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EUROSTOXX (SX5E) Perfect Reaction Higher From Blue Box Area
September 9, 2024 By Hassan Sheikh
In this technical blog, we will look at the past performance of the Elliott Wave Charts of the Eurostoxx (SX5E) index. We presented to members at the elliottwave-forecast. In which, the rally from the 23 October 2023 low ended as an impulse structure. But showed a higher high sequence with a bullish sequence stamp favored more upside extension to take place. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
EUROSTOXX(SX5E) Daily Chart From 8.04.2024 update

Here’s the Daily Elliott wave chart from the 8.04.2024 Weekend update. In which, the cycle from the 10/27/2023 low ended as an impulse structure at 5121.71 high. Down from there, the index made a pullback to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave W ended at 4767.15 low. While wave X bounce ended at 4907.39 high. Then wave Y managed to reach the blue box area at 4550.88-4329.72 equal legs area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

EUROSTOXX(SX5E) Daily Chart From 9.08.2024 update

This is the latest Daily Elliott wave Chart from the 9.08.2024 Weekend update. In which the index shows a reaction higher taking place, right after ending the 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 the 5121.71 high is still needed to confirm the next extension higher & avoid a double correction lower.

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Source:https://elliottwave-forecast.com/sto...action-higher/

Chevron (CVX) Looking to do A Double Correction
September 10, 2024 By EWFHendra
Chevron Corporation (CVX) is a global leader in the energy sector. It engages in the exploration, production, and refining of crude oil and natural gas. They operate worldwide, with significant activities in North America, South America, Europe, Africa, the Middle East, and Asia-Pacific. Chevron also manufactures and markets petrochemicals through its affiliate, Chevron Phillips Chemical Company LLC. Below we update the long term technical Elliott Wave outlook for the company.
Chevron Monthly Elliott Wave Chart

Monthly Elliott Wave Chart of Chevron (CVX) above shows that the stock has ended wave ((II)) Grand Super Cycle degree at 51.5 on March 2020. From there, it has started a new impulsive wave ((III)). Up from wave ((II)), wave (I) ended at 189.68 and wave (II) pullback is currently in progress. Near term, while pullback stays above 51.54, the stock should see further upside.

Chevron Daily Elliott Wave Chart
Daily Elliott Wave Chart for Chevron above shows that wave (II) pullback is in progress to correct cycle from March 2020 low. Internal subdivision of the wave (II) pullback is unfolding as a double three Elliott Wave structure. Down from wave (I), wave w ended at 139.62 and wave x rally ended at 167.11. Wave y lower is currently in progress with internal subdivision as a zigzag structure. Potential target lower for the wave (II) is 100% – 161.8% Fibonacci extension of wave w which comes at 84.7 – 116.1 area.
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Source:https://elliottwave-forecast.com/sto...le-correction/

Will Costco Wholesale (COST) Continue Bullish Rally?
September 10, 2024 By EWFRaj
Costco Wholesale Corporation., (COST) engages in the operation of membership warehouse in the United States & globally together with its subsidiaries. It offers branded & private-label products in the range of merchandise categories. It also operates e-commerce websites in the US, Canada, UK & many other countries. It is based in Issaquah, Washington, comes under Consumer Defensive sector & trades as “COST” ticker at Nasdaq.
As shown in the last article, COST ended ((4)) at $793 low & favors upside in ((5)) to finish III sequence in daily. It already broke to new high above ((3)) & expect short term extension towards $921.44 or higher levels to finish III.
COST – Elliott Wave Daily View From 7.29.2024:

In Weekly sequence, it placed ((I)) at $612.27 high in April-2022 as impulse sequence & ((II)) at $406.51 low in May-2022 as sharp pullback. It placed I of (I) of ((III)) at $564.75 high & pullback in II at $447.90 low in January-2023. Above there, it favors upside in III of (I) & expect short term upside, while dips remain above 5-August-2024 low in ((5)).
COST – Elliott Wave Latest Daily View:

