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Russell 2000 (RTY) Bearish Sequence Favors Downside


Rusell (RTY) shows a 3 swing from July 31, 2023 high favoring further downside to reach equal legs target. It breaks below August 25 low confirming the idea. The drop from July 31 high is unfolding as a zig zag correction Elliott Wave structure. Down from July 31 high, wave A ended at 1832.80 and wave B corrective rally ended at 1934. Wave C lower is currently in progress as a 5 waves impulse structure. The Index has broken below wave A at 1832.8 confirming the next leg lower has started.

Down from wave B, wave ((i)) completed at 1849.40. A flat wave ((ii)) ended at 1892.70. The 1 hour chart below shows the wave ((ii)) starting point. Index then resumed lower in wave ((iii)) ending at 1780.40. Currently, the market is developing wave ((iv)); therefore, we expect a corrective rally in 3, 7 or 11 swing before it resumes to the downside in wave ((v)) of C. Near term, as far as pivot at 1892.84 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower is 100% – 161.8% Fibonacci extension of wave A. This area comes at 1705 – 1749.

RUSSELL (RTY) 60 Minutes Elliott Wave Chart

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RUSSELL (RTY) Elliott Wave Video

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IONQ Favors Corrective Pullback Before Rally Continue
September 26, 2023 By EWFRaj
IONQ Inc., (IONQ) engages in the development of general-purpose quantum computing systems in the US. It sells the access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon web services, Amazon Braket, Microsoft’s Azure Quantum & Google’s cloud marketplace. It is based in Maryland, comes under Technology sector & trades as “IONQ” ticker.
IONQ made all time high at $35.90 in November-2021 & all time low at $3.04 on 12.28.2022. Above there, it reacted higher in impulse sequence ended wave I at $21.60 high. It favors pullback in II in 3 swing pullback against December-2022 low.
IONQ – Elliott Wave Latest Daily View:

Since December-2022 low, it finished ((1)) at $6.00 high & corrected lower in ((2)) at $4.38 low as 0.5 Fibonacci retracement. Later, it started third wave extension, which ended at $20.14 high. Within ((3)), it placed (1) at $7.35 high, (2) at $5.29 low, (3) at $16.30 high, (4) at 14.15 low & (5) at $20.14 high. It was corrected in ((4)) in zigzag sequence at $12.19 low as dip pullback. Finally, it ended ((5)) at $21.60 high as wave I.
Below $21.60 high, it favors pullback in wave II as proposed zigzag correction. It favors pullback lower in ((A)) of II, where it appears ended (3) at $12.96 low & should bounce in (4) before turning lower in (5) of ((A)). Later, it expects to bounce in ((B)) connector in 3 or 7 swings & fail below I high extend lower in ((C)) to finish II towards extreme areas. It should remain above December-2022 low to resume higher.
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Source:https://elliottwave-forecast.com/sto...ally-continue/

Gold Miners Junior (GDXJ) Looking to End Flat Correction
September 26, 2023 By EWFHendra
GDXJ, short for VanEck Vectors Junior Gold Miners ETF, is an exchange-traded fund (ETF) that focuses on providing exposure to junior companies involved in the exploration and mining of gold and other precious metals. This ETF is designed to track the performance of small and mid-cap companies within the global gold mining industry. The ETF is still in the process of ending an expanded flat correction. Below we will take a look at the Elliott Wave outlook for the ETF.
GDXJ Daily Elliott Wave View


Daily Elliott Wave Chart of GDXJ above shows that the ETF has ended wave II at 25.96. Up from there, wave ((1)) ended at 41.16 and wave ((2)) pullback remains in progress as an expanded flat. Wave (A) of ((2)) ended at 32.25 and wave (B) of ((2)) ended at 43.89. Wave (C) of ((2)) is in progress lower to retest 25.96. As far as 9.26.2022 pivot at 25.96 is holding, expect the ETF to extend higher.
GDXJ 4 Hour Elliott Wave View
4 Hour Elliott Wave Chart of GDXJ above shows that the ETF still remains in selling pressure within wave C of ((2)). As far as the ETF stays below 43.88, expect further downside in the next several days/weeks to retest the low on 9.26.2022 at 25.96.
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Source:https://elliottwave-forecast.com/sto...at-correction/

