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SPDR Health Care ETF $XLV Found Buyers At The Blue Box Area.

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of SPDR Health Care ETF ($XLV). The rally from 8.07.2024 low 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



$XLV 1H Elliott Wave Chart 9.29.2024:



Here is the 1H Elliott Wave count from 9.29.2024. The 5 wave impulsive cycle from 8.07.2024 ended on 9.03.2024 at red 3 and started a pullback. We expected the pullback to find buyers at the blue box area at 153.35 – 150.72 in 3 swings.

$XLV 1H Elliott Wave Chart 10.14.2024:



Here is the 1H update from 10.14.2024, showing the bounce taking place as expected. The cycle from the peak has ended and the ETF has reacted higher from the blue box area allowing longs to get risk free. The bounce has failed and continued lower in a 7 swings correction where we like to enter again. Our members are able to see the next blue box area in 7 swings where the bounce is anticipated to take place.
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QQQ Produced Perfect Reaction Higher From Blue Box Area

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of QQQ. We presented to members at the elliottwave-forecast. In which, the rally from the 05 August 2024 low unfolded as an impulse structure and showed a higher high sequence. Suggested that ETF should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

QQQ 1-Hour Elliott Wave Chart From 10.23.2024



Here’s the 1-hour Elliott wave chart from the 10.23.2024 Midday update. In which, the short-term cycle from the 10.01.2024 low ended in wave ((i)) as impulse at $498.83 high. Down from there, the ETF made a pullback in wave ((ii)) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave (a) ended at $487.57 low. Wave (b) bounce ended at $497.44 high and wave (c) managed to reach the blue box area at $486.19- $479.21. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

QQQ Latest 1-Hour Elliott Wave Chart From 10.29.2024



This is the latest 1-hour Elliott wave Chart from the 10.29.2024 Post-Market update. In which the ETF is showing a reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the ETF has managed to make a new high above $498.83 high confirming the next extension higher towards $506.53- $519.81 area before profit taking & a pullback happens in another 3 swings at least.
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Elliott Wave View: Tesla (TSLA) Pullback Should Find Buyers

Tesla (TSLA) broke above the previous peak on 7.11.2024 high at 271 and thus opens a bullish sequence from 4.22.2024 low. Short Term Elliott Wave in Tesla suggests the rally from 8.5.2024 low is in progress as a 5 waves diagonal. Up from 8.5.2024 low, wave ((i)) ended at 264.86. Pullback in wave ((ii)) ended at 212.12 with internal subdivision as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 237.81 and rally in wave (b) ended at 252.80. Wave (c) lower unfolded as 5 waves like the 1 hour chart below shows. Wave (c) lower ended at 212.12 and this completed wave ((ii)) in higher degree.

The stock has resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 239.56 and pullback in wave (ii) ended at 235.36. Wave (iii) higher ended at 262.12 and pullback in wave (iv) ended at 253.25. Final leg wave (v) ended at 273.54 which completed wave ((iii)) in higher degree. Pullback in wave ((iv)) is in progress as a double three. Down from wave ((iii)), wave (w) ended at 255.51 and wave (x) ended at 263.35. Expect wave (y) lower to complete at the 100% – 161.8% Fibonacci extension of wave (w). This area comes at 234.5 – 245.5 where buyers can appear for more upside. As far as pivot at 212.12 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.

Tesla (TSLA) 60Minutes Elliott Wave Chart

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TSLA Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...k-find-buyers/
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Binance Coin BNB Bullish Continuation Into New All Time Highs
October 30, 2024 By EWFAyoub
Binance is the number one cryptocurrency broker in the world and BNB is one of the best performing Layer 1 coins currently up 92% compared to 71% for Bitcoin.
BNB made new all time highs back in June 2024 marking wave ((3)) and it did pullback in 3 waves within wave ((4)) in August 2024. Since then, the coin started a new cycle to the upside within wave ((5)). The rally is currently showing an incomplete bullish sequence from 8/5 low and still expected to see more upside at least toward equal legs area at $666. As long as short term pullback stays above 10/3 low $534, then the next push higher will turn the structure into a bullish 5 swings advance which will support more extension to the upside.
The break into new all time highs will open new targets to the upside at equal legs area $888 – $1025 and from there BNB could be looking to end the entire rally from 2022 low. It’s recommended to only look for buying opportunity within daily pullback in 3 , 7 or 11 swings.
BNB Daily Chart 10.30.2024

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Short Term Elliott Wave in Silver (XAGUSD) Looking to Turn Higher

Short Term Elliott Wave View in Silver (XAGUSD) suggests cycle from 8.8.2024 low is in progress as a 5 waves impulse. Up from 8.8.2024 low, wave 1 ended at 30.18 and dips in wave 2 ended at 27.69. Wave 3 higher ended at 32.95 and pullback in wave 4 ended at 30.12. The metal extends higher in wave 5. Up from wave 4, wave (i) ended at 32.17 and wave (ii) pullback ended at 31.29. Wave (iii) higher ended at 34.26 and pullback in wave (iv) ended at 33.44. Final leg wave (v) ended at 34.86 which completed wave ((i)) of 5 in higher degree.

Wave ((ii)) pullback is in progress with internal subdivision as a zigzag Elliott Wave structure. Down from wave ((i)), wave i ended at 34.43 and wave ii ended at 34.83. Wave iii lower ended at 33.41 and wave iv ended at 34.29. Final wave v lower ended at 33.07 which completed wave (a). Bounce in wave (b) completed at 34.54 as a zigzag structure. Down from wave (b), wave i ended at 33.39 and wave ii ended at 33.97. Wave iii lower ended at 32.48. Expect wave iv rally and another marginal wave v lower to complete wave (c) of ((ii)) before the metal resumes higher. Near term, as far as pivot at 30.1 low stays intact, expect pullback to find support in 3, 7, 11 swing for more 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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Indian Rupees (USDINR) is a Buying after 3, 7 or 11 Swings Correction

The Indian rupee (USDINR) is the official currency of India. The rupee is subdivided into 100 paise (singular: paisa), though as of 2022, coins of denomination of 1 rupee are the lowest value in use whereas 2000 rupees is the highest.
Quarterly USDINR Log Chart December 2022



