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Amazon Elliott Wave Sequence Calling Higher

mazon

Amazon (NASDAQ: AMZN) is one of the strongest companies providing positive returns to its investors in the recent decade . Last week AMZN managed to make new all time highs after breaking above October 2016 peak , this move opened an extension higher as the stock is now showing an incomplete bullish sequence from February 2016 low and should extend more to the upside while the pivot at November 2016 low keeps holding.
The stock minimum target remain at $883 which is the equal legs level from October 2014 low and it can slow down around that area . Looking at the daily chart , we’ll be presenting 3 bullish Elliott Wave Scenarios starting from the most aggressive approach to the less bullish one :
Amazon Scenario 1 :
AMZN currently did see a pullback in wave (b) and still needs to break above the previous peak to resume higher toward the equal legs area $885-$905 where it can be ending wave A as a leading diagonal structure from November lows and start a 3 waves pullback . The stock can still make the double in wave (b) but the pivot at $803 low needs to keep holding for the stock to extend higher .

Amazon Scenario 2 :
If $803 pivot fails then AMZN could have ended wave ((iii)) at the recent peak and currently doing wave ((iv)) pullback as a double three structure looking to reach equal legs area $831-$825 before resuming higher toward $883 target where it will be ending 5 waves and should see then 3 waves pullback.
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Amazon Scenario 3 :
The less bullish path would be if AMZN already ended the cycle from November 2016 low as 3 waves Flat structure and already started the correction which means a larger pullback can be seen that could reach the 50% area around $785 . But then the stock will still remain supported as long as pivot at $710 low remain in place still looking for a move to the upside.
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Recap :
Amazon cycle from both October 2014 & February 2016 is still alive as the stock managed to make new highs and showing a bullish sequence from those lows looking for a first target around $883 area and can extend later all the way to reach $1083 level . So the short term pullbacks should remain supported and find buyers at least for a 3 waves bounce .
If you enjoyed this article, feel free to take a look at our Technical Blog and also check the Chart of The Day .
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SPX Elliott wave view: Wave 4 started

Short term Elliott wave view in SPX suggests that the rally from 1/23 low is unfolding as a 5 waves Elliott wave impulse structure where Minor wave 1 ended at 2301, Minor wave 2 ended at 2267, and Minor wave 3 ended at 2400.98. Internals of Minor wave 3 shows an extension and subdivided also as an impulse structure where Minute wave ((i)) ended at 2289.1, Minute wave ((ii)) ended at 2271.6, Minute wave ((iii)) ended at 2371.54 and Minute wave ((iv)) ended at 2358.96. Minor wave 4 is unfolding as a double three where Minute wave ((w)) ended at 2375.4, Minute wave ((x)) ended at 2389.9, and Minute wave ((y)) of 4 is in progress towards 2352 – 2358 area before Index turns higher in Minor wave 5. We don’t like selling the Index and expect dips to find buyers in the area above for another push higher in Minor wave 5 or at least a 3 waves bounce.

SPX 1 hour chart

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AUDCAD Elliottwave Intraday View

Short term Elliottwave structure of AUDCAD from 3/1 peak (1.025) looks to be showing an impulse structure with a nice 5 waves subdivision where Minuette wave (i) ended at 1.0198, Minuette wave (ii) ended at 1.0235, Minuette wave (iii) ended at 1.0115, Minuette wave (iv) ended at 1.0147, and Minuette wave (v) ended at 1.0098. We can also see momentum divergence at the end of wave (v) as shown by the RSI making lower high while price makes lower low. This 5 waves down form a higher degree Minute wave ((a)) of a zigzag structure. The 5 waves move from 1.025 high doesn’t look to be part of wave C of a FLAT in higher degree structure, which implies that while AUDCAD stays below 1.025, we can see another leg lower in the pair in wave ((c)) to end the zigzag structure. Potential target for wave ((c)) is towards 1.0025 – 1.006 area and from this area we can see buyers returning in the market to push prices to a new high above 1.02548 or for a 3 wave bounce at least.
AUDCAD 1 Hour Chart

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USDJPY Intra-day Elliott Wave view

