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

Elliott Wave Intraday Analysis: USDJPY is Correcting Before Resuming Lower
Short Term Elliott Wave USDJPY suggests that the pair is developing a bearish sequence from 07.03.2024 high. The decline made a double correction Elliott Wave structure. Down from 07.03.2024 high, wave A ended at 155.36 low. Rally in wave B ended at 157.86 high with internal subdivision as zig zag structure. Then, the pair resuming lower completing wave C at 151.93 low which ended wave (W) in higher degree.
USDJPY turned higher in wave (X) connector ending at 155.22 high. Down from wave (X), the pair continued forming the double correction structure. Wave A of (Y) ended at 148.50 low and wave B bounce ended at 150.89 high. Final leg lower as wave C ended at 141.66 which completed wave (Y) and ((W)) in higher degree. The current rally is in progress expecting to continue higher as wave ((X)) correction. Near term, we are calling an impulse structure as wave (A) that ended at 148.22 high. Now, the pair is developing wave (B) pullback. This retracement could end in 145.43 – 144.08 area to then continue higher in wave (C) of ((X)). Once wave ((X)) structure is finished, we are expecting the pair to continue lower in wave ((Y)).

USDJPY 60 Minutes Elliott Wave Chart



USDJPY Elliott Wave Video


Source: https://elliottwave-forecast.com/for...esuming-lower/
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Elliott Wave Analysis: GBPNZD Found Buyers From The Blue Box
August 14, 2024 By EWFSanmi
Hello, traders. Here’s a new blog post where we discuss how Elliottwave-Forecast members found an opportunity in the GBPNZD forex pair. First, we’ll explain why we recommended this trade to our members. Then, we’ll explore the trade’s potential and how we want our members to manage it.
Let’s start with the background. We begin by analyzing the weekly chart to get an overview of the long-term price action of this currency pair. Identifying the long-term cycle is crucial, as we always aim to trade in the direction of the prevailing market trend. After reviewing the weekly chart, we narrow it down to the 1-hour chart to help members see the safer trading path.
Along the bullish path, we like to buy pullbacks in 3, 7, or 11 swings at the extreme. Conversely, when the market is bearish, we look for extreme bounces to sell from. It’s that simple!
GBPNZD Elliott Wave Analysis, Weekly Chart, 08.10.2024

On 08.10.2024, we shared the chart above with our members. Since the October 2016 low, when the supercycle degree wave (I) ended, the GBPNZD currency pair has been trending upward. This is part of a corrective cycle for wave (II) of the supercycle degree, which has lasted over 8 years. One thing is clear: the sequence remains bullish. The price continues to break previous highs and lows, making new ones. From an Elliott Wave perspective, we identified this movement as a double zigzag structure. Wave w of (II) was completed in March 2020, and wave x finished in September 2022. Since September 2022, wave y of (II) has been evolving into another double zigzag.

By our projection, wave y of (II) could reach the equal leg of wave w at around 2.38. Therefore, there’s still room for further rallies. Not only has wave y of (II) not yet reached its target, but the developing structure is also incomplete. Currently, the price is in wave (A) of ((Y)) of y of (II). With this in mind, we advised subscribers to focus only on buying pullbacks in 3, 7, or 11 swings. When there’s a buying opportunity, members can identify the entry zone using the blue box on our charts. Additionally, we share entry and exit prices in the live trading room. We had one such opportunity on 08.13.2024.
GBPNZD Elliott Wave Analysis, 1-Hour Chart 08.13.2024

We shared the 1-hour chart above with members on 08.13.2024. At that time, the pair had just reached its highest price since March 2020. A pullback began, which we identified as a double zigzag pattern for wave 4 of (A). We pinpointed the extreme of the pullback at 2.11610-2.0795 and recommended that members enter a buy trade from this zone. We anticipated an impulse recovery for wave 5 or at least a 3-swing bounce from the box.

GBPNZD Elliott Wave Analysis, 1-Hour Chart 08.14.2024


We shared the chart above with members on 08.14.2024, a day after entry. The pair is now moving away from the blue box. Members have closed half of their positions to lock in some profit. They have also adjusted the stop for the remaining trade to just below wave ii of (i), around breakeven.