In the quarterly log chart, we could see USDINR is building an impulse since 1970. Wave I ended at 9.35 and pullback as wave II finished at 7.66. Then the pair had a big rally reached 49.16 as wave III. We could see wave III in the Stoch how in long term kept above 80 until wave IV appeared. Wave IV started in 2002 after Tech’s recession and continued until when Housing’s recession started. Since 2008, pair extended the rally from 39.01. It is developing a wave V of (I) that it looks like is not going to end soon. However, we could see an interesting pullback around 88.26 where it is the equal legs taken from wave III and IV. (If you want to learn more about double correction or Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).
Monthly USDINR Chart July 2023



Seven months later, the rupees were consolidating. This means the currency was building some wave 4, in this case wave (iv). Therefore, any breakout above 83.28 should be a wave (v) of ((iii)) and we should wait for a pullback in wave ((iv)). Thus, the market would continue with the bullish movement in groups of 3 and 4 waves. We were expecting that wave 3 should hit 88.26 before entering in wave 4.
Monthly USDINR Chart October 2024



After more than a year ago, the consolidation resulted to be a wave (iv) triangle and not a flat correction as we propused. The pair rallied and it is developing wave (v) of ((iii)). If this count is correct and there is not extension higher, then wave (v) of ((iii)) should end in 84.00 – 85.00 area. Therefore, it would not be a surprise to see a retracement from the current levels as wave ((iv)). If we see this correction in 3, 7 or 11 swings, we should buy to look for our target of 88.26. In the end, if there is no pullback, the target remains the same 88.26.
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Source: https://elliottwave-forecast.com/for...ng-correction/

QQQ Found Intraday Buyers Again at the Blue Box Area

Hello fellow traders. In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of QQQ Invesco NASDAQ ETF, published in members area of the website. As many of our members are aware, the ETF is forming impulsive 5 waves rally in the cycle from the 420 low and it has given us good buying opportunities recently. QQQ made another pull back that reached extreme zone from the peak completed a correction at the Equal Legs (Blue Box Area). In the following sections, we’ll take a look into the Elliott Wave pattern and our forecast.
QQQ H1 Update 11.01.2024
ETF is giving us correction that is unfolding as 3 waves pattern , labeled as (((a))((b))((c)) black. The pullback has already reached the extreme zone (Blue Box) . However we expect to see another marginal push down in near term. At this stage, we advise against selling the ETF and expect buyers to appear at the marked Blue Box area. QQQ could either see a rally to new highs or a corrective bounce in at least three waves.
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QQQ H1 Update 11.03.2024
ETF responded exactly as anticipated at the Blue Box Area. We got another marginal low and buyers appeared. QQQ made decent bounce from the buyers zone – Blue Box area. Bounce has reached 50 fibs against the connector’s peak ((b)) high, so any longs from there should be already risk free.
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MCD Built a Nest Structure, but a Bigger Pullback is not Ruled Out Yet
November 3, 2024 By EWFLuis (Edit)
McDonald’s (MCD) is the world’s largest fast food restaurant chain, serving over 69 million customers daily in over 100 countries in more than 40,000 outlets as of 2021. It is best known for its hamburgers, cheeseburgers and french fries, although their menu also includes other items like chicken, fish, fruit, and salads.
McDonald’s MCD Weekly Chart January 2024



In March 2020, MCD ended a corrective cycle as wave ((II)) at 124.23 low and continued the rally. The new structure could have built a leading diagonal as wave (I); therefore, we called wave I completed at 271.15 high and pulback as wave II ended at 217.68 low. The market resumed to the upside in a choppy way finished wave III at 299.35 high. Next correction as wave IV ended a zig zag structure at 245.73 low and MCD rally again. Last January, we called that wave V of (I) should end soon and see a pullback in wave (II). (If you want to learn more about flat corrections, please follow these links: Elliott Wave Education and Elliott Wave Theory).
McDonald’s MCD Weekly Chart June 2024



After 5 months, we called wave V of (I) ended almost inmmedialy at 302.39 high and started wave (II) correction. We believed that wave “a” of (II) has not ended yet. We expected to drop to 245.79 – 240.41 area (1.236 – 1.618 inverse Fib retracement) where buyers should appear to see 3 or 7 swings bounce in wave “b” before resuming lower in wave “c” of (II) to end the correction.
McDonald’s MCD Weekly Chart October 2024



However, after one more low to complete wave “a”, MCD rallied again avoiding a deep correction as (II). Therefore, we are proposing a nest (I), (II) and I, II to continue to the upside. This means that as price action remains above 243.53 low, it should to the upside. Currently, we are calling a wave ((2)) pullback. This correction could drop to 281 – 271 area where buyers should be waiting to continue the rally in wave ((3)) of III. Only if the market breaks below 243,53 low, that we cannot rule out, we will return to the first idea, that wave (II) is in progress.
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Elliott Wave View Looking for Dollar Index (DXY) to Rollover to the Downside

Short Term Elliott Wave View on Dollar Index (DXY) suggests that rally to 104.63 ended wave ((4)). This completed cycle from 9.27.2024 low and the Index should either resume lower in wave ((5)) or pullback in 3 waves at least. The Index has started to turn lower and we are calling the move lower from wave ((4)) high as a diagonal 5 waves. Down from wave ((4)), wave (i) ended at 103.98 and wave (ii) ended at 104.43. Wave (iii) lower ended at 103.82, wave (iv) ended at 104.19, and wave (v) lower ended at 103.68. This completed wave ((i)) in higher degree. Rally in wave ((ii)) ended at 104.35.

