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    • Silver Elliott Wave Analysis Function -Counter-Trend Mode - Corrective Structure - Expected Impulse or Zigzag for wave C (circled) Position - Wave 1 of (1) Direction - Wave 2 of (1) of C (circled) Details - It appears wave B (circled) has been completed and wave C (circled) is now emerging upside. We are now counting a pullback in wave 2 of (1) or wave (2). The current dynamics in the silver market present an intriguing opportunity. Silver is recovering from a pullback that began in late May 2024, and this recovery is expected to ignite a series of rallies, continuing the year-long bullish impulse cycle. Both long-term and medium-term Elliott Wave forecasts support the potential for further upward movement in this precious metal.   Daily Chart Analysis On the daily chart, we can observe that the impulse wave sequence, which began in January 2024, culminated in May 2024, followed by a corrective pullback. This bearish corrective structure persisted for five weeks and appears to have concluded with a double zigzag pattern. The shallowness of this correction suggests a potential for another leg lower. However, if the impulsive reaction from late June continues to ascend without turning corrective, it would confirm that the market has embraced the shallow nature of the pullback. This scenario is likely to propel silver prices higher, potentially reaching new highs in 2024. H4 Chart Analysis The H4 chart provides a closer look at the sub-waves of wave B (circled) and the early stages of wave C (circled). The price appears to have completed wave 1 of C (circled) at 31.75 and is currently undergoing a pullback in wave 2. Wave 2 could potentially extend lower to the 30.15-29.77 range, which represents the 50-61.8% Fibonacci retracement levels. This zone is where the price could find support, setting the stage for the commencement of wave 3, which is anticipated to drive silver to fresh highs in 2024. It is crucial to monitor that the price remains above 28.57, as a break below this level would indicate that wave B might extend lower, altering the expected bullish trajectory.   Summary In summary, the Elliott Wave analysis suggests that silver is in the midst of a recovery from a recent pullback, with the potential for significant rallies ahead. The key levels to watch include the 30.15-29.77 range for wave 2 support and 28.57 as a critical support level. If the current impulse wave continues to rise, it will confirm the shallow nature of the pullback and support the projection of new highs for silver in 2024. This analysis underscores the importance of closely monitoring wave structures and key price levels to anticipate future movements in the silver market. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!  
    • COST Elliott Wave Analysis Trading Lounge Daily Chart, Costco Wholesale Corp., (COST) Daily Chart COST Elliott Wave Technical Analysis FUNCTION: Counter Trend   MODE: Corrective STRUCTURE: ZigZag POSITION: Wave A.   DIRECTION: Downside in wave A.   DETAILS: The upside seems completed, looking for a correction in what could have been a top in wave (5) or wave 1 of (5).   COST Elliott Wave Analysis Trading Lounge 4Hr Chart, Costco Wholesale Corp., (COST) 4Hr Chart COST Elliott Wave Technical Analysis FUNCTION: Counter Trend   MODE: Corrective STRUCTURE: ZigZag POSITION: Wave {i} DIRECTION: Bottom in wave {i}. DETAILS: Looking for a bottom in wave {i} to then pullback and continue lower into at least one more leg lower in what could be either wave {iii} or some sort of wave C. Welcome to our latest Elliott Wave analysis for Costco Wholesale Corp. (COST). This analysis provides an in-depth look at COST's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on COST's market behavior.   * COST Elliott Wave Technical Analysis – Daily Chart* The daily chart suggests that the upside move appears to be completed, and we are now looking for a correction. This correction could signify the completion of a top in wave (5) or wave 1 of (5). Traders should be prepared for continued downside pressure as wave A unfolds. * COST Elliott Wave Technical Analysis – 4H Chart* The 4-hour chart indicates that we are looking for a bottom in wave {i} to then see a pullback. After this pullback, we anticipate at least one more leg lower, which could be either wave {iii} or some form of wave C.   Technical Analyst : Alessio Barretta Source  : Tradinglounge.com get trial here!  