Nasdaq 100 ETF (QQQ) Continues Bearish Move Lower

QQQ shows 3 swings lower from July 19, 2023 high favoring further downside to reach equal legs target. The drop from July 19 high is unfolding as a zig zag correction Elliott Wave structure. Down from July 19 high, wave (A) ended at 354.71 and wave (B) corrective rally ended at 381.05. Wave (C) lower is currently in progress as a 5 waves impulse structure. The ETF has broken below wave (A) August 18 low confirming the next leg lower has started.

Down from wave (B), wave 1 completed at 369.15. A zig zag wave 2 ended at 378.42. QQQ then continued lower in wave 3. Down from wave 2, wave ((i)) ended 368.74 and a small correction ended wave ((ii)) at 371.79. Market continued lower and wave ((iii)) finished at 355.93 and wave ((iv)) correction at 360.14. Currently, the market is developing wave ((v)) of 3 lower. Once wave 3 is completed, we expect 3, 7 or 11 swings higher in wave 4 before it resumes to the downside in wave 5 of (C). As far as pivot at 378.4 high stays intact, expect rally to fail for further downside. Potential target lower comes at 347.67 – 327.00 area (100% – 161.8% Fibonacci extension from wave (A).

QQQ 60 Minutes Elliott Wave Chart

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QQQ Elliott Wave Video

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$DIS(Walt Disney): The Stock is Trading Within Buying Area
September 26, 2023 By EWF Eric
Disney has been in a tremendous decline since it peaked at $203.02 back 03.08.2021. The Peak ended a Grand Super Cycle and since then it has corrected in larger pullback. The Elliott Wave Theory provides us with cycle degrees determined by the time each cycle lasts. So the Grand Super Cycle is the highest cycle degree and can sometimes last even centuries. Here is the page that explains all the details within the Theory and provides new traders with enough guidelines to navigate the market. Let’s take a look at the Elliott Wave outlook for Disney.
Disney ($DIS) Monthly Elliott Wave Chart


The chart above is the representation of the Grand Super Cycle and clearly shows a five-wave advance in the Blue degree which ended wave ((I)) Grand Super Cycle. The idea of the five waves means overall that three waves of pullback are next to happen based on the Elliott Wave Theory. Sure enough $DIS have then seen a tremendous decline in wave ((II)) in Grand Super Cycle degree. The symbol has reached the minimum distance within the decline and has reached the buying area. The Elliott Wave Theory primary pattern states that the market moves in five waves in each cycle, then three waves pullback. Afterwards, a continuation higher in the direction of the previous five waves. This is a straightforward behavior that repeats itself time after time.
Impulse Elliott Wave Structure


The graph above shows the five waves advance and the three waves pullback. It looks similar compared to the $DIS Monthly chart. Analyzing the charts of Disney within the Grand Super Cycle makes it easy to understand this decline. It is a great and unique opportunity to buy the stock and hold it for a long time.
$DIS Weekly Elliott Wave Chart


Zooming in on the Weekly chart above, we see how the decline unfolds in a WXY. It is a seven-swing structure which consists of 2 ABC combination. Hence, the market follows a sequence of 5-3-5-3-5-3-5. It should end around 1.00-1.618% of W related to X. At this moment, we are trading within the area, which is represented with the blue box. As seen from the char above, down from wave ((1)), the stock did three waves lower or an ABC, which ended around 01.01.2022. The stock then bounced in wave X and then entered another leg lower. Right now it is trading within the Blue Box area or the 1.00-1.618% Fibonacci extension.
WXY Double Three Structure


The graph above shows how a WXY looks in the Theory. Comparing this to the Weekly chart of Disney, it is fair to say they look alike. Soon Disney will start a new cycle higher and provide investors with an excellent opportunity to ride a very good long position. The Market follows patterns, and the Elliott Wave Theory helps us to identify them and take chances in favor of the trend.
Source:https://elliottwave-forecast.com/sto...n-buying-area/

AUDUSD Found Sellers After Elliott Wave Double Three Pattern
September 26, 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 AUDUSD forex pair published in members area of the website. As our members know AUDUSD has recently made recovery against the 0.6520 peak that has unfolded as Elliott Wave Double Three Pattern. It made clear 7 swings from the lows and completed correction at the extreme zone . In further text we’re going to explain the Elliott Wave pattern and trading strategy
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.


