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    • KO Elliott Wave Analysis Trading Lounge The Coca-Cola Company (KO): Daily Chart Mode: Impulsive Structure: Motive Position: Wave 5 Direction: Top in wave 5 Details: Looking for a clear five-wave move into Intermediate wave (1) to be either completed or near completion as we have reached the medium level at $65.   The Coca-Cola Company (KO): 4H Chart Mode: Impulsive Structure: Motive Position: Wave 5 Direction: Top in wave 5 Details: Looking for either a top in wave 5 as we can count a five-wave move from the bottom in the triangle in wave 4, or else we just completed wave {i} of 5.   Welcome to our latest Elliott Wave analysis for The Coca-Cola Company (KO) as of July 23, 2024. This analysis provides an in-depth look at KO'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 KO's market behavior. KO Elliott Wave Technical Analysis – Daily Chart The daily chart indicates a clear five-wave move into Intermediate wave (1), which is either completed or near completion as the price has reached the medium level around $65. Traders should watch for signs of a potential top in wave 5, as this could indicate the end of the current bullish phase and the beginning of a corrective phase. KO Elliott Wave Technical Analysis – 4H Chart The 4-hour chart shows that a five-wave move can be counted from the bottom of the triangle in wave 4, suggesting that wave 5 might be completed or wave {i} of 5 is completed. This indicates that traders should be cautious of a potential top formation and be prepared for a possible corrective move.   Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!  
    • Semiconductor shares rebounded in Asia overnight but weaker commodity prices cast a gloom over the session. Disappointment over the lack of any major growth initiatives at China's recent Plenum have left indices there rudderless, while a strengthening yen has hobbled the Nikkei 225's rebound. Attention now turns to earnings from Tesla and Alphabet, following on from Netflix last week. These two member of the 'Magnificent 7' will set the tone for the rest of the week. Kamala Harris has achieved enough support to be the Democrat nominee, while raising a record $81 million in donations in 24 hours. Markets continue to await fresh polling on a contest between Donald Trump and the incumbent vice-president. 
    • KOSPI Composite Day Chart Analysis Elliott Wave Analysis by Trading Lounge Function: Counter Trend Mode: Corrective Structure: Gray Wave 2 Position: Orange Wave 3 Next Higher Degrees Direction: Gray Wave 3 Wave Cancel Invalid Level: 2551.59 The KOSPI Composite day chart analysis employs Elliott Wave Theory to provide a detailed examination of market movements. The primary function of the current movement is a counter trend, indicating a move against the primary trend. Mode and Structure: The current mode is corrective, indicating a retracement or consolidation. The structure analyzed is Gray Wave 2, a corrective wave within the larger Elliott Wave framework. Current Position: The market is currently within Orange Wave 3, the third wave of a higher-degree sequence in the orange wave category. According to Elliott Wave Theory, Wave 3 often shows strong, impulsive characteristics. Next Higher Degrees: The direction for the next higher degrees is towards Gray Wave 3. After completing the corrective phase of Gray Wave 2, the market is expected to transition into Gray Wave 3, which is anticipated to be an impulsive wave, resuming the primary trend direction. Details: Following Gray Wave 1, the market is now in the corrective phase of Gray Wave 2 of 3. This phase is crucial as it sets up the market for the next significant move, Gray Wave 3 of 3. Gray Wave 2 is a preparatory phase leading to the next impulsive phase. Wave Cancel Invalid Level: The critical wave cancel invalid level is set at 2551.59. If the market falls below this threshold, the current wave analysis would be invalidated, requiring a reevaluation of the wave count. Summary: The KOSPI Composite day chart indicates that the market is in a corrective phase, identified as Gray Wave 2 within Orange Wave 3. The next expected move is a transition into Gray Wave 3, which is anticipated to resume the primary trend. The wave cancel invalid level is set at 2551.59, serving as a key point for validating or invalidating the current wave structure.   KOSPI Composite Weekly Chart Analysis Elliott Wave Analysis by Trading Lounge Function: Trend Mode: Impulsive Structure: Orange Wave 3 Position: Navy Blue Wave 3 Next Lower Degrees Direction: Orange Wave 4 Wave Cancel Invalid Level: 2551.59 The KOSPI Composite weekly chart analysis utilizes Elliott Wave Theory to understand market behavior. The function of the current movement is identified as a trend, indicating alignment with the primary direction of the established trend. Mode and Structure: The current mode is impulsive, suggesting strong, directional market moves. The structure under analysis is Orange Wave 3, a significant and typically powerful wave within the broader Elliott Wave sequence. Current Position: The market is currently within Navy Blue Wave 3, a major phase in the market cycle characterized by substantial moves and increased trading activity. Next Lower Degrees: The direction for the next lower degrees is towards Orange Wave 4. After completing the impulsive phase of Orange Wave 3, the market is expected to enter a corrective phase, identified as Orange Wave 4, which will likely retrace some gains made during Orange Wave 3. Details: Orange Wave 2 appears to be completed, setting the stage for the current phase, Orange Wave 3 of 3. This phase is crucial as it represents a strong, impulsive move within the broader trend, often marked by significant price movements and increased volatility. Wave Cancel Invalid Level: The critical wave cancel invalid level is set at 2551.59. If the market falls below this threshold, the current wave analysis would be invalidated, necessitating a reevaluation of the wave count. Summary: The KOSPI Composite weekly chart analysis indicates that the market is in an impulsive phase, identified as Orange Wave 3 within Navy Blue Wave 3. The next expected move is a transition into Orange Wave 4, which will be a corrective phase. The wave cancel invalid level is set at 2551.59, serving as a key point for validating or invalidating the current wave structure.   Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!  
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