Above II low, it placed ((1)) at $530.05 high, ((2)) at $465.33 low & ((3)) at $896.67 high as extended wave. Within III, it placed (1) at $576.19 high, (2) at $540.23 low, (3) at $787.08 high, (4) at $697.27 low & (5) at $896.67 high as ((3)). It ended ((4)) at $793 low in August-2024 low, which missed the extreme areas. Currently, it favors upside in ((5)) to finish III towards $921.44 – $961.31 area. Short term, it favors pullback in (2) before resume upside in (3) & expect two more highs to finish III. Alternatively, if it breaks below $793 low, it should correct in IV, while placed III at last high, which will provide the next buying opportunity.
COST – Elliott Wave Latest Weekly View:

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

Elliott Wave View on Nifty Remains Bullish Against August Low


Short Term Elliott Wave view on NIFTY suggests that rally to 25078.3 ended wave ((3)). Pullback to 23900 ended wave ((4)) with internal subdivision as a zigzag Elliott Wave structure. Down from wave ((3)), wave (A) ended at 24723.7 and rally in wave (B) ended at 24835.10. Wave (C) lower ended at 23900.8 which completed wave ((4)) in higher degree. The Index has turned higher in wave ((5)). Internal subdivision of wave ((5)) is unfolding as a 5 waves impulse. Up from wave ((4)), wave 1 ended at 24472.8 and pullback in wave 2 ended at 24099.7. Index then resumed higher as a nest.

Up from wave 2, wave ((i)) ended at 24403.55 and wave ((ii)) ended at 24204.50. Wave ((iii)) higher ended at 25129.6 and wave ((iv)) ended at 25017.5. Wave ((v)) higher ended at 25174.55 which completed wave 3 in higher degree. Pullback in wave 4 ended at 24998.50. Final leg wave 5 ended at 25333.65 which completed wave (1) in higher degree. Wave (2) pullback is in progress to correct cycle from 8.5.2024 low in 7 swing before it resumes higher. Down from wave (1), wave W ended at 24753.15 and wave X ended at 25130.50. Expect wave Y to extend lower to correct cycle from 8.5.2024 low in 7 swing before it turns higher. As far as pivot at 23900.88 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.

NIFTY 60 Minutes Elliott Wave Chart

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NIFTY Elliott Wave Video

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Source: https://elliottwave-forecast.com/sto...sh-august-low/

Palantir (PLTR) Should Keep the Rally to Build a Wave ((3))
September 10, 2024 By EWFLuis
Palantir Technologies (PLTR), Inc. is a holding company, which engages in the development of data integration and software solutions. It operates through the Commercial and Government segments. The firm offers automotive, financial compliance, legal intelligence, mergers and acquisitions solutions.
PALANTIR (PLTR) Weekly Chart May 2024

Palantir ended a cycle at $45.00 in January 2021. Then it did a deep pullback as a zig zag correction ending wave (II) at 5.91 low. The market started an impulse structure as wave ((1)) ended at $20.27. Then, wave ((2)) started and it did a running flat correction. The wave (A) ended at $13.68 low and rallied breaking wave ((1)) high completing wave (B) at $21.85. Last leg as wave (C) developed an ending diagonal structure ending at $15.66 low and wave ((2)) correction. Market rallied in 5 waves ending an impulse at $27.50 high as wave ((3)). Next pullback completed at $20.33 low and for us that was the end of wave ((4)) correction. We expected to continue higher to end a wave ((5)) and complete the whole wave I before seeing a correction in 3, 7 or 11 swings as wave II. This wave ((5)) should end in $29.23 – $32.00 area. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

PALANTIR (PLTR) Weekly Chart September 2024


After 4 months, you can check above the current weekly count of PLTR. We have changed the degree of the count. The market conditions suggest PLTR is still in wave I; therefore, we change the wave I for wave ((1)). Wave ((1)) ended at $29.83 in $29.23 – $32.00 area where we were expecting to hit a target. Then, the price pullback to 21.23 where we called wave ((2)) completed resuming with a strong rally breaking above wave ((1)), supporting that wave ((3)) is underway. For now, we are looking to continue to the upside until completing wave ((3)). We should look for buying dips as price remains above wave ((2)) low.
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Source:https://elliottwave-forecast.com/sto...-build-wave-3/

