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By tradinglounge · Posted
Copper Elliott Wave Analysis Copper prices have started to recover from their August 2024 low, but the current bounce appears corrective. While the short-term outlook remains bullish, this upside movement will likely be followed by a renewed downtrend once the bullish corrective cycle concludes. Here's a detailed Elliott Wave analysis of Copper's price action and what traders can expect in the near future. Long-Term Chart Analysis Since March 2020, Copper has been unfolding into a diagonal structure at the supercycle degree. Wave (I) of this structure peaked in March 2022, and Wave (II) ended in July 2022. The following expansive Wave (III) took prices higher, concluding in May 2024. After this peak, Copper entered a corrective phase, which is now evolving as Wave (IV) of the supercycle degree. Wave (IV) appears to be forming a complex double zigzag corrective structure, which is commonly seen during larger corrections in Elliott Wave analysis. A double zigzag typically involves two distinct corrective waves linked by an intervening corrective wave (commonly referred to as a wave "X"). The current bounce is labeled as cycle degree Wave x of (IV), indicating that it is part of this larger correction phase. While this bounce is likely to offer short-term opportunities for traders, it remains part of a larger bearish corrective phase. The double zigzag pattern suggests that further downside is expected once the current correction is complete. Daily Chart Analysis The daily chart shows that cycle degree Wave w of (IV) was likely completed in early August 2024, marking the end of the first corrective leg in the double zigzag structure. Following this, the market has entered a corrective bounce, which is identified as cycle degree Wave x of (IV). Elliott Wave principles suggest that Wave x should unfold as a three-wave structure. Currently, Copper appears to be in the third leg of this corrective rally, with the potential for further upside. However, given that this move is corrective, it is likely to be short-lived. Once Wave x completes, Copper could resume its downtrend as the final leg of the double zigzag pattern, Wave y of (IV), unfolds. H4 Chart Analysis On the H4 chart, we see that primary degree waves W (circled) and X (circled) of cycle Wave x of (IV) were completed on August 30th and September 5th, 2024, respectively. Following the low in early September, wave Y (circled) has emerged, and this final leg of the current corrective rally is expected to push prices higher in the short term. Wave Y (circled) could extend toward the $4.4 level in the coming days, with support expected to hold above the $4.04 region. This short-term move provides a bullish outlook, but traders should remain cautious as the long-term bearish trend is still in play. Once this corrective rally ends, the broader sell-off from May 2024 may resume, leading to another significant decline in Copper prices. Conclusion Copper is amid a corrective bounce within a larger bearish Elliott Wave structure. The current rally, identified as cycle degree Wave x of (IV), is expected to extend toward $4.4 in the short term. However, the larger double zigzag pattern forming in Wave (IV) suggests that further downside is likely once this corrective phase concludes. While short-term traders may benefit from the current upside momentum, the longer-term outlook remains bearish, and traders should be prepared for a resumption of the downtrend in the coming weeks. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
META Elliott Wave Analysis Trading Lounge Daily Chart, Meta Platforms Inc., (META) Daily Chart META Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Intermediate wave (5). DIRECTION: Upside in wave 3. DETAILS: Looking for a bottom in wave 2 in place as we bounced off 500$, looking for upside towards Medium Level at 650$. META Elliott Wave Analysis Trading Lounge 1H Chart, September Meta Platforms Inc., (META) 1H Chart META Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Minute wave {i}. DIRECTION: Upside in wave {i}. DETAILS: Looking for a potential top in wave (i) of {i} as we have broken previous wave {b}. Looking for a three wave pullback. Meta Platforms Inc. (META) is currently exhibiting strong bullish momentum, as seen through the Elliott Wave analysis. With the stock recovering from recent lows and showing signs of further upward movement, traders are eyeing potential targets for the next major rally. In this analysis, we break down META’s wave structure on both the daily and 1-hour charts, highlighting key support and resistance levels along with actionable insights for traders. * META Elliott Wave Technical Analysis – Daily Chart* On the daily chart, META is advancing in Intermediate wave (5), which appears to have just completed a wave 