Index resumed lower in wave ((iii)) towards 103.63 and wave ((iv)) ended at 103.83. Final leg wave ((v)) ended at 103.57 which completed wave 1 in higher degree. Wave 2 rally is in progress with internal subdivision as a zigzag Elliott Wave structure. Up from wave 1, wave ((a)) is expected to end soon, then it should pullback in wave ((b)), before the Index rallies higher again in wave ((c)). This will complete wave 2 in higher degree before the Index resumes lower. As far as pivot at 104.63 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

Dollar Index (DXY) 60 Minutes Elliott Wave Chart

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DXY Elliott Wave Video

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Elliott Wave View Calling for S&P 500 (SPX) to Extend Higher

Short Term Elliott Wave View on S&P 500 (SPX) suggests rally from 8.5.2024 low is in progress as an impulse. Up from 8.5.2024 low, wave 1 ended at 5651.6 and pullback in wave 2 ended at 5402.6. Index then extended higher in wave 3 towards 5878.4 as 45 minutes chart below shows. Wave 4 pullback unfolded as a Flat Elliott Wave structure. Down from wave 3, wave (a) ended at 5821.17 and rally in wave (b) ended at 5863.04. Wave (c) lower ended at 5762.4 which completed wave ((a)) in higher degree.
Bounce in wave ((b)) unfolded as a zigzag structure. Up from wave ((a)), wave (a) ended at 5817.8 and wave (b) ended at 5784.92. Wave (c) higher ended at 5862.8 which completed wave ((b)) in higher degree. Index resumed lower in wave ((c)). Down from wave ((b)), wave (i) ended at 5802.17 and wave (ii) ended at 5850.94. Wave (iii) lower ended at 5702.8 and wave (iv) ended at 5772.5. Final leg wave (v) ended at 5696.06 which completed wave ((c)) of 4. The Index has turned higher in wave 5. Near term, as far as pivot at 5696.09 low stays intact, expect the Index to extend higher.

S&P 500 (SPX) 45 Minutes Elliott Wave Chart


SPX Elliott Wave Video


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Elliott Wave View: S&P 500 Futures ($ES) Wave 5 In Progress


Short Term Elliott Wave View in S&P 500 Futures (ES) suggests rally from 8.6.2024 low is in progress as an impulse. Up from 8.6.2024 low, wave 1 ended at 5669.75 and pullback in wave 2 ended at 5394. Wave 3 higher ended at 5927.25. Dips in wave 4 unfolded as a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 5861.25 and wave (b) ended at 5904.25. Wave (c) lower ended at 5801 which completed wave ((w)) in higher degree. Rally in wave ((x)) unfolded as a zigzag structure. Up from wave ((w)), wave (a) ended at 5870 and wave (b) ended at 5822.5. Wave (c) higher ended at 900.75 which completed wave ((x)) in higher degree.

Index then turned lower in wave ((y)) with internal subdivision as a zigzag. Down from wave ((x)), wave (a) ended at 5835 and wave (b) ended at 5893. Wave (c) lower ended at 5724.5. This completed wave ((y)) of 4 in higher degree. The Index has resumed the rally higher and made a new high. Up from wave 4, wave (i) ended at 5758.75 and wave (ii) ended at 5735. Wave (iii) higher ended at 5954 and wave (iv) ended at 5900.75. Expect the Index to end wave (v) of ((i)) soon, then it should pullback in wave ((ii)) to correct cycle from 11.5.2024 low before it resumes higher. Near term, while pivot at 5724.5 low is intact, expect pullback to find buyers in 3, 7, 11 swing for further upside.

S&P 500 Futures (ES) 60 Minutes Elliott Wave Chart

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ES_F Elliott Wave Video

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Buyers are still in Control on Renminbi (USDCNH)

In the last years, the renminbi made a pause in his attempt to get stronger against USD dollar. In February 2014, renminbi found support at 6.0153 as wave ((III)) and from there it made a perfect zig – zag correction structure to equal legs at 7.1964 high in September 2019. After these 3 swings, USDCNH should have continued with the downtrend. However, the pair turning up again breaking 7.1964 high suggesting that the pair was developing a double correction structure. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory)

USDCNH July 2023 Weekly Chart



More than a year ago, the wave “a” began at 6.0153 (2014 low) and moved higher in 3 waves structure almost hit 7.00 dollars ending at 6.9854 high. After this zig zag correction, we had a huge drop to 6.2359 developing a double correction structure to end wave “b”. The volatility did not leave things like that and an enormous rally took place in the beginning of wave “c”. This movement developed again 3 waves higher completing wave “c” at 7.1964 and also wave (w) reaching the equal leg extension.
After that, we could see that an expanded flat correction took place as wave (x) completing as an ending diagonal at 6.3058 low in 2022. Almost the whole year, the USDCNH moved higher building an impulse structure. We labeled as wave “a” ended at 7.3748 high above wave (w) confirming the bullish sequence. Then, the pair made a wave “b” correction ended at 6.6883 low and bounced in the last leg higher.

USDCNH October 2024 Weekly Chart



In the current chart, looks like the first leg of the wave “c” is completed. Up from 6.6883 wave “b” low, we can see 5 swings higher creating an impulse that ended at 7.3679 high and we labeled as wave ((1)). Also, the wave ((2)) pullback finished. The correction made a zig zag structure (A), (B) and (C), ending at 6.9705 low. Exactly in the expected area of 7.12 – 6.95. After ending wave ((2)), pair should continue the rally to build an impulse as wave “c” to 7.4866 – 7.7646 area. This also will finish the wave (y) and the double correction as wave ((IV)), where renminbi should resume the downtrend.

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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/for...uyers-bullish/

Berkshire Hathaway BRK.B Expected To Resume Daily Bullish Trend

Berkshire Hathaway Inc. (NYSE: BRK.B) is trading to the upside within a strong Bullish trend since October 2022. In this article, we dive into the latest developments and signals that suggest a promising bullish trajectory based on Elliott Wave Theory.
BRK.B is looking to establish an impulsive 5 waves advance before ending 2022 cycle. Wave I at $321, wave II at $292 and It ended wave III in September 2024 at $484. Down from there, the stock started a pullback in wave IV which is expected to find buyers in 3 , 7 or 11 swings to resume the rally higher again in wave V.



