05 low stays intact, the ETF can see further upside to correct cycle from 7.27.2023 high before it turns lower again.

S&P 500 ETF (SPY) 60 Minutes Elliott Wave Chart

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SPY Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...-double-three/
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Cameco (CCJ) Consolidation Resolve to the Upside
August 22, 2023 By EWFHendra
Cameco Corporation (ticker symbol: CCJ) is a prominent Canadian uranium mining company headquartered in Saskatoon, Saskatchewan. Founded in 1988, Cameco has established itself as one of the world’s largest and most respected uranium producers. The company is involved in all stages of the uranium mining process, from exploration and mining to refining and marketing.
We wrote on our previous article that Cameco was in sideways consolidation looking for a direction. However, in that article, we also gave our bias to the upside after it’s done doing the consolidation. The stock has now extended higher suggesting it has ended the sideways consolidation and now looking for a new bullish leg higher. Below we will update the Elliott Wave path for the stock.
$CCJ Monthly Elliott Wave Chart


Monthly Elliott Wave Chart of Cameco above shows that the stock has ended wave (II) at $5.30. It is now preparing for a multi-year and multi-decade wave (III) higher which subdivides into another 5 waves. Up from wave (II), wave ((1)) ended at $27.42 and wave ((2)) pullback ended at $18.03. The stock has resumed higher in wave (3). As far as pivot at 5.30 low stays intact, expect pullback in the stock to find support in 3, 7, or 11 swing for further upside.
$CCJ Daily Elliott Wave Chart


Daily Elliott Wave of Cameco above shows that the stock has extended higher and forming a possible diagonal wave 1. It should then pullback in wave 2 to correct the rally from 5.12.2022 low before it resumes higher again. We continue to be bullish with the stock and prefer to use any pullback opportunity to establish the long position in 3, 7, or 11 swing.
Cameco is not part of our regular service. However, we cover a lot of other stocks, ETFs, Indices, forex, and commodities. If you would like to get a regular Elliott Wave updates on these instrument, feel free to take trial here –> 14 days Trial
Source:https://elliottwave-forecast.com/sto...esolve-upside/

Cameco (CCJ) Consolidation Resolve to the Upside
August 22, 2023 By EWFHendra
Cameco Corporation (ticker symbol: CCJ) is a prominent Canadian uranium mining company headquartered in Saskatoon, Saskatchewan. Founded in 1988, Cameco has established itself as one of the world’s largest and most respected uranium producers. The company is involved in all stages of the uranium mining process, from exploration and mining to refining and marketing.
We wrote on our previous article that Cameco was in sideways consolidation looking for a direction. However, in that article, we also gave our bias to the upside after it’s done doing the consolidation. The stock has now extended higher suggesting it has ended the sideways consolidation and now looking for a new bullish leg higher. Below we will update the Elliott Wave path for the stock.
$CCJ Monthly Elliott Wave Chart
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Monthly Elliott Wave Chart of Cameco above shows that the stock has ended wave (II) at $5.30. It is now preparing for a multi-year and multi-decade wave (III) higher which subdivides into another 5 waves. Up from wave (II), wave ((1)) ended at $27.42 and wave ((2)) pullback ended at $18.03. The stock has resumed higher in wave (3). As far as pivot at 5.30 low stays intact, expect pullback in the stock to find support in 3, 7, or 11 swing for further upside.
$CCJ Daily Elliott Wave Chart
Attachment g

Daily Elliott Wave of Cameco above shows that the stock has extended higher and forming a possible diagonal wave 1. It should then pullback in wave 2 to correct the rally from 5.12.2022 low before it resumes higher again. We continue to be bullish with the stock and prefer to use any pullback opportunity to establish the long position in 3, 7, or 11 swing.
Cameco is not part of our regular service. However, we cover a lot of other stocks, ETFs, Indices, forex, and commodities. If you would like to get a regular Elliott Wave updates on these instrument, feel free to take trial here –> 14 days Trial
Source:https://elliottwave-forecast.com/sto...esolve-upside/

Attached Image (click to enlarge)

August 22, 2023 By Daud Bhatti
ES_F (E-mini S&P 500) dropped from 4634.50 to 4350 from 7.27.2023 to 8.18.2023. This decline took the form of a zigzag Elliott wave structure. Today, we will take a look at the structure of the decline from 7.27.2023 peak and how we spotted this zigzag structure and forecasted another leg lower in ES_F.
Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory. It’s made of 3 swings that have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves, and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergence between wave subdivisions, ideal Fibonacci extensions and ideal retracements.
ES_F 10 August 1 Hour New York Elliott Wave Update