As long as the price stays above the wave ii low, buyers will continue to hold until we reach the target we set in the trading room. However, if a corrective bounce occurs and the price drops below the stop, traders will keep the small profit already secured. Our analysts guide members through the entire process—identifying a clear sequence, making blue box entries, and managing the trade.
About Elliott Wave Forecast
www.elliottwave-forecast.com 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.
Moreover, experience our service with a 14-day Trial for only $9.99. Cancel anytime by contacting us at [email protected].
Source:https://elliottwave-forecast.com/for...from-blue-box/

Using RSI to Identify Elliott Waves – Elliott Wave Basics
August 14, 2024 By Jordan Marshall
If you’re new to Elliott Wave, you may be asking: How do I tell if a wave is over when there’s so much price movement? One tool, in addition to trendlines, is to use Relative Strength Index (RSI).
Relative Strength Index
The relative strength index (RSI) is a momentum indicator used in technical analysis. RSI measures the speed and magnitude of a security’s recent price changes to evaluate overvalued or undervalued conditions in the price of that security.
The RSI is displayed as an oscillator (a line graph) on a scale of zero to 100. The indicator was developed by J. Welles Wilder Jr. and introduced in his seminal 1978 book, New Concepts in Technical Trading Systems.
The RSI can do more than point to overbought and oversold securities. It can also indicate securities that may be primed for a trend reversal or corrective pullback in price. It can signal when to buy and sell. Traditionally, an RSI reading of 70 or above indicates an overbought situation. A reading of 30 or below indicates an oversold condition.
Here is what RSI looks like:

RSI swinging from 70 and 30


How to use RSI
We can use RSI’s movements up and down to identify waves by paying attention to the trends within it like so:

Waves moving with RSI


Clearly, in the above picture, you can see how RSI trends with price, and even proceeds it when breaking trend lines. You may be able to use these trend lines to tell when one wave ends and another begins. The key here is to draw your lines off of as many supporting lows as you can. Most lines here have 2-3 tests and encompass an entire downtrend. RSI trends are composed on higher highs, and higher lows, but downtrends are composed of lower lows, and lower highs.
Try using RSI levels in your own trading to tell when a wave up or down is complete, and here the market could be changing!
About Elliott Wave Forecast
www.elliottwave-forecast.com 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.
Moreover, experience our service with a 14-day Trial for only $0.99. Cancel anytime by contacting us at [email protected].
Source:https://elliottwave-forecast.com/unc...elliott-waves/

Elliott Wave Intraday Analysis: NFLX Should Continue Rally
Short Term Elliott Wave in NFLX suggests that the Stock has completed a bearish sequence from 7.05.2024 high. The decline made a double correction Elliott Wave structure. Down from 7.05.2024 high, wave (W) ended at 600.00 low. Rally in wave (X) ended at 678.97 with internal subdivision as a zig zag correction structure. Up from wave (W), wave A ended at 655.54 and wave B ended at 631.50. Wave C higher ended at 678.97 which completed wave (X) in higher degree.
Then, NFLX turned lower in wave (Y) with internal subdivision as another double correction structure. Down from wave (X), wave W ended at 617.00 and wave X ended at 646.71. Last leg wave Y lower ended at 583.50 which completed wave (Y) and ((4)) in higher degree. The current rally is in progress expecting to continue higher as wave ((5)). Near term, we are calling a leading diagonal as wave 1 of (1) of ((5)). This wave 1 ended at 632.00 high and wave 2 pullback finished at 605.50. From this point, the stock resumed to the upside in wave 3 and once the wave 3 is completed, it should see 3, 7 or 11 swings correction as wave 4 before resuming the rally again.

NFLX 30 Minutes Elliott Wave Chart


NFLX Elliott Wave Video

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Source: https://elliottwave-forecast.com/sto...ontinue-rally/
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How to Start Trading with a Small Account – Avoid Pattern Day Trader Rule
August 15, 2024 By Jordan Marshall
When I started out trading back in 2020, there was the allure of starting with a small amount of money and turning it into a large fortune. Since then I have learned several ways of starting with a small amount of money, and growing it exponentially, without having to deal with the Pattern Day Trader Rule (PDT Rule) restrictions. What follows will be the best ways to avoid the PDT restrictions, but first, what is the PDT rule?