We can see in the above daily chart that BRK.B is showing 3 swings down from the peak and it’s looking to finish the Zigzag structure in wave IV pullback then makes a turn to the upside. Consequently, if the stock resume the rally into new all time highs above September peak, then it can be looking for targets higher at extreme area $506 – $584 before it ends the 5 waves advance from 2022 low and start a larger 3 waves pullback.
To sum up, the trajectory of Berkshire Hathaway continues to be bullish and investors are advised to look for buying opportunities during forthcoming daily retracements in 3 , 7 or 11 swings.
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BTCUSD Elliott Wave : Buying the Dips at the Blue Box Area

In this article we’re going to take a quick look at the Elliott Wave charts of Bitcoin BTCUSD published in members area of the website. As our members know BTCUSD is showing impulsive bullish sequences in the cycle from the 52598 low , that are calling for a further strength. Recently we got a pull back that has ended at the Blue Box zone,our buying area. In the further text we are going to explain the Elliott Wave Forecast and trading setup.
BTCUSD Elliott Wave 1 Hour Chart 11.04.2024
BTCUSD is giving us correction that is unfolding as a Elliott Wave Double Three pattern. At the moment structure is still incomplete. Pull back shows lower low sequences. Bitcoin can see more downside toward 66813-63855 blue box ( buying zone). We don’t recommend selling Bitcoin and prefer the long side. From the marked zone, BTCUSD should ideally make either rally toward new highs or in 3 waves bounce alternatively. Once bounce reaches 50 Fibs against the ((x)) black high , we will make long position risk free ( put SL at BE) and take partial profits.
Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.
Quick reminder on how to trade our charts :
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.



Bitcoin ( BTCUSD ) Elliott Wave 1 Hour Chart 11.06.2024
BTCUSD made extension toward our buying zone : 66813-63855. The crypto found buyers at the blue box as expected and we got good reaction from there. Bitcoin made impulsive rally that broke toward new highs. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 66865 low, we believe the next leg up can be in progress.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room
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Elliott Wave Forecast
Thank you for exploring our Bitcoin Trading Setup. While we analyze 78 different instruments, it’s important to understand that not every chart is a trading recommendation. Therefore, for our official trading recommendations, we invite you to join us in our Live Trading Room. There, we provide actionable insights in real-time. If you’re not yet a member, you can take advantage of our 14-Day Trial to discover new trading opportunities.
Over time, we have refined a reputable trading strategy that accurately defines entry points, stop losses, and take profit levels. Consequently, by joining us, you will have the opportunity to learn from market experts and improve your trading skills.
Join us today !
Elevate your trading with Elliott Wave Forecast!
Explore our expert insights and real-time analysis covering Forex, Indices, Commodities, Cryptocurrencies, Stocks, and ETFs across 78 instruments.
Gain exclusive access to our Official Trading Recommendations in the Live Trading Room, where seasoned experts provide valuable insights and guidance on new trading opportunities.
For just $9.99, unlock a wealth of knowledge and experience with our 14-day Trial. Experience firsthand our proven trading strategy, which accurately defines Entry, Stop Loss, and Take Profit levels, empowering you to make informed decisions with confidence.
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Source: https://elliottwave-forecast.com/tra...ying-blue-box/

Elliott Wave View in EURGBP Calling for More Downside

Short Term Elliott Wave View in EURGBP suggests that decline to 0.8295 on October 18, 2024 ended wave (1). Wave (2) corrective bounce is proposed complete at 0.8447 as the 1 hour chart below shows. Internal subdivision of wave (2) unfolded as a Flat Elliott Wave structure. Up from 10.18.2024 low, wave A ended at 0.8352 and wave B pullback ended at 0.8295. Wave C higher ended at 0.8447 which completed wave (2) in higher degree. Pair has turned lower in wave (3) with internal structure of an impulse.

Down from wave (2), wave (i) ended at 0.8366 and wave (ii) ended at 0.8418. Wave (iii) has resumed lower as an impulse. Down from wave (ii), wave i ended at 0.8388 and wave ii ended at 0.8412. Wave iii lower ended at 0.8414 and wave iv rally ended at 0.834. Last leg wave v lower ended at 0.8305 which completed wave (iii) in higher degree. Wave (iv) corrective rally ended at 0.833. Expect pair to extend lower to end wave v of ((i)). Then it should rally in wave ((ii)) to correct cycle from 11.1.2024 high before it resumes lower. Near term, as far as pivot at 0.8447 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

EURGBP 60 Minutes Elliott Wave Chart

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EURGBP Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...ling-downside/
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Better Restaurants with Toast, Inc (TOST) Support
November 9, 2024 By EWFLuis
Toast, Inc. (TOST) operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale. In addition, the company offers payroll and team management. Further, it offers reporting and analytics, Toast shop, and Toast partner connect and application programming interfaces. The company was formerly known as Opti Systems, Inc. and changed its name to Toast, Inc. in May 2012. Toast, Inc. was incorporated in 2011 and is headquartered in Boston, Massachusetts.
TOST May 2024 Weekly Chart

TOST completed a grand super cycle in 2012 reaching a share price of $69.93. We called this high wave ((I)). From here, the stock started to plummet and it reached a value of $11.91 in less than a year. We labeled this low as wave ((II)). Then the price started to move sideways fluctuating between $12 and $27 dollars. For this reason, we started to label nests looking for the stock to recover. The first group ended wave (I) at $26.04 high. The corrective wave (II) drew an expanded flat structure that ended at $13.27 low and then the market rally. The next bullish momentum reached its maximum at $27.90 and we labeled it as wave I. Therefore, we expected a correction as wave II before continuing a new rally again.