JPY (USDJPY) made a new high above last Friday’s peak and now seems to be pulling back. Move up from 113.53 ((x)) low could be viewed as a 5 swing Leading Diagonal Elliott Wave structure. There is RSI divergence (not showing) between red wave iii and blue (a) which further supports the idea of JPY move up from 113.53 low being a diagonal structure. As per Elliott Wave theory, after a 5 wave move up or diagonal structure higher completes, pair should make a corrective pull back before rallying again. Decline from 114.93 -114.48 could be viewed as just the first leg of proposed wave (b) pull back. As current bounce stays below 114.93, pair has scope to make another push lower to complete wave (b) pull back before it turns higher again in wave (c) towards 115.30 -116.11 area. As pair is showing 5 waves up from 113.53 low, we don’t like selling the pair in proposed wave (b) pull back and expect it to find intra-day buyers in the dip as far as price stays above 113.53 low and the pivot there remains intact. Break above 114.93 would suggest wave (b) completed already at 114.48 and pair has started the next leg higher in wave (c) toward the above mentioned area.
JPY (USDJPY) 1 Hour Chart

CL_F Elliott Wave View: Bounce expected soon

Short term Elliottwave view in Crude Oil (CL_F) suggests that the instrument is currently correcting cycle from 11/14/2016 low (42.21) in 3, 7, or 11 swing before the next leg higher. Revised view suggests the decline starting from 1/3 high (55.24) is unfolding as a flat Elliottwave structure where Minor wave A ended at 50.71 and Minor wave B ended at 54.94. Minor wave C is in progress and subdivided as 5 waves diagonal where Minute wave ((i)) ended at 52.54, Minute wave ((ii)) ended at 53.8, and Minute wave ((iii)) ended at 50.05 and Minute wave ((iv)) ended at 50.85. The current pullback has reached minimum swing and extension to finish cycle from 1/3 high, but while short term bounce fails below 50.85, another leg lower can’t be ruled out towards 46.8 – 47.5 area to end Intermediate wave (4) pullback. Afterwards, look for Crude Oil to resume the rally higher or at least bounce in 3 waves to correct cycle from 1/3 high. We don’t like selling the proposed pullback and expect Crude Oil to find support soon once wave ((v)) of (4) is confirmed complete, provided that pivot at 11/14/2016 (42.21) stays intact.

CL_F 1 Hour Chart

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FTSE Elliott Wave View: Extending higher

Short term Elliottwave view in FTSE suggests that the instrument is showing a 5 swing sequence from 2/1 low (7087.67) favoring more upside. From 2/1 low, the Index is rallying as a double three Elliottwave structure where Minute wave ((w)) ended at 7329.56 and Minute wave ((x)) ended at 7192.45. Index has since broken above 7329.56, suggesting the next leg higher in Minute wave ((y)) has started. The subdivision of Minute wave ((y)) is also in a double three Elliottwave structure where Minutte wave (w) ended at 7394.6 and Minutte wave (x) ended at 7262.95. Up from there, rally is unfolding as a zigzag Elliottwave structure where Subminutte wave a ended at 7373 and Subminutte wave b ended at 7342.02. Near term, while pullbacks stay above 7262.95, and more importantly above 7192.45, expect Index to extend higher. We don’t like selling the Index.

FTSE 1 Hour Chart

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CAD (USDCAD) Elliott Wave Forecasting the rally

In this technical blog we are going to take a quick look at the USD CAD Elliott wave structure from January 31 cycle (1.2967), in which the pair was expected to do a double three Elliott wave, where wave Minute wave ((w))ended at 1.3209 & Minute wave ((x)) at 1.3006, up from there Minutte wave (w) ended at 1.3208. Thus pair was expected to trade higher while short term dips remained above 1.3006 low. Below is the 1 hour weekend updated chart from Feb 25, showing correction of cycle from 1.3006 low in Minutte wave (x) pullback as 11 swings sequence Triple three structure towards 1.3078-1.3027 blue box area.
USD CAD 1 Hour weekend chart from Feb 25