MicroStrategy ( MSTR ) Potential Daily Buying Area
September 11, 2024 By EWFAyoub
MicroStrategy (NASDAQ: MSTR) is currently still one of the best performing stocks of 2024. In our previous article, we explained the bullish nature of the impulsive structure taking place and what we expect next. In this article, we’ll take a look at the current correction and highlight the potential buying area.
MSTR ended the impulsive 5 waves advance at $200 , the highest level seen in 24 years. The peak in March 2024 marked wave I then the stock started it’s correction lower in wave II. MSTR did a 3 waves ZigZag structure into our blue box area $119 – $86. From there the stock reacted higher within another 3 waves without breaking the previous peak. Since then, the stock sow another sharp decline in August without breaking May low $101. It’s currently sitting within a sideways range for the recent 5 months and we can identify the next potential extreme area if price drops into new lows.
If MSTR breaks 8/5/2024 low $102.4, then it will confirm the double three corrective structure ((W))((X))((Y)). This move indicates another decline to take place toward the blue box area at equal legs $84 – $60. That high frequency area should present a buying opportunity for investor as price is expected to turn higher from there. MSTR will either resume the bullish trend into wave III or it will bounce at least within a 3 waves structure from there.
In Conclusion, MSTR remains bullish and the daily correction should present another investment opportunity. We don’t recommend selling the stock and we only look to buy it if it manage to reach our mentioned bleu box area.
MicroStrategy (NASDAQ: MSTR) Daily Chart 9.11.2024



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Source:https://elliottwave-forecast.com/sto...r-buying-area/

EURCAD Two-Year Bullish Sequence extends from the Blue Box
September 11, 2024 By EWFSanmi
Hello traders, welcome to another trade review blog post where we discuss setups from the blue box. In this one, we will look at a recent setup on the EURCAD. We shared this setup with members of Elliottwave-Forecast.
EURCAD has maintained a bullish sequence from the low in August 2022. From that low, the bullish sequence could either complete a 3-wave or a 5-wave structure. Based on the path of least resistance, the price should complete at least a 3-swing sequence. On the weekly chart, we identified the first swing from the August 2022 low to the April 2023 high as wave ((A)). Afterward, a pullback occurred and completed in September 2023, as wave ((B)).
Since September 2023 low, the pair has started the third swing, which we identify as wave ((C)). Wave ((C)) could extend as high as 1.58, which is 805 pips above the current price of 1.4995. With this in mind, we plan to buy pullbacks in 3, 7, or 11 swings along the path of wave ((C)). However, before last week’s rally, we had already shared a trade setup with our members.
EURCAD H4 Analysis, 08.29.2024

EURCAD H4

After the price broke above the top of wave ((A)) on both the weekly and daily charts, we informed our members in live analyses and trading rooms that the stage was set to buy the next pullback. The pullback matured about a month later. On August 29, 2024, we shared the H4 chart with members, expecting to go LONG from the blue box. The price reached the blue box, and the LONG trade was triggered with the parameters we provided in the trading journal. Our stop loss was set below the blue box. Additionally, as usual, we planned to take partial profit at 50% of wave (c) of ((iv)).
EURCAD H4 Analysis, 09.11.2024

EURCAD H4

The chart above shows how EURCAD bounced from the blue box and reached 50% of wave (c). As a result, members who went LONG have already closed half of their position in profit, with the remaining half adjusted to the low of wave (c). This is now a risk-free trade, allowing traders to allocate risk elsewhere. Moving forward, we expect the bullish sequence to extend as an impulse wave ((v)) above the August 5 high. Therefore, as long as the bullish sequence remains intact, we are looking to buy from the dips.
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Source:https://elliottwave-forecast.com/for...ends-blue-box/

Elliott Wave Intraday Analysis Expects DAX to Turn Higher Soon

Short Term Elliott Wave view on DAX suggests that the Index is correcting cycle from 8.5.2024 low in 3, 7, or 11 swing before it resumes higher. The pullback on 8.5.2024 towards 17024.6 ended wave ((4)). The Index has turned higher in wave ((5)) with internal subdivision as an impulse Elliott Wave structure. Up from wave ((4)), wave ((i)) ended at 17505.23 and wave ((ii)) pullback ended at 17233.07. Wave ((iii)) higher ended at 17666.82 and pullback in wave ((iv)) ended at 17439.87. Wave ((v)) higher ended at 18920.1 which completed wave 1 in higher degree. Dips in wave 2 ended at 17669.64.