TOST November 2024 Weekly Chart


Currently weekly chart, we can see the correction as wave II. It ended at $21.32 low in June and continued moving sideways. We were waiting to break above wave I high to confirm that wave II has completed. In September, the market breaks above $27.90 and the bullish market was confirmed. TOST created a separation from the lows after US elections, suggesting a wave III higher. This wave III looks incomplete and we should see higher prices until the structure is ended and start a wave IV correction. The weekly chart is valid as price action stays above $11.91 low.
TOST November 2024 16H Chart


To get a closer look at what is happening in TOST, we are showing the 16-hour chart. We are not using the daily chart because it did not show the retracement of wave (4). We can clearly see the structure of wave III. Wave ((1)) of III ended at $27.95 high. Then, a correction finished at $21.76 low, close to breaking the low of $21.32, and we marked as wave ((2)). The wave ((3)) of III is still developing we expect to reach $43.00 – $45.00 area before starting a wave ((4)) pullback. The stock should continue moving higher to sideways until wave III is completed.
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.
Source:https://elliottwave-forecast.com/sto...-tost-support/

Best Penny Stocks to Buy Right Now
November 10, 2024 By Daud Bhatti
What are Penny Stocks?
Penny stocks, occasionally referred to as “micro-cap” or “nano-cap” stocks are low-value stocks representing smaller companies traded on the stock market. Usually, they’re offered by companies that are either still in a developmental stage or companies that just offer one or two different products.
As the name suggests, these stocks are often priced under $ 5 per share — making them much more accessible to new penny stock investors or those with less capital. There is less regulation in the penny stock market. Unlike the big national exchanges where there’s a high amount of regulation, penny stocks aren’t held to the same standards.
Because of this, there can be a lot of fraudulent information out there about these stocks, so it can be hard to discern what’s true and what is not when it comes to these companies and their offerings. Largely due to these factors, penny stocks are extremely volatile. The market can swing up or down very quickly.
Why invest in Penny stocks?
There are benefits to trading penny stocks, which are:

1. Since penny stocks are priced on the low end, they’re accessible to traders with small accounts.
2. Investors can start with very low capital.
3. One of the biggest advantages of trading penny stocks is that it’s extremely easy to get started.
4. Diligence can be rewarded. If investors can do their own research on the companies to evaluate whether or not they’re good investments, then you might be rewarded for your studies.
5. Potential profit on the way up or down. With penny stocks, investors can potentially profit as stocks go up or down in value. While many of the companies offering penny stocks will fail, this can actually provide an opportunity for traders to sell short.

Penny Stocks Risks

1. A primary risk of penny stocks is the potential for a lack of reliable, readily available information.
2. Also, many penny stocks are issued by newly formed companies with little or no track record. Without enough information, you may not be able to fully evaluate the company.
3. Less stringent disclosure requirements can make penny stocks particularly susceptible to illegal “pump-and-dump” schemes. Unscrupulous investors buy the stock, and actively promote only its virtues to artificially inflate the price. And when the stock price appreciates, they sell it at an artificially inflated price.
4. Penny stocks have low liquidity. Many penny stocks are thinly traded. When buying or selling a stock that has low trading volume, investors may not be able to do so at their desired price or time, and that can be costly.

Tips for trading penny stocks
Trading penny stocks can be risky due to their potential for high volatility and low liquidity. Therefore, investors should proceed with caution and measure. Here are some tips to consider:

1. Invest money which is not a part of your regular expenditure. Never invest money you can’t afford to lose. It also may be best to avoid penny stocks if you have a short investment time horizon.
2. Pay close attention to market trends to make informed decisions.
3. Use technical analysis, charts, and watch patterns to predict future price movements. Penny stocks can provide significant returns but come with a lot of risk.

Here is the list of the best Penny Stocks to buy Right now:
SrCompany NameSymbolStock PriceMarket Cap
1SavaraSVRA$ 3.64$ 598.32 million
2Navitas SemiconductorNVTS
3Archer Aviation Inc.ACHR
4Pitney BowesPBI
5TaboolaTBLA$ 3.52$ 1.14 billion

Savara
Savara is a clinical-stage biopharmaceutical company developing treatments for rare respiratory diseases. Its lead product candidate is an immunostimulator called molgramostim. Molgramostim is in phase 3 clinical trials to treat autoimmune pulmonary alveolar proteinosis, or aPAP.
Molgramostim has received an FDA orphan drug designation — given to drugs targeting rare diseases — for treating aPAP. It has also received a similar designation from the European Medicines Agency and a breakthrough therapy and fast-track designation by the FDA.
Savara expects data from its pivotal phase 3 trial of molgramostim by mid-2024. The company also said it has enough cash to fund operations into 2026.
Breakthrough therapy and fast-track designations suggest the FDA is facilitating molgramostim’s approval process. The biopharma company has reported enough cash to fund operations into 2026. Moreover, the Phase 3 trial data on molgramostim is imminent. However, there is a risk that the molgramostim trial data disappoints. Also, it may take a while for Savara to commercialize molgramostim and turn a profit. Given aPAP is an extremely rare disease, molgramostim’s market size may be limited.
The chart below shows the performance of Savara Stock in the past year. The stock started the year 2024 at a price of $ 4.65. After a small decline in the initial month, the stock picked up pace and went as high as $ 5.59 in March. Then the stock started to decline and continued to do so in the next few months. The stock went as low as $ 3.66. Then again, the stock went up and touched $ 5.07, and eventually the stock last closed at $ 3.63. The stock remained volatile throughout the year with a 22 % decline during the year.

Navitas Semiconductor
Navitas Semiconductor develops ultra-efficient gallium nitride (GaN) semiconductors. The company hopes to help transition the semiconductor industry from silicon chips to GaN for power applications. Those applications include consumer electronics, fast mobile chargers, and data centers.
Navitas has reported impressive growth in recent quarters. The company also said customers have responded positively to its new technology, including GaNSlim products. Unfortunately, the company is not consistently profitable and has required periodic capital infusions.
The market of Navitas is a massive high-growth market. The company is reported acquiring new contracts among AI-based data center customers. And its customers are reportedly increasing at a very high rate. However, there have been liquidity issues for the company, where cash in hand has been problematic. Moreover, the future of good profitability is still unclear.
The below chart shows the performance of Navita’s stock during the current year. The stock started the year 2024 at a price of $ 7.92. The stock remained bullish throughout the year and went as low as $ 2.18. The stock last closed at $ 2.47, representing a 68 % decline to date.