Afterwards pair was expected to resume higher from the blue box area as far as pivot from 1.3006 low remains intact or was expected to see a 3 wave bounce at least. Since then pair has rallied nicely from the blue box area (1.3078-1.3027) and broke above 1.3208 peak suggesting the next leg higher has started as shown below the February 28 1 hour NY updated chart.
USD CAD 1 Hour NY chart from February 28
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The proposed pullback in Minutte wave (x) ended at 1.3051 low, while above there & more importantly above 1.3006 low, pair was expected to resume higher towards (1.3256-1.3306) 100%-123.6% fib ext area of first 3 swings to end the cycle from January 31 low. But then, pair exceeded the 1.618% Fibonacci extension area (1.3382) area & move from 1.3051 looks extended thus favoring the idea of 5 swings up from 1.3070 (2/16) low at least and possible become a FLAT from 1/31 low (1.2965). Area between 1.3382-1.3460 was expected to end wave ((iii) before pair pulled back in wave ((iv)) to correct the cycle from 1.3051 low and turned higher again in wave ((v)) of C as the updated chart from March 3 2017 below is showing.
USD CAD 1 hour NY chart from March 3
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Pair made the 3 swing pullback in Minute wave ((iv)) & resumed higher again as expected for final push higher, The pullback in Minute wave ((iv)) ended in the pair at 1.3367 low, although pair has reached the minimum extension area already & have enough number of swings in placed to suggest the cycle from 1/31 lows could be done but while above 1.3367 low pair has scope to see another leg higher towards 1.3635 area approximately before pair ends the cycle from 1/31 lows & does the 3 wave pullback at least. Cycle from 1/31 low is already mature and can end soon which is why we do not like chasing longs at this stage.
USD CAD 1 hour chart from March 07
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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.
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Energy Stocks preparing a bounce

2016 was a good year for Energy Stocks as Oil & GAS price rose significantly helping the Energy sector to recover from the drop that started since 2014 . However since the recent peak early this year , Oil price stabilised in a tight range and failed to move higher before the recent 9% drop last week in both Brent Crude and West Texas Intermediate .
Related stocks that established a bullish reversal last year extended their correction lower but Elliott Wave technical analysis is pointing to an important areas where a bounce higher can be seen in the near term . The coming move will be also supported by an expected bounce in Crude Oil that will help these stocks to find a floor for the recent decline .
Energy Stocks Elliott Wave View
CVR Energy (NYSE: CVI ) is currently correcting the bullish 5 waves cycle from November 2016 low as a triple three structure reaching equal legs area $20.48 – $19.56 . The move can extend lower toward the 50%-61.8% Fibonacci area ( $18.98 – $17.34 ) as a double three but will remain supported as the stock is still looking for a move higher toward at least $31 to finish 3 waves correcting 2014 cycle . If the stock fails to make new highs after bouncing from the current inflection area , then the pullback can extend lower against $12.03 low which should hold to allow CVI to the resume higher later on

EQT Corporation (NSYE: EQT) failed to make new highs and it’s now doing a double three correction from June 2016 peak which already reached the extreme area at $85.17 with enough number of swings to end that cycle. However in the short term, the stock can still extend toward the equal legs area $50.67 from December 2016 peak before buyers show up to resume the rally or bounce in 3 waves at least while holding above $47.10 low
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Exxon Mobil (NYSE: XOM) is still correcting an older cycle from August 2015 doing a Flat structure from July 2016 peak and currently at the last leg of wave (C) that could ideally reach the equal legs area $79.88 – $76.72 before the stock start bouncing in 3 waves at least . The flat structure is tricky because it can always extend but XOM needs to hold above $66.55 to continue its multi-year bullish trend.
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Recap :
Energy Stocks approaching a technical area where Elliott Wave analysis is pointing to a potential recovery in the coming weeks that will be supported by a rise in Oil prices. The Energy sector still needs a clear break above the recent peaks to confirm a bigger move to the upside that will help these stocks for further gains .
If you enjoyed this article, feel free to take a look at our Technical Blog and also check the Chart of The Day .
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NZDUSD: Elliott Wave Forecasting the decline

Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave charts of NZDUSD. We’re going to explain the structure and see how we guided our members through this instrument.
The chart below is $NZDUSD 4 hour chart from 02.28.2017. Our analysis suggests the price is correcting the cycle from the 0.6854 low. First leg W red has ended on 02/14 as expanded flat. On 02/21 date we got lower low: wave ((b)), and we got bearish sequences from the peak. In a mean time short term structure got little bit tricky. X red connector turned into irregular Flat correction. Our Elliott Wave analysis suggests X red is done at 0.7246 high. Consequently, the pair is ideally within Y red leg, looking for more downside, targeting 0.70044-0.69469 area.
NZDUSD 4 Hour Chart: 28 February