Pattern Day Trading Rule

The PDT Rule:
A pattern day trader (PDT) is a trader who executes four or more day trades within five business days using the same account. Pattern day trading is automatically identified by one’s broker, and PDTs are subject to additional regulatory scrutiny and limitations.
Unfortunately, Pattern day traders are required to hold $25,000 in their margin accounts. If the account drops below $25,000, they will be prohibited from making any further day trades until the balance is brought back up.
Alternatives:
To Avoid the $25,000 requirements there are a few ways around to start trading now with as little as $50:

1. Avoid intraday trades.
   1. By not opening and closing a position within one day, you can avoid the PDT rule entirely. Only open and close trades when one day has passed, you can save up your 3-free intraday trades for emergencies when you need to get out of a position.

2. Trade Futures
   1. My favorite option is to trade the futures market, there are many brokers that let you trade futures with as little as $50. In the past I have grown accounts from $250 to $4,000 USD in just 2 short months. After trying futures and understanding the margin/movements you’ll probably be hooked just like me. Just be aware futures have a lot of leverage.

3. Trade FOREX
   1. Foreign exchange (FOREX) markets, similarly to futures, are exempt from capital requirements. This means you can start trading FOREX with very little money. This is often safer than futures, because futures have a lot of leverage.

4. Open an offshore trading account
   1. This is the real fourth option. However, I don’t really recommend this. Still, some traders might choose to do this because only US brokers have to follow the FINRA and SEC rules including PDT. This should be the last option because it is less safe than the others.

There we have it, my best options for new-traders to start with a small account and turn it into a large stockpile. It will take some time, but even if you only made 3% a day, you can turn $500 into $1,000,000 in one year! Pretty crazy to think about.
About Elliott Wave Forecast
www.elliottwave-forecast.com 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.
Moreover, experience our service with a 14-day Trial for only $0.99. Cancel anytime by contacting us at [email protected].
Source:https://elliottwave-forecast.com/tra...y-trader-rule/

Apple Stock (AAPL) Elliott Wave : Buying the Dips at the Blue Box Area
August 19, 2024 By EWF Vlada
In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of Apple Stock (AAPL) , published in members area of the website. As many of our members are aware, the stock has given us good buying opportunities recently. AAPL hit our buying zone and completed a correction at the Equal Legs (Blue Box Area). In the following sections, we’ll delve into the Elliott Wave pattern and our trading setup for further insight.
AAPL H4 Update 08.05.2024
The stock has given us correction against the 164.19 low. The pullback has already reached the extreme zone (Blue Box) and giving us reaction from there. At this stage, we advise against selling the stock and favor the long side from the marked H4 Blue Box area. AAPL could either see a rally to new highs or a larger corrective bounce in at least three waves.
A quick reminder:
Our charts are designed for simplicity and ease of trading:

1. Red bearish stamp + blue box = Selling Setup
2. Green bullish stamp + blue box = Buying Setup
3. Charts with Black stamps are deemed non-tradable.

If you want to learn more about Elliott Wave Patterns, we invite you to explore our Free Elliott Wave Educational Web Page.

AAPL H4 Update 08.18.2024
The stock responded exactly as anticipated at the Blue Box Area, attracting buyers and initiating a substantial rally from our recommended buying zone. We would like to see break of III red peak to confirm next leg up is in progress.
To capitalize on these opportunities and stay ahead, consider exploring our expert services and insights. For the latest updates, refer to the most recent charts available in our membership area. We focus on trading instruments with incomplete bullish or bearish swing sequences. The Live Trading Room highlights the best opportunities in real-time.

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Source:https://elliottwave-forecast.com/tra...ying-blue-box/

Elliott Wave Intraday Analysis Looking for GDX to Extend Higher


Rally from 9.26.2022 low in $GDX is currently in progress as a 5 waves diagonal. Up from 9.26.2022 low, wave (1) ended at 36.26 and pullback in wave (2) ended at 25.62. The ETF then extended higher in wave (3) towards 39.4 and pullback in wave (4) ended at 33.85 as the 1 hour chart below shows. Internal subdivision of wave (4) unfolded as a double three Elliott Wave structure. Down from wave (3), wave W ended at 35.9 and wave X ended at 38.22. Wave Y lower ended at 33.85 which completed wave (4) in higher degree.