Up from wave 2, wave ((i)) ended at 17921.99 and wave ((ii)) ended at 17827.08. Wave ((iii)) higher ended at 18344.22 and wave ((iv)) ended at 18240.17. Wave ((v)) higher ended at 18495.28 which completed wave 3 in higher degree. Pullback in wave 4 ended at 18349.98. Final leg wave 5 ended at 18990.78 which completed wave (1) in higher degree. Wave (2) pullback is in progress to correct cycle from 8.5.2024 low as a double three Elliott Wave structure. Down from wave (1), wave W ended at 18414.13 and wave X ended at 18607.79. Expect wave Y to extend lower to correct cycle from 8.5.2024 low in 7 swing towards 17659.1 – 18018.6 area before it turns higher. As far as pivot at 17024.62 low stays intact, expect pullback to find support in 3, 7, 11 swing for more 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...n-higher-soon/
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Elliott Wave View on Gold Miners ETF (GDX) Expects Continuation of Bullish Trend

Short term Elliott Wave view on Gold Miners ETF (GDX) suggests that decline to 33.86 ended wave (4). The ETF has turned higher in wave (5). Internal subdivision of wave (5) is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave (4), wave ((i)) ended at 36.25 and dips in wave ((ii)) ended at 34.54. The Index extended higher in wave ((iii)) towards 38.08 and pullback in wave ((iv)) ended at 36.56. Final leg wave ((v)) ended at 39.97 which completed wave 1 in higher degree.

The ETF then pullback in wave 2 with internal subdivision as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 38.54 and wave ((b)) rally ended at 39.77.Down from wave ((b)), wave (i) ended at 38.04 and wave (ii) ended at 39.15. Wave (iii) lower ended at 36.7 and wave (iv) ended at 37.83. Wave (v) lower ended at 36.22 which completed wave ((c)) of 2 in higher degree. The ETF has turned higher in wave 3. Up from wave 2, wave (i) ended at 37.48 and wave (ii) pullback ended at 36.49. Near term, as far as pivot at 33.86 low stays intact, expect pullback to find buyers in 3, 7, or 11 swing for further upside.

Gold Miners ETF (GDX) 60 Minutes Elliott Wave Chart

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GDX Elliott Wave Video

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Source: https://elliottwave-forecast.com/sto...bullish-trend/
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AT&T Inc. (T) Reacted from the Blue Box and Rally Must Continue
September 16, 2024 By EWFLuis
AT&T Inc. (T) is an American multinational telecommunications holding company headquartered in Dallas, Texas. It is the world’s largest telecommunications company by revenue and the third-largest provider of mobile telephone services in the U.S.
AT&T (T) Monthly Chart April 2024

Above we have montly chart from 5 months ago. We can see that AT&T shares finished an all-time high with a price of $45.23 as wave ((I)). Since the beginning of 1999, the value held a downtrend and we were looking to end this correction. Using the Elliott Wave Principle, a double correction structure (w), (x) and (y) can be clearly seen. From the peak, we have 3 waves in a flat structure that ended wave (w) at $14.17 low. Then, we had another flat structure that built a wave (x) ending in the value of $33.33 high.

The last leg of the double correction is the wave (y). We had already completed wave a and b of (y), and we were developing wave c as an ending diagonal. The market had already reached the blue box in the $8.58 – $16.75 area expecting a rally soon because the market had break wave (w) low and the cycle could have ended. However, we were looking for one more leg lower to complete a clear structure below $13.43 to end wave ((II)) correction and resume the rally.
AT&T (T) Monthly Chart September 2024

On the current monthly chart, we can see the rally that left the blue box. This invalidated the bearish continuation of the ending diagonal as wave c. The rally does not mean that T cannot resume to the downside again. To confirm that wave ((II)) is over at $13.43 low, the market needs to break above of wave (x) high. Until then, T could make perfectly any other structure that leads us to lower prices.