AUDUSD 1 Hour Elliott Wave Analysis 09.20.2023
AUDUSD made 5 waves down from the 0.652 peak and now correcting that cycle. The pair is giving us (ii) blue recovery that is unfolding as Elliott Wave Double Three Pattern. Correction has wxy red inner labeling. The extreme zone has been already reached at 0.64718-0.64938. However, we expect to see another leg up to complete 7 swings. It’s important that correction ends below 0.65207 peak. We can see either decline toward new lows or larger 3 waves pull back at least. Invalidation for the current count would be break above 0.65207
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.


AUDUSD 1 Hour Elliott Wave Analysis 09.20.2023
AUDUSD made proposed leg up and complete 7 swings structure. Previous high: 0.65207 held well during the correction. The pair found sellers at the extreme area and we got decline as expected. Current view suggests ((iv)) black recovery completed at 0.65101 high. As far as the price holds below that peak, further weakness should follow.
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NZDJPY Rally from Extreme Area and Bullish Sequence
September 26, 2023 By EWF Eric
In this blog, we will take a look at the reaction from extreme area in NZDJPY, how buyers appeared in the area as expected and produced a strong reaction higher. We will look at how this area was calculated and also look at the current Elliott wave structure of this Yen cross. We will discuss the current Elliott Wave structure and short-term incomplete sequence that has been created and what it could lead to going forward.
NZDJPY July 27, 4 Hour Elliott Wave Analysis
The chart below shows the pair to be in a double three Elliott wave structure with some more downside needed to complete the structure. It shows an extreme area (100 – 123.6 Fibonacci extension) between 85.22 – 84.40 where we expected the correction to end and buyers to appear to resume the rally or produce 3 waves reaction higher at least.


NZDJPY September 26, Daily Elliott Wave Analysis
The chart below is a daily chart and shows the pair reached the extreme area between 85.22 – 84.40 and turned higher sharply. It rallied to 88.59 which we have labelled as wave 1 of the new cycle. This was followed by a pullback to 85.79 which we have labeled as wave 2. It started rallying again and it has now broken above 88.59 peak which creates a short-term incomplete sequence higher from 7.28.2023 low against 8.21.2023 low and has a 100 – 161.8% Fibonacci extension target area coming between 89.44 – 91.68.


Blue wave (1) peak was seen on 7.5.2023 @ 89.69, a break of this level will create a larger bullish sequence up from 3.24.2023 low against 7.28.2023 low and confirm further upside in NZDJPY and other Yen crosses with 61.8% Fibonacci extension coming at 90.66 and 100% Fibonacci extension coming at 94.20. We don’t like selling the pair and near-term dips should remain supported in 3, 7 or 11 swings for extension higher toward 89.44. Once 7.5.2023 peak breaks, that will create a 4 hour bullish sequence and offer buying opportunities again in the dips in 3, 7 or 11 swings.
NZDJPY Reaction from Extreme Area and Incomplete Sequence

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

USDJPY Elliott Wave Impulsive Structure Remains In Play


Short term Elliott Wave view suggests the USDJPY is trading to the upside in a wave 3 following an impulse structure. Up from wave 2 at 9.11.2023 low, wave ((i)) ended at 148.46 as a leading diagonal. Wave ((ii)) made a zig zag correction (a), (b), and (c) ended at 147.29 low. From here, the pair continued the rally trading higher in wave ((iii)). 1 hour chart below shows wave ((iii)) of 3 should be near to end. Up from wave ((ii)), wave (i) ended at 148.42 and pullback in wave (ii) ended at 147.96. USDJPY resumed rally ended at 149.19 which completed wave (iii).

