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AUDUSD Elliottwave Analysis: Close to turning

AUDUSD move up from 12/23 low is extending and as pair keeps extending higher with shallow pull backs, it looks like the move up from 12/23 low is unfolding as an Elliott wave impulse and although the cycle is mature, more upside within wave 5 is expected as a diagonal before pair ends the cycle from 12/23 low. Rally to 0.735 is labelled as Minor wave 1 and dip to 0.7283 is labelled as Minor wave 2. Up from there Minor wave 3 ended at 0.7568 and Minor wave 4 pullback is proposed complete at 0.7488.

Pair is currently in Minor wave 5 as an ending diagonal with subdivision of 3-3-3-3-3, where Minuette wave ((i)) ended at 0.7588, Minuette wave ((ii)) ended at 0.7513, Minuette wave ((iii)) ended at 0.7609 and Minuette wave ((iv)) is proposed complete at 0.7531. While pullbacks stay above there, but more importantly as far as pivot at 1/19 low (0.7488) remains intact, pair has scope to do another leg higher to end Minuette wave ((v)) and also Minor wave 5 towards 0.762 – 0.768 area. This move should also complete 5 waves move up from 12/23 (0.7155) low, then expect a larger degree correction in Intermediate wave (B) in 3, 7, or 11 swing to correct cycle from 12/23 low. A break below 0.7488 could be an indication that the cycle from 12/23 low has ended and pair could see larger degree correction lower. As cycle from 12/23 low is mature and can end any moment, it’s risky to chase the move higher at this stage.

AUDUSD 1 Hour Chart



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Elliott Wave Cycle

DAX Intra-day Analysis: Wave 3 in progress

DAX extend the rally today and broke to a new high above blue (3). Index has reached 2.618 – 3.236 extension area where black wave ((iii)) can complete and we can see a pull back in black wave ((iv)) followed by more upside towards 11866 – 11951 area to complete red wave 3. We can see that DAX has broken above the parallel channel on the chart which is a confirmation that DAX rally is unfolding as an impulse and we are still in wave 3. As per the wave theory, once red wave 3 is complete, we can expect a pull back in red wave 4 to correct the cycle from red wave 2 low and another leg higher to complete wave 5 wave Impulse from blue wave (4) low.
Wave 3 should extend to at least 1.618 extension of wave 1, this level comes at 11866 with 200% extension of wave 1 coming at 11951, as 1.618 extension at 11866 has not yet been reached and RSI is not showing any divergence, we should still be in wave 3 and see another high after a pull back to complete wave 3. Black wave ((iv)) pull back should ideally hold the broken parallel channel line.
DAX 1 Hour Chart


5 Wave Impulse
http://elliottwave-forecast.com/wp-c...1/Impulse1.png
At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.

Do you need to worry about Netflix 5 waves move ?

Netflix (NFLX) is an American multinational entertainment company that specializes in streaming media , film and television production , as well as online distribution and DVD by mail. Last week , the company posted its biggest-ever quarterly subscriber growth with 7.05 million new subscribers beating its own expectations of 5.2 million . As we can see in the chart below that Netflix international memberships is the one increasing rapidly helping the company to grow with the recent 5.12 million addition overseas compared to 1.93 million in the United States .

The streaming leader has a total of 93.8 million members , thats slightly bigger than the audience for the 11 largest pay-television providers in the U.S. ( represents about 95% of the market ) , putting it far ahead of its competitive threat Amazon (AMZN) which announced in last December that it was expanding its Prime Video service to 200 countries, a less than a year after Netflixs own international push to 130 additional countries .
After last weak Q4 announcement , Netflix shares surged as much as 9 percent after-market to make new all time highs reaching $145 . So is the bullish trend strong enough to continue the rally to new levels or the bulls will soon get tired and reverse the move to the downside ?
Netflix Elliott Wave Technical AnalysisNFLX move from the all time lows to recent new highs is counted as 5 swings and depending on the nature of the subdivision we can then define the whole structure . In this case , each swing is subdivided as Zigzag abc forming a Diagonal structure which means the stock is already in the final stage of ending multi-year cycle .
Read the full article here