AT&T (T) Weekly Chart September 2024


The weekly chart above shows how the wave ((5)) of c of the ending diagonal completed the structure. The (A), (B), (C) looks like more as the wave ((1)) and we were looking for one more like wave ((3)). That is why we were calling for more one more leg lower. Wave ((II)) ended at $13.43 low and rally and it should be developing an impulse higher as wave I. The first leg higher as wave ((1)) ended at $18.16 high. Wave ((2)) pullback finished at $15.94 low and rally again. AT&T has pushed strongly higher breaking the pivots of the RSI in the weekly timeframe, suggesting the market cycle is over. Now, we should expect to build an impulse structure as the chart before seeing 3, 7 or 11 swings correction as wave II.

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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...must-continue/

Will Berkshire Hathaway (BRK.B) Continue Rally Or Correcting Soon?
September 16, 2024 By EWFRaj
Berkshire Hathaway Inc., (BRK.B) is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. It operates as Insurance as major operations along with subsidiaries operate in diverse sectors such as confectionery, retail, railroads, home furnishings, machinery, jewelry, apparel, electrical power & natural gas distribution. It trades as “BRK.B” ticker at NYSE & comes under Financial services sector.
Since March-2020 low, it favors upside in weekly bullish sequence & favors I of (III), while placed (II) at $259.85 low. Above October-2022 low, it favors upside in ((5)) to finish I impulse, while dips remain above August-2024 low.
BRK.B – Elliott Wave Latest Daily View:

Since March-2020 low, it placed (I) of ((III)) at $362.10 high in March-2022 & (II) at $259.85 low 0.5 Fibonacci retracement. Above (II) low, it placed ((1)) at $321.32 high & ((2)) at $292.42 low. It resumed upside in extended ((3)), which ended at $449.25 high. Within ((3)), it ended (1) at $373.34 high, (2) at $330.58 low, (3) at $430 high, (4) as triangle at $403.82 low & (5) as ((3)) at $449.25 high. Later, it ended ((4)) at $406.11 low as sharp correction on 5th August-2024 low.
Above $406.11 low, it favors upside in ((5)). Short term rally should finish I sequence started from October-2022 low, while price holds the trend channel. It placed (1) at $484.82 high & appears ended (2) at $445.25 low. Above there, it expects two more highs to finish ((5)), which confirm above $484.82 high as long as momentum divergence remains intact. Do not like chasing the strength at current level. Later, it should pullback in bigger II correction as 3, 7 or 11 swings, which will provide next buying opportunity.
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Source:https://elliottwave-forecast.com/sto...rrecting-soon/

Elliott Wave View on Nasdaq (NQ) Calling the Next Bullish Leg Has Started

Short term Elliott Wave view on Nasdaq (NQ) shows that rally from 8.5.2024 low is unfolding as a 5 waves impulse. Up from 8.5.2024 low, wave (1) ended at 20025.25. Pullback in wave (2) ended at 18338.45 with internal subdivision as a double three Elliott Wave structure. Down from wave (1), wave W ended at 19140.25 and wave X ended at 19693.50. Wave Y lower unfolded as another double three in lesser degree. Down from wave X, wave ((w)) ended at 18825.75 and wave ((x)) ended at 19150.50. Wave ((y)) lower ended at 18338.45 which completed wave Y of (2) in higher degree.

The Index has turned higher in wave (3) with internal subdivision as a 5 waves impulse. Up from wave (2), wave ((i)) ended at 18927.5 and pullback in wave ((ii)) ended at 18547. Wave ((iii)) higher ended at 19813.50 and pullback in wave ((iv)) ended at 19529. Near term, expect Index to extend higher to end wave ((v)) and this should complete wave 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 9.7.2024 low in 3, 7, 11 swing before it resumes higher.

