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Tuesday at 05:45

EURGBP Elliott Wave Analysis Trading Lounge Day Chart,

Euro/British Pound(EURGBP) Day Chart

EURGBP Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE:corrective

STRUCTURE: red wave C

POSITION: blue wave Y of B

DIRECTION NEXT HIGHER DEGREES:black wave C

DETAILS: red wave B of blue wave Y looking completed ,now red wave C is in play . Wave Cancel invalid level: 0.86449

The day chart analysis of EURGBP offers valuable insights into the Elliott Wave pattern governing the price movements of the Euro against the British Pound, focusing on potential trends and reversals.

### Function:

The identified function in the analysis is "Counter Trend," indicating that the EURGBP pair is currently exhibiting a temporary deviation from the prevailing trend. This suggests that the market is experiencing a corrective phase within a broader trend, offering opportunities for contrarian trading strategies.

### Mode:

The mode specified is "corrective," suggesting that the current price action is part of a corrective wave cycle within the Elliott Wave sequence. This implies that the movement observed in the market is corrective in nature, serving as a temporary interruption to the overall trend direction.

### Structure:

The structure highlighted is "red wave C," representing the specific wave count within the corrective phase. This indicates that the EURGBP pair is currently undergoing a corrective wave labeled as "red wave C," which is part of a broader corrective pattern.

### Position:

The position identified is "blue wave Y of B," specifying the location of the current wave within the broader Elliott Wave pattern. This implies that the market is advancing within the "blue wave Y" phase of the corrective wave cycle labeled as "B."

### Direction for Next Higher Degrees:

The direction indicated for the next higher degrees is "black wave C," suggesting the potential continuation of the corrective wave cycle at a broader degree. This implies that the current corrective movement may extend further before the broader trend resumes.

### Details:

The analysis notes that "red wave B" of "blue wave Y" appears to have completed, signaling the onset of "red wave C." This suggests that the EURGBP pair may experience further corrective movement in the near term. The wave cancellation or invalidation level is set at 0.86449, providing a critical threshold for assessing the validity of the current wave count.

In summary, the day chart analysis of EURGBP suggests that the pair is undergoing a corrective phase within the broader trend. The corrective structure and identified wave counts offer insights for traders looking to navigate the market and capitalize on potential price movements.

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EURGBP Elliott Wave Analysis Trading Lounge 4 Hour Chart,

Euro/British Pound(EURGBP) 4 Hour Chart

EURGBP Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE:impulsive as C

STRUCTURE: red wave C

POSITION: blue wave Y of B

DIRECTION NEXT HIGHER DEGREES:black wave C

DETAILS: red wave B of blue wave Y looking completed ,now red wave C is in play.

Wave Cancel invalid level: 0.86449

The 4-hour chart analysis of EURGBP provides insights into the Elliott Wave pattern governing the price movements of the Euro against the British Pound, shedding light on potential trends and reversals.

### Function:

The identified function in the analysis is "Counter Trend," suggesting that the EURGBP pair is currently exhibiting a temporary deviation from the prevailing trend. This implies that the market is experiencing a corrective phase within a broader trend.

### Mode:

The mode specified is "impulsive as C," indicating that the current price action is characterized by decisive and forceful momentum. This suggests that the corrective movement observed in the market is unfolding in a rapid and assertive manner.

### Structure:

The structure highlighted is "red wave C," representing the specific wave count within the Elliott Wave sequence. This indicates that the EURGBP pair is currently undergoing a corrective wave cycle labeled as "red wave C."

### Position:

The position identified is "blue wave Y of B," specifying the location of the current wave within the broader Elliott Wave pattern. This implies that the market is advancing within the "blue wave Y" phase of the corrective wave cycle labeled as "B."

### Direction for Next Higher Degrees:

The direction indicated for the next higher degrees is "black wave C," suggesting the potential continuation of the corrective wave cycle at a broader degree. This implies that the current corrective movement may extend further before the broader trend resumes.