Archer Aviation Inc.
Archer Aviation develops and produces electric vertical takeoff and landing, or eVTOL, aircraft. Archer’s Midnight aircraft is a piloted, four-passenger eVTOL. The Midnight is designed to perform several short, back-to-back flights with minimal charge times between flights. Archer hopes the Midnight could eventually cut 60 to 90-minute urban commutes to 10 to 20-minute electric air taxi flights.
In June 2024, Archer announced the Federal Aviation Administration granted the company certification to operate a commercial airline. Archer also recently announced a large deal with the Abu Dhabi Investment Office. The agreement would accelerate the development of commercial air taxi operations in the United Arab Emirates. Archer has yet to be profitable but has maintained good cash liquidity.
Recently Archer Aviation received FAA certification to operate a commercial airline. Its two-pronged approach to direct aircraft sales and air taxi services is different from mainstream aviation companies. And it has started to expand its partnership with other major airlines which include United Airlines and Stellantis. However, the company’s business model is still very vague and not publicly understood. And the high price of tickets, the company is offering is a big downside towards its expansion and profitability. One of its unique offerings the “electric vertical takeoff and landing” is no doubt unique, and has a very small market that may take many years to mature.
The chart below shows the performance of Archer Aviation stock during the current year. The stock kicked off the year at a price of $ 6.02 with a bearish stance. This bearish performance continued for many months and the stock went as low as $ 3 in May. From here the stock recovered and went as high as $ 5.39. Then again, the stock started to decline and was seen last closing at $ 3.15. Overall, the stock’s year-to-date performance shows a 48 % decline.


Pitney Bowes
Pitney Bowes Inc., a shipping and mailing company, provides technology, logistics, and financial services to small and medium-sized businesses, large enterprises, retailers, and government clients in the United States and internationally.
It operates through:

1. Global E-commerce – The Global E-commerce segment provides domestic parcel services, cross-border solutions, and digital delivery services
2. Presort Services – The Presort Services segment offers mail sortation services, which allow clients to qualify volumes of first-class mail, marketing mail, marketing mail flats, and bound printed matter for postal work sharing discounts.
3. SendTech Solutions segments – The SendTech Solutions segment provides physical and digital mailing and shipping technology solutions, and other applications for sending, tracking, and receiving letters, parcels, and flats as well as financing alternatives to finance equipment and product purchases.

It markets its products, solutions, and services through direct and inside sales forces, global and regional partner channels, direct mailings, and digital channels.
Shares of shipping company Pitney Bowes have lost about half their value since the beginning of 2021, with the company weighed down by some poor decisions and investments in its global e-commerce (GEC) segment. In May, Pitney Bowes announced plans to cut upward of $100 million in annual costs as part of a broader push to overhaul the business. Pitney Bowes has agreed to liquidate much of its money-losing e-commerce business with the help of Hilco Global.
The below chart shows the stock performance of Pitney Bowes during the current year. The stock started the year 2024 at a price of $ 4.4. During the initial months, the stock maintained its stock price. In May, the stock kicked off with a bullish stance and remained bullish throughout the year. The stock went as high as $ 7.5 and was seen last closing at $ 7.21. Overall, the year-to-date performance shows a 64 % appreciation to date.

Taboola

Taboola.com is an online advertising and content company. It provides a two-sided marketplace that connects digital property owners with advertisers. Taboola focuses on the open web market, which refers to digital properties outside closed-off platforms such as Facebook, Google, and Amazon.com. Taboola estimates that the open web content market is worth over $80 billion. Its recommendation engine incorporates artificial intelligence and deep learning technology. The company works with a vast network of advertisers to reach millions of daily users.
Taboola’s partnership with Yahoo is a significant source of revenue. Its revenue growth has been pretty high in recent quarters. Additionally, its AI bidding technology suite Maximize Conversions generates significant revenue for the company. However, Taboola should be vigilant about its AI machine learning and algorithms which should remain competitive. And a huge reliance on revenue from a single source, that is Yahoo, can be risky in unforeseen circumstances.
The chart below of Taboola stock shows the performance for the current year. The stock kicked off the year 2024 at a price of $ 4.3. After an initial hike in price, where the price reached the peak of $ 4.86, the stock reversed its course and went bearish. This bearish trend continued for a major part of the year and the stock went as low as $ 2.8752 in August. From here on the stock recovered a bit and eventually closed at $ 3.32. Overall, the stock declined by 22.8 % during the year.

Source:https://elliottwave-forecast.com/sto...buy-right-now/

Elliott Wave View Expects NVDA (Nvidia)To Extend Higher

Short Term Elliott Wave View in NVDA (Nvidia) suggests further upside in daily bullish sequence. It is trading in bullish weekly sequence at all time high and expect continuation against August-2024 low. In 4-Hour, it placed (1) at $131.26 high and (2) correction at $100.95 low. Above there, it favors upside in (3) of impulse sequence. It placed 1 of (3) at $120.79 high, 2 at $112.78 low, 3 at $144.50 high and 4 at $132.11 low. Currently, it favors upside in 5 of (3) from 31-October low and expect one more push higher to finish it, while dips remain above $143.57 low.
Above $132.11 low, it placed ((i)) of 5 at $139.99 high, ((ii)) at $135.35 low, ((iii)) at $149.95 high and ((iv)) at 143.57 low as double correction. Within ((iv)), it placed (w) at $146.26 low, (x) at $148.85 high and (y) as ((iv)) ended at $143.57 low. Above ((iv)) low, it favors pullback in (ii), while placed (i) at $146.49 high and expect continuation in ((v)), which confirm above $149.95 high. It expects ((v)) to extend towards $151.47 – $153.90 area as minimum extension to finish (3) started from 6-September low. Alternatively, if it breaks below $143.57 low, it should extend ((iv)) before resuming higher in ((v)) to finish (3). Later, it should pullback in (4) in 3, 7 or 11 swings sequence and buyers expect to enter again from extreme areas to resume daily bullish sequence. Alternatively, if it extends higher and erase the momentum divergence, then it should turn out to be nest in (3) and see more upside.