The chart above shows the decline from 4634.50 to 4493.75 took the form of 5 waves when wave (i) ended at 4553.75, wave (ii) ended at 4621.75, wave (iii) ended at 4505.75, wave (iv) ended at 4560.75 and wave (v) of ((a)) ended at 4493.75. This was followed by a bounce to 4541.75 which we labeled as wave (a) and then a new low in 3 waves to 4478.25 which we have labeled as wave (b) because it rallied strongly afterward suggesting it could unfold as a FLAT in wave ((b)) which is a 3-3-5 structure.
ES_F 22 August 1 Hour London Elliott Wave Update

The chart above shows that the decline resumed after the completion of wave (b), we tweaked the labels and called the bounce to be wave (b) instead of wave ((b)) because Hangseng and FTSE broke below the previous lows to an incomplete bearish sequence supporting the idea of more downside against 7.27.2023 high in ES_F as well. We can see Index futures did complete 5 waves down in wave (c) to reach a low of 4350.47 which is just below 123.6% Fibonnacci extension of wave (a) related to wave (b) and has now started bouncing. While above the low at 4350.47, expect at least 1 more leg higher in the Index futures.
Source:https://elliottwave-forecast.com/sto...ave-structure/

FTSE and Hangseng Should Act As a Floor for the Indices
August 22, 2023 By Daud Bhatti
Indices sold off last week, while some Indices reached extreme Fibonacci extension areas from the highs in 3 or 7 swings, it remains to be seen whether correction in the Indices is over or will extend. Today, we will take a look at Elliott wave sequences in two Stock Markets like FTSE from UK and Hangseng from Hong Kong to determine if the downside in Indices is over or will extend more and will also present the most likely path along with the timing for the Indices to turn higher.
FTSE Incomplete Elliott Wave Sequence


FTSE chart above shows the sequence of swings down from 2.16.2023 and 4.21.2023 highs respectively. FTSE selling since 7.31.2023 peak managed to break below 7.7.2023 peak and a break of this low has created an incomplete bearish sequence in the FTSE Index against 7.31.2023 peak. Even when it has not yet broken below 3.20.2023 low, 5 swings down from 4.21.2023 high means next bounce should fail below 7.31.2023 high for 1 more leg lower toward 7097.26 – 6847.29 area and hence why we think 3.20.2023 low will eventually give up. Ideal path is once cycle from 7.31.2023 high ends, a bounce in 3 or 7 swings to fail for 1 more leg lower.
Hangseng Incomplete Elliott Wave Sequence


The chart above has Hangseng showing 5 swing down from 01.27.2023 peak which is an incompete bearish sequence against 7.31.2023 peak and calls for more downsided as far as 7.31.2023 high remains intact. Price is approaching 0.618 – 0.764 Fibonacci extension area (17488 – 16782) of the decline from 01.27.2023 peak to 5.31.2023 low projected lower from 731.2023 peak. This is the idea area to end 5th swing after which we expect a bounce to correct the decline from 7.31.2023 peak and then another leg lower toward 15691 – 14581 area to complete 7 swings sequence down from 01.27.2023 peak. Ideal path is once cycle from 7.31.2023 high ends, a bounce in 3 or 7 swings to fail for 1 more leg lower.
By looking at incomplete sequences in FTSE and Hangseng, it is easy to conclude that pull back in rest of the Indices should not be over yet, they should see a bounce to correct the decline from their respective July peaks followed by another leg lower. Extreme areas in FTSE ( 7097.26 – 6847.29 ) and Hangseng (15691 – 14581) should act as a floor and provide the timing for the Indices to turn higher again in a larger 3 waves at minimum.
Source:https://elliottwave-forecast.com/sto...r-for-indices/

Dow Futures (YM_F) Looking for Corrective Rally Soon

Short Term Elliott Wave view in Dow Futures (YM_F) suggests that cycle from 7.27.2023 high is mature and about to complete soon as 5 waves impulse. Down from 7.27.2023 high, wave ((i)) ended at 35076 and rally in wave ((ii)) ended at 35660. Index extended lower in wave ((iii)) as another impulse in lesser degree. Down from wave ((ii)), wave (i) ended at 35115 and rally in wave (ii) ended at 35456.