Now let’s take a look at the short term structures:
NZDUSD 1 Hour Chart: 24 February
X red is done at 0.7246 high and as far as the price holds below that level further weakness should ideally follow. Current 0.71925-0.71783 area can provide 3 wave bounce before decline resumes.
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NZDUSD 1 Hour Chart: 28 February
Short term price x red correction has turned into irregular flat against the 0.72466 peak. So far, the mentioned peak has held nicely and we’re forecasting further decline within Y red leg toward 4 Hour target at 0.70044-0.69469
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NZDUSD 1 Hour Chart: 1 March
We got nice decline and separation from the peak. As the pair has made new short term low we got more clue in proposed bearish view and we’re recommending selling the rallies in 3,7,11 swings to our members. Currently price is showing clear 3 swings from the low suggesting that potential sell area comes at 0.7154-0.7184 .
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NZDUSD 1 Hour Chart: 4 March
The pair found sellers at 0.7154-0.7184 and short term correction ended at 0.71692. We got nice decline as expected. Although the price reached 4 hour target at 0.7004 , due to a market correalation and incomplete pull backs in the rest of commoditiy instruments we switch short term count little bit and calling for 5 wave structure in the cycle from the 0.7247 peak, where ((ii)) ended at 0.71692. Currently about to complete short term ((iv)) bounce , looking for further extension lower. Next technical area comes roughly at 1.236 fib extension :0.6946. (According to 4 hour chart we presented above)
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Note: Some labels have been removed in order to protect client’s privileges. If you’re interested in the future path of $NZDUSD you can find Elliott Wave analysis in the membership area of EWF. ( If not a member yet, you have opportunity to take 14 Days Free Trial )
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GBPNZD Technical Analysis 13 March 2017

GBPNZD found buyers January 15/2017 and has bounced higher. A bullish pattern (Blue) triggered a buy January 15/2017 and bulls have been pushing the pair higher since. At this moment we can now see another possible bullish pattern (Red) emerging possibly in the coming days or weeks. Traders need to wait for the red bullish pattern to terminate point C and should look for any possible buying opportunities on the retrace/pullback of red point D against red point B low. Traders also need to understand that GBPNZD can also continue higher to the target level without terminating point C and thus we will not see the point D pullback/retrace to enter any trade. It’s possible a move higher above 1.7860 with no pullback/retrace can send the pair higher to the target level.
As long as GBPNZD stays above March 1/2017 low (1.7139) we can expect another move higher towards the 1.8120 Target level. A break below 1.7139 will invalidate the possible Red bullish pattern.
GBPNZD Technical Analysis: Daily Chart

If looking to buy GBPNZD traders should be patient and wait for the Red point D pullback to the possible bounce/support area. Waiting for the red point D pullback/retrace to the possible bounce/support area will offer a better risk/reward swing trade.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter > @AidanFX if you have any questions or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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EURJPY Elliott Wave View: Pullback in progress

Short term Elliott Wave view in EURJPY suggests that the pair has ended the cycle from 2/24 low (118.18) and the instrument is pulling back to correct that cycle before turning higher again. Primary wave ((5)) is currently in progress higher and the rally from Primary wave ((4)) low at 118.18 is unfolding as an ending diagonal Elliott wave structure where Intermediate wave (1) ended at 122.88. The subdivision of Intermediate wave (2) pullback is proposed to be in a double three Elliottwave structure where Minor wave W ended at 121.59 and Minor wave X bounce is in progress.

The subwaves of Minor W looks to be in a zigzag Elliott wave structure, and if the subwaves of Minor Y later also takes the form of a zigzag, then this is a special structure of a double three where the subwave of both wave W and Y unfolds as a zigzag and we can call this structure a double zigzag. Near term, while Minor wave X bounce fails below 122.88 high, pair should turn lower in Minor wave Y of (2) towards 119.97 - 120.53 area before pair resumes the rally higher, provided that pivot at 118.18 low stays intact. We don't like selling the proposed pullback and expect buyers to appear at above area for at least 3 waves bounce.