### Details:

The analysis notes that "red wave B" of "blue wave Y" appears to have completed, signaling the onset of "red wave C." This suggests that the EURGBP pair may experience further corrective movement in the near term. The wave cancellation or invalidation level is set at 0.86449, providing a critical threshold for assessing the validity of the current wave count.

In summary, the 4-hour chart analysis of EURGBP suggests that the pair is undergoing a corrective phase within the broader trend. The impulsive nature of the corrective movement and the identified wave structure provide valuable insights for traders seeking to anticipate potential price developments in the market.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

Tuesday at 05:05

ASX: REA GROUP LTD – REA Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REA GROUP LTD – REA. We identified that wave 2-red may have just ended, and wave 3-red could push much higher.

ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis

ASX: REA GROUP LTD – REA 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, red)

Mode: Motive

Structure: Impulse

Position: Wave (iii)-purple of Wave 3-red

Details: The outlook suggests that wave 2-red has recently concluded, and wave 3-red is now unfolding to push higher. It is subdividing into waves (i) and (ii)-purple, which have ended, and wave (iii)-purple is opening up to push higher.

Invalidation point: 175.19

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ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis

ASX: REA GROUP LTD – REA 4-Hour Chart Analysis

Function: Major trend (Minuette degree, purple)

Mode: Motive

Structure: Impulse

Position: Wave (iii)-purple

Details: The shorter-term outlook shows that wave 3-red is unfolding, subdividing into waves (i),(ii)-purple, which appear to have concluded. Wave (iii)-purple is now opening up to push higher, aiming for the immediate target around $200, while the price must always remain above the level of 175.19.

Invalidation point: 175.19

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: REA GROUP LTD – REA aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

May 14

Elliott Wave Analysis TradingLounge Daily Chart,

Dogecoin/ U.S. dollar(DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave ((C))

Direction Next higher Degrees: Wave IV of Impulse

Wave Cancel invalid Level:

Details: Wave IV May is complete and the price increase again in Wave V

Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy:

Overall, Dogecoin remains in an uptrend. Moreover, it looks like the correction is over. And prices are rising again in the fifth wave. But there may be a slight pullback before increasing. So look for opportunities to join the uptrend.

Dogecoin/ U.S. dollar(DOGEUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.

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Elliott Wave Analysis TradingLounge H4 Chart,

Dogecoin/ U.S. dollar(DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave ((C))

Direction Next higher Degrees: Wave IV of Impulse

Wave Cancel invalid Level:

Details: Wave IV May is complete and the price increase again in Wave V

Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy:

Overall, Dogecoin remains in an uptrend. Moreover, it looks like the correction is over. And prices are rising again in the fifth wave. But there may be a slight pullback before increasing. So look for opportunities to join the uptrend.

Dogecoin/ U.S. dollar(DOGEUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.

Technical Analyst : Kittiampon Somboonsod

Source : Tradinglounge.com get trial here!

May 13

Natural Gas Technical Analysis

Mode - Corrective for wave 4

Structure - Double Zigzag

Position - Wave (2)

Direction - Wave (3))

Details: Wave (2) is close to completion in the reversal zone. Wave (3) will have begun if the price leaves the zone.

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Natural Gas has embarked on a robust rally, surging nearly 45% since April 25, 2024, perpetuating the overarching bullish correction that commenced in January of the same year. Despite this upward momentum, the prevailing trend maintains a downward trajectory, seemingly unbroken as of yet. Consequently, traders anticipate the eventual resumption of the bearish trend after the culmination of the ongoing bullish retracement.

Analyzing the daily chart, a bearish impulse initiated in August 2022 around the $10 mark. From that point until February 2024, this downward cycle obliterated approximately 85% of the commodity's value, plummeting from $10 to a meager $1.52. However, the subsequent recovery from February exhibits characteristics indicative of a corrective pattern, potentially manifesting as either a zigzag or a double zigzag until a more formidable impetus materializes to warrant consideration of an impulse recovery.

Notably, around October 2023, the completion of the 4th wave within the long-term impulse was observed at 3.66, precipitating the onset of the 5th wave's descent. However, the price only finalized a 3-swing movement to the low of February 2024. When the initiation of the 5th wave commences with a 3-swing, it suggests a higher probability of an ending diagonal structure.