Elliott Wave forecast & market correlation example

Market Correlation
Market correlation is one of the powerful techniques we use to forecast the market. Many traders, especially beginners, make mistake by trading and forecasting only one or a few instruments. E.g. the most popular are EURUSD, USDX, SPX, DAX, Gold. Although EURUSD is the most popular forex pair ever, it doesn’t always have the clearest structure among them. In fact, in majority of time it won’t be the clearest one, hence you have to analyse other instruments in order to get the reliable path for EURUSD.
We at Elliott Wave Forecast always based our analysis on the most clearest structures we have at particular stage. Even more, we use different instruments to determine paths and cycles in the different time frames.
In this technical blog we’re going to take a look at the Elliott Wave forecast of USDNOK and see how we use market correlation. It’s one of the instruments that helped us to forecast the short term path for USDX and EURUSD.
USDNOK 4 Hour 01/18 2017 Elliott Wave forecast
Once USDNOK broke the 01/06 low (8.4528) , it has given confirmation that more downside in dollar is going to happen. With mentioned broke in USDNOK,we got 5 swings in the cycle from the 12/28 peak. That means incomplete bearish structure. Our Elliott Wave forecast suggested further decline toward 8.3646-8.2915 where it can complete cycle from the 12/28 peak. Short term : the pair is bearish against the 8.5526 high in the first degree. We expect to see sellers in the 8.4912-8.5053 area for proposed decline.

At the charts below you can see how we forecasted the path in USDX and EURUSD.
USDX NY Update 01/19 2017 We expect at least another extension to the downside until USDNOK reaches proposed target at 8.3646-8.2915. USDX is about to complete wave 4 red at 101.64-201.80 area where sellers are expected to appear. We’re aware that USDX is in the bonus time, however still calling for another low due to a market correlation. Read the full article here

Oil CL_F: Buying Opportunity should come soon

Rally to 55.24 completed Intermediate wave (W) and ended the cycle from 8/3/2016 low. From 55.24 high, oil turned lower to correct the cycle from 8/3 low as a double three structure where Minor wave W ended at 50.71 and Minor wave X ended at 54.08. Decline from 54.08 high is showing a 5 swing structure suggesting that short term, while oil remains below 53.46, another leg lower is expected towards 51.02 – 51.95 area to complete Minute wave ((w)) and end cycle from 1/27 peak (54.08). Afterwards, expect Oil to either resume the rally to new high above 55.24 or at least bounce in Minute wave ((x)) in 3, 7, or 11 swing to correct cycle from 1/27 peak before turning lower again one more leg. We don’t like selling the proposed pullback and expect buyers to appear at 51.02 – 51.95 area for at least a 3 waves bounce.

Oil 1 Hour Chart



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Elliott Wave Degree

$INTL INTL Fcstone Inc Daily Elliott Wave Analysis

This is a daily Elliott Wave analysis of the aforementioned company. Firstly I will mention some of the company’s past history and merger. INTL Fcstone Inc is a Fortune 500 financial services industry firm listed on the Nasdaq exchange. The company has offices worldwide and is headquartered in New York City, NY in the United States of America. This company was founded in 1978 and was known as the Farmers Commodities Corporation until 2002. The company went public with a stock offering in 2007. FCStone Group Inc. and the International Assets Holding Corporation merged in 2009 to form the current INTL FCStone Inc. There is a stock price history back until 1995 and shows a nice uptrend. In 2016 according to Bloomberg rankings it was the #1 market maker in 2016 for international securities traded over-the-counter. Also it was ranked #1 by dollar value for approximately 2,500 securities.
Secondly as for the Elliott Wave analysis shown below the focus is in the nearer term from the February 11th, 2016 lows at 24.27. The larger degree cycle highs and lows of the stock are consistent with the US indices high and low cycle troughs and peaks. I would figure as long as this company’s balance sheets remain favorable it would continue to progress higher.
To conclude , from the 2/11/2016 lows, the stock is showing an uptrend still and appears ended an impulse cycle up on the 13th of December at 44.71. From there the stock has declined in three swings to 36.02 on 1/20/2017. There is a chance this is all of a correction of the cycle up from 2/11/2016 lows. However until or unless it shows it will break above to new highs again by the time it reaches the 40.30-41.34 Fibonacci retracement area, it should see one more swing lower to correct the cycle up from 2/11/2016 before continuing the uptrend.
INTL Daily Chart