EURJPY 1 Hour Chart



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EURJPY Elliott Wave View: Correction in progress

Short term Elliott Wave view in EURJPY suggests that the decline to 118.18 on 2/24 ended Primary wave ((4)). Primary wave ((5)) is currently in progress higher and the rally from Primary wave ((4)) low at 118.18 is unfolding as an ending diagonal Elliott wave structure where Intermediate wave (1) ended at 122.88. The subwaves of Intermediate wave (1) takes the form of a zigzag Elliott wave structure where Minor wave A ended at 121.19, Minor wave B ended at 119.97, and Minor wave C of (1) ended at 122.88.

Revised view suggests that Intermediate wave (2) pullback is still in progress in 7 swing or a double three structure where Minor wave W ended at 121.087. While Minor wave X bounce fails below 122.88, pair has scope to turn lower one more leg in Minor wave Y of (2) towards 119.27 – 120.52 area before the rally resumes. We don’t like selling the proposed pullback and expect buyers appear at 119.27 – 120.52 area for an extension higher or at least 3 waves bounce as far as pivot at 118.18 low stays intact. If pair breaks above 122.88 from here, that will suggest that Intermediate wave (2) has ended at 121.087 and pair has resumed the rally higher.

EURJPY 1 Hour Chart



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.

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USDJPY Elliott wave View: Ending impulse

Short term Elliott Wave view in USDJPY suggests that rally to 115.48 on 3/10 ended Intermediate wave (X). Decline from there is unfolding as a zigzag Elliott wave structure in which the first leg wave A is subdivided in 5 impulsive waves. Down from 3/10 high, Minute wave ((i)) ended at 114.46, Minute wave ((ii)) ended at 115.195, Minute wave ((iii)) ended at 112.88 and Minute wave ((iv)) ended at 113.56. Cycle from 3/10 high is mature and Primary wave A has enough extension to be called complete, but more downside towards 111.56 – 111.95 area can’t be ruled out to complete Primary wave A. Afterwards, pair should bounce in Primary wave B in 3, 7, or 11 swing to correct cycle from 3/10 high before the decline resumes. A break above proposed Minutte wave (iv) at 112.9 may be an early indication that Primary wave A has ended.

USDJPY 1 Hour Chart





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AUDUSD Elliott Wave View : 5 waves move

AUDUSD ended the correction in Intermediate wave (X) after reaching 0.7486 and then started rallying from there. With today’s new high the pair is showing 5 waves impulsive move from 03/09/2017 low and has already reached the minimum target area for Minutte wave (v) to end. The minimum target for Minutte wave (v) can be calculated as the inverse 1.236-1.618 Fibonacci extension of Minutte wave (iv) which comes at 0.7734 – .07753. Short term, an extension higher can’t be ruled out as there are still 2 other methods for calculating the 5th wave and one method of calculating (v) = (i) gives us a higher target around the equal legs area at 0.7765 – 0.7790. However, we need to be aware that cycle from 3/9 low (0.7486) is mature and pair can complete Minute wave ((a)) any moment and then start Minute wave ((b)) pullback in 3 , 7 or 11 swing to correct cycle from 3/9 low. After ending at least 3 waves pullback in Minute wave ((b)), we expect AUDUSD to find buyers for the next leg higher as it has a bullish sequence from December 2016 low due to breaking above 02/23/2017 high (0.7740).
AUDUSD 1 H Chart


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AUDUSD Technical Analysis March 21/2017

AUDUSD found a possible bottom in December 2015 and has bounced higher. The pair has tried to test the December 2015 low but has been rejected twice, once in May 2016 and the second time in December 2016, both at the point D (Blue pattern) BC 0.50%-0.618% Fib. retracement levels. We at Elliottwave-Forecast still feel the pair can continue pushing higher in the coming days and weeks. Only time will tell what the pair will do. Below are scenarios of why we feel the pair remains bullish.
AUDUSD Daily Chart: Bullish pattern (Blue) still needs to push above point C high to complete the pattern. If AUDUSD continues higher we can expect the pair to push towards the green target zone box (0.8070 – 0.8200 area) which is also the Fib. 1.0% – 1.236% extension.