Delving into the daily chart analysis, we delineate the decline to the February low as wave (1) of the 5th wave, with the current upswing identified as wave (2). Presently, wave (2) has reached a reversal zone, signaling the potential commencement of wave (3). Alternatively, wave (2) might extend its upward trajectory in another three swings should the decline from the zone demonstrate corrective qualities. Monitoring the price action, it is imperative for wave (2) completion that the price conveniently remains below 3.39.

Zooming in on the H4 chart, wave (2) manifests as an evolving double zigzag pattern. Confirmation of wave (3) initiation necessitates the observation of a bearish impulse from the zone below 2.185, followed by a breach beneath the major level of 2.00. This juncture is poised to attract a surge in selling activity, propelling the commodity into a new low not witnessed in the past four years.

Technical Analyst : Sanmi Adeagbo

Source : Tradinglounge.com get trial here!

May 13

BABA Elliott Wave Analysis Trading Lounge Daily Chart,

Alibaba Group Holdings Ltd.,(BABA) Daily Chart

BABA Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minute {i} or {a}.

DIRECTION: Correction in {ii}.

DETAILS: We had five waves up in either a wave C, or else as shown in the chart we could be in wave {i} of else 3.

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BABA Elliott Wavse Analysis Trading Lounge 4Hr Chart,

Alibaba Group Holdings Ltd.,(BABA) 4Hr Chart

BABA Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minute {i} or {a}.

DIRECTION: Correction in {ii}.

DETAILS: Looking for a correction around TL8 at 80$, ideally looking for a ClassicTradingLevelsPattern(CTLP) around 80$ to then looking for longs.

Technical Analyst : Alessio Barretta

Source : Tradinglounge.com get trial here!

In the realm of Elliott Wave analysis, Alibaba Group Holdings Ltd. (BABA) presents an intriguing setup, with both the daily and 4-hour charts indicating potential corrections amidst an overall impulsive trend.

* BABA Elliott Wave Technical Analysis – Daily Chart*

On the daily chart, BABA's trend is identified as impulsive, with a motive structure, likely positioned in either Minute {i} or {a}. However, the analysis suggests a corrective phase in Minute {ii}, following a five-wave uptrend, possibly representing Wave C or {i} of Wave 3. This interpretation indicates a temporary pullback before potential continuation to the upside.

* BABA Elliott Wave Technical Analysis – 4Hr Chart*

Similarly, the 4-hour chart echoes the impulsive trend structure, with BABA positioned in either Minute {i} or {a}. The analysis anticipates a correction in Minute {ii}, providing an opportunity for traders to capitalize on potential long positions. The correction is projected to occur around the Classic Trading Levels Pattern (CTLP) at $80, which could act as a significant support level.

May 13

NASDAQ Elliott Wave Analysis Trading Lounge Day Chart,

NASDAQ Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE:blue wave 5

POSITION: Black wave 5 of red wave 3

DIRECTION NEXT LOWER DEGREES: red wave 4

DETAILS:blue wave 4 looking completed at 16980.6 .Now blue wave 5 of black wave 5 of 3 is in play . Wave Cancel invalid level: 16980.6

The NASDAQ daily chart provides insights into the Elliott Wave pattern governing the price movements of the NASDAQ Composite Index, indicating the prevailing market sentiment and potential future price direction.

### Function:

The function of the chart is identified as "Trend," suggesting that the NASDAQ Composite Index is currently experiencing a sustained directional movement over a period of time. This indicates that the market is likely undergoing a significant and prolonged price trend.

### Mode:

The mode highlighted in the analysis is "impulsive," indicating that the current price movement is characterized by strong momentum and decisive directional shifts. Impulsive waves typically represent phases of robust price advancement within the Elliott Wave sequence.

### Structure:

The structure outlined is "blue wave 5," which signifies the fifth and final wave of a larger-degree wave cycle. This implies that the NASDAQ is nearing the completion of a significant upward movement within the current Elliott Wave cycle.