Thanks for looking and coming to the website and if you like take a trial subscription of our service and see if we can be of help in your trading. Kind regards & good luck trading. Lewis Jones of the elliottwave-forecast.com Team

Oil CL_F: Correction Still in Progress

Rally to 55.24 completed Intermediate wave (W) and ended the cycle from 8/3/2016 low. From 55.24 high, oil turned lower to correct the cycle from 8/3 low as a double three structure where Minor wave W ended at 50.71 and Minor wave X ended at 54.08. Decline from 54.08 high is unfolding as a double three where Minuette wave (w) ended at 52.58 and Minuette wave (x) ended at 53.56 as a FLAT. While Oil stays below 1/27 peak (54.08), it has scope to resume lower towards 51.69 – 52.04 area to complete Minute wave ((w)) and end cycle from 1/27 peak. Afterwards, expect Oil to either resume the rally to new high above 55.24 or at least bounce in Minute wave ((x)) in 3, 7, or 11 swing to correct cycle from 1/27 peak before turning lower again one more leg. We don’t like selling the proposed pullback and expect buyers to appear at 51.69 – 52.04 area for at least a 3 waves bounce.

Oil 1 Hour Chart



Elliott Wave Degree

Crude Oil: The next leg higher has started

Revised view suggests that Crude Oil rally from 1/10 low (50.71) is unfolding as a diagonal where wave 1 ended at 54.08 and wave 2 is proposed complete at 52.22. A break above 54.08 would add more conviction to the view that the next leg higher has started, until then a double correction in wave 2 and another low below 52.22 can’t be ruled out. Near term, expect more upside towards 53.96 – 54.28 area to complete wave (w) and end cycle from 1/31 low (52.22). Afterwards, expect wave (x) pullback in 3, 7, or 11 swing to correct cycle from 1/31 low before the rally resumes. We don’t like selling the proposed pullback.

Oil 1 Hour Chart



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Elliott Wave Degree

ASX All Ordinary ( $XAO) showing incomplete pattern

In this Technical blog we are going to take a quick look at ASX (XAO) All ordinary from Australia is correcting the cycle from November 9,2016 lows. Where as the structure from January 09,2016 peak suggesting the index has broken below the January 23 low (5661), as shown below the 4 hour chart of ASX from January 31, 2017. And has open extension lower, showing 5 swings bearish pattern from the peak. The structure from the peak looks to be overlapping, hence suggesting it’s corrective structure, either W,X,Y or W,X,Y,Z. Where first leg lower ended in wave ((w)) lower at (5661) low & wave ((x)) bounce at (5765) peak, while near term bounces fails below there index is expected to be in ((y)) leg lower & has scope to extend lower towards 5630-5598 area lower firstly to complete the minute wave (w) in blue lower for final push lower towards 5546-5493 blue box area is seen afterwards to end the cycle from January 9 peak. This is where we think buyers can jump back in the market and Index can then resume the rally for new highs above January 9 peak or make a larger 3 wave bounce at least.
ASX 4 Hour Chart


