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By tradinglounge · Posted
Corn Elliott Wave Analysis Corn prices have experienced a notable rebound, rising approximately 14% since the late August 2024 low. This upward movement serves as a corrective phase against the broader decline that began in May 2024. While the short-term outlook suggests further upside potential, the medium-term analysis leans towards a bearish continuation, with prices expected to settle below the $475 mark. Daily Chart Analysis The prevailing bearish trend in corn began in April 2022. However, this decline appears to be corrective rather than impulsive, indicating a more complex wave structure. Unless we witness an impulsive recovery, the current upward movement is likely temporary and should reverse soon. Analyzing the price action from the April 2022 high reveals a double zigzag pattern at the cycle degree. The decline from $475 is identified as an impulse wave, specifically forming wave (A) of Y (circled) within the larger cycle wave y. The ongoing bounce is classified as wave (B) of Y (circled), which ideally needs to cap below $478 to validate the current Elliott Wave count. H4 Chart Analysis Delving into the H4 chart, the recent upward momentum appears to have completed wave A of (B). Confirmation of wave B's completion will occur if the price breaks above the wave A high. Should this happen, we can expect wave C of (B) to target the 450 level. While this short-term perspective supports a corrective bounce, it is essential to recognize that the broader bearish sequence remains incomplete. This suggests that the long-term downward trend could reassert itself following the top of wave (B). In summary, the Elliott Wave analysis of corn indicates a current corrective bounce that is likely to be short-lived. Traders should be cautious as the overall bearish trend persists, with the possibility of renewed downward movement looming as we approach critical resistance levels. Keeping an eye on wave structures and key price levels will be crucial for anticipating market shifts in the coming weeks. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
TATA STEEL – TATASTEEL (1D Chart) Elliott Wave Technical Analysis Function: Counter Trend (Minor degree, Grey) Mode: Corrective Structure: Impulse within Larger degree Zigzag Position: Minor Wave 2 Grey Details: Major top might be in place at 185 mark. Further the stock has dropped as an impulse to 142, terminating potential Minor Wave 1 Grey. Wave 2 Grey also could be complete just below 160 mark; if correct Wave 3 Grey is now underway. Alternatively, Wave 2 Grey might still push through 170 levels. Invalidation point: 185 TATA Steel Daily Chart Technical Analysis and potential Elliott Wave Counts: TATA Steel daily chart suggests a major top is in place around 185 mark on June 14, 2024. It is marked as Minor Wave 5 Grey of Intermediate Wave (5) Orange. Furthermore, the stock has carved an impulse Wave 1 Grey lower towards 142 and is unfolding potential Wave 2 Grey at the time of writing. The stock terminated its Intermediate Wave (4) Orange around 83 mark in June 2022. Since then, the rally can be sub divided in Minor Waves 1 through 5, which completed around 185 highs. Minor Wave 2 unfolded as a combination while Wave 3 was extended. If the above proposed wave structure holds well, TATA Steel is progressing within a counter trend zigzag at Minor degree at least. Also note that Minor Wave 1 is in place around 142 while Minor Wave 2 is either complete at 155 or could extend through 170 mark. TATA STEEL – TATASTEEL (4H Chart) Elliott Wave Technical Analysis Function: Counter Trend (Minor degree, Grey) Mode: Corrective Structure: Impulse within Larger degree Zigzag Position: Minor Wave 2 Grey Details: Major top might be in place at 185 mark. Further the stock has dropped as an impulse to 142, terminating potential Minor Wave 1 Grey. Wave 2 Grey also could be complete just below 160 mark; if correct Wave 3 Grey is now underway. Alternatively, Wave 2 Grey might still push through 170 levels within a Minuette (a)-(b)-(c) orange. Invalidation point: 185 TATA Steel 4H Chart Technical Analysis and potential Elliott Wave Counts: TATA Steel 4H chart reveals the recent wave count since 185 high registered in June 2024. The stock has unfolded an impulse through 142, terminating Minor Wave 1 Grey and is now progressing within Minor Wave 2 Grey. If correct, Minor Wave 3 Grey should be underway soon. Conclusion: TATA Steel is progressing within a counter trend Minor Wave 2 Grey, which could extend through 170 levels. The stock should then turn lower as Minor Wave 3 Grey resumes. Technical Analyst : Harsh Japee Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
NEE Elliott Wave Analysis Trading Lounge Daily Chart, NextEra Energy Inc.,(NEE) Daily Chart NEE Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave 5 of (1). DIRECTION: Upside in 5. DETAILS: Looking for upside into wave 5 in what appears to be a post triangle thrust. Looking for 100$ to be the next TradingLevels to be reached. NEE Elliott Wave Analysis Trading Lounge 1H Chart, NextEra Energy Inc.,(NEE) 1H Chart NEE Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave (iv) of {iii}- DIRECTION: Upside in wave {iii}. DETAILS: Looking for a potential wave (iv) to be in the making or near completion as it is finding support on top of equality of (iii) vs. (i). Looking for overall resumption after we trade above 85$. In this Elliott Wave analysis of NextEra Energy Inc. (NEE), we will explore the stock’s current price action to offer insights into potential trading opportunities. We will break down both the daily and 1-hour charts to give a clear view of the stock's position within the Elliott Wave structure. *NEE Elliott Wave Technical Analysis – Daily Chart* The daily chart shows that NextEra Energy is in the midst of an impulsive trend, currently progressing through Wave 5 of (1). The stock is expected to move higher within this fifth wave, signaling the completion of an impulsive structure in Wave (1). A post-triangle thrust is evident, suggesting that Wave 5 is unfolding after a triangle in Wave 4, which often leads to a sharp move higher. The next major target on the upside is the key psychological level at $100, which also aligns with TradingLevel 100 (TL100). Traders should monitor price action as it approaches this level for potential profit-taking or signs of resistance. *NEE Elliott Wave Technical Analysis – 1H Chart* On the 1-hour chart, NextEra Energy is currently in Wave (iv) of {iii}, which appears to be either in its final stages or nearing completion. The stock is finding support around the equality level of Wave (iii) vs. (i), a typical retracement level for Wave (iv). Once this correction concludes, we expect an upward continuation into Wave (v) of {iii}, signaling further bullish momentum. A key confirmation level to watch is $85. Once the stock trades above this level, it would suggest that the corrective phase has ended and the next impulsive move higher is underway, targeting further gains in Wave {iii}. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!
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