TASI Index Elliott Wave Technical Analysis
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By tradinglounge · Posted
Natural Gas Elliott Wave Analysis Natural Gas is currently recovering from its August 2024 low, but technical indicators suggest that the commodity may soon face resistance, continuing the bearish trend from its June 2024 high. This analysis will provide insights from an Elliott Wave perspective, detailing the potential for further downside and the key levels to watch in the coming weeks. Long-Term Chart Analysis On the daily chart, Natural Gas has been in a long-term downtrend since reaching a peak near $10 in August 2022. This downtrend is unfolding as a corrective a-b-c pattern of the cycle degree. The first leg of this correction, labeled wave a, completed around the $4.77 level. Following that, the market rallied in wave b, which topped out near $7.61. Since November 2022, Natural Gas has been in the final leg of this corrective structure, progressing within an ending diagonal pattern in wave c. Ending diagonals typically indicate the final phase of a larger correction, suggesting that this bearish move may be nearing its conclusion. However, the market still has further downside potential before a major bottom is in place. The current phase of this correction is the fifth and final leg of the ending diagonal, labeled wave 5 (circled). This leg is unfolding as a three-wave structure and is expected to break below the previous low of wave 3 (circled), which was at 1.524. Once wave 5 (circled) completes, the entire a-b-c corrective pattern should also conclude, potentially signaling the end of the long-term downtrend. A significant reversal could then follow, setting the stage for a longer-term bullish phase. Daily Chart Analysis The daily chart confirms that Natural Gas is currently in the 5th wave of the diagonal pattern, and this leg appears to be developing in a three-wave structure. The market is likely to experience further downside pressure, especially as it approaches and breaks below the 1.524 low from wave 3 (circled). A continuation of this bearish momentum could result in the final leg of wave 5 (circled), completing the larger correction. H4 Chart Analysis Zooming into the H4 chart, we see more detailed insights into the recent price action. Wave (A) of the current decline completed as an impulse sequence at 1.88 in early August 2024, marking the first leg of the larger move down. This was followed by a corrective bounce in wave (B), which appears to have formed an irregular flat pattern. Wave A of this flat correction finished on August 15, 2024, and wave B then broke below the starting price of wave A before ending at the August 2024 low. Wave C of (B) is now developing, but the price action remains choppy, especially near the top. Given the structure of the wave, the most probable outcome is an ending diagonal pattern for wave C. However, the structure remains somewhat unclear, and it would be prudent to wait for a break below the low of wave B to confirm the resumption of the bearish trend. Once wave C of (B) completes, the market is expected to resume its downward move, continuing the larger bearish sequence that began in June 2024. The break of wave B’s low will be a key signal that bearish dominance has returned and that the final leg of the ending diagonal in wave 5 (circled) is underway. Conclusion Natural Gas is currently in the final phase of a long-term corrective pattern, with further downside expected before the trend reverses. The Elliott Wave structure suggests that wave 5 (circled) of the ongoing diagonal pattern is still in progress, and a break below 1.524 is likely in the near future. On the H4 chart, the structure remains tricky, but once the low of wave B is breached, the bearish trend should resume with force. Traders should remain cautious but prepare for a potential buying opportunity once the final leg of this correction completes. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
Deere & Co. (DE) Daily Chart DE Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave 2 of (5) DIRECTION: Upside in 3 DETAILS: We are analyzing the potential bottom of a prolonged wave (4), as DE has approached the $400 level. We expect further upward movement to confirm the overall bullish bias. DE Elliott Wave Analysis Trading Lounge 1H Chart, Deere & Co. (DE) 1H Chart DE Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave {i} of 3 DIRECTION: Upside in wave {iii} DETAILS: In this shorter time frame, we are exploring the possibility that wave 2 is complete and that DE is moving higher. We can clearly identify a three-wave correction in wave 2, and the increasing volume during the upward move confirms the potential for further upside in wave {iii}. Welcome to the Elliott Wave Analysis for Deere & Co. (DE). This analysis offers an in-depth look at DE's price action using Elliott Wave Theory, helping traders to make informed decisions based on current market structure. We will break down both the daily and 1-hour charts to provide a comprehensive outlook. DE Elliott Wave Technical Analysis – Daily Chart On the daily chart, Deere & Co. is displaying an impulsive trend. DE is currently in Wave 2 of Intermediate wave (5). There is a potential for a bottom formation in Wave (4) around the significant $400 support level. This zone is critical for confirming the expected upward trend. DE Elliott Wave Technical Analysis – 1H Chart In the 1-hour chart, Deere & Co. is progressing in Wave {i} of 3, indicating the beginning of an impulsive upward movement. The recent corrective Wave 2 seems to have concluded, as the chart shows a clear three-wave structure. The increase in trading volume during this upward move strengthens the possibility that DE has entered Wave {iii}, often the strongest and most dynamic phase of an impulsive wave. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
TATA MOTORS – Daily Chart Analysis Elliott Wave Technical Analysis Function: Counter Trend (Minute degree, Navy) Mode: Motive Structure: Potential Impulse within a larger degree corrective wave Position: Minute Wave ((iii)) Navy Details: Minute Wave ((iii)) Navy progressing lower within Minor Wave 1 or A against 1145-50. Invalidation point: 1145-50 Elliott Wave Analyst: Harsh Japee TATA Motors Daily Chart Technical Analysis and Potential Elliott Wave Counts: The wave structure of TATA Motors seems to be changing since the last week's update, with the stock breaking below the 1011 interim support. An alternative scenario might be unfolding with Intermediate Wave (5) Orange now likely complete around the 1180 high. Since the lows registered in December 2022, around the 375-80 range, the stock has rallied, subdividing into an impulse. Intermediate Wave (5) might have ended, and the stock remains under control as long as it stays below 1180. The Elliott Channel resistance has remained slightly below the 1180 level. If the current wave structure holds, TATA Motors is expected to stay under 1180 and move lower towards the 850-55 zone. This movement would signify the end of Minor Wave 4, indicating a potential deeper correction ahead. TATA MOTORS – 4H Chart Analysis Elliott Wave / Technical Analysis Function: Counter Trend (Minute degree, Navy) Mode: Motive Structure: Potential Impulse within a larger degree corrective wave Position: Minute Wave ((iii)) Navy Details: Minute Wave ((iii)) Navy progressing lower within Minor Wave 1 or A against 1145-50. Target: 855 in the medium term Invalidation point: 1145-50 TATA Motors 4H Chart Technical Analysis and Potential Elliott Wave Counts: The TATA Motors 4H chart has been adjusted accordingly, indicating that Wave (5) may have terminated around the 1180 high, which was registered on July 30, 2024. Additionally, Minor Wave 5 Grey could have subdivided into five waves, leading to its termination near 1180. Minute Waves ((i)) and ((ii)) have likely completed around the 1011 and 1045-50 range, respectively. If this analysis holds, the price should drop towards the 850 level as Minute Wave ((iii)) Navy progresses, while staying below the 1145-50 range. Conclusion: TATA Motors could be moving lower within Minute Wave ((iii)) Navy of Minor Wave 1 Grey, against the 1145-50 level. Elliott Wave Analyst: Harsh Japee Source : Tradinglounge.com get trial here!
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