Nasdaq 100 price action suggests renewed appetite for US tech stocks
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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! -
By tradinglounge · Posted
Euro Stoxx 50 Elliott Wave Analysis Trading Lounge Day Chart, Euro Stoxx 50 Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Gray Wave 2 Position: Orange Wave 3 Direction Next Higher Degrees: Gray Wave 3 Details: Gray wave 1 appears to have completed. Now gray wave 2 of orange wave 3 is underway. Wave Cancel Invalid Level: 4495 The Elliott Wave analysis for the Euro Stoxx 50 on the daily chart indicates that the index is currently in a counter-trend phase, signaling a temporary move against the prevailing market direction. The mode is corrective, meaning the market is undergoing a pullback or consolidation within the larger trend. The focus of the analysis is on gray wave 2, a correction in the context of the broader wave structure. Gray wave 1 is deemed complete, and now gray wave 2 of orange wave 3 is active. This means the market is currently correcting within the broader impulsive structure. Once this corrective phase, represented by gray wave 2, is finished, the expectation is for the index to resume its upward movement in orange wave 3, which is part of the larger impulsive sequence. The next higher degree of direction points toward gray wave 3, indicating that once this correction (gray wave 2) ends, the market is expected to move higher in line with the larger trend. This suggests that after gray wave 2 concludes, orange wave 3 will drive the market upwards again. The invalidation level for this Elliott Wave count is 4495. As long as the index stays above this level, the current wave count holds, and further upward movement within the larger trend is anticipated. In summary: The Euro Stoxx 50 is in a corrective phase (gray wave 2) within a larger upward trend. Once the correction finishes, the market is expected to continue rising in orange wave 3. The analysis stays valid as long as the index remains above the 4495 level. Euro Stoxx 50 Elliott Wave Analysis Trading Lounge Weekly Chart, Euro Stoxx 50 Elliott Wave Technical Analysis Function: Bullish Trend Mode: Impulsive Structure: Orange Wave 3 Position: Navy Blue Wave 3 Direction Next Lower Degrees: Orange Wave 4 Details: Orange wave 2 is considered complete. Now orange wave 3 of 3 is active. Wave Cancel Invalid Level: 4495 The weekly Elliott Wave analysis for the Euro Stoxx 50 suggests that the index is in a bullish trend, indicating upward market movement. The current mode is impulsive, reflecting a strong wave structure in alignment with the broader trend. The key structure under analysis is orange wave 3, a significant wave in the upward impulsive pattern. According to this analysis, orange wave 2 is complete, and now the market is progressing through orange wave 3 of 3. This marks a strong upward phase, with wave 3 typically being one of the most extended and powerful waves according to Elliott Wave theory. The market's current position is identified as navy blue wave 3, further confirming the ongoing impulsive movement upward. The next lower degree suggests that after the current wave 3 finishes, orange wave 4 (a corrective wave) may follow. However, the immediate focus remains on wave 3, which continues driving the market higher. The wave invalidation level is set at 4495. As long as the index remains above this level, the current Elliott Wave count is valid, and the bullish structure is expected to continue. In summary: The Euro Stoxx 50 is currently in an impulsive bullish phase, with orange wave 3 leading the market higher. Orange wave 2 has completed, and orange wave 3 is in motion, suggesting further upside potential. This analysis holds as long as the index remains above the 4495 level. After wave 3 concludes, a corrective phase (orange wave 4) could follow. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial!
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