Below is the 1 hour Asia chart from 2/1/2017: suggesting index is doing 3 swings bouncing in minute “x” wave in red bounce to correct the cycle from 5765 peak towards 5721-5743 blue box area, where it is expected to get rejected for continued weakness or for 3 swings pullback at least. Note that if it manages to break 5765 peak then possibility is it could turn into a flat correction in wave ((x)) still.
ASX 1 Hour Chart
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Anyone of you, who is not familiar with W,X,Y ( Double three structure ) here’s some explanation:
The double three is the most important pattern in the new Elliott wave theory and probably the most common pattern on the market these days, also known as 7 swing structure. It is a very reliable pattern that is giving us good commercial entries with clearly defined invalidation levels and target areas. The image below shows what Elliott Wave Double Three looks like. It has (W), (X), (Y) tagging and internal structure 3,3,3, which means that all 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings, have structure W, X, and Y to a lesser extent.
http://elliottwave-forecast.com/wp-c...ture-Vlada.jpg
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Crude Oil: Extension higher expected

Revised view suggests that Crude Oil rally from 1/10 low (50.71) is unfolding as a diagonal where Minor wave 1 ended at 54.08 and Minor wave 2 is proposed complete at 52.22. Crude Oil has broken above 54.08, and thus showing a 5 swing sequence from 1/10 low and favoring more upside. Near term, while pullbacks stay above Minuette wave (x) at 53.35, but more importantly above Minor wave 2 at 52.22, expect Oil to resume higher towards 55.41 – 55.91 area next. If Crude oil breaks below 53.35, that will suggest that it is doing a double correction in Minuette wave (x) and open extension lower towards 52.74 – 52.97 area, but from there, it’s still expected to extend higher afterwards as far as pivot at 52.22 low in Minor wave 2 remains intact. We don’t like selling Crude Oil.

Oil 1 Hour Chart



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Elliott Wave Degree

USDCAD: Bearish sequence favors more downside

Preferred Elliott wave view in USDCAD suggests that the pair is showing a 5 swing bearish sequence from 12/28 high, favoring more downside. Short term, decline to 1.2965 ended Minor wave W and Minor wave X bounce is unfolding as a triple three where Minute wave ((w)) ended at 1.3102, Minute wave ((x)) ended at 1.2976, Minute wave ((y)) ended at 1.3135, Minute 2nd wave ((x)) ended at 1.307, and Minute wave ((z)) of X is expected to complete at 1.3208 – 1.324 area. Ideally wave X bounce does not pass above 1.3294, but more importantly as far as pivot at 1/20 high (1.3388) remains intact, expect pair to resume the decline to new low or at least pull back in 3 waves. We do not like buying the pair.



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Attached Image (click to enlarge)

USDCAD: Expect turn lower soon

Preferred Elliott wave view in USDCAD suggests that the pair is showing a 5 swing bearish sequence from 12/28 high, favoring more downside. Short term, decline to 1.2965 ended Minor wave W and Minor wave X bounce is unfolding as a flat where Minute wave ((a)) ended at 1.3102, and Minute wave ((b)) ended at 1.2976. Minute wave ((c)) is in progress as a diagonal where Minutte wave (i) ended at 1.3076, Minutte wave (ii) ended at 1.2988, Minutte wave (iii) ended at 1.3212, and Minutte wave (iv) ended at 1.3147. Near term, while pair stays above 1.3147, expect one more push higher towards 1.324 – 1.3294 area to complete wave X FLAT before pair resumes the decline lower or at least pull back in 3 waves to correct cycle from 1/31 low. We don’t like buying the pair and expect sellers to appear soon for at least a 3 waves pullback as far as pivot at 1/20 high (1.3388) remains intact.

USDCAD 1 Hour chart



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Attached Image (click to enlarge)

USDCAD Short Term Elliott Wave: Turning Lower

Preferred Elliott wave view in USDCAD suggests that the pair is showing a 5 swing bearish sequence from 12/28 high, favoring more downside. Short term, decline to 1.2965 ended Minor wave W and Minor wave X bounce is proposed complete as a triple three structure where Minute wave ((w)) ended at 1.3102, and Minute wave ((x)) ended at 1.2976. Minute wave ((y)) ended at 1.3135, Minute second wave ((x)) ended at 1.307, and Minute wave ((z)) of X ended at 1.3212. Near term, while bounces stay below 1.3212, but more importantly below 1.3388, expect pair to turn lower. We don’t like buying the pair and provided that pivot at 1/20 high (1.3388) stays intact, we expect pair to resume lower or at least pullback in 3 waves to correct the cycle from 1/31 low (1.2965).