NVDA 30 Minutes Elliott Wave Chart


NVDA Elliott Wave Video


Source: https://elliottwave-forecast.com/new...extend-higher/
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Best Green Energy Stocks to Buy Right Now
November 10, 2024 By Daud Bhatti
What are Green Energy Stocks?
The world is slowly moving towards sustainable solutions for everything, even energy. As a result, many companies are stepping up their efforts to contribute to a more sustainable planet.
Green energy stocks represent companies involved in developing alternative technologies with renewable resources that contribute zero to very minimal towards pollution. A few of the most common and prevalent sources of green energy include sunlight, wind, and heat. Additionally, these energy sources can encompass low-impact hydroelectric sources and specific forms of biomass. Companies that aim to produce no carbon emissions using these resources while reducing fossil fuel dependence are classified as green energy companies. This sector forms a crucial part of the energy sector today, promoting sustainability and eco-friendly energy solutions.
Why invest in Green Energy stocks?
Investing in green stocks allows individuals to support environmentally responsible companies while potentially earning returns on their investments. As public awareness and concern for environmental issues grow, green stocks may experience increased demand and growth potential.
Also, the benefits of investing in Green Energy Stocks are:

1. Investing in green stocks aligns with ethical and socially responsible investing principles, allowing investors to contribute to a more sustainable and equitable world.
2. Green stocks can provide competitive returns as the demand for sustainable products and services increases, and companies that adopt environmentally friendly practices may experience cost savings and improved operational efficiency.
3. Investing in green stocks supports companies that are actively working to reduce their environmental impact, helping to combat climate change and protect the planet’s natural resources.
4. Adding green stocks to a portfolio can provide diversification benefits, as these companies may not be as affected by traditional market factors.
5. Governments worldwide are increasingly supporting green initiatives through incentives, subsidies, and regulatory changes, which can benefit companies in the green economy.

Here is a list of the best Green Energy Stocks to buy now:
Sr.Company NameSymbolShare Price (31.10.24)Market Cap
1Brookfield Renewable PartnersBEP$ 25.8$ 16.976 billion
2Next Era EnergyNEE$ 79.09$ 162.97 billion
3Canadian SolarCSIQ$ 14.14$ 942.33 million
4Solar Edge TechnologySEDG$ 16.89$ 977.53 million
5General MotorsGM$ 51.97$ 55.816 billion

Brookfield Renewable Partners
Brookfield Renewable Partners invests in renewable power and sustainable solutions assets directly, as well as with institutional partners, joint venture partners, and through other arrangements. Across its business, it leverages our extensive operating experience to maintain and enhance the value of assets, grow cash flows on an annual basis, and cultivate positive relations with local stakeholders. Their portfolio includes holdings for which they have access to a priority growth pipeline that if funded would provide them the opportunity to own a near-majority share of the business.
Their global diversified portfolio of renewable power assets, which makes up over 97 % of their business, has approximately 33,200 MW of operating capacity annualized LTA generation of approximately 94,200 GWh, and a development pipeline of approximately 200,100 MW.
Here is a glimpse into their portfolios:
River SystemsFacilitiesCapacityLTA (GWh)Storage Capacity (GWh)
Hydroelectric86237825938,0147,523
Wind018311,13034,9710
Utility-scale solar02257,59116,5090
Distributed generation & storage26,9645,7653,7415,220
TOTAL887,60932,74593,23512,743

Brookfield Renewable Partners recently reported financial results for the three months ending June 30, 2024:

1. Revenues were reported at $ 1,482 million, as compared to $ 1,205 million in the previous year’s same quarter.
2. Net Loss was reported at $ 88 million, compared to net income of $ 151 million in the previous year’s same quarter.
3. Total power generation capacity was reported at 34,189 MW, as compared to 25,859 in the previous year’s same period.
4. Actual power generation was reported at 20,602 MW, as compared to 17,798 in the previous year’s same period.

Next Era Energy
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns Florida Power & Light Company, which is America’s largest electric utility company that sells more power than any other utility, providing clean, affordable, reliable electricity to approximately 5.9 million customer accounts, or more than 12 million people across Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world’s largest generator of renewable energy from the wind and sun and a world leader in battery storage.
NextEra Energy reports third-quarter 2024 financial results:

1. Revenues were reported at $ 7,567 million, as compared to $ 7,172 million in the previous year’s same quarter.
2. Net Income was reported at $ 1,852 million, as compared to Net income of $ 1,219 million in the previous year’s same quarter.
3. Earnings per share was reported at $ 1.03, as compared to $ 0.94 in the previous year’s same period.
4. NextEra Energy Resources added approximately 3 gigawatts of new renewables and storage projects to its backlog, delivering another strong renewables origination quarter.

NextEra Energy Resources had a strong quarter of new renewables and storage origination. Below is the NextEra Energy Resources Development Program:
2024 – 2025 COD And Backlog2024 – 2025 Expectations2026 – 2027 backlog2026 – 2027 Expectations2024 – 2027 Expectations
Wind3.23.5 – 4.41.75.5 – 7.19.0 – 11.5
Solar7.37.4 – 8.36.611.1 – 14.118.5 – 22.4
Energy Storage3.02.6 – 3.53.55.2 – 7.27.8 – 10.7
Wind Repowering0.60.6 – 0.90.40.6 – 1.01.2 – 1.9
Total14.014.1 – 17.112.222.4 – 29.436.5 – 46.5

Renewables and storage backlog stands at more than 24 GW, which supports the company’s long-term growth expectations.
Canadian Solar
Canadian Solar has 125G W solar module shipments and 4.5G Wh battery storage shipments. It has a Module capacity of 61 GW and expects to have a battery storage capacity of 20 GWh by 2024 December. It has a 26.3 GW project pipeline and a 56G Wh energy project pipeline of Recurrent Energy.
Canadian Solar has Active buying customers in more than 160 countries and Subsidiaries in 23 countries & regions on 6 continents. In addition to it, Canadian Solar has Over 26 manufacturing facilities in Asia & Americas.
The Company has two business segments: Recurrent Energy and CSI Solar. The two businesses operate as follows:

1. Recurrent Energy is one of the world’s largest clean energy project development platforms with 15 years of experience, having delivered approximately 11 GWp of solar power projects and 3.7 GWh of battery energy storage projects.
2. CSI Solar consists of solar module and battery energy storage manufacturing, and delivery of total system solutions, including inverters, solar system kits, and EPC (engineering, procurement, and construction) services. CSI Solar’s e-STORAGE branded battery energy storage business includes its utility-scale turnkey battery energy system solutions, as well as a small but growing residential battery energy storage business.

