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Tech Stocks Rally - Is It Different This Time?


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    • Corn Elliott Wave Technical Analysis Function - Trend  Mode - Trend Structure - Expected Impulse wave for (3) Position - Wave 4 of (3) Direction - Wave 5 of (3) Details - Wave 4 appears to be close to completion. Wave 5 down is expected to follow to complete wave (3). The current price action of Corn indicates a continuation of the bearish sequence that began in April 2022. Trading around the lows of October 2020, the long-term outlook suggests that the decline is part of a larger bearish cycle originating from April 2022. Given this context, selling on rebounds appears to be a prudent strategy.   Daily Chart Analysis On the daily chart, Corn exhibits a clear bearish impulse wave pattern starting from the peak of April 2022 at 824. The first two waves, (I) and (II), concluded in July 2022 and October 2022, respectively. Currently, wave (III) is in progress from the October 2022 high. Within this structure, wave (2) of 3 (circled) of III has completed, indicating that there is still considerable downside potential. Wave (3) commenced at 477'2 and is developing into a bearish impulse wave. According to Fibonacci projections, this wave could reach 345 or lower.   H4 Chart Analysis The H4 chart provides a closer look at the sub-waves of wave (3). It appears that Corn has completed an extended move for wave 3 of (3). The current rebound represents wave 4, which has already touched the 23.6% retracement level of wave 3 at 409 and could potentially continue higher to the 38.2% retracement level at 420. Once this corrective structure completes, the commodity is expected to resume its downward movement in wave 5 of (3).     Summary In summary, the Elliott Wave analysis for Corn suggests a bearish outlook both in the long term and short term. Key levels to watch include the support at 345 and resistance at 420. The analysis indicates that wave (III) is still unfolding, with wave 3 of (III) likely to push prices further down. Traders should consider selling opportunities during corrective bounces, particularly around the 420 level, as the overall trend remains bearish. By monitoring wave structures and key price levels, traders can anticipate future movements in the Corn market and make informed decisions to capitalize on the prevailing downtrend. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!  
    • NEE Elliott Wave Analysis Trading Lounge Daily Chart, NextEra Energy Inc. (NEE) Daily Chart NEE Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Minor wave 4 DIRECTION: Bottom in place at wave 4. DETAILS: We are looking for a minor wave 4 formation, with support identified around $72.   NEE Elliott Wave Analysis Trading Lounge 4H Chart, NextEra Energy Inc. (NEE) 4H Chart NEE Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Minor wave 4 DIRECTION: Bottom in place at wave 4. DETAILS: The 4-hour chart shows a potential triangle in wave 4, suggesting a bottom formation and possible resumption of upward movement.   Welcome to our latest Elliott Wave analysis for NextEra Energy Inc. (NEE). This analysis provides a detailed overview of NEE's price trends using Elliott Wave Theory, helping traders identify potential trading opportunities based on current market behavior. We will explore insights from both the daily and 4-hour charts to provide a comprehensive perspective on NEE's price action. NEE Elliott Wave Technical Analysis – Daily Chart The daily chart indicates that Minor wave 4 has likely found support near the $72 mark. This level is critical as it suggests that the corrective phase might be concluding, paving the way for the next upward movement. Traders should observe this support level for confirmation of a bottom. NEE Elliott Wave Technical Analysis – 4H Chart The 4-hour chart offers a closer examination of the subdivision within wave 4, indicating a potential triangle formation. This pattern suggests that wave 4 may have reached its bottom and that an upward trend could already be starting. Traders should watch for a breakout from this triangle to confirm the continuation of the upward movement.   Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!  
    • Elliott Wave Analysis Trading Lounge Day Chart, Euro Stoxx 50 Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Orange wave 4 POSITION: Navy blue wave 3 DIRECTION NEXT HIGHER DEGREES: Orange wave 5 DETAILS: Orange wave 4 remains in play as a sideways movement. Wave Cancel invalid level: 4618 The Euro Stoxx 50 Elliott Wave Analysis on the day chart indicates that the market is currently in a counter-trend phase. This phase is characterized by a corrective mode, suggesting a temporary pause or reversal in the prevailing trend. The specific wave structure being analyzed is orange wave 4, positioned within navy blue wave 3. This means the market is in the fourth wave of a larger wave sequence, typically involving consolidation or a corrective movement before the final leg of the trend. The analysis suggests that the next higher degree direction is orange wave 5. This indicates that after the completion of the current corrective phase (orange wave 4), the market is expected to transition into orange wave 5, resuming the primary trend direction and likely leading to further price increases. Detailed observations indicate that orange wave 4 is still developing and is unfolding in a sideways pattern. This implies the market is currently in a consolidation phase with limited directional movement, characteristic of a corrective wave that moves sideways rather than trending strongly in one direction. A crucial aspect of this analysis is the wave cancellation invalid level, set at 4618. This level serves as a critical threshold for validating the current wave structure. If the market price falls below this point, it would invalidate the current wave analysis, indicating that the expected wave pattern is no longer valid and would require reassessment. In summary, the Euro Stoxx 50 day chart analysis shows the market in a corrective counter-trend phase within orange wave 4, positioned in navy blue wave 3. The market is currently consolidating sideways, and after this phase completes, it is expected to transition into orange wave 5, resuming the primary trend direction. The wave cancel invalid level is 4618, serving as a critical validation point for the current wave analysis.   Elliott Wave Analysis Trading Lounge Weekly Chart, Euro Stoxx 50 Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Orange wave 4 POSITION: Navy blue wave 3 DIRECTION NEXT HIGHER DEGREES: Orange wave 5 DETAILS: Orange wave 4 is still unfolding as a sideways movement. Wave Cancel invalid level: 4618 The Euro Stoxx 50 Elliott Wave Analysis on the weekly chart shows that the market is currently in a counter-trend phase. This phase is classified as corrective, indicating a temporary pause or reversal within a larger trend. The specific wave structure under analysis is orange wave 4, positioned within navy blue wave 3. This positioning suggests the market is in the fourth wave of a larger wave sequence, typically involving a corrective or consolidative movement. The analysis predicts that the next higher degree direction will be orange wave 5. This suggests that after the completion of the current corrective phase (orange wave 4), the market is expected to transition into orange wave 5, resuming the main trend and potentially leading to further upward movement in prices. A key detail in the analysis is that orange wave 4 is still in progress, manifesting as a sideways movement. This sideways movement indicates that the market is in a consolidation phase, with limited directional momentum, characteristic of a corrective wave that does not strongly trend in either direction but instead moves in a horizontal pattern. An important aspect to note is the wave cancel invalid level, set at 4618. This level is crucial as it serves as a validation point for the current wave structure. If the market price drops below this level, it would invalidate the current wave analysis, signaling that the expected wave pattern is no longer applicable and that the analysis would need revision. In summary, the Euro Stoxx 50 weekly chart analysis indicates the market is in a corrective counter-trend phase within orange wave 4, situated in navy blue wave 3. The market is consolidating sideways, and upon completion of this phase, it is expected to move into orange wave 5, resuming the primary trend direction. The wave cancel invalid level is 4618, serving as a critical threshold for validating the current wave analysis.   Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!  
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