2 correction. After bouncing off the key 500$ support level, the stock is now gearing up for a move higher. The next target on this upward trajectory is MediumLevel at 650$, which would mark a significant resistance level as the stock progresses within wave 3. The establishment of support at 500$ strengthens the bullish case and suggests that the uptrend remains intact. * META Elliott Wave Technical Analysis – 1H Chart* The 1-hour chart indicates that META is in Minute wave {i} of the larger wave structure. After breaking the previous wave {b} high, the stock is showing signs of nearing the top of wave (i) of {i}. Traders should now be on the lookout for a potential three-wave pullback in wave (ii), which would serve as a correction before the next upward move. This pullback could provide a buying opportunity for those looking to position for further upside. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
RUSSELL 2000 Elliott Wave Analysis - Trading Lounge Day Chart RUSSELL 2000 Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Gray wave 3 POSITION: Orange wave 3 DIRECTION NEXT HIGHER DEGREES: Gray wave 3 (in progress) DETAILS: Gray wave 2 appears to be completed, and now gray wave 3 is active. Wave Cancel Invalid Level: 203.76 The Russell 2000 Elliott Wave analysis on the daily chart shows the market currently in an impulsive trend mode, indicating strong directional movement. The wave structure being analyzed is gray wave 3, which suggests the market is in the third and typically most dynamic phase of the Elliott Wave cycle. This phase usually follows a corrective wave and is characterized by strong price momentum. According to the analysis, gray wave 2 has completed, and gray wave 3 is now in progress. The positioning of orange wave 3 within the overall wave structure reinforces that the market is currently in an impulsive trend. This alignment of wave 3 at both the gray and orange levels signals that the upward movement is expected to continue with significant strength. The next higher degree wave direction is also gray wave 3, further supporting the overall bullish trend in the market. When multiple wave degrees are aligned in the same direction, it typically increases confidence in the continuation of the trend. Gray wave 3 is often considered one of the strongest waves in the Elliott Wave sequence, indicating that the market could see further upward movement. The analysis highlights a wave cancellation invalidation level at 203.76. This threshold is critical; if the market falls below this level, it would invalidate the current wave count, suggesting the anticipated impulsive move may not occur as projected. In summary, the Russell 2000 is in an impulsive trend on the daily chart, with gray wave 3 in progress following the completion of gray wave 2. The market is expected to continue moving upward unless the invalidation level of 203.76 is breached. 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 (in progress) DETAILS: Orange wave 2 appears to be completed, and now orange wave 3 is active. Wave Cancel Invalid Level: 203.76 The Russell 2000 Elliott Wave analysis on the weekly chart suggests the market is currently in an impulsive trend, indicating strong directional movement. The current wave structure being analyzed is orange wave 3, which is typically a powerful and extended phase in the Elliott Wave cycle, often reflecting the continuation of the overall trend. This structure follows the completion of orange wave 2, which was a corrective phase. The analysis shows that orange wave 3 has already started, meaning the market is likely to experience upward momentum in line with the impulsive nature of this wave. The position within this broader wave structure is navy blue wave 3, which is a subwave within orange wave 3. This confirms that the upward trend is strong and in progress. The next higher degree wave direction is also orange wave 3, indicating a continuation of the impulsive movement at multiple levels. This alignment of wave counts across different degrees reinforces the probability of further market gains and a sustained bullish trend. When wave counts are aligned in the same direction across different degrees, it usually signals a robust and reliable trend. The analysis specifies a wave cancel invalidation level at 203.76. This level is critical because if the market falls below this point, the current Elliott Wave count would be invalidated, possibly signaling a reversal or shift in the market's anticipated direction. In summary, the Russell 2000 weekly chart shows an impulsive trend with orange wave 3 in progress following the completion of orange wave 2. The upward momentum is expected to continue unless the market breaches the invalidation level of 203.76. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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