The ETF then turns higher again in wave (5). Up from wave (4), wave ((i)) ended at 36.25 and wave ((ii)) pullback ended at 34.54. Wave ((iii)) higher ended at 38.08 and pullback in wave ((iv)) ended at 36.56. Expect wave ((v)) to complete soon which should also end wave 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 8.5.2024 low in 3, 7, or 11 swing before the ETF resumes higher again. Near term, expect pullback to find support in 3, 7, 11 swing against 33.85 for further upside.

GDX 60 Minutes Elliott Wave Chart

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GDX Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...extend-higher/
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Amazon.com Inc. ( $AMZN) Found Buyers At The Blue Box Area As Expected.
August 19, 2024 By EWFTaha
Hello everyone. In today’s article, we will look at the past performance of the Daily Elliott Wave chart of Amazon.com Inc. ($AMZN) . The rally from 3.13.2023 low at $88.06 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:
5 Wave Impulse Structure + ABC correction

$AMZN Daily Elliott Wave Chart 8.04.2024:

Here is the Daily Elliott Wave count from 8.04.2024. The 5 wave impulsive cycle from 3.13.2023 ended on 7.08.2024 at red III and started a pullback to correct it. We expected the pullback against 3.13.2023 low at $88.06 to find buyers at the blue box area at 165.96 – 150.65 in 3 swings.
$AMZN Daily Elliott Wave Chart 8.18.2024:
Here is the latest Daily update from 8.18.2024, showing the rally taking place as expected. The cycle from the peak at red III has ended and the stock has reacted higher from the blue box area allowing longs to get risk free. The stock is expected to remain supported with a target area towards $213 – 232 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 swings correction (WXY) so chasing now can be risky. A break of red III high will confirm the next leg higher and negate the possibility of a double correction.

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Source:https://elliottwave-forecast.com/sto...blue-box-area/

FORD (F) is Still Not Ready to Resume the Rally
August 19, 2024 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 August 2023
One year ago, we called that Ford (F) needed more downside as price action stays below 16.68 high to complete a wave II correction around 7.60 – 4.14 area. In January 2022 Ford made a high at 25.87 and we called wave I and the market started a wave II correction. Down from this high, the stock developed a zig zag correction ending at 10.90 low and we called wave ((W)). Since then, shares entered in a sideways phase. In this range, after ((W)) a flat correction took a part building wave ((X)) connector ending at 16.68 high.
FORD (F) Daily Chart April 2024


The Market continued lower and we are expecting a double correction (W), (X), (Y) to complete wave ((Y)). Down from August 2022 high, we can see 3 swings lower ending wave W at 10.90. The market bounce in 3 swings higher as a flat correction finishing wave X at 15.42 high. Then, another 3 swings zig zag correction fell completing wave Y at 9.63 low and also wave (W). A new rally started from wave (W) low to develop a structure of 3 swings as wave (X). (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 2024


First leg higher ended wave A of (X) at 13.95 high and wave B pullback finished at 11.48. wave C ended at 14.85 high and also the connector (X) in higher degree. From this price, Ford has continued to the downside in wave (Y) of ((Y)) of II to complete the whole correction from January 2022 high. This wave (Y), we are calling as double correction W, X, Y. The market broke the last low of wave (W) ending wave ((a)) of W at 9.49 low. We are expecting 3 swings higher in wave ((b)) to fail below 14.85 high to continue lower. If market breaks above 14.85, the wave II correction could be completed and we are going to look for buying opportunities only.
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www.elliottwave-forecast.com 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...t-ready-rally/