Nasdaq (NQ) 60 Minutes Elliott Wave Chart

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NQ Elliott Wave Video


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GBPUSD Elliott Wave: Buying the Dips at the Blue Box Area
September 16, 2024 By EWF Vlada
In this technical article we’re going to take a quick look at the Elliott Wave charts of GBPUSD Forex Pair , published in members area of the website. As our members know, GBPUSD has recently given us correction against the 1.2664 low. The pair reached our target zone and completed correction right at the Equal Legs ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.
GBPUSD H4 Update 09.09.2024
GBPUSD is correcting cycle from the 1.2664 low. The pull back shows lower low structure. Current view suggests another push down toward the extreme zone ( Blue Box ). Despite the expected extension lower, we advise against selling GBPUSD at this stage. We expect it to attract buyers at the Blue Box zone. We can see either rally towards new highs or a larger corrective bounce in three waves at least. Once the bounce reaches the 50% Fibonacci retracement level against the connector high – (X) blue , we’ll secure our position by moving the stop-loss to breakeven. To safeguard our trade, we’ll closely monitor for any break below the marked invalidation level : 1.2941
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.

For those eager to deepen their understanding of Elliott Wave Patterns, we invite you to explore our Free Elliott Wave Educational Web Page.
Reminder : You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

GBPUSD H4 Update 09.14.2024

The pair made another leg down and found buyers within the Blue Box area as expected. We got a nice rally from our buying zone, counting pull back completed at the 1.2999 low. The bounce has exceeded the 50% Fibonacci retracement level against the connector peak – (b) blue. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 1.2999 low, we believe the next leg up can be in progress. For confirmation on the next leg up, we’re looking for a break above the ((i)) black high.
Please bear in mind that the market is constantly evolving. The outlook presented here may have shifted since. 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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XLF Reaction Before & After Reaching The Blue Box Area
September 16, 2024 By Hassan Sheikh
In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLF a Financial ETF, which we presented to members at elliottwave-forecast.com. In which, the rally from 05 August 2024 lows, showed the higher high sequence in higher time frame charts favored more strength. Also, the right side tag pointed higher against $40.50 low seen on 8.05.2024 low called for more upside. We will explain the structure & forecast below:
XLF 1-Hour Elliott Wave Chart From 9.11.2024

XLF 1 hour Elliott Wave Chart from 9.11.2024 Post-Market update, in which the ETF ended the 5 waves rally from 8.05.2024 low at $45.88 high. Down from there, the XLF made a pullback to correct that cycle. The pullback unfolded as a double three structure and managed to reach $43.57-$42.52 100%-161.8% Fibonacci extension area of W-X. Thus provided buying opportunity to our members at the blue box area looking for the next extension higher or for 3 wave reaction higher at least.

XLF 1-Hour Elliott Wave Chart From 9.15.2024

Here’s 1 Hour Elliott Wave Chart from 9.15.2024 Weekend update, in which the ETF is showing reaction higher taking place from the blue box area. And shortly after taking the trade the ETF bounced strongly & allowed longs to get into a risk-free position. However, a break above $45.88 area is yet to be seen to confirm the next extension higher & avoid double correction lower.

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Invesco Commodity Index Fund ( $DBC) Elliott Wave Structure Favors More Downside.
September 16, 2024 By EWFTaha
Hello Traders! In this technical blog we are going to take a look at the Elliott Wave path in Invesco Commodity Index Fund ($DBC) and explain why the ETF should see more downside in a ZigZag ABC correction towards a Blue Box area.
The fund pursues its investment objective by investing in a portfolio of exchange-traded futures on Light Sweet Crude Oil (WTI), Heating Oil, RBOB Gasoline, Natural Gas, Brent Crude, Gold, Silver, Aluminum, Zinc, Copper Grade A, Corn, Wheat, Soybeans, and Sugar. The index is composed of notional amounts of each of these commodities.
5 Wave Impulse Structure + ABC correction

$DBC Weekly Elliott Wave View – Sep 16, 2024:



The weekly chart above clearly illustrates the cycle that started from the March 2020 low, unfolding as a 5-wave impulse. This structure suggests the beginning of a bullish trend. However, after the rally peaked in June 2022, the market began to correct in a Zig-Zag pattern.