Small pullback as wave (iv) ended at 148.76. Then, the pair resumed higher in wave (v) of ((iii)). We can see that wave (v) is extended and actually is trading in wave v of (v). The structure suggest that we need one more high to complete wave v of (v) and that will complete wave (v) of ((iii)) and wave ((iii)). Once wave ((iii)) is completed, USDJPY should enter in a correction as wave ((iv)); therefore, we expect 3, 7 or 11 swings lower to end wave ((iv)) before turning higher again in wave ((v)) of 3. Near term, as far as pivot at 147.29 low stays intact, expect pair to see further upside

USDJPY 60 Minutes Elliott Wave Chart

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USDJPY Elliott Wave Video

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EQT Corporation : A Fresh Look at Energy Investment Opportunities
September 28, 2023 By EWFAyoub
As the global energy landscape continues to evolve, EQT Corporation (NYSE: EQT) emerges as a key player in the realm of energy exploration and production. In our previous article, we explored the weekly path for the stock as it was presenting an investment opportunity for this year and we explained the potential path based on the Elliott Wave Theory.
Expanding on our earlier prediction, EQT successfully completed a three-wave correction within the specified blue box area $29.8 – $20.5 , subsequently embarking on an upward trajectory. Since hitting a low of $28.11 on March 15, 2023, the stock surged by 60% within a dynamic and impulsive five-wave structure. The recent upward surge marked the completion of the initial wave I in August 2023 reaching a peak of $44.8, followed by an ongoing correction within wave II.
The present decline, which initiated from the August peak, is currently taking the form of a 3-swing structure. This is anticipated to conclude shortly, giving rise to two potential scenarios:
– The initial scenario shown in the following chart is based on the expected correlation with the broader stock market. Accordingly, it is expected that the reaction will be capped below $44.8, forming part of a wave ((X)). This will allow the stock to proceed within a corrective double-three structure, ultimately completing wave ((Y)) of II, while remaining above $28.11. Following the conclusion of the correction, EQT is anticipated to resume the upward trend that commenced earlier this year. The stock is poised for a robust rally in wave III, with the potential to surpass the 2022 peak of $51.97, thereby initiating the next weekly extension.
EQT Daily Chart 9.28.2023 ( 1st Scenario )


-The second scenario presents a more bullish perspective. If the ongoing decline is deemed a corrective phase, it could signify the completion of wave II. In this scenario, the stock may embark on the next upward leg within wave III, marked by an impulsive rally within wave ((1)). Ideally, this rally should surpass the $44.8 peak, thereby establishing a bullish sequence. Subsequently, the expected pullback in wave ((2)) would likely find support and generate buying interest, facilitating a higher high and higher low sequence as the stock continues its ascent within the daily uptrend.
EQT Daily Chart 9.28.2023 ( 2nd Scenario )


In conclusion, EQT’s potential scenarios remain well-aligned with the daily Elliott wave structure. The stock continues to offer promising investment opportunities, with the condition that pullbacks remain above the key level of $28.11.
Source:https://elliottwave-forecast.com/sto...opportunities/

Ten Year Notes ($ZN) Bearish Impulse Remains Incomplete

Short term Elliott Wave view suggests that cycle from 9.1.2023 high in Ten Year Notes ($ZN) remains incomplete. The decline is unfolding as a 5 waves impulse Elliott Wave structure. Down from 9.1.2023 high, wave 1 ended at 109’19 and rally in wave 2 ended at 110’07. The Notes extended lower in wave 3 as an impulse in lesser degree. Down from wave 2, wave ((i)) ended at 109’08 and wave ((ii)) rally ended at 109’2.

The Notes then extended lower in wave ((iii)) towards 108 and rally in wave ((iv)) ended at 108’17. Final leg wave ((v)) ended at 107’07 which completed wave 3. Wave 4 is in progress to correct the decline from 110’07. Potential target for wave 4 is 23.6 – 38.2% Fibonacci retracement of wave 3. This area comes at 107’29 – 108’11. Near term, as far as pivot at 110’07 high stays intact, expect rally in wave 4 rally to fail in 3, 7, 11 swing for further downside.