Gold Miners Junior ETF (GDXJ) Extending Higher
August 20, 2024 By EWFHendra
GDXJ, or the VanEck Vectors Junior Gold Miners ETF, is an exchange-traded fund that tracks the performance of small-cap gold mining companies. It provides investors exposure to junior gold mining companies, which are typically smaller and more volatile than their larger counterparts. This ETF offers a convenient way for investors to gain diversified exposure to the junior gold mining sector without having to select individual stocks. Below we update the Elliott Wave outlook for the ETF.
GDXJ Monthly Elliott Wave View

Monthly chart of Gold Miners Junior ETF (GDXJ) above shows that the ETF ended wave ((II)) in grand super cycle degree at 16.14. From there, it starts a new bullish leg higher in the form of a nest. Up from wave ((II)), wave (I) ended at 52.5 and pullback in wave (II) ended at 19.52. The ETF then extends higher in wave (III). Up from wave (II), wave I ended at 65.95 and pullback in wave II ended at 25.80. While above 15.69, expect the ETF to extend higher.

GDXJ Daily Elliott Wave View

Daily Elliott Wave Chart of GDXJ above shows wave II pullback ended at 25.88. Rally from there is now in progress as a 5 waves diagonal. Up from wave II, wave (1) ended at 41.16 and pullback in wave (2) ended at 30.46. Rally in wave (3) ended at 49.13 and wave (4) pullback ended at 40.26. Expect the ETF to continue higher in wave (5) and dips to find support in 3, 7, or 11 swing against 25.88 low.

We do not cover GDXJ as part of our regular service. However, we cover GDX, Gold, and other commodities, stocks, forex, and crypto currencies. If you’d like to check our service, you can take our 14 days trial here –> 14 days Trial
Source:https://elliottwave-forecast.com/sto...ending-higher/

Elliott Wave Analysis on EURUSD Impulsive Rally Favors the Bull Side

Short Term Elliott Wave View in EURUSD suggests that pair is close to form a bullish sequence. A break above the previous high on 12.28.2023 at 1.1139 suggests the next leg higher has started. Near term, rally from 6.26.2024 low is unfolding as a 5 waves impulsive structure. Up from 6.26.2024 low, wave 1 ended at 1.0948 and pullback in wave 2 ended at 1.0777. Pair has since turned higher in wave 3 which subdivides into another impulsive structure. Up from wave 2, wave ((i)) ended at 1.1 and pullback in wave ((ii)) ended at 1.088.

Pair has resumed higher in wave ((iii)). Up from wave ((ii)), wave i ended at 1.1047 and pullback in wave ii ended at 1.0948. Expect wave iii to end soon, and pair should then pullback in wave iv to correct cycle from 8.15.2024 low in 3, 7, 11 swing before it resumes higher again in wave v of (i). Near term, as far as pivot at 1.088 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside. Break above 12.28.2023 high at 1.1139, and more importantly above 7.17.2023 high at 1.1275 would confirm the bullish sequence and bullish trend.

EURUSD 60 Minutes Elliott Wave Chart

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EURUSD Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...ors-bull-side/
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Boston Scientific (BSX) Continues Bullish Sequence
August 20, 2024 By EWFRaj
Boston Scientific Corporation (BSX) develops, manufactures & markets medical devices for use in various interventional medical specialties worldwide. It operates through MedSurg & Cardiovascular segments. It offers devices to diagnose & treat different medical conditions and offer remote patient management systems. It is based in Marlborough, US, comes under Healthcare sector & trades as “BSX” ticker at NYSE.
As discussed in the previous article, BSX resumes upside after ended ((4)) as flat correction at $71.88 low. It favors upside in ((5)) towards $81.23 – $84.11 area to finish the III impulse sequence before any pullback may happen.
BSX – Elliott Wave Daily View From 6.17.2024:

In weekly sequence, it placed (II) at $24.10 low in March-2020 & II of (III) at $34.98 low in June-2022. Above there, it favors upside in III, while dips remain above $71.88 low before any larger pullback may start. Within III, it placed ((1)) at $55.38 high, ((2)) at $48.35 low & ((3)) at $78.98 high as expected from last article. It placed (1) of ((3)) at $56.90 high, (2) at $54.95 low, (3) at $69.20 high, (4) at $66.80 low & (5) at $78.98 high as ((3)).
BSX – Elliott Wave Latest Daily View:

It placed ((4)) as flat structure at $71.88 low as 0.236 Fibonacci retracement of ((3)). It placed (A) at $74.15 low, (B) at $79.43 high & finally ended (C) at $71.88 low. Currently, it favors upside in (1) of ((5)) & expect rally to continue towards $81.23 – $84.11 area, which confirms above $79.43 high to finish III sequence. Later, it should pullback in IV in 3, 7 or 11 swings against June-2022 low, which will provide the next buying opportunity.
BSX – Elliott Wave Latest Weekly View:

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

SUI Ended Correction and Ready for New Bullish Cycle
August 20, 2024 By EWFAyoub
SUI is a high-performance Layer 1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible. In today’s article, we’ll explore the daily Elliott Wave structure for its native token and explain the potential bullish outcome after the recent correction.
SUI lost 78% of it’s value since March 2024. The coin declined 4 months in a row until it found a bottom on 5Th of August 2024. The move from the peak unfolded within 3 waves and it formed a corrective Elliott Wave structure called ZigZag. This type of correction is followed by a reversal in trend and SUI in this case is proposed to have ended a wave ((2)) pullback therefore it’s expected to resume the rally to the upside within a wave ((3)).
The recent +140% rally from August low confirmed that correction has ended. Consequently, SUI either started the new cycle to the upside or at least it will be looking for a larger 3 waves bounce against $2.18$ peak. As long as the short term pullbacks stays above $0.4625 then the coin is expected to see further upside within it’s daily cycle. Traders are recommended to look for a short term bullish sequence then they can start buying pullbacks in 3 , 7 or 11 swings.
Elliott Wave ZigZag Structure

SUI Daily Chart 8.20.2024




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GBPCAD Reacted Higher After Ending Double Correction Lower
August 20, 2024 By Hassan Sheikh
In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of GBPCAD. In which, the rally from 28 September 2023 low is unfolding as a leading diagonal sequence and called for an extension higher to take place. Therefore, we knew that the structure in GBPCAD should remain supported & extend higher. 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:
GBPCAD 1-Hour Elliott Wave Chart From 8.07.2024


Here’s the 1-hour Elliott wave Chart from the 8.07.2024 NY update. In which, the rally to 1.7852 high-ended wave A & made a pullback in wave B. The internals of that pullback unfolded as Elliott wave double correction where wave ((w)) ended in 3 swings at 1.7610 low. Then a bounce to 1.7773 high-ended wave ((x)) & started the next leg lower in wave ((y)) towards 1.7530- 1.7378 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.

GBPCAD Latest 1-Hour Elliott Wave Chart From 8.20.2024

This is the latest 1-hour Elliott wave Chart from the 8.20.2024 NY 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. However, a break above 1.7852 high is still needed to confirm the next extension higher & avoid deeper pullback.

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Elliott Wave Intraday on DAX Favoring Bullish Continuation

Short Term Elliott Wave View suggests rally in $DAX to 18892.92 ended wave ((3)). Pullback in wave ((4)) unfolded as a double three structure where wave (W) ended at 17951.17 and wave (X) ended at 18779.40. Index then resumed lower in wave (Y) towards 17039.47 which completed wave ((4)). The Index has turned higher in wave ((5)) with internal subdivision as 5 waves. Up from wave ((4)), wave ((i)) ended at 17505.23 and wave ((ii)) ended at 17233.07. Wave ((iii)) higher ended at 17666.82 and pullback in wave ((iv)) ended at 17439.87. Final wave ((v)) higher ended at 17828.87 which completed wave 1 in higher degree.