Index extended lower in wave (iii) towards 34328 and rally in wave (iv) ended at 34709. Final leg wave (v) ended at 34308 which completed wave ((iii)). Rally in wave ((iv)) ended at 34645 as a zigzag structure. Up from wave ((iii)), wave (a) ended at 34605, wave (b) ended at 34465, and wave (c) higher ended at 34645 which completed wave ((iv)). Down from wave ((iv)), wave (i) ended at 34307. Short term rally should fail in 3 or 7 swing against 34645 for further downside within wave ((v)). Once the 5 waves decline ends, it should complete wave A in larger degree. Then the Index should rally in wave B to correct decline from 7.27.2023 high in 3 or 7 swing before the decline resumes.

Dow Futures (YM_F) 60 Minutes Elliott Wave Chart

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YM_F Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...ve-rally-soon/
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Boeing Blue Box Should Offer Minimum Reaction Higher
August 23, 2023 By Hassan Sheikh
In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Boeing ticker symbol: BA. In which, the rally from 15 March 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Boeing 1-Hour Elliott Wave Chart From 8.18.2023


Here’s the 1hr Elliott wave chart from the 8/18/2023 Midday update. In which, the rally from the 6/23/2023 low unfolded in an impulse sequence where wave 3 ended at $243.10 high. Down from there, the stock made a pullback in wave 4 while the internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $230.08 low. Wave ((b)) ended at $241.58 high and wave ((c)) managed to reach the blue box area at $228.56- $220.49 area. From there, buyers were expected to appear looking for the next leg higher or should do a 3 wave bounce at least.
Boeing Latest 1-Hour Elliott Wave Chart From 8.23.2023


This is the latest 1hr Elliott wave Chart from the 8/23/2023 Post-Market update. In which the stock is showing a reaction higher taking place, right after ending the pullback within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $243.10 high is still needed to confirm the next extension higher towards $248.22- $256.40 area & avoid a double correction lower. It’s important to note that with further data, the pullback adjusted to a double three correction.
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Apple (AAPL) 3 Waves Corrective Rally in Progress

Short Term Elliott Wave view in Apple (AAPL) suggests the decline from 7.20.2023 high ended at 171.74 as wave a. The internal subdivision of wave a unfolded as a 5 waves impulse. Wave b corrective rally is now in progress as a zigzag Elliott Wave structure. Up from wave a, wave 1 ended at 173.35 and wave 2 ended at 172.43. Wave 3 higher ended at 175.49, pullback in wave 4 ended at 174.35. Wave 5 ended at 175.57 which completed wave (1) in higher degree. Pullback in wave (2) ended at 173.74.

The stock then resumed higher in wave (3). Up from wave (2), wave 1 ended at 178.43 and dips in wave 2 ended at 177.31. The stock resumed higher in wave 3 towards 181.33, pullback in wave 4 ended at 180.63. Last leg wave 5 ended at 181.55 which completed wave (3). Pullback in wave (4) ended at 180.52. Expect the stock to extend higher in wave (5) to complete wave ((A)) in higher degree. Afterwards, expect pullback in wave ((B)) to correct cycle from 8.18.2023 low before the rally resumes. Near term, as far as pivot at 171.74 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside in wave ((C)).

Apple (AAPL) 30 Minutes Elliott Wave Chart

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AAPL Elliott Wave Video

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EURJPY Correcting in 7 Swing Within Bullish Trend

Short Term Elliott Wave view suggests cycle from 7.28.2023 low ended with wave 1 at 159.4 in 5 waves impulse. Up from 7.28.2023 low, wave ((i)) ended at 157.49 and pullback in wave ((ii)) ended at 155.53. Pair extends higher in wave ((iii)) towards 159.33 and pullback in wave ((iv)) ended at 157.66. Subdivision of wave ((iv)) unfolded as a zigzag Elliott Wave structure. Down from wave ((iii)), wave (a) ended at 158.58, and wave (b) ended at 159.29. Pair resumes lower in wave (c) towards 157.64 which completed wave ((iv)) in higher degree. Pair then resumed higher in wave ((v)) towards 159.48 which completed wave 1 in higher degree.