USDCAD 1 Hour chart

Attached Image (click to enlarge)

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Can Disney shares break to new all time highs ?

Walt Disney Company (NYSE: DIS) is one of the strongest players in the entertainment industry on a global scale and it rewarded its investors by a +255% return over the recent decade , more than twice the S&P 500s 95% total return. The company wrapped up its sixth consecutive year of record-high sales and profits with revenue rising 14% and adjusted earnings per share (EPS) soaring 28% mostly driven by the phenomenal success of its movie Star Wars: The Force Awakens .
Although the entertainment giants overall business has been performing superbly, its facing an important challenge as many consumers are moving away from cable subscriptions and joining online streaming services like Netflix , and this is hurting traditional TV operators across the board.
After struggling for more than a year, Disneys stock has moved steadily upwards gaining +20% over the last three months and pushing into new highs. Investors are optimistic heading into its first-quarter results for fiscal 2017 next Tuesday 7th February as the latest movie Rogue One: A Star Wars Story, released in mid-December, has been dominating box offices around the world , so lets take a look at the technical picture and discuss the possible paths that the stock may follow .
Disney Elliott Wave Technical Analysis
Since the 2015 peak , Disney made 3 waves pullback providing a first buying opportunity exactly 1 year ago. After doing the first leg up , the stock pullback held 2016 low and on October started breaking above its descending trend-line signaling that bulls are back in town aiming for $110 area that we are showing in a chart from October 2016 in which we were looking for extension higher toward that target which was achieved last week .

So now after Disney reached the equal legs area ($110 $115) from February 2016 low , there is 3 possibilities that could take place for the stock :
Scenario 1: The most aggressive path would happen if DIS is doing a diagonal in the current red wave v that started from February 2016 low , so its currently in the blue wave (3) that should unfold as 3 waves and the stock is only ending the first leg which mean it can correct the rally from October 2016 low before resuming higher toward $123 area. Read the full article here

AAPL reached first target area at 128.16-131.34

Hello fellow traders. In this technical blog were going to take a quick look at the past Elliott Wave charts of Apple ( AAPL) published in members area of www.elliottwave-forecast.com. Were going to explain the structure and see how we guided our members through this instrument.
AAPL 4 Hour update 01.23.2017
Price structure is showing incomplete bullish sequences in the cycle from the 11.14 (104.1) low. Were having 5 swings up from the mentioned level, suggesting more upside while 114.79 pivot holds. 5th swing is still in progress toward 123.08-125.04 area, from where it can pull back before main target is reached. Main target for the 7th swings up comes at equal legs area (W)-(X): 128.16-131.34 . We advise our members to avoid selling the stock, and keep buying the dips in 3,7,11 swings.

Now lets take a look at the short term structures.
AAPL h1 update, 01.24.2017 The current price structure suggests were correcting short term cycle from the 118.24 low. Pull back is expected to reach 50-76.4 fibonacci zone :119.51-118.82 ( buying zone) before further rally takes place. Read the full article here

USDCAD Elliott Wave View: More downside

Preferred Elliott wave view in USDCAD suggests that the pair is showing a 5 swing bearish sequence from 12/28 high, favoring more downside. Short term, decline to 1.2965 ended Minor wave W and Minor wave X bounce is proposed complete as a triple three structure where Minute wave ((w)) ended at 1.3102, and Minute wave ((x)) ended at 1.2976. Minute wave ((y)) ended at 1.3135, Minute second wave ((x)) ended at 1.307, and Minute wave ((z)) of X ended at 1.3212. The rally to 1.3212 ended cycle from 1/31 low (1.2965) and pair has since turned lower.