Initially, the first leg down unfolded in a 5-wave structure. Subsequently, a bounce occurred in 3 swings, which corrected the downward movement. Despite this bounce, it failed at wave ((B)), and sellers managed to push the price below wave ((A)), creating a bearish sequence. As a result, sellers are currently in control and any bounces are likely to fail in either 3 or 7 swings.
On the other hand, buyers may wait for the blue box area for the next opportunity to enter the market. In conclusion, the ETF is expected to remain weak and reach $16.94 to $11.58, where a higher reaction might occur.

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Source:https://elliottwave-forecast.com/sto...vors-downside/

NexGen Energy (NXE) May Have Ended Correction
September 17, 2024 By EWFHendra
NexGen Energy Ltd. (NXE) is a uranium exploration and development company based in Vancouver, British Columbia. They focus on high-impact projects in the Athabasca Basin in Saskatchewan, Canada. This area is known for having the highest-grade uranium deposits in the world. Below is the latest long term update of the stock.
$NXE Weekly Elliott Wave Chart as of September 17. 2024

Weekly chart of NXE above shows that the stock ended Super Cycle degree wave (II) at 0.53. From there, the stock then rallies in wave (III) with internal subdivision as a 5 waves impulse. Up from wave (II), wave I ended at 6.5 and pullback in wave II ended at 3.4. The stock has rallied higher in wave III. Up from wave II, wave ((1)) ended at 8.88 and dips in wave ((2)) is proposed complete at 4.95. Expect the stock to extend higher in wave ((3)) while it stays above 4.95, and more importantly above 0.53 low.

$NXE Daily Elliott Wave Chart as of September 17, 2024

Daily Elliott Wave Chart of NextGen Energy (NXE) above shows that the stock ended wave ((1)) 8.88. Afterwards, the stock corrected cycle from July 2022 in wave ((2)) with internal subdivision as a double three structure. Down from wave ((1)), wave (W) ended at 6.57 and wave (X) ended at 7.61. Wave (Y) lower ended at 4.98 which completed wave ((2)). The stock then turns higher in wave ((3)). Up from wave ((2)), wave 1 ended at 6.62 and wave 2 pullback ended at 5.19. Near term, as far as pivot at 4.98 low stays intact, expect the stock to extend higher.

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Source:https://elliottwave-forecast.com/sto...ed-correction/

Elliott Wave View on S&P 500 ETF (SPY) New All-Time High Suggests Right Side Remains Higher


Short term Elliott Wave view on S&P 500 ETF (SPY) suggests that cycle from 8.5.2024 low is unfolding as a 5 waves impulse. Up from 8.5.2024 low, wave (1) ended at 564.2 and pullback in wave (2) ended at 539.44. The ETF has extended to new all-time high in wave (3). The internal subdivision of wave (3) takes the form of another 5 waves in lesser degree. Up from wave (2), wave ((i)) ended at 549.34 and dips in wave ((ii)) ended at 539.96. Wave ((iii)) higher ended at 556.85 and pullback in wave ((iv)) ended at 552.74. Final leg wave ((v)) ended at 566.58 which completed wave 1 in higher degree.

Pullback in wave 2 is in progress to correct cycle from 9.7.2024 low with internal subdivision as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 560.79. Expect wave ((b)) to fail below 566.58 for another leg lower in wave ((c)) to complete wave 2. Afterwards, the ETF should then resume higher. Near term, as far as pivot at 537.86 low stays intact, expect pullback to find buyers in 3, 7, or 11 swing for further upside.

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

Attached Image (click to enlarge)

SPY Elliott Wave Video


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Elliott Wave View on EURJPY Expects Rally to Fail

Short term Elliott Wave view on EURJPY suggests cycle from 8.16.2024 high ended at 155.14 as wave A. Internal subdivision of wave A unfolded as 5 waves impulse. Down from 8.16.2024 high, wave ((i)) ended at 160 and wave ((ii)) rally ended at 162.89. Wave ((iii)) lower ended at 155.446 and rally in wave ((iv)) ended at 157.51. The pair then extended lower in wave ((v)) towards 155.14 which completed wave A.