Ten Year Notes (ZN) 60 Minutes Elliott Wave Chart

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$ZN Elliott Wave Video

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SONY Is Near To Give Us New Buying Opportunities
Sony Group Corporation, commonly known as SONY, is a Japanese multinational conglomerate corporation. As a major technology company, it operates as one of the world’s largest manufacturers of consumer and professional electronic products, the largest video game console company.
SONY ended an impulse that began at the end of 2012. The share price reached 133.75 in January 2021, that was, 9 years of upward movement. We called this impulse as wave (I). The price started to fall forming a double correction and after almost 5 months wave (II) ended.

$VKTX: Consolidation in Viking Therapeutics Provides an Opportunity
Viking Therapeutics Inc. is an innovative biotechnology company developing novel therapeutics for metabolic and endocrine diseases. Metabolic and rare disease programs include novel selective thyroid receptor-β agonist approach. These and other programs are currently within phases 1, 2 and preclinical. Viking Therapeutics saw IPO back in 2015. Since then, investors can trade it under the ticker $VKTX at NASDAQ.
In the initial article from March 2023, we have discussed initial impulse from June 2022 lows and explained that it is dangerous to chase the strength. We were right. The price has created new all-time high and is pulling back. Here, we discuss the wave structure and provide with support areas and next price targets.
Viking Therapeutics Weekly Elliott Wave Analysis 10.01.2023
The weekly chart below shows the Viking Therapeutics shares $VKTX traded at NASDAQ. From the IPO in 2015, the stock price has developed an initial cycle higher in blue wave (I) of super cycle degree towards $24 highs in September 2018. Then, a correction lower in blue wave (II) has unfolded as an Elliott wave double three pattern being 3-3-3 structure.
Firstly, 7 swings (which is equal to larger 3 swings) in red wave w of blue wave (II) have printed a low at $3.26 in March 2020. Then, a bounce has set a connector wave x at $10.09 highs in February 2021. Later on, the price has broken $3.26 lows opening up a bearish sequence. As a consequence, red wave y should have extended lower towards 100% extension or at least 61.8% extension of the red wave w. However, these values are below zero. Due to the lack of space, the price has reached $2.02 and bounced breaking the descending channel from 2018. As a matter of fact, the correction has ended in June 2022 at $2.02 lows and new cycle in blue wave (III) has started. Break of $24 highs has confirmed that. The target for the wave (III) is 26.01-40.83 area and even beyond.
Within blue wave (III), red wave I has reached in 5 waves the new all-time highs in May 2023 at $25.72. From there, pullback in red wave II is inrogress. Firstly, black wave ((A)) has set a low in August 2023 at 12.62. Secondly, bounce in black wave ((B)) has set a connector in September 2023 at 16.36 highs. Thirdly, price has broken 12.62 lows confirming next extension lower. Now, black wave ((C)) can reach 3.22-2.02 area. Alternatively, it may truncate at 0.618-0.786 area being 8.23-6.03 price range. Investors and traders can start accumulating their positions starting from below $8.23 level and against $2.02 lows. Once consolidation in red wave II ends, expect acceleration higher in red wave III of blue wave (III) towards 25.72 highs and beyond.