Wave 2 pullback ended at 17669.64 and Index has turned higher again. Up from wave 2, wave ((i)) ended at 17921.99 and pullback in wave ((ii)) ended at 17827.08. Index resumed higher in wave ((iii)) towards 18495.28 and pullback in wave ((iv)) ended at 18354.33. Expect Index to extend higher in wave ((v)) and complete wave 3 in higher degree, then it should pullback in wave 4 to correct cycle from 8.13.2024 low before it resumes higher again. Near term, as far as pivot at 17039.47 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

DAX 60 Minutes Elliott Wave Chart

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DAX Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...-continuation/
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IBEX Elliott Wave Analysis: Buyers profit from the blue box
August 21, 2024 By EWFSanmi
Hello traders, and welcome to another blog post where we explore trade opportunities from the blue box. Today, the focus is on the IBEX 35, Spain’s benchmark stock market index. The index comprises the 35 most liquid companies listed on the Madrid Stock Exchange.
In early August of this year, stock market indices saw significant declines across the board. Once again, so-called experts started predicting doom. However, we maintained the same outlook we’ve held for months. Our members at Elliottwave Forecast understood our position. We consistently believed that indices should remain within the long-term bullish cycle. We anticipated counter moves would develop as corrective pullbacks in a sequence of 3, 7, or 11 swings. These pullbacks should end at the equal leg, setting up for the next rally. And that’s precisely what happened. Major indices hit their extremes on August 5th, 2024, ending the corrective pullback that began in June 2024 with 3, 7, or 11 swings.
Prices have since recovered from the sharp early August decline. While the experts spread fear, we encouraged our traders to buy indices at the extremes. The IBEX 35 was one of the indices our members successfully traded.
IBEX 35 H4 chart 08.03.2024

We shared the IBEX 35 H4 chart with members on August 3rd, 2024. The decline from the June 2024 high was completing a zigzag structure. We identified the extreme zone at 10,643 to 10,260 with a blue box. Members entered LONG positions within the blue box, with stops placed below 10,260. Although we found the initial LONG entry using the H4 chart, we continued managing the shorter cycles on the H1 chart several times a day.

IBEX 35 H4 chart 08.21.2024

The chart above shows how the IBEX 35 found fresh buyers in the blue box. We shared this chart with members on August 21st, 2024. The rally advanced with an impulse structure, reaching a risk-free zone. The end of wave ((4)) is now confirmed. We identify the impulse rally from the blue box as wave (1) of ((5)). A pullback in wave (2) is expected to hold above the 10,297.99 invalidation level. Afterward, the long-term bullish trend should resume. Therefore, we aim to remain buyers from the extremes of 3, 7, or 11 swings pullbacks across all the indices we cover.

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The Golden Rule of 2% – Why you should Risk a little to make a lot.
August 21, 2024 By Jordan Marshall

Risk Meter, how much should you risk?

Risking 2% can quite literally save your trading account. By risking too much your trading can be at risk of large drawdowns. But why is this? We searched across the interweb and found several reasons to keep risk low:
Surviving losing streaks: Risking 2% per trade allows you to withstand a series of losses without depleting your account. For example, starting with $20,000: If you risk 10% per trade and lose 19 trades in a row, you would be left with only $3,002. Whereas risking 2% would leave you with $13,903, a 30% loss of your initial account.
Preventing large drawdowns:
By capping risk at 2%, you can avoid significant account drawdowns, which can be devastating to your trading career. A 10% maximum drawdown limit, for instance, would require a much smaller account size to maintain the same level of risk.
Proper risk management:
The 2% rule is a simple and effective way to manage risk, making it accessible to beginners. It’s a basic principle that can be applied to any trading strategy, regardless of market conditions or account size.
Avoiding over-trading:
Risking too much per trade can lead to over-trading, which can exacerbate losses and increase the likelihood of account destruction. By limiting risk, you’re more likely to trade with discipline and avoid impulsive decisions.
Focus on trading skill improvement:
As your trading skills improve, you can gradually increase your position size and risk percentage, allowing you to take advantage of better opportunities while still maintaining a safe and sustainable trading approach.