Wave 2 pullback is currently in progress as a 7 swing double three structure. Down from wave 1, wave (a) ended at 157.88 and wave (b) ended at 158.37. Pair resumed lower in wave (c) towards 156.85 which completed wave ((w)). Wave ((x)) rally is now in progress in 3 waves zigzag. Up from wave ((w)), wave (a) ended at 158.04. Near term, while below 159.48, expect the rally to fail in 3, 7, or 11 swing and pair to resume lower.

EURJPY 60 Minutes Elliott Wave Chart

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EURJPY Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...bullish-trend/
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Procter & Gamble (NYSE: PG) Next Investment Opportunity
August 25, 2023 By EWFAyoub
Procter & Gamble (NYSE: PG) continues to capture investor attention following our previous video blog that illuminated a promising bullish trajectory for the company. Building upon those insights, this article delves deeper into PG’s mid-term prospects. By examining two Elliott Wave potential scenarios that could shape its near future, we aim to offer readers a comprehensive view of potential investment opportunities.
Since October 2022, the ongoing rally forms a 5-wave structure, creating a Leading Diagonal with overlapping patterns. Investors should view the current correction as a potential opportunity, as per Elliott Wave Theory. A 5-wave advance typically precedes a corrective structure, followed by another 5-wave trend.
At Elliott Wave Forecast, our consistent advice is to seek corrective structures in 3, 7, or 11 swings. The initial pullback, typically within the first 3 swings, will ideally form a ZigZag structure based on the recent decline from the August 10th peak. Potential support lies at the equal legs area of $147.2 – $142.6, a zone where buyers are likely to step in, either for the stock’s trend resumption or a minimum 3-wave bounce.
PG ZigZag Correction 8.25.2023


However, if the reaction from the mentioned area fails to breach new highs, the stock is likely to undergo a 7-swing correction, forming a double three structure. In such a scenario, PG would target levels near the 50% – 61.8% Fibonacci retracement zone at $140 – $135. This area could attract buyers for a potential upward reaction.
PG Double Three Correction 8.25.2023


In conclusion, the structure of Procter & Gamble within its daily cycle is poised to sustain its foundation above the crucial threshold of $122. As the stock progresses, astute investors are encouraged to exercise patience and monitor for the emergence of the subsequent extreme area during the ongoing corrective pullback. This strategic approach could potentially provide an advantageous vantage point for an upward response, as the stock gears up to recommence its bullish trajectory, setting its sights on the pursuit of new all-time highs.
Source:https://elliottwave-forecast.com/sto...t-opportunity/

USDJPY Forecasting The Rally After Elliott Wave Zig Zag Pattern
August 25, 2023 By EWF Vlada
Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDJPY , published in members area of the website. As our members know the pair is showing impulsive bullish sequences in the cycle from the January low. Consquently, we were calling for the further rally. Recently USDJPY made a pull back that has had a form of Elliott Wave Zig Zag pattern. We expected the pair to find buyers at the extreme zone from the 08/16 peak.
In the further text we are going to explain the Elliott Wave Pattern and the forecast
Before we take a look at the real market example, let’s explain Elliott Wave Zigzag.
Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and ideal retracements.
If you are new to Elliott Wave we recommend you to check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.


At the chart below we can see what Elliott Wave Zig Zag pattern looks like in real market.
USDJPY H1 London Update 08.23.2023
USDJPY is giving us pull back against the 141.469 low. First leg has a form of 5 waves, so we assume pull back is unfolding as Elliott Wave Zig Zag Pattern. That means both (a) and (c) legs should have 5 waves . There is already enough number of swings to complete the pull back. Equal legs area is reached at 144.78-143.78 ( buyers zone). However until we get decent reaction, we are aware that pull back can extend within proposed area. We don’t recommend selling the pair and expect further rally to resume from the buyers zone.
Reminder : You can learn more about Zig Zag and other Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.