    • Hang Seng Index: Elliott Wave Analysis Day Chart Hang Seng Index Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Orange Wave 3 Position: Navy Blue Wave 3 Direction Next Higher Degrees: Orange Wave 3 (started) Details: Orange wave 2 looks completed. Now orange wave 3 of 3 is in play. Wave Cancel Invalid Level: 16044.39 The Hang Seng Index Elliott Wave Analysis for the day chart provides a detailed examination of the market's current trends and wave patterns. The analysis identifies the market's movement as part of an overall trend, indicating an impulsive mode rather than a corrective one. The specific wave structure under scrutiny is orange wave 3, which forms part of a larger navy blue wave 3. This suggests that the market is currently experiencing an upward trend characterized by successive impulsive waves. According to the analysis, orange wave 2 has completed, marking the end of the corrective phase within navy blue wave 3. With orange wave 2 concluded, the market has now entered orange wave 3, which is in progress. The direction anticipated next in this analysis is the continuation of orange wave 3, signaling further upward movement in the market. This phase, orange wave 3 of 3, indicates a strong impulsive trend within the broader wave structure, suggesting that the market is expected to continue its rise as part of the ongoing navy blue wave 3. An essential component of this analysis is the wave cancel invalid level, set at 16044.39. This level serves as a crucial reference point for traders, determining the validity of the current wave count. Should the market price move below this level, the existing wave analysis would be invalidated, necessitating a reassessment of the market's condition and potential strategic adjustments. This invalidation level is critical for risk management, providing traders with a clear threshold to monitor and ensuring that the wave analysis remains accurate. In summary, the Hang Seng Index day chart analysis identifies an upward trend in an impulsive mode characterized by orange wave 3 within navy blue wave 3. Orange wave 2 has been completed, and the market is now experiencing orange wave 3 of 3. The wave cancellation invalid level at 16044.39 is crucial for maintaining the accuracy of the current wave count and for effective risk management.   Hang Seng Index: Elliott Wave Analysis Weekly Chart Hang Seng Index Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Orange Wave 3 Position: Navy Blue Wave 3 Direction Next Higher Degrees: Orange Wave 3 (started) Details: Orange wave 2 looks completed. Now orange wave 3 of 3 is in play. Wave Cancel Invalid Level: 16044.39 The Hang Seng Index Elliott Wave Analysis for the weekly chart focuses on the current trend and wave patterns in the market. The analysis identifies the market's movement as part of an impulsive trend rather than a corrective one, suggesting strong upward momentum. The primary wave structure being analyzed is orange wave 3, situated within a larger navy blue wave 3. This indicates a significant upward trend driven by successive impulsive waves. According to the analysis, orange wave 2 has been completed, marking the end of the recent corrective phase within navy blue wave 3. With orange wave 2 concluded, the market has entered orange wave 3, which is currently in progress. The expected direction in this analysis is the continuation of orange wave 3, suggesting further upward movement in the market. This phase, orange wave 3 of 3, points to a strong impulsive trend within the broader wave structure, implying that the market is likely to continue its rise as part of the ongoing navy blue wave 3. An important aspect of this analysis is the wave cancel invalid level, set at 16044.39. This level serves as a crucial reference point for traders, determining the validity of the current wave count. If the market price moves below this level, the existing wave analysis would be invalidated, requiring a reassessment of the market's condition and potential strategic adjustments. This invalidation level is vital for risk management, providing traders with a clear threshold to monitor and ensuring that the wave analysis remains accurate. In summary, the Hang Seng Index weekly chart analysis identifies a strong upward trend in an impulsive mode, characterized by orange wave 3 within navy blue wave 3. Orange wave 2 has been completed, and the market is now experiencing orange wave 3 of 3. The wave cancel invalid level at 16044.39 is critical for maintaining the accuracy of the current wave count and for effective risk management.   Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!  
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