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By tradinglounge · Posted
Corn Elliott Wave Analysis Function - Trend Mode - Trend Structure - Expected Impulse wave for (3) Position - Wave iii (circled) of 3 Direction - Wave iii (circled) of 3 is still in progress Details - It appears wave (2) has already been completed as per the daily chart. We are now in wave (3) which is expected to drop below the 400 mark. Corn prices extended their sell-off from May 14th and are poised for further declines after breaking out of the sideways structure that formed in July. This ongoing downtrend suggests that the commodity will likely trade below $400 before a corrective rebound materializes. Daily Chart Analysis On the daily chart, we have been tracking the latter part of a significant bearish impulse that began in April 2022. This impulse wave is currently navigating its third wave - wave (III) of the super cycle degree. The completion of wave II of (III) occurred in January 2023, and the price is now unfolding the sub-waves of wave III of (III). Specifically, the daily chart indicates that the price is favoring the downside in wave (3) of 3 (circled) of III. This chain of third waves within third waves (a fractal characteristic of Elliott Waves) implies that Corn prices will likely sink much lower in the coming months. The next significant breakdown is expected to push the commodity below the previous low of 394'6, potentially reaching levels not seen since 2020. Our primary focus now is to analyze wave (3) in detail and find optimal positions along this bearish trend. H4 Chart Analysis On the H4 chart, the price action is yet to complete wave 3 of (3). The market is currently consolidating in a sideways movement, which is indicative of the 4th sub-wave of 3. This suggests that there may be a selling opportunity once the price breaks down from this consolidation, targeting the 5th sub-wave of 3. However, a more favorable trading opportunity might present itself after the completion of the wave 4 corrective bounce. Traders should anticipate potential SHORT positions at the end of wave 4, aiming to capitalize on the subsequent sell-off in wave 5 of (3) before a larger corrective bounce for wave (4) begins. In conclusion, both the daily and H4 charts point towards a continued bearish trend for Corn prices, with multiple opportunities for traders to position themselves for further declines. By closely monitoring the unfolding of wave (3) on the daily chart and the sub-waves on the H4 chart, traders can identify strategic entry points to maximize their returns amidst this downward movement. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By CGETrading · Posted
The Daily Capital Flow Index is now avilable at https://cgetrading.com/ -
By tradinglounge · Posted
S&P 500 Elliott Wave Analysis - Daily Chart S&P 500 Elliott Wave Technical Analysis - Daily Chart FUNCTION: Trend MODE: Impulsive STRUCTURE: Gray Wave 3 POSITION: Orange Wave 3 DIRECTION NEXT LOWER DEGREES: Gray Wave 4 DETAILS: Gray Wave 2 appears completed; now, Gray Wave 3 of Orange Wave 3 is in play. Wave cancel invalid level: 5447.19 Overview: The S&P 500 Elliott Wave Analysis on the daily chart focuses on identifying the current market trend. The analysis suggests the trend is impulsive, indicating a strong directional movement and continuation of the trend. Wave Structure: Gray Wave 3: The main structure under observation. Orange Wave 3: The current position within Gray Wave 3. Gray Wave 2: Completed phase that sets up for the current impulsive move. Gray Wave 3 of Orange Wave 3: Indicates a significant and powerful market movement within the larger trend. Current Analysis: Gray Wave 2 Completion: Marks the end of a corrective move and the beginning of a significant impulsive phase. Progression: The market is now in Gray Wave 3 of Orange Wave 3, usually involving a strong, extended movement in line with the overall trend. Future Direction: Gray Wave 4: Expected to form after the completion of the current impulsive wave (Gray Wave 3 of Orange Wave 3), indicating a forthcoming corrective phase. Focus: Remains on the development of Gray Wave 3 of Orange Wave 3. Wave Cancel Invalid Level: Level: 5447.19 Importance: Crossing this level invalidates the current wave structure, requiring a re-evaluation and potential re-labeling of wave counts. Summary: The S&P 500 daily chart analysis indicates the market is in an impulsive trend, with Gray Wave 3 unfolding within Orange Wave 3. Gray Wave 2 is complete, and the focus is on the continuation of the impulsive movement in Gray Wave 3 of Orange Wave 3. The wave cancel invalid level is set at 5447.19, highlighting the potential for further upward movement in the S&P 500 index. S&P 500 Elliott Wave Analysis - Weekly Chart S&P 500 Elliott Wave Technical Analysis - Weekly Chart FUNCTION: Trend MODE: Impulsive STRUCTURE: Navy Blue Wave 5 POSITION: Gray Wave 3 DIRECTION NEXT LOWER DEGREES: Navy Blue Wave 5 (continue) DETAILS: Navy Blue Wave 4 appears completed at 5194.95; Navy Blue Wave 5 is in play. Wave cancel invalid level: 5194.95 Overview: The S&P 500 Elliott Wave Analysis on the weekly chart examines the ongoing trend and wave patterns. The current trend is classified as impulsive, indicating strong, clear directional movement in the market. Wave Structure: Navy Blue Wave 5: The main structure under examination, indicating an ongoing upward trend. Gray Wave 3: The current position within Navy Blue Wave 5, suggesting the market is in the third wave of a larger fifth wave. Current Analysis: Navy Blue Wave 4 Completion: Completed at 5194.95, marking a critical transition phase. Progression: The market is now in Navy Blue Wave 5, specifically Gray Wave 3, continuing its upward trajectory. Future Direction: Continuation of Navy Blue Wave 5: Expected to continue as part of the overall impulsive trend. Focus: Remains on the development of Navy Blue Wave 5, provided it stays above the wave cancel invalid level of 5194.95. Wave Cancel Invalid Level: Level: 5194.95 Importance: Crossing this level invalidates the current wave structure, requiring a re-evaluation and potential re-labeling of wave counts. Summary: The S&P 500 is currently in an impulsive trend within the Navy Blue Wave 5 structure, with Gray Wave 3 in progress. The completion of Navy Blue Wave 4 indicates a critical transition, leading to the continuation of the upward movement as part of Navy Blue Wave 5. The wave cancel invalid level is set at 5194.95. This analysis provides valuable insights into the ongoing market trend and potential future movements, aiding traders in strategic decision-making and planning. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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