$CT #F: Nesting Price Action in Cotton Provides an Opportunity
Cotton is one of soft commodities, along with sugar, coffee, orange juice and cocoa. In early centuries, Alexander the Great has brought cotton from Pakistan to Europe. Much later and finally, it has obtained the dominance in textile manufacturing during the British industrial revolution in the 18th century. It was so critical that at times of Civil War in North America the Confederate bonds sold in Europe were backed by cotton. Today, the largest producers and, at the same time, the largest consumers of cotton are China and India. One can trade Cotton futures at ICE owned New York Board of Trade in contracts of 50’000 pounds each under the ticker CT #F. Also, there are similar contracts at CME owned NYMEX under the ticker TT #F.
Currently, we see other soft commodities like orange juice, coffee and sugar turning higher after a long period of depressed prices. Based on the correlation within group of softs, the cotton is expected to turn higher as well. In particular, weekly wave structure of CT #F supports that bullish view. Will the rally in the cotton prices make it reality that an average person will be able to afford only 2-3 new clothes per year?
In the initial article from May 2021, we have forecasted a strong initial wave higher. We were right. From March 2020 until May 2022, the cotton prices have trippled. Then, in June 2022, we forecsted a short-term pullback to provide an opportunity to join the rally. However, market has decided for a larger zigzag structure lower. Now, we see the channel break to the upside and price nesting action. In the current article, we provide with an update: discussion of the wave structure, next targets and support areas.
Cotton Quarterly Elliott Wave Analysis 10.01.2023
The quarterly chart below shows the cotton front contract CT #F at NYBOT. Historically, cotton has been traded at New York Cotton Exchange since 1870. Later, it moved to NYBOT and the chart data shows cotton prices from 1972 on. From the lows, the prices have developed a corrective cycle higher in black wave ((w)) of a grand super cycle degree. One can see it as an Elliott Wave zigzag pattern. Hereby, blue wave (a) has demonstrated a leading diagonal structure and has ended in 3rd quarter of 1980. From there, a running triangle in wave (b) has caught the market in range bound oscillations until the 4th quarter of 2008. From there, the sideways market has resolved into an acceleration higher within an impulsive move in wave (c). Hereby, cotton has made 6x in price and saw the all-time highs in the 1st quarter of 2011 at 219.70.
From the all-time highs in 2011, a correction lower in wave ((x)) has unfolded as an Elliott Wave double three pattern. In 9 years, CT #F has become cheaper by 78% reaching 48.35 level. It is the preferred view that an important bottom on March 2020 has been set and the correction has ended. From the lows, a new multi-decade cycle within black wave ((y)) may have started.
For 2024-2040, the expectations are to retest if not to break above the all-time highs. The target for wave ((y)) will be 268-404 area. From current levels, the cotton should, therefore, double to tripple in price.

Is Discover Financial Services (DFS) Ready Next Rally?
Discover Financial Services (DFS) provides digital banking products & services, & payment services in United States. It operates through two segments – Digital banking & Payment services. It is based in Riverwoods, Illinois, comes under Financial services sector & trades as “DFS” ticker at NYSE.
DFS ended wave I as impulse sequence at $135.69 high started from March-2020 low. Below there, it favors pullback in double correction as II & expect sideways to lower towards $74.56 – $44.90 area.

Gold (XAUUSD) Bearish Sequence Favors More Downside

Gold shows incomplete bearish sequence from 5.4.2023 high favoring further downside. Down from 5.4.2023 high, wave (W) ended at 1898.12 and wave (X) rally ended at 1987.42. Gold then resumed lower in wave (Y) with internal subdivision as a zigzag Elliott Wave structure. Down from wave (X), wave A ended at 1884.89 low and wave B ended at 1952.95 high on September 1. Wave C lower is in progress as a 5 waves impulse structure. Down from wave B, wave ((i)) ended at 1901.11 and wave ((ii)) rally ended at 1947.39.

Wave ((iii)) lower is in progress as a 5 waves impulse in lesser degree. Down from wave ((ii)), wave (i) ended at 1913 and rally in wave (ii) ended at 1929.12. Wave (iii) lower ended at 1857.40 and rally in wave (iv) ended at 1879.81. Expect wave (v) to end soon which should complete wave ((iii)). Afterwards, expect rally in wave ((iv)) to correct cycle from 9.21.2023 high in 3, 7, or 11 swing before the decline resumes. Near term, as far as pivot at 1947 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

Gold 60 Minutes Elliott Wave Chart

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XAUUSD Elliott Wave Video
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Gold (XAUUSD) Bearish Sequence Favors More Downside
Gold shows incomplete bearish sequence from 5.4.2023 high favoring further downside. Down from 5.4.2023 high, wave (W) ended at 1898.12 and wave (X) rally ended at 1987.42. Gold then resumed lower in wave (Y) with internal subdivision as a zigzag Elliott Wave structure. Down from wave (X), wave A ended at 1884.89 low and wave B ended at 1952.95 high on September 1. Wave C lower is in progress as a 5 waves impulse structure. Down from wave B, wave ((i)) ended at 1901.11 and wave ((ii)) rally ended at 1947.39.
Wave ((iii)) lower is in progress as a 5 waves impulse in lesser degree. Down from wave ((ii)), wave (i) ended at 1913 and rally in wave (ii) ended at 1929.12. Wave (iii) lower ended at 1857.40 and rally in wave (iv) ended at 1879.81. Expect wave (v) to end soon which should complete wave ((iii)). Afterwards, expect rally in wave ((iv)) to correct cycle from 9.21.2023 high in 3, 7, or 11 swing before the decline resumes. Near term, as far as pivot at 1947 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