USDJPY H1 London Update 08.25.2023
The pair has given us nice reaction from the marked zone and we count 4 red red pull back completed at 144.54 low. Now, as far as the price holds above that low we expect to see further extension higher and break above 3 red high : 08/16 to confirm next leg up is in progress. Short term we are about to end 5 waves up from the 144.54 low and then we can see a intraday pull back ((ii)) black. Once the pull back completes, next technical area to the upside should ideally come at 147.026-147.794.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent updates in the membership area of the website. Remember that not every chart is trading recommendation. 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, you are welcome to Sign Up for 14 days Trial 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 !
Source:https://elliottwave-forecast.com/ell...-wave-zig-zag/

GBPUSD Has Scope to Extend lower in Zigzag Correction

Short Term Elliott Wave view suggests decline from 7.14.2023 high is in progress as a zigzag structure. Down from 7.14.2023 high, wave (i) ended at 1.2797 and wave (ii) rally ended at 1.299. The pair then extended lower in wave (iii) towards 1.2619 and wave (iv) rally ended at 1.2819. Final leg lower wave (v) ended at 1.2615 which completed wave ((a)). The 1 hour chart below shows the wave ((a)) as a starting point. Wave ((b)) corrective rally then unfolded as a double three Elliott Wave structure. Up from wave ((a)), wave (w) ended at 1.278 and dips in wave (x) ended at 1.268. Wave (y) higher ended at 1.28 which completed wave ((b)) in higher degree.

Pair resumed lower in wave ((c)) with subdivision as a 5 waves impulse. Down from wave ((b)), wave i ended at 1.261 and wave ii rally ended at 1.273. The pair resumed lower in wave iii towards 1.256 and rally in wave iv ended at 1.265. Final leg wave v ended at 1.2547 which completed wave (i). Rally in wave (ii) is in progress as 7 swing double three to correct cycle from 8.22.2023 high before it turns lower. Near term, as far as pivot at 1.28 high stays intact, expect the pair to extend lower.

GBPUSD 60 Minutes Elliott Wave Chart

Attached Image (click to enlarge)

GBPUSD Elliott Wave Video

Inserted Video

Source: https://elliottwave-forecast.com/new...ag-correction/
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USDJPY Forecasting The Rally After Elliott Wave Zig Zag Pattern
August 28, 2023 By EWF Vlada
Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDJPY , published in members area of the website. As our members know the pair is showing impulsive bullish sequences in the cycle from the January low. Consquently, we were calling for the further rally. Recently USDJPY made a pull back that has had a form of Elliott Wave Zig Zag pattern. We expected the pair to find buyers at the extreme zone from the 08/16 peak.
In the further text we are going to explain the Elliott Wave Pattern and the forecast
Before we take a look at the real market example, let’s explain Elliott Wave Zigzag.
Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and ideal retracements.
If you are new to Elliott Wave we recommend you to check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.


At the chart below we can see what Elliott Wave Zig Zag pattern looks like in real market.
USDJPY H1 London Update 08.23.2023
USDJPY is giving us pull back against the 141.469 low. First leg has a form of 5 waves, so we assume pull back is unfolding as Elliott Wave Zig Zag Pattern. That means both (a) and (c) legs should have 5 waves . There is already enough number of swings to complete the pull back. Equal legs area is reached at 144.78-143.78 ( buyers zone). However until we get decent reaction, we are aware that pull back can extend within proposed area. We don’t recommend selling the pair and expect further rally to resume from the buyers zone.
Reminder : You can learn more about Zig Zag and other Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.


USDJPY H1 London Update 08.25.2023
The pair has given us nice reaction from the marked zone and we count 4 red red pull back completed at 144.54 low. Now, as far as the price holds above that low we expect to see further extension higher and break above 3 red high : 08/16 to confirm next leg up is in progress. Short term we are about to end 5 waves up from the 144.54 low and then we can see a intraday pull back ((ii)) black. Once the pull back completes, next technical area to the upside should ideally come at 147.026-147.794.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent updates in the membership area of the website. Remember that not every chart is trading recommendation. 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, you are welcome to Sign Up for 14 days Trial 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 !
Source:https://elliottwave-forecast.com/ell...-wave-zig-zag/

Coinbase (COIN) Structure Shows Losses To Come In Cryptocurrencies
August 28, 2023 By EWFLuis
Coinbase Global, Inc., branded Coinbase (COIN), is an American company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume.
COIN Daily Chart March 2023


Last March, we were calling a triple correction structure that was taking place ending wave ((XX)) at 116.21 high. From this level, wave (A) of ((Z)) continued lower breaking through $40.72 low. Confirming the bearish sequence. Wave (A) ended at $31.55 and bounced in 3 waves that we believe to have ended wave (B) at $87.88. As we said, the market had to fail its intentions to resume the bullish movement and continue lower to break $31.55 to end wave (C) and the triple correction. Only a break above $116.21 would suggest the end of the downtrend.
COIN Daily Chart August 2023