### Position:

The position on the chart is identified as "Black wave 5 of red wave 3," indicating the specific wave count within the broader Elliott Wave pattern. This suggests that the market is currently in the midst of the fifth wave of a third-wave advance, which is often the most powerful and extended phase.

### Direction for Next Lower Degrees:

The direction for the next lower degrees is specified as "red wave 4," suggesting that a corrective phase is anticipated following the completion of the current impulsive wave cycle. Corrective waves typically involve temporary price retracements or consolidations within the broader trend.

### Details:

The analysis notes that "blue wave 4" has likely completed its retracement, with the market now entering the final phase of the impulsive cycle, "blue wave 5." The wave cancellation or invalidation level is set at 16980.6, serving as a critical threshold. A breach of this level could potentially invalidate the current wave count, indicating a shift in market dynamics.

In summary, the NASDAQ daily chart suggests that the market is in an impulsive uptrend, with the completion of "blue wave 4" signaling the onset of the final wave, "blue wave 5." The wave cancellation level provides a key reference point for assessing the validity of the current wave count and anticipating potential trend reversals.

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NASDAQ Elliott Wave Analysis Trading Lounge weekly Chart,

NASDAQ Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE:blue wave 5

POSITION: Black wave 5 of red wave 3

DIRECTION NEXT LOWER DEGREES: red wave 4

DETAILS:blue wave 4 looking completed at 16980.6 .Now blue wave 5 of black wave 5 is in play . Wave Cancel invalid level: 16980.6

The weekly chart analysis of the NASDAQ provides a comprehensive view of the market's Elliott Wave pattern, offering valuable insights into the prevailing trends and potential future price movements.

### Function:

The function identified in the analysis is "Trend," indicating that the NASDAQ is currently experiencing a sustained directional movement over an extended period. This suggests that the market is in the midst of a significant and prolonged price trend.

### Mode:

The mode highlighted is "impulsive," signaling that the current price action is characterized by strong and decisive momentum. Impulsive waves typically represent phases of robust price advancement within the Elliott Wave sequence, indicating a strong bullish sentiment in the market.

### Structure:

The structure outlined is "blue wave 5," representing the fifth and final wave of a larger-degree wave cycle. This implies that the NASDAQ is approaching the culmination of a substantial upward movement within the current Elliott Wave cycle.

### Position:

The position specified on the chart is "Black wave 5 of red wave 3," indicating the specific wave count within the broader Elliott Wave pattern. This suggests that the market is currently advancing within the fifth wave of the third wave, which is often the most powerful and extended phase of an Elliott Wave cycle.

### Direction for Next Lower Degrees:

The direction for the next lower degrees is identified as "red wave 4," implying that a corrective phase is anticipated following the completion of the current impulsive wave cycle. Corrective waves typically involve temporary price retracements or consolidations within the broader trend.

### Details:

The analysis notes that "blue wave 4" has likely completed its retracement, with the market now advancing in the final phase of the impulsive cycle, "blue wave 5." The wave cancellation or invalidation level is set at 16980.6, serving as a critical threshold. A breach of this level could potentially invalidate the current wave count, signaling a shift in market dynamics.

In summary, the weekly chart analysis of the NASDAQ suggests that the market is in an impulsive uptrend, with the completion of "blue wave 4" indicating the onset of the final wave, "blue wave 5." The wave cancellation level provides an essential reference point for assessing the validity of the current wave count and anticipating potential trend reversals.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

May 13

GBPUSD Elliott Wave Analysis Trading Lounge Day Chart,

British Pound/U.S.Dollar(GBPUSD) Day Chart

GBPUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE: red wave 3

POSITION: blue wave 1

DIRECTION NEXT LOWER DEGREES: red wave 4

DETAILS: red wave 2 looking completed at 1.2459 .Now red wave 3 is in play . Wave Cancel invalid level: 1.22997

The daily chart for the British Pound versus the U.S. Dollar (GBP/USD) reveals a trend-following Elliott Wave pattern, providing insights into the directional movement of the market.