Canadian Solar Inc. recently announced financial results for the second quarter ended June 30, 2024:

1. Net Revenues were reported at $ 1,635 million, as compared to $ 2,364 million in the previous year’s same quarter.
2. Income from Operations was reported at $ 47.65 million, as compared to $ 224 million in the previous year’s same quarter.
3. As of June 30, 2024, Recurrent Energy’s total solar project development pipeline was 27.4 GWp, including 1.7 GWp under construction, 4.8 GWp of backlog, and 20.9 GWp of projects in advanced and early-stage pipelines.

Solar Edge Technology
SolarEdge Technologies, Inc., together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, the rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.

1. The Solar segment offers power optimizers, inverters, batteries, storage solutions, electric vehicle chargers, smart tracking solutions, and smart energy management software products; Monitoring platform, a cloud-based monitoring platform, that collects power, voltage, current, and system data sent from inverters and power optimizers; and MySolarEdge app, that enables system owners to track their real-time system production and household energy consumption.
2. The Energy Storage segment provides lithium-ion cells and containerized battery systems (BESS) solutions for commercial, industrial, and utility markets; modules and racks; purpose-built components and solutions, and hardware and software tools; and pre and post-sales engineering support for designing, building, and managing battery and system solutions.

The company offers e-mobility products, automated machines, and UPS products; pre-sales support, ongoing training, technical support,,, and after-installation services. It sells its products through solar installers and distributors, electrical equipment wholesalers, and PV module manufacturers, as well as engineering, procurement, and construction firms.
The below chart shows the MW shipped in the past year:
MW ShippedQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
Total MW4,3243,796901946873
Residential1,7251,300356302309
Commercial2,5992,495545640564
Utility
% of Total100 %100 %100 %100 %100 %
Residential40 %34 %39 %32 %35 %
Commercial60 %66 %61 %68 %65 %
Utility0 %0 %0 %0 %0%

Solar Energy recently reported second-quarter results for the year 2024:

1. GAAP revenues were reported at $ 265.4 million
   1. Revenues from the solar segment were reported at $ 241.2 million
   2. Revenues from energy storage and “all other” segments were reported at $ 23.9 million

2. GAAP gross margin at negative 4.1 %
3. GAAP net loss was reported at $ (130.8) million
4. GAAP net diluted loss per share was reported at $ (2.31)

General Motors
The company has said that it plans to invest $ 35 billion in electric vehicle (EV) and autonomous vehicle (AV) production through 2025. By mid-decade, GM plans to sell a million EVs a year in North America. GM has also increased its investment in AV company Cruise, buying SoftBank’s stake for $2.1 billion and pouring in another $1.4 billion. Cruise develops self-driving cars for ridesharing and delivery. The Origin is designed to operate without a human driver, as there is no steering wheel. Cruise was the first AV company to offer driverless rides in a major city: San Francisco. Adding to that, GM is also planning to be a carbon-neutral company by 2040.
General Motors recently reported third-quarter 2024 results:

1. The company reported revenue of $ 48.8 billion, as compared to $ 44.1 billion during the same period last year, representing a 10.5 % appreciation.
2. The company reported Net Income of $ 3.056 billion, as compared to $ 3.064 billion during the same period last year, representing a 0.3 % decline.
3. Earnings per share was reported at $ 2.68, as compared to $ 2.2 during the same period last year, representing a 21.8 % appreciation

GM Secures plans to achieve renewable energy goal 25 Years ahead of initial target:

1. Based on current projections, GM has reached its goal of securing enough renewable energy to power all of its U.S. sites by 2025
2. As one of the earliest adopters of renewable energy among corporate purchasers, GM has already realized positive cash flows from its portfolio and expects to continue to do so
3. GM’s long-term investments in local renewable energy projects support grid resiliency, as well as job growth and retention.

GM’s renewable energy portfolio now includes sourcing agreements from 16 renewable energy plants across 10 states, continuing to lead all automotive OEMs as the largest offtake of renewable power in the industry.
Source:https://elliottwave-forecast.com/sto...buy-right-now/

SPDR Consumer Discretionary ETF ( $XLY ) Elliott Wave Analysis: The Rally and What’s Next
November 11, 2024 By EWFTaha
Hello everyone! In today’s article, we’ll examine the recent performance of the SPDR Consumer Discretionary ETF ($XLY) through the lens of Elliott Wave Theory. We’ll review how the rally from the October 23, 2024, low unfolded as a 5-wave impulse and discuss our forecast for the next move. Let’s dive into the structure and expectations for this ETF.
5 Wave Impulse Structure + ABC correction

$XLY 1H Elliott Wave Chart 10.31.2024:

In the 1-hour Elliott Wave count from October 31, 2024, we see that $XLY completed a 5-wave impulsive cycle beginning on October 23, 2024, and ending on October 28, 2024, at the red 1. As expected, this initial wave prompted a pullback. We anticipated this pullback to unfold in 3 swings, likely finding buyers in the equal legs area between $197.51 and $194.97.

This setup aligns with a typical Elliott Wave correction pattern (ABC), where the market pauses briefly before resuming the main trend.
$XLY 1H Elliott Wave Chart 10.15.2024:

The most recent update, from November 10, 2024, shows that $XLY reacted as predicted. After the decline from the red 1 peak, the ETF found support in the equal legs area, leading to a renewed rally. As a result, traders could adjust to go risk-free, which confirmed that the bullish trend remains intact.

What’s Next for $XLY?
With the current rally breaking into new all-time highs, $XLY appears well-supported. Based on the Elliott Wave structure, we expect the ETF to continue its upward trajectory, targeting the $235–$278 range before another potential pullback. Therefore, it is essential to keep monitoring this zone as we approach it.
Conclusion
In conclusion, our Elliott Wave analysis of the SPDR Consumer Discretionary ETF ($XLY) suggests that it could continue its bullish run, with significant upside potential in the short term. Therefore, traders should monitor the $235–$278 zone as the next target, keeping an eye out for any corrective pullbacks. By using Elliott Wave Theory, we can identify potential buying areas and enhance risk management in volatile markets.
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Source:https://elliottwave-forecast.com/sto...blue-box-area/