SPDR Utilities Select Sector ($XLU) Is Poised To Rally Soon From a Blue Box Area
Hello Traders! Today, we will look at the Elliott Wave structure of SPDR Utilities Select Sector ($XLU) and explain why the stock is bound to end a cycle and bounce soon.
The Utilities Select Sector SPDR Fund seeks to provide investment results that correspond generally to the price and yield performance of the Utilities Select Sector Index. It seeks to provide precise exposure to companies from the electric utility, water utility, multi-utility, independent power and renewable electricity producers, and gas utility industries.

Gold Miners (GDX) Approaching Support Zone


Gold Miners ETF (GDX) shows incomplete bearish sequence from 5.4.2023 high looking for further downside. In shorter cycle, the decline from 7.18.2023 high is in progress as a 5 waves impulse. Down from 7.18.2023 high, wave 1 ended at 27.27 and rally in wave 2 ended at 30.13. The ETF then extended lower in wave 3 towards 25.68. Internal subdivision of wave 3 unfolded as a 5 waves in lesser degree. Down from wave 2, wave ((i)) ended at 28.79 and rally in wave ((ii)) ended at 29.41.

The ETF extended lower in wave ((iii)) towards 26.62 and rally in wave ((iv)) ended at 27.59. Final leg wave ((v)) ended at 25.68 which completed wave 3 in higher degree. Wave 4 is currently in progress to correct cycle from 9.21.2023 high in 3, 7, or 11 swing before the decline resumes. Potential target for wave 4 is 23.6 – 38.2 Fibonacci retracement of wave 3. This area comes at 26.74 – 27.39 where sellers can appear for further downside. Potential target lower is 100% – 161.8% Fibonacci extension from 5.4.2023 high. This area comes at 20.6 – 25.2. If we assume that 9.26.2022 low at 21.52 will hold, then the area of support should be 21.52 – 25.2.

Gold Miners ETF (GDX) 60 Minutes Elliott Wave Chart

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GDX Elliott Wave Video

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EURUSD Short Term Rally Still Expected to Fail

Short Term Elliott Wave in EURUSD suggests cycle from 8.30.2023 high is in progress as a 5 waves impulse. Down from 8.30.2023 high, wave ((i)) ended at 1.063 and rally in wave ((ii)) ended at 1.0737 as the 1 hour chart below shows. Pair then extended lower in wave ((iii)) with internal subdivision as another 5 waves in lesser degree. Down from wave ((ii)), wave (i) ended at 1.0616 and wave (ii) ended at 1.0671. The pair extended lower in wave (iii) towards 1.0569, wave (iv) ended at 1.0609, and wave (v) lower ended at 1.048. This completed wave ((iii)) in higher degree.

Rally in wave ((iv)) ended at 1.0619 with internal subdivision as a zigzag. Up from wave ((iii)), wave (a) ended at 1.055 and wave (b) ended at 1.0517. Wave (c) higher ended at 1.0619 which completed wave ((iv)). Pair has resumed lower in wave ((v)). Down from wave ((iv)), wave (i) ended at 1.0447. Wave (ii) rally is in progress to correct cycle from 9.29.2023 high. Internal subdivision of wave (ii) is unfolding as a double three. Up from wave (i), wave w ended at 1.053, and pullback in wave x ended at 1.048. Expect wave y of (ii) to fail below 1.0619 for the next leg lower. As far as pivot at 1.0619 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

EURUSD 60 Minutes Elliott Wave Chart

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EURUSD Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...expected-fail/
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NVDA Returning From The Elliott Wave Blue Box Area
In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of NVDA. We presented to members at the elliottwave-forecast. In which, the rally from 13 October 2022 low is unfolding as an impulse structure. Showing 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:
https://elliottwave-forecast.com/sto...blue-box-area/