AUDUSD 1 Hour Chart: On the 1 hour chart we can see another bullish pattern (Blue) that triggers a BUY at the BC 0.50% Fib. retracement level where point D of the bullish pattern can terminate. Expect bulls to be waiting at the green box (Buy Zone) to push the pair higher. The buy zone is also at a support/resistance level where price can bounce off .
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If looking to buy AUDUSD traders should be patient and wait for the 1 hour blue point D pullback to the BC 0.50% Fib. level buy zone (green box). Waiting for the blue point D pullback/retrace to the possible buy zone area will offer a better risk/reward trade setup. Stop loss should be placed at the blue point B 0.7490 low.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter > @AidanFX if you have any questions or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
At Elliottwave-Forecast we cover 52 instruments (Forex, Commodities, Indices) in 4 different timeframes and we offer 3 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trial

Check your Elliott Wave knowledge

Hello fellow traders. As you may have noticed, we were doing a lot of free educational blogs, explaining various Elliott Wave Patterns through real Market examples. Now we challenge you to Take this short test and check your Elliott Wave knowledge.
Test your Elliott Wave knowledge
Chart below is our Elliott Wave forecast of NZDJPY made on 03.02.2017

Due to incomplete bearish structure in higher time frames, we were calling for further decline in the pair once X red recovery completes at 81.379-81.555 area. Take a close look at the price structure and try to answer on the question below.
X red recovery is labelled as which Elliott Wave pattern ?
1) Zig Zag
2) Double Three
3) Flat pattern
Next chart is DAX update from 03.06.2017
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The index is bullish against the 11719.14 low and we expect ((x)) black pull back to complete at 11924.9-11871.9 area.
Question is: how many swings ((x)) black pull back is showing as of right now ?
1) Five swings
2) Seven swings
3) Nine swings
The last chart is CL_F 1 hour EllIott Wave Forecast from 03.07.2017
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Oil is expected to find sellers at 53.65-54.19 area, complete ((x)) recovery there and make further decline toward new lows.
Considering that ((x)) black recovery is having form of Double Three pattern, what is the inner labeling ?
1) a,b,c red
2) (w),(x),(y) blue
3) w,x,y red

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AUDUSD Elliott Wave View: Pullback in progress

AUDUSD is showing 5 swings sequence from 12/23/2017 low after it managed to break above 02/23 peak so the sequence is bullish against Intermediate wave (X) low (0.7487). The pair did 5 waves impulsive move from 03/09 low in Minute wave ((a)) which ended at 03/23 peak (0.7749) and currently doing Minute wave ((b)) pullback that’s unfolding as a double three structure. We expect Minute wave ((b)) to complete in the blue box equal legs area (0.7571 – 0.7544) where AUDUSD can resume the rally for new highs or bounce in 3 waves at least. If the pair manage to get above (0.7683) high before reaching the inflection area then there is a chance that Minute wave ((b)) ended and the next leg to the upside started already. We don’t like selling the pair and expect buyers to appear in above mentioned area for new highs above wave ((a)) or a 3 wave bounce at least.
AUDUSD 1 H Chart


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USDCHF Intraday Elliott Wave View

USDCHF decline from 3/7 (1.0170) high to 3/22 (0.9879) low could be viewed as a 5 swing move that we have labelled as Elliott wave ((a)). Bounce to 0.9960 was a three move and completed Elliott wave ((b)). Pair has since dropped to a new low below 0.9879 confirming the view that wave ((b)) ended at 0.9960. Decline from 0.9960 – 0.9809 was again in 5 swings and completed wave (i) of ((c)). Pair has already done 3 wave bounce to 0.9868 which could be all of wave (ii) and pair can now resume the decline in wave (iii). Pair doing small 5 waves from 0.9868 high will add conviction to this view but we would need to see a break below 0.9809 low to confirm wave (ii) ended at 0.9868 and wave (iii) of ((c)) lower is in progress. Until then, another push higher towards 0.9884 – 0.9901 area can’t be ruled out to complete wave (ii) as a double three w-x-y structure. In either case, as pair is showing an incomplete bearish sequence down from 3/7 (1.0170) high, we expect the bounces to fail below 0.9960 high for extension lower and in case of another push, expect the pair to find sellers in 0.9884 – 0.9901 area. This view remains valid as far as price stays below 0.9960 high. Ideal target for wave ((c)) lower to complete is in the region of 0.9684 – 0.9569 and we can see the pair turning higher from there in 3 waves at least.
USDCHF 1 Hour Elliott Wave chart – Wave (ii) completed
Pair showing small 5 waves from blue wave (ii) peak will add conviction to this view and a break below 0.9809 will confirm this idea.