Wave B rally is currently in progress to correct cycle from 8.15.2024 high. Internal subdivision of wave B is unfolding as a double three Elliott Wave structure. Up from wave A, wave (a) ended at 157.1 and pullback in wave (b) ended at 156.04. The pair then rallied higher in wave (c) towards 158.33 which completed wave ((w)). Pullback in wave ((x)) ended at 157.03 and it has since turned higher again in wave ((y)). Up from wave ((x)), wave (a) ended at 158.03 and pullback in wave (b) ended at 157.10. Wave (c) higher is now in progress towards 160.25 – 162.24 and this should also complete wave ((y)) of B in higher degree. Near term, as far as pivot at 162.91 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.

EURJPY 60 Minutes Elliott Wave Chart

Attached Image (click to enlarge)

EURJPY Elliott Wave Video

Inserted Video

Source: https://elliottwave-forecast.com/new...ts-rally-fail/
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Token PENDLE Looking for Reaction from Blue Box Area
September 18, 2024 By EWFAyoub
PENDLE is a DeFi protocol focused on yield trading, allowing users to both fix or leverage their yield. In today’s blog, we’ll explain the daily Elliott Wave structure taking place and show the potential outcome for the token.
Since April 2024, PENDLE started its correction to the downside and it lost 75% of its value. The move from the peak unfolded within a 3 waves ZigZag structure. This Elliott Wave corrective structure results on a reversal to take place. The token reached the equal legs area at $3.5 – $1.25 from where it ended the daily move to the downside.
The blue box showing in our chart is a technical area where we expect PENDLEto find Buyers and react higher. Up from there, it’s expected to turn to the upside either to start a new 5 waves advance or at least bounce in 3 waves from there.
Elliott Wave ZigZag Structure

PENDLE Daily Chart 9.18.2024

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AUDUSD rallies from the extreme within a corrective structure
September 18, 2024 By EWFSanmi
Hello traders. Welcome to another trading blog where we discuss chart setups that Elliottwave-Forecast members traded. In today’s blog, the spotlight will be on AUDUSD as the pair recently reacted as expected from an extreme area thus providing profitable trade ideas for members.
Since the low of October 2022, AUDUSD has rallied and faltered multiple times. The pair has been in a range between the high of February 2023 and the low of October 2022. However, even within a range, traders can spot opportunities in the shorter time frames. As for the Aussie, the pair completed the supercycle degree wave (I) in March 2020. Since the end of wave (I), the pair has rallied sharply with an impulse sequence that ended in February 2021. Since then, it has been in a corrective cycle that we have identified as a double three structure. We update the detailed weekly and daily charts every weekend, or sometimes within the week, for members to understand the long-term path.
Our long-term forecast sees the rally from the October 2022 low as a connector that could lead to the extension of the larger bearish corrective sequence from February 2021. Meanwhile, the last setup on AUDUSD was along the path of the connector—upside. Within the 30-month range, we expected the pair to hit at least 0.6955. With this in mind, we shared a bullish bias with members on the H4 and H1 charts. Let’s look at the latest setup on this pair.
AUDUSD Elliott Wave Analysis. 09/09/2024 Update

On 09.09.2024, we shared the H4 chart above with members. After the price completed wave (X) of ((X)) on 08.05.2024, it rallied sharply with an impulse structure. We identified the impulse sequence from 08.05.2025 as wave A of (Y) of ((X)). In addition, we identified the pullback that followed as a corrective double three structure, labeled as wave B. Thus, we expected that wave B would find support in the extreme zone between 0.6629 and 0.6543. From the extreme, we anticipated at least a 3-swing bounce. We provided the extreme zone for independent members who would like to buy in this kind of scenario. While that was the path we expected, we would prefer to buy after wave A’s high is breached. Consequently, we can buy the next pullback.

AUDUSD Elliott Wave Analysis. 09/09/2024 Update

AUDUSD, H4

Price reached the extreme as expected, confirming the completion of a double zigzag structure for wave B. Afterwards, an impulse rally followed in wave ((i)) of C. Thus, wave C could extend to 0.7090. Meanwhile, we are expecting a breach of wave A high, opening more room to the upside and confirming that wave B has finished. Afterward, we would like to buy pullbacks when they complete 3, 7, or 11 swings.
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