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By tradinglounge · Posted
Wheat Elliott Wave Analysis Function - Counter Trend Mode - Corrective Structure -Zigzag for wave (B) Position - Wave A of (B) Direction - Wave A is still in play Details - As it appears the decline from 720’4 will most likely continue lower, we have adjusted the previous count. Price is now very likely in wave A of (B) against the 523’6 low. Wheat Elliott Wave Analysis Since late May, wheat has declined over 14% from 720, indicating that the commodity has retraced approximately half of the impulse rally that occurred between March 11th and May 28th. In the medium term, the move from March 11th remains a positive correction of the long-term bearish trend that spanned from March 2022 to March 2024—a two-year trend. Daily Chart Analysis: On the daily chart, wheat completed a bearish impulse wave from March 2022 at 523’6 in March 2024. Following this trend, a corrective phase was anticipated in the opposite direction. The impulse reaction that concluded wave (A) at the May 2024 peak is part of this larger bullish correction. Given that wave (A) is an impulse, we can expect at least a zigzag structure or possibly a double zigzag if the bullish correction extends over several months. Following the path of least resistance, a simple zigzag structure—wave (A)-(B)-(C)—is highly probable. Currently, the price is correcting wave (A) downwards in wave (B). Provided that the ongoing decline stays above 523’6, an extension higher is expected. However, wave (B) does not appear to be finished yet, as evident from the H4 chart. H4 Chart Analysis: On the H4 chart, the price seems to be in wave A of (B), which is evolving into an impulse structure. We anticipate a typical zigzag structure for wave (B). The invalidation level at 523’6 should not be breached. If it is, the long-term bearish trend from March 2022 will likely resume, confirming that the bullish correction from March 2024 has concluded. Summary: Wheat has seen a significant decline since late May, retracing half of its recent impulse rally. The medium-term trend from March 11th remains a positive correction within the context of a long-term bearish trend that lasted two years. On the daily chart, the completion of the bearish impulse wave in March 2024 was followed by a bullish correction, which is currently in wave (B) of a zigzag structure. The H4 chart suggests that wave A of (B) is forming an impulse structure, with expectations of a typical zigzag correction. Traders should monitor the key level of 523’6. If this level holds, the bullish correction is likely to continue with a potential extension higher. However, a breach below 523’6 would invalidate this scenario, signaling a continuation of the long-term bearish trend. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
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By tradinglounge · Posted
COST Elliott Wave Analysis Trading Lounge Daily Chart, Costco Wholesale Corp., (COST) Daily Chart COST Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave 5. DIRECTION: Upside in wave {iii}. DETAILS: Looking for upside into wave {iii} as we seem to have completed wave {ii} of 5 after successfully completing the triangle in wave 4. COST Elliott Wave Analysis Trading Lounge 4Hr Chart, Costco Wholesale Corp., (COST) 4Hr Chart COST Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave (iii) of {iii} DIRECTION: Wave (iii). DETAILS: Looking for upside into wave (iii), knowing we could switch to a more conservative count where current wave (i) and (ii) is wave {iii} and {iv}. Equality of {iii} vs. {i} stands at 900$. 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* In our Elliott Wave analysis of Costco Wholesale Corp. (COST), we observe an impulsive trend characterized by a motive structure. COST is currently positioned in wave 5, specifically in wave {iii} of 5, indicating an upside move. After successfully completing the triangle in wave 4, COST has finished wave {ii} of 5 and is now poised to move higher into wave {iii}. This wave is expected to gain momentum, pushing prices upward as it unfolds. Traders should monitor the progression of wave {iii} closely, as it may present opportunities for long positions, especially if COST continues to show strength above key resistance levels. *COST Elliott Wave Technical Analysis – 4Hr Chart* On the 4-hour chart, COST is also following an impulsive trend within a motive structure, specifically in wave (iii) of {iii}. The analysis suggests an upside continuation into wave (iii), with an awareness that current wave (i) and (ii) might be a more conservative count as wave {iii} and {iv}. This suggests that if the market confirms this alternate view, COST could target equality of wave {iii} vs. wave {i} at $900. Traders should be prepared for potential adjustments in the wave count and watch for consolidation or corrective patterns that might precede further upward movements. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!
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Question
blitzjoker
Hi I am getting the following error from the IG API when trying to log in via their Excel interface file:
{“errorCode”:”error.client.accounts.list.generic-error”}
I log in every day this way and have never had this problem before. Does anyone have any idea how to get round it?
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