A few months later, COIN did not have the strength to break $31.55 low and after a correction rally again. Therefore, the wave (B) had another structure. The wave A of (B) ended at $87.88. Then, we can see 3 swings lower as a flat correction to end wave B of (B) at $46.43. To complete the wave (B) structure, the market bounced to $114.43 before turning lower again. As price action did not broke the invalidation level at $116.30, we are still calling for more downside, as an impulse structure, to end the triple correction in $29.95 – $9.92 area. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).
Elliottwave Forecast updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.
Source:https://elliottwave-forecast.com/sto...ptocurrencies/

CADJPY Dips Keep Finding Buyers At Equal Legs Area
August 28, 2023 By Hassan Sheikh
In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the CADJPY. The rally from the 28 July 2023 low showed a higher high sequence & provided a short-term extreme trading opportunity. In this case, the pullback managed to reach the equal legs area & provided a buying opportunity. So, we advised members not to sell it but to buy the equal legs area for a minimum reaction higher to happen. We will explain the structure & forecast below:
CADJPY 1-Hour Elliott Wave Chart From 8.23.2023


Here’s the 1-hour Elliott wave Chart from the 08/23/2023 New York update. In which, the rally to 108.28 high ended the wave ((iii)) & made a pullback in wave ((iv)). The internals of that pullback unfolded as Elliott wave zigzag structure where lesser degree wave (a) ended at 101.01 low. Then a short-term bounce to 108.20 high ended wave (b) & started the next leg lower in wave (c) towards 106.93- 16.14 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.
CADJPY Latest 1-Hour Elliott Wave Chart From 8.26.2023


Above is the Latest 1-hour Elliott wave Chart from the 8/26/2023 Weekend update. In which the pair is showing a reaction higher taking place from the equal legs area. Right after ending the zigzag correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above 108.28 high would still be needed to confirm the next leg higher minimum towards the 108.68- 109.35 area before the next pullback takes place.
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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.
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Source:https://elliottwave-forecast.com/for...ual-legs-area/

MGM Resorts International (MGM) Favors Pullback Before Rally Resumes
August 29, 2023 By EWFRaj
MGM Resorts International (MGM), through its subsidiaries owns & operates casino, hotel & entertainment resorts in the US and Macau. The operates through three segments: Las Vegas Strip Resorts, Regional Operations & MGM China. It is based in Las Vegas, Nevada, comes under Consumer Cyclical sector & trades as “MGM” ticker at NYSE, having market cap of 15.69 B as on 28-August, 2023.
MGM made all time low at $1.81 in Mach-2009 low. Above there, it reacted higher, but yet trading below previous all time high of $100.50. Since 2009, It appears nesting & favors pullback in ((2)) of III of (III) against June-2022 low before turning higher in ((3)). Alternatively, if it breaks below June-2022 low, it can do larger correction while ended diagonal at last high since 2009.
MGM – Elliott Wave Weekly Latest View:

It placed (I) at $38.41 low & (II) at $5.90 low in March-2020 low. Above there, it placed I of (III) at $51.17 high & II at $26.41 low as 3 swing pullback. In wave I, it finished ((1)) at $17.63 high, ((2)) at $11.77 low, ((3)) at $44.40 high as extended wave, ((4)) at $35.72 as flat correction & ((5)) at $51.17 high. Below there, it placed ((A)) of II at $38.11 low, ((B)) at $49.00 high & ((C)) at $26.41 low as II in June-2022 low as zigzag correction.
MGM – Elliott Wave Latest Daily View:

Above II low, it resumed higher in ((1)) of III & confirms higher high sequence above I high, which ended at $51.35 high. It placed (1) at $36.34 high, (2) at $29.20 low, (3) at 46.23 high, (4) at $38.68 low as flat correction & (5) at $51.35 high. It favors correction in ((2)) in 3 or 7 swings against June-2022 low before upside resumes in ((3)) of III. Currently, it favors bounce in (B) in 3 or 7 swings, while placed (A) at $41.89 low & later resumes downside in (C) to finish ((2)). It expects to resume higher later in ((3)) of III from the extreme areas.
Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session, where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $9.99.
Source:https://elliottwave-forecast.com/sto...rally-resumes/