USDCHF 1 Hour Elliott Wave Chart – Wave (ii) in progress
Pair has already done 3 waves up from 0.9809 low and has minimum number of swings in place to call wave (ii) completed. However, while above 0.9809 low, another 3 swings higher and a test of 0.9884 – 0.9901 area can’t be ruled out to complete wave (ii) as a 7 swing structure before decline resumes. In either case, expect rallies to fail below 0.9960 high for extension lower in USDCHF.

Facebook broke the short term trend line

In our last technical blog about Facebook, we explained that the stock is in a 3-year-old bullish trend, forecasted further rally and break above 10/24 (133.31) peak. As we can see now from the chart below, the price ended pull back at 113.41 low on November 14th as a truncation. After that, it traded sideways for a month and continued within the bullish trend as expected . On February 2nd Facebook made a new all time high and continue to be a buy in a dip. There is no doubt that the bullish trend is still in progress, however as it has broken short term trend line, we can assume that there’s a possibility of doing a wave 4 pull back against the 12/30 low. Now we’re going to present 2 short term possibilities.
Facebook analysis
The chart below is 1 Hour Facebook chart with Elliott Wave labeling. As of right now there’s no sign that cycle from the 113.41 low is completed. We expect more upside once wave 4 pull back completes.


Now let’s go to the lower time frame in order to get clearer image of the pull back structure.
Rally to 140.76 ended wave ((x)). Wave 4 pull back can make a double correction towards 136.22-133.46 area where buyers will be waiting. From that area, a reaction higher should ideally follow in further rally or in a 3 waves bounce at least.
Although a selloff can be seen towards 133.46 – 136.22, selling Facebook now is not an option as that trade would be against the major trend which is bullish. The right strategy is buying the dips in 3,7,11 swings when we get a chance. As of right now we’ll be waiting for the right levels before entering the long side.
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Second possibility would be seen if the price breaks above 140.76 high. In that case current peak 142.00 will become more vulnerable. In that case short term price structure from the 137.52 low would suggest more strength toward 144.01-141.99 area.

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Consol Energy Resuming the Rally

Consol Energy (NYSE:CNX) is the largest producer of bituminous coal in the United States and the largest exporter of U.S. coal, It managed to survive through the major disruption in the financial markets because of its diversification strategy around natural gas and other services. Despite being one of the oldest company in the industry, originally created in 1860 as the Consolidation Coal Company , Consol Energy only went public in 1999 in order to pay down some of its debt and in 2010 it was named by Forbes magazine as one of the “100 Most Trustworthy Companies.”
In January last year, CNX price dropped to new all time lows before finding a bottom on 01/20/2016 then doing an amazing rally during the rest of the year to close for a total gain of +300% following the rise of Coal prices and outperforming the rest of commodities stocks. So let’s jump to the technical chart to analyse the current situation and see the potential path for company.
Consol Energy Elliott Wave Analysis
CNX has a bullish sequence from January 2016 low as it rallied in 5 waves forming a leading diagonal in wave A which ended on 12/08/2016. From there it started doing wave B pullback to correct that cycle in a double three Elliott wave structure which missed equal legs area $14.41 by few points.
The cycle from the peak is mature and have enough number of swings in place to call it completed , so with a break above the descending trend-line we can have a confirmation that wave B is already in place and the stock has resumed the move to the upside or there will be at least a 3 waves bounce.

Zooming out to the weekly chart, Consol Energy is proposed to have ended a super cycle at $4.54 low and currently doing a larger 3 waves bounce which would ideally turn out to be the first leg of a new bullish cycle. The stock needs to break above December 2106 peak to resume the rally and open the extension higher toward equal legs $32.61 which will represent the first target area from the low.
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If CNX fails to break above $22.34 peak then it could be still correcting 2016 cycle and it will be looking to reach the 50%-61.8% Fibonacci retracement area at $13.44-$11.34 before the stock can resume the move higher as long as it keeps holding above $4.54 low.
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Recap :
Consol Energy is one of the United States’s largest coal and natural gas companies that despite the falling of its stock price since the 2008 financial crises managed to pull it through. The company stock CNX have a technical bullish Elliott wave sequence calling for more upside if it manage to break above 2016 peak that’s why it would be a good idea to add it to the watch list for potential buying opportunities if not already long.

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