In summary, risking 2% per trade provides a balanced approach to risk management, allowing you to:

1. Survive losing streaks
2. Prevent large drawdowns
3. Practice proper risk management
4. Avoid over-trading
5. Focus on improving your trading skills

This approach is applied to any trading strategy and account size. Making it a versatile and effective principle for traders of all levels.
About Elliott Wave Forecast
www.elliottwave-forecast.com 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.
Moreover, experience our service with a 14-day Trial for only $0.99. Cancel anytime by contacting us at [email protected].
Source:https://elliottwave-forecast.com/tra...to-make-a-lot/

Elliott Wave Favors Bullish Bias in Silver (XAGUSD)

Short Term Elliott Wave in Silver suggests that rally to 5.20.2024 high at 32.51 ended wave ((3)). Pullback in wave ((4)) ended at 26.4 as the 1 hour chart below shows. The metal has turned higher in wave ((5)), but it still needs to break above wave ((3)) at 32.51 to rule out a bigger double correction. Up from wave ((4)), wave (i) ended at 27.74 and wave (ii) dips ended at 27.2. Wave (iii) higher ended at 28, pullback in wave (iv) ended at 27.51. Final leg wave (v) ended at 28.04 which completed wave ((i)) in higher degree.

Pullback in wave ((ii)) ended at 27.16 with internal subdivision as a zigzag structure. Down from wave ((i)), wave (a) ended at 27.43 and wave (b) ended at 28.03. Wave (c) lower ended at 27.16 which completed wave ((ii)). The metal then resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 28.43 and wave (ii) pullback ended at 27.74. The metal extended higher in wave (iii) towards 29.49 and dips in wave (iv) ended at 29.18. Final leg wave (v) ended at 29.96 which completed wave ((iii)) in higher degree.

Pullback in wave ((iv)) unfolded as a double three Elliott Wave structure. Down from wave ((iii)), wave (w) ended at 29.19 and wave (x) ended at 29.73. Wave (y) lower ended at 28.77 which completed wave ((iv)). Near term, as far as pivot at 26.4 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

Silver (XAGUSD) 60 Minutes Elliott Wave Chart

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XAGUSD Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...silver-xagusd/
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Elliott Wave Intraday Shows Bullish Sequence in GBPUSD

GBPUSD recently broke above previous peak on 7.14.2023 high at 1.3143 and shows a higher high bullish sequence from 9.26.2022 low. This leaves no doubt about the right side and direction of the pair which is higher. Near term, rally from 4.22.2024 low is ongoing as a 5 waves impulse Elliott Wave structure. Up from 4.22.2024 low, wave 1 ended at 1.3045 and pullback in wave 2 ended at 1.266. Pair has turned higher and broken above wave 1 suggesting wave 3 is in progress.

Up from wave 2, wave (i) ended at 1.277 and dips in wave (ii) ended at 1.272. Pair extended higher again from there. Up from wave (ii), wave i ended at 1.287 and pullback in wave ii ended at 1.2798. Pair extended higher in wave iii towards 1.313 and wave iv pullback ended at 1.307. Final leg wave v ended at 1.323 which completed wave (iii). Expect pair to end wave (iv) and rally 1 more leg to end wave (v) which should complete wave ((i)). Then it should pullback in wave ((ii)) to correct cycle from 8.8.2024 low in 3, 7, 11 swing before the rally resumes. Near term, as far as pivot at 1.266 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.

GBPUSD 60 Minutes Elliott Wave Chart

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GBPUSD Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...quence-gbpusd/
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Gold Continuing To Find Support Into The Pullbacks

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the Gold. The rally from the 25 July 2024 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 perfect reaction higher. So, we advised members not to sell Gold but to buy the equal legs area for a minimum reaction higher to happen. We will explain the structure & forecast below:
Gold 1-Hour Elliott Wave Chart From 8.22.2024



Here’s the 1-hour Elliott wave Chart from the 08/22/2024 NY update. In which, the rally to $2531.67 high ended wave ((iii)) & made a pullback in wave ((iv)). The internals of that pullback unfolded as Elliott wave double three structure where wave (w) ended at $2493.70 low. Then a short-term bounce to $2519.11 high-ended wave (x) & started the next leg lower in wave (y) towards $2481- $2457 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.
Gold Latest 1-Hour Elliott Wave Chart From 8.26.2024



Above is the Latest 1-hour Elliott Wave Chart from the 8.26.2024 NY Midday update. In which the metal is showing a perfect reaction higher taking place from the equal legs area. Right after ending the correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above $2531.67 high would still be needed to confirm the next leg higher minimum towards the $2546.49- 2569.93 area before the next pullback takes place.
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Source: https://elliottwave-forecast.com/com...ort-pullbacks/