The decline from 1.3212 high is unfolding as a double three Elliott wave structure where wave (w) ended at 1.3089 and wave (x) is proposed complete at 1.3148. A break below (w) at 1.3089 is need to add validity that wave (x) is already over at 1.3148. Until then, a double correction in wave (x) towards 1.317 – 1.318 area can’t be ruled out. Near term, while bounces stay below 1.3211, and more importantly below 1.3388, expect pair to resume lower. We don’t like buying the pair and provided that pivot at 1/20 high (1.3388) stays intact, we expect pair to resume lower or at least pullback in larger degree to correct the cycle from 1/31 low (1.2965). If pair breaks below 1.3089, then the next target lower is 1.30 – 1.3027 area.

USDCAD 1 Hour chart



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NASDAQ Composite: Elliott Waves calling higher

in this technical blog, we are going to take a quick look at past performance of NASDAQ Composite charts from January 2017, which we presented to the clients at elliottwave-forecast.com. Below is the 4 hour chart from January 18,2017, showing the sequence of higher highs in the index from November 04,2016 lows. Also if we count the swing sequence, we can clearly see that the price action from November lows looks to be in 9 swings or 5 swing sequence, which needed some more upside to reach the extreme from that low. Hence with that bullish sequence in the index, our strategy was to buy any dip in sequence of 3, 7 or 11 swings against December 30 low (5370) in first degree for more upside extension.
NASDAQ 4 hour chart from 1/18/2017

Below is the 1 hour weekend updated chart showing the 5 waves movement from 5370 lows labeled as ((a)) higher, which was another bullish sequence in the index, as elliott wave theory suggest that after 5 waves move there should be a 3 swing pullback & afterwards another 5 wave move should happen in the direction of previous leg, which is also known as zigzag (5,3,5) structure. Similarly the index was doing 3 swing pullback to correct the cycle from 5370 low in wave ((b)) pullback towards 5516-5502 blue box area before finding buyer’s again.
NASDAQ 1 hour weekend updated chart from 1/22/2017
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Since then index found the buyer’s as expected, as can be seen in 4 hour chart from January 25, 2017. Which reaches the initial target area at (5668-5738) 0.618-0.764% fib ext area of (W)-(X) within wave W in red higher to end the cycle from 5370 low, afterwards index was expected to see another 3 swing pullback to correct that cycle before further upside was seen to complete the bullish sequence in the index.
NASDAQ 4 hour chart from 1/25/2017
http://elliottwave-forecast.com/wp-c...d-1024x533.jpgThe index made another 3 swing pullback from above mentioned area as expected in wave X in red pullback to correct the cycle from 5370 low, which ended as irregular correction at January 31 low (5577). As the pullback was too shallow & appeared to be a flat correction, we didn’t got the chance to buy the instrument again. However we advised our clients the longs from previous lows, should put on hold with initial profit taking at 5668-5738 area.
NASDAQ 1 hour updated chart from 1/31/2017
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Here’s the latest 1 hour chart from February 9, showing the price action after the completion of red wave X. Since then index has rallied to new highs & looking for higher targets as far as trading against 5577 low.
NASDAQ 1 hour NY updated chart from 2/09/2017
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Keep in mind that the market is dynamic and the view could change in the mean time. Success in trading requires adequate risk and money management, as is the understanding of Elliott Wave theory, cycle analysis and correlation. We have developed a very sensitive trading strategy that defines entry, stop loss and take profit levels with high accuracy and allows you to take risk free position shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader, register now and get Free 14 day trial.