### Function:

The function of the chart is defined as "Trend," indicating that the GBP/USD pair is currently exhibiting a strong directional movement. This suggests that the market is likely experiencing a sustained movement in one direction over a period of time.

### Mode:

The mode identified is "impulsive," which signifies that the market is exhibiting strong momentum in its movement. Impulsive waves are characteristic of Elliott Wave theory and typically represent phases of robust directional movement within a broader trend.

### Structure:

The structure highlighted in the analysis is "red wave 3," indicating that the market is currently in the midst of a significant and forceful upward movement. Red waves typically denote larger-degree waves within the Elliott Wave sequence, with red wave 3 often being the most powerful and extended phase.

### Position:

The position on the chart is identified as "blue wave 1," suggesting that the first wave of the broader impulsive pattern has commenced. This indicates the initiation of a new phase of upward price movement within the larger trend.

### Direction for Next Lower Degrees:

The direction for the next lower degrees is indicated as "red wave 4," implying that after the completion of the current impulsive wave (red wave 3), a corrective phase (red wave 4) is expected to follow. Corrective waves typically involve temporary price retracements or consolidations before the trend resumes.

### Details:

The analysis notes that "red wave 2" has likely completed its retracement, with the market now in the early stages of "red wave 3." The wave cancellation or invalidation level is set at 1.22997, indicating a critical threshold. A breach of this level could potentially invalidate the current wave count, suggesting a shift in the market dynamics.

In summary, the daily chart for GBP/USD indicates a strong impulsive trend, with the market currently in the early stages of "red wave 3." The completion of "red wave 2" suggests that a new upward leg is underway, with a wave cancellation level providing a crucial reference point for assessing the validity of the current wave count.

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GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart,

British Pound/U.S.Dollar(GBPUSD) 4 Hour Chart

GBPUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE: red wave 3

POSITION: blue wave 1

DIRECTION NEXT LOWER DEGREES: red wave 4

DETAILS: red wave 2 looking completed at 1.2459 .Now red wave 3 is in play . Wave Cancel invalid level: 1.22997

The 4-hour chart for the British Pound versus the U.S. Dollar (GBP/USD) reveals a trend-following Elliott Wave pattern, providing insights into the directional movement of the market.

### Function:

The function of the chart is defined as "Trend," indicating that the GBP/USD pair is currently exhibiting a strong directional movement. This suggests that the market is likely experiencing a sustained movement in one direction over a period of time.

### Mode:

The mode identified is "impulsive," which signifies that the market is exhibiting strong momentum in its movement. Impulsive waves are characteristic of Elliott Wave theory and typically represent phases of robust directional movement within a broader trend.

### Structure:

The structure highlighted in the analysis is "red wave 3," indicating that the market is currently in the midst of a significant and forceful upward movement. Red waves typically denote larger-degree waves within the Elliott Wave sequence, with red wave 3 often being the most powerful and extended phase.

### Position:

The position on the chart is identified as "blue wave 1," suggesting that the first wave of the broader impulsive pattern has commenced. This indicates the initiation of a new phase of upward price movement within the larger trend.

### Direction for Next Lower Degrees:

The direction for the next lower degrees is indicated as "red wave 4," implying that after the completion of the current impulsive wave (red wave 3), a corrective phase (red wave 4) is expected to follow. Corrective waves typically involve temporary price retracements or consolidations before the trend resumes.

### Details:

The analysis notes that "red wave 2" has likely completed its retracement, with the market now in the early stages of "red wave 3." The wave cancellation or invalidation level is set at 1.22997, indicating a critical threshold. A breach of this level could potentially invalidate the current wave count, suggesting a shift in the market dynamics.

In summary, the 4-hour chart for GBP/USD indicates a strong impulsive trend, with the market currently in the early stages of "red wave 3." The completion of "red wave 2" suggests that a new upward leg is underway, with a wave cancellation level providing a crucial reference point for assessing the validity of the current wave count.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

May 13

ASX: WISETECH GLOBAL LIMITED – WTC Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WISETECH GLOBAL LIMITED – WTC. We identify that WTC is bullish with wave (v) to continue pushing higher. In the forecast we made last week, the current WTC increased in price exactly as predicted.

