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By tradinglounge · Posted
WMT Elliott Wave Analysis Trading Lounge Daily Chart, Walmart Inc., (WMT) Daily Chart WMT Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Minute {v}. DIRECTION: Top in wave {v}. DETAILS: We are looking for a five wave move into Minute {v}, considering {iii} was near equality of {i}, we could expect an extension in wave {v}. We also just surpassed 0.618 {v} vs. {iii}, with equality being the next target at 72$. WMT Elliott Wave Analysis Trading Lounge 4Hr Chart, Walmart Inc., (WMT) 4Hr Chart WMT Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave (iv) of {v}. DIRECTION: Bottom in wave (iv). DETAILS: We see volume increasing on the moves up of wave (iv) which gives us additional confirmation we are in a corrective phase. This Elliott Wave analysis for Walmart Inc. (WMT), examines the current market structure and potential future movements using Elliott Wave principles. The analysis provides insights from both the daily and 4-hour charts to offer a detailed understanding of WMT's price action and anticipated trends. * WMT Elliott Wave Technical Analysis – Daily Chart* We are looking for a continuation of the five-wave move into Minute wave {v}. Given that wave {iii} was near the equality of wave {i}, there is an expectation for an extension in wave {v}. The recent surpassing of the 0.618 projection of {v} compared to {iii} suggests that the next target is the equality projection, which is approximately at 72$. This level could act as a significant resistance, and a potential completion point for wave {v}. * WMT Elliott Wave Technical Analysis – 4Hr Chart* The analysis indicates that wave (iv) is currently unfolding, and there is an increase in volume during upward movements within wave (iv), confirming that we are in a corrective phase. This suggests a consolidation or pullback phase before resuming the final leg up in wave {v}. The end of wave (iv) will set the stage for the last impulse to complete the entire wave {v} structure. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
European markets are poised for a strong start to the week following France's first-round election results, where Marine Le Pen's far-right National Rally party led with 34% of the vote, but with a smaller share than some polls had projected. This outcome lifted the euro to a two-week high and boosted indices futures, particularly the CAC40. However, uncertainty remains about the final outcome and its implications, as both far-right and left-wing parties have pledged significant spending increases despite France's high budget deficit. This week sees the release of the US non-farm payrolls report, and US markets are closed on Thursday for Independence Day. The UK election and the crucial second round of voting in France will also dominate events. -
By tradinglounge · Posted
RUSSELL 2000 Elliott Wave Analysis Trading Lounge Day Chart RUSSELL 2000 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 completed between Fibonacci levels 61.80 to 78.60, now orange wave 3 is active. Wave cancel invalid level: 191.19 The Elliott Wave analysis for the Russell 2000 index on the daily chart offers insights into the current market trend and its future movements based on Elliott Wave Theory. This analysis classifies the market function as a trend, indicating a specific directional movement rather than stagnation or sideways motion. The market mode is identified as impulsive, characterized by strong and decisive movements in the primary trend direction. Impulsive waves typically represent the main market direction, followed by corrective waves moving against the trend. The market structure is labeled as orange wave 3. In Elliott Wave Theory, this denotes a powerful and extended wave within the larger trend cycle, representing significant price movements in the trend direction. The position within this structure is navy blue wave 3, indicating the market is in the third wave of a larger trend cycle. The third wave is usually the strongest and longest in the Elliott Wave sequence, suggesting robust market activity. The next higher degree direction is orange wave 3, which has already started. This implies the market is in an impulsive phase, expected to continue moving strongly in the trend direction. Details of the analysis show that orange wave 2 appears completed between Fibonacci levels 61.80 to 78.60. These levels commonly identify potential market reversal points, indicating support and a move into the next impulsive phase. Currently, orange wave 3 is active, suggesting significant upward movement in the market as part of the ongoing trend. A critical aspect is the wave cancellation invalid level set at 191.19. If the market moves below this point, the current wave count is invalidated, necessitating a reassessment of the wave structure. In summary, the Russell 2000 daily chart analysis indicates an impulsive trend phase within orange wave 3, positioned in navy blue wave 3. The market completed orange wave 2 between Fibonacci levels 61.80 to 78.60, and orange wave 3 is now active. The wave cancel invalid level is set at 191.19, crucial for validating the current wave count. RUSSELL 2000 Elliott Wave Analysis Trading Lounge Weekly Chart RUSSELL 2000 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 completed between Fibonacci levels 61.80 to 78.60, now orange wave 3 is active. Wave cancel invalid level: 191.19 The Elliott Wave analysis for the Russell 2000 index on the weekly chart reveals a clear and strong market trend. The function of the market is identified as a trend, indicating consistent directional movement rather than random or sideways activity. The market mode is impulsive, characterized by strong, directional movements. Impulsive waves typically signify the market's primary direction. The market structure is defined as orange wave 3. In Elliott Wave Theory, this represents a significant and extended movement in the trend direction, indicating strong market momentum. The position within this structure is navy blue wave 3, suggesting the market is in the third wave of a larger trend cycle. The third wave is often the most powerful and longest, signifying robust and sustained market activity. The direction for the next higher degrees is orange wave 3, which has already begun. This implies the market is currently in an impulsive phase, expected to continue its strong upward movement as part of the ongoing trend. Details indicate that orange wave 2 is completed between Fibonacci levels 61.80 to 78.60. These levels commonly identify potential reversal points, suggesting the market has found support and is advancing into the next impulsive phase. Currently, orange wave 3 is active, indicating significant upward movement, expected to drive the market higher and continue the existing trend. A crucial aspect is the wave cancellation invalid level set at 191.19. If the market moves below this point, the current wave structure would be invalidated, necessitating a reassessment of the wave count. In summary, the Russell 2000 weekly chart analysis shows the market in an impulsive trend phase within orange wave 3, positioned in navy blue wave 3. The market completed orange wave 2 between Fibonacci levels 61.80 to 78.60, and orange wave 3 is now in play. The wave cancel invalid level is set at 191.19, crucial for validating the current wave count. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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