Copper( HG #F) buying the dips after Flat structure

Hello fellow traders. In this technical blog were going to present the past Elliott Wave charts of Copper (HG #F) published in members area of www.elliottwave-forecast.com . As our members know, we were pointing out that Copper is within bullish cycle from the December 23th low. Structure has been calling for more strength once ((x)) pull back completes as Expanded flat. We recommended our members to keep buying the dips in 3,7,11 swings.
Before we take a look at the Copper (HG #F) Elliott Wave charts, lets explain expanded flat in a few words.
Elliott Wave Expanded Flat
Expanded Flat is a 3 wave corrective pattern which could often be seen in the market nowadays. Inner subdivision is labeled as A,B,C , with inner 3,3,5 structure. Waves A and B have forms of corrective structures like zigzag, flat, double three or triple three. Third wave C is always 5 waves structure, either motive impulse or ending diagonal pattern. Its important to notice that in Expanded Flat Pattern wave B completes below/above the start point of wave A , and wave C ends above/below the ending point of wave A which makes it Expanded. Wave C of expanded completes usually close to 1.236 Fibonacci extension of A related to B, but sometimes it could go up to 1.618 fibs ext.

In further text were going to see what Expanded Flat Pattern structure looks like in real example, but before we continue, a short reminder to check out New EWF blogs and Free Elliott Wave charts.
Copper (HG_F) 1 Hour chart: 2/3 NY UpdateShort term Elliottwave structure suggests pull back is unfolding as a Expanded FLat structure from the 2.7320 peak. Wave ((a)) of Flat ended at 2.634 low ,while wave ((b)) at 2.7375 high which is above starting point of wave ((a)). Wave ((c)) is already showing enough swings and its already within buying area. However Copper has scope to extend lower still toward 1.236 fibonacci extension:2.6175 and complete there as 5 waves structure.
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INDU: Elliott Wave Structure showing more upside

In the Elliott wave Theory, the main idea is an advance in 5 waves followed by 3 waves back, this is seen most of the times in Indexes and right now INDU (Dow) is showing a possible 5 waves advance since the low at 1.19.2017. As of right now, we should be ending the wave ((iii)) in black and soon should do a 3 waves pull back which we believe would be a wave ((iv)) and result in another leg higher to complete a 5 wave move up from 1.19.2017 low. Wave ((iv)) should be rather shallow and ideally end between 23.6 – 38.2 Fibonacci retracement of wave ((iii)) and should not exceed 50% Fibonacci retracement of wave ((iii)). We like the idea of the impulse because the subdivisions are perfect, each sub wave is in 5 waves and each sub wave shows momentum divergence between wave iii and v. Considering wave ((iii)) is extended also supports the idea of impulse because if we use the Fibonacci extension of wave ((i)) and ((ii)), we can see we already passed the 1.618 extension which invalidates the 3 waves move or simple ABC from the same low. The instrument is within a bullish trend and should be reaching the 20989-21289 area within this cycle when the 5 waves advance could be completing. INDU (Dow) Index remains supported and as far as 1.19.2017 low remains in place, the Instrument should keep extending but after the 5 waves are completed, we should see a 3 waves back and that would be another chance to buy. In Elliott wave Forecast, we have added some rules to the Theory and having extension pass the 1.618 of 1-2 is needed to be labelled an impulse, also each leg needs to be in 5 waves and properly subdivided.
INDU (Dow) 1 Hour chart

5 Wave up followed by 3 waves back

DJIA Elliott Wave View: Marching higher

Short term Elliott wave view in DJIA (Dow Jones Industrial Average) suggests that the rally from 1/19 low is unfolding as a 5 waves Elliott wave impulse structure where Minute wave ((i)) ended at 20125.28, Minute wave ((ii)) ended at 19784.7, and Minute wave ((iii)) remains in progress. Internal of wave ((iii)) shows an extension and subdivided also as an impulse structure where Minuette wave (i) ended at 20155.3, Minuette wave (ii) ended at 20015.3, Minuette wave (iii) ended at 20639.8 and Minuette wave (iv) ended at 20543.2. A break above Minuette wave (iii) at 20639.8 is needed to add conviction to this view that the Index has started the rally higher. Near term, while Index remains above 20543.2, but more importantly above 20015.3, expect the Index to continue higher within wave ((iii)). We don’t like selling the Index.

DJIA 1 hour chart



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