ASX: WISETECH GLOBAL LIMITED – WTC Elliott Wave Technical Analysis

ASX: WISETECH GLOBAL LIMITED – WTC 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, green)

Mode: Motive

Structure: Impulse

Position: Wave iii-blue of Wave (v)-purple of Wave ((iii))-green

In the forecast We made last week, the current WTC increased in price exactly as predicted.

Details: The short-term outlook indicates that the (iv)-purple wave has just concluded, and the (v)-purple wave may unfold to push higher, targeting 109.26. It's crucial for the price to consistently remain above the level of 94.82 to support this perspective.

Invalidation point: 88.33

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ASX: WISETECH GLOBAL LIMITED – WTC Elliott Wave Technical Analysis

TradingLounge (4-Hour Chart)

ASX: WISETECH GLOBAL LIMITED – WTC Elliott Wave Technical Analysis

ASX: WISETECH GLOBAL LIMITED – WTC 4-Hour Chart Analysis

Function: Major trend (Subminuette degree, blue)

Mode: Motive

Structure: Impulse

Position: Wave iii-blue

In the forecast we made last week, the current WTC increased in price exactly as predicted.

Details: In the shorter-term outlook, wave iii-blue is opening up to push higher, while the price must always remain above the level of 94.79. A dip below 94.79 would indicate that wave iv-blue is opening up to push slightly lower before wave v-blue resumes to push higher.

Invalidation point: 88.33

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: WISETECH GLOBAL LIMITED – WTC aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

Source: Tradinglounge.com get trial here!

May 13

Elliott Wave Analysis TradingLounge Daily Chart,

Bitcoin/ U.S. dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

position: Wave ((C))

Direction Next higher Degrees: wave (III)

Wave Cancel invalid level: 31046.25

Details: Wave IV may be complete and the Price increase again in Wave V

Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:

Overall, Bitcoin is still in an uptrend. But it is a period of correction in the fourth wave. which appears to be complete. Therefore, it is an opportunity for us to join the trend once again. Look for opportunities to open long positions..

Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.

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Elliott Wave Analysis TradingLounge H4 Chart,

Bitcoin/ U.S. dollar(BTCUSD)

BTCUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

position: Wave C

Direction Next higher Degrees: wave (2)

Wave Cancel invalid level: 59835.83

Details: Wave (2) is equal to 61.8% of Wave (1) at 61903.07

Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy:

Overall, Bitcoin is still in an uptrend. But it is a period of correction in the fourth wave. which appears to be complete. Therefore, it is an opportunity for us to join the trend once again. Look for opportunities to open long positions..

Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.

Technical Analyst : Kittiampon Somboonsod

Source : Tradinglounge.com get trial here!

May 11

This summary provides a comprehensive Elliott Wave analysis of the NASDAQ 100 (NDX) and major technology stocks including the QQQ ETF, SP500 (SPX), SPY, Apple (AAPL), Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT), Meta Platforms (META), Netflix (NFLX), and Alphabet (GOOGL). It highlights a slow, upward trend in US indices and key stocks, driven by strategic responses to supply constraints and Fibonacci levels. The analysis underscores the importance of managing long positions and taking profits at current price zones, anticipating potential declines. Detailed attention is given to the broader trends in the SP500 and Nasdaq 100, providing a daily guide through the evolving market landscape.

Video Chapters
00:00 NASDAQ 100 (NDX) QQQ ETF, SP500 (SPX), SPY,
09:31 Apple (AAPL)
11:42 Amazon (AMZN)
15:27 NVIDIA (NVDA)
18:22 Meta Platforms (META)
22:11 Netflix (NFLX)
23:04 Alphabet (GOOGL)
24:25 Microsoft MSFT
25:37 Tesla (TSLA)
26:40 End

Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817
Source: tradinglounge. com

May 10

Silver Elliott Wave Analysis

Function -Trend

Mode - Trend

Structure - Impulse for (A)

Position - Wave 5 of (A)

Direction - Wave 5 of (A) in play

Details -Price is completing an impulse breakout from the diagonal that completed wave 4. This is expected to be the 1st sub-wave - blue wave i (circled) of 5 of (A).

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Silver‘s road to recovery is more than halfway complete. Following the retreat starting on April 12th, lasting nearly three weeks, the commodity now stands poised to rekindle the bullish momentum that has defined much of the year. Anticipation mounts as it gears up to test the highs of 2013 once again.

In the broader scope, Silver has been a beacon for buyers since its nadir in March 2020, bottoming out at 11.645. It's rational to expect this rally to culminate in at least a corrective upswing, likely adopting a zigzag or double zigzag structure. Examination of the daily chart reveals the emergence of a double zigzag pattern, unfolding within the third leg of the supercycle degree - wave (y). Forecasts suggest wave (y) could stretch to the 100% projection of wave (w) from (x), signaling a potential surge to 35.78. This indicates Silver might still notch another 25% gain from its current position, albeit over another six months or more. Alternatively, some interpretations may view the bullish ascent from the March 2020 low of 11.645 as an impulse wave, paving the way for targets surpassing 42.75 and aiming for 47. Whichever scenario unfolds, Silver appears primed for further upswings in the forthcoming months.

Zooming into the H4 chart, the impulse wave sequence originating in January 2024 has completed its fourth wave - wave (4) - manifesting as a zigzag structure. Momentum now steers towards the higher realms with wave (5) of primary degree wave A (circled in blue). The potential for an upward surge looms large. As long as the 26.022 low remains intact, this commodity will likely allure buyers in the following weeks and months.

Technical Analyst : Sanmi Adeagbo

Source : Tradinglounge.com get trial here!

May 10

META Elliott Wave Analysis Trading Lounge Daily Chart

Meta Platforms Inc., (META) Daily Chart

META Elliott Wave Technical Analysis

FUNCTION: CounterTrend

MODE: Corrective

STRUCTURE: Flat

POSITION: Intermediate (A)

DIRECTION: Pullback in Minor B

DETAILS: We are showing two different counts in the Daily and 4H chart. Here we have a major top in place and we are looking for a larger correction to take place, looking for 500$ to provide resistance.

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META Elliott Wave Analysis Trading Lounge 4Hr Chart,

Meta Platforms Inc., (META) 4Hr Chart

META Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave B or (4).

DIRECTION: Topping in wave B.

DETAILS: Here we are looking at a smaller correction, we have measured wave (2) and equality of (4) and (2) stop at 450$. Looking for sideways consolidation in (4) or else we could already have a bottom in place.

The Elliott Wave analysis for Meta Platforms Inc. (META) reveals a discrepancy between the daily and 4-hour chart interpretations as of May 10, 2024. Each chart provides a different perspective on the expected stock movements, catering to different trading strategies.

* META Elliott Wave Technical Analysis – Daily Chart*

On the daily chart, META is categorized under a counter trend with a corrective flat structure, currently in the Intermediate wave (A) phase. The focus is on a significant pullback in the Minor B wave, suggesting a broader market correction. The analysis indicates a major top already in place, with a downward trajectory expected to continue. A resistance level at $500 is anticipated, which might cap any potential upside and confirm the bearish outlook.

* META Elliott Wave Technical Analysis – 4Hr Chart*

The 4-hour chart presents a more micro view, still within a counter trend but focusing on the smaller corrections within the overall structure. It is in the phase of Wave B or possibly in Wave (4), with a current top formation in Wave B. The equality between Wave (2) and Wave (4) is calculated to halt at $450, suggesting a shorter corrective phase than what is noted on the daily chart.

Technical Analyst : Alessio Barretta

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May 10

AUDUSD Elliott Wave Analysis Trading Lounge Day Chart,

Australian Dollar/U.S.Dollar (AUDUSD) Day Chart

AUDUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE: red wave 3

POSITION: blue wave 1

DIRECTION NEXT LOWER DEGREES: red wave 4

DETAILS: red wave looking 2 completed, now red