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 11.01.2024ETF 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 anot
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MCD Built a Nest Structure, but a Bigger Pullback is not Ruled Out Yet
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 2024McDonald's MCD Alternative Weekly Chart January 2023In 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 correctio
MCD Built a Nest Structure, but a Bigger Pullback is not Ruled Out Yet
QQQ Found Intraday Buyers Again at the Blue Box Area
QQQ Found Intraday Buyers Again at the Blue Box Area
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 2022Quarterly USDINR Log Chart December 2022In 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
Indian Rupees (USDINR) is a Buying after 3, 7 or 11 Swings Correction
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 en
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
Binance Coin BNB Bullish Continuation Into New All Time Highs
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 $
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
QQQ Produced Perfect Reaction Higher From Blue Box Area
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 $TSLA $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: $XLV Here is the 1H update from 10.14.2024, showing the bounce taking place as expected. The cycle from the p
SPDR Health Care ETF $XLV Found Buyers At The Blue Box Area
ULTA Beauty (ULTA) Should Remain Sideways
ULTA Beauty, Inc., (ULTA) operates as specialty beauty retailer in the United States. It offers branded & private label beauty products, including cosmetics, fragrance, haircare, skincare, bath & body products, professional hair products, salon styling tools through stores, shop-in-shops, e-commerce websites & mobile applications. It is based in Bolingbrook, IL, comes under Consumer Cyclical sector & trades as “ULTA” ticker as Nasdaq. ULTA ended impulse sequence as ((I)) in weekly at $574.76 high in March-2024. Below there, it favors pullback in ((II)) as double correction & remain choppy to lower for few months. ULTA – Elliott Wave Latest Weekly View: ULTA – Elliott Wave Latest Weekly View: In weekly, it placed (I) of ((I)) at $368.83 high in July-2019 &
ULTA Beauty (ULTA) Should Remain Sideways
Elliott Wave View: 5 Swing Sequence in Bitcoin (BTCUSD) Favors Higher
Short Term Elliott Wave View in Bitcoin (BTCUSD) suggests that rally from 8.5.2024 low is in 5 swing. As 5 swing is a motive sequence, this favors further upside in Bitcoin. 1 hour chart below shows the decline to 58,867 ended wave 2. The crypto-currency has extended higher in wave 3 with internal subdivision as a 5 waves impulse Elliott Wave. Up from wave 2, wave (i) ended at 63,455 and pullback in wave (ii) ended at 62,039. The crypto-currency extended higher in wave (iii) towards 67,922 and pullback in wave (iv) ended at 64,802. Final leg wave (v) ended at 69,487 which completed wave ((i)) in higher degree. Pullback in wave ((ii)) unfolded as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 66,559 and wave (b) rally ended at 67,784. Bitcoin then extended lower in
General Electric (GE) Soon Enters Wave ((4)) and Presents Buying Opportunity
General Electric (GE) is a high-tech industrial company founded in 1892 through the merger of Thomas Edison’s Edison General Electric Company and Thomson-Houston Electric Company. GE operates through several key segments, including aerospace, renewable energy, and power. The company designs and produces commercial and military aircraft engines, renewable energy generation equipment, and various power generation systems. In this article and video, we will look at the Elliott Wave technical outlook for the company which will soon present an opportunity to buy the dips. General Electric (GE) Monthly Elliott Wave Chart Monthly Elliott Wave View in General Electric (GE) above shows a very nice 7 swing structure pullback. The correction ended at 27.28 on 5.1.2020 low as wave (II). The stock then
Elliott Wave View: CADJPY Has Reached Area Where Pullback can Happen
CADJPY has already reached the extreme area from 8.5.2024 low. This suggests that pair is in the zone where it can start to see a pullback soon. Shorter cycle structure however looks incomplete and pair can see further upside a bit more. The rally from 9.30.2024 low is currently in progress as a zigzag Elliott Wave structure. Up from 9.30.2024 low, wave ((a)) ended at 109.82 and pullback in wave ((b)) ended at 107.69. Internal subdivision of wave ((b)) unfolded as a double three structure. Down from wave ((a)), wave (w) ended at 108.02 and wave (x) ended at 109.087. Wave (y) lower ended at 107.7 which completed wave ((b)) in higher degree. Pair has resumed higher in wave ((c)). Up from wave ((b)), wave (i) ended at 108.97 and pullback in wave (ii) ended at 107.98. Expect 1 more push higher
META Approaches Risk-Free Area for Buyers. What Next?
Hello traders. Welcome to another trading blog post where we discuss trade setups that the Elliottwave-Forecast members took in recent days. In this one, we will discuss the META stock. Meta Platforms, formerly Facebook, is a tech company focused on building the “metaverse.” It owns Facebook, Instagram, and WhatsApp, and develops virtual reality (VR) and augmented reality (AR) products. $META is one of the 26 instruments we cover for members in Group 2. META has now gained over 500% in barely two years, making it one of the most profitable stocks. As technical analysts and traders, what’s more interesting about this rally is the clear higher-high and higher-low sequence. Using Elliott wave terminology, this is a clear impulse wave sequence from October 31, 2024. When in a bullish seq
META Approaches Risk-Free Area for Buyers. What Next?
GBPUSD Elliott Wave Double Three Correction in Progress
After forming the low on September 26, 2022 low, GBPUSD shows an incomplete higher high bullish sequence. This suggests the right side is higher and dips therefore should see support in 3, 7, or 11 swing. The pair is currently correcting cycle from 10.4.2023 low. Internal subdivision of the correction is unfolding as a double three Elliott Wave structure. Down from September 26, 2024 peak, wave W ended at 1.3089 and wave X ended at 1.3175 as 1 hour chart below shows. Pair has resumed lower in wave Y with internal subdivision as a double three in lesser degree. Down from wave X, wave (a) ended at 1.3019. Wave (b) rally ended at 1.31 and wave (c) lower ended at 1.297. This completed wave ((w)) in higher degree. Bounce in wave ((x)) ended at 1.307 with internal subdivision as zigzag. Up from
SoFi Technologies (SOFI) Should Continue Short-term Rally
SoFi Technologies, Inc., (SOFI) provides various financial services in the US, Latin America & Canada. It operates through three segments; Lending, Technology Platform & Financial services. It is based in San Francisco, CA, comes under Financial Services sector & trades as “SOFI” ticker at Nasdaq. SOFI ended larger weekly correction at $4.24 low in December-2022 & resume higher. It favors upside in ((1)) of III & confirms bullish sequence, when it breaks above July-2023 high. SOFI – Elliott Wave Latest Daily View: SOFI – Elliott Wave Latest Daily View: Since inception, it made all time high of $28.26 in February-2021 & all time low at $4.24 in December-2022. Later, it reacted higher as impulse sequence in I, ended at $11.70 high. So, it expects one more
SoFi Technologies (SOFI) Should Continue Short-term Rally
Gold Miners Junior (GDXJ) Impulsive Rally in Progress
The VanEck Junior Gold Miners ETF (GDXJ) is an exchange-traded fund that aims to replicate the performance of the MVIS Global Junior Gold Miners Index. This index tracks the overall performance of small-capitalization companies primarily involved in mining for gold and silver. GDXJ Monthly Elliott Wave View Gold Miners Junior ETF (GDXJ) ended wave ((II)) in grand super cycle degree at 16.14. From there, The ETF is rallying in the form of an impulse. Wave (I) rally ended at 52.5 and dips in wave (II) pullback ended at 19.52. The ETF is rallying higher in wave (III) as a nest. Up from wave (II), wave I ended at 65.95. Wave II pullback ended at 25.80. The ETF should continue to extend higher as far as it stays above 16.14. GDXJ Daily Elliott Wave View Daily Elliott Wave Chart of GDXJ shows th
TransMedics Group (TMDX): Prepare for a Potential Rally as Elliott Wave Signals a Bullish Move
Hello Traders! Today, we will look at the Daily Elliott Wave structure of TransMedics Group Inc. (TMDX) and explain why the stock should soon reach a Blue Box area and react higher. TransMedics Group, Inc., a commercial-stage medical technology company, engages in transforming organ transplant therapy for end-stage organ failure patients in the United States and internationally. The company was founded in 1998 and is headquartered in Andover, Massachusetts. 5 Wave Impulse Structure + ABC correction TMDX Daily Elliott Wave View October 21st 2024: $TMDX The daily chart of TransMedics Group (TMDX) reveals key patterns based on Elliott Wave Theory. This analysis provides a roadmap for traders to plan their next steps effectively. Breaking Down TMDX’s Recent Price Action Since the February
TransMedics Group (TMDX): Prepare for a Potential Rally as Elliott Wave Signals a Bullish Move
OIL (CL_F) Selling the Rallies at the Blue Box Area
Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of OIL Futures CL_F published in members area of the website. As our members know the commodity has been showing incomplete sequences in the cycle from the 94.63 peak. Recently OIL has given us the recovery that reached our selling zone. The commodity found sellers right at the Blue Box area and made the decline as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy. OIL Elliott Wave H4 Chart 10.05.2024 The commodity is giving us clear 3 waves correction , forming Elliott Wave Zig Zag Pattern. The price has already reached the extreme zone at 74.35-78.91 (Blue Box – sellers zone). We don’t recommend buying OIL and pre
OIL (CL_F) Selling the Rallies at the Blue Box Area
Elliott Wave Intraday View: S&P 500 Futures (ES) Wave 5 In Progress
Short Term Elliott Wave View in S&P 500 Futures (ES) suggests that cycle from 8.5.2024 low is in progress as a 5 waves impulse. Up from 8.5.2024 low, wave 1 ended at 5669.75 and dips in wave 2 ended at 5394. The Index extends higher in wave 3 towards 5830 and pullback in wave 4 ended at 5724. Internal subdivision of wave 4 unfolded as a zigzag structure. Down from wave 3, wave ((a)) ended at 5756.2 and wave ((b)) ended at 5822.50. Wave ((c)) lower ended at 5724 which completed wave 4 in higher degree. The Index has resumed higher in wave 5. Up from wave 4, wave (i) ended at 5808 and pullback in wave (ii) ended at 5725.25. Wave (iii) higher ended at 5846.50 and pullback in wave (iv) ended at 5811.50. Final leg wave (v) ended at 5918.50 which completed wave ((i)) in higher degree. Correc
Micron Technology Inc (MU) Ended the Cycle from December 2022 Low
Micron Technology, Inc. (MU) designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho. MU Weekly Chart March 2023 MU Weekly Chart March 2023 As we see in the chart above, we ended an impulse as wave I at $96.96 high. Then, the market did an expanded flat correction (3-3-5) causing the price to drop to $48.43. We labelled this low as wave II. From here, we expected to continue the rally as long as the price stays above wave II. (If you want to learn more about flat corrections, please follow these links:&nbs
Micron Technology Inc (MU) Ended the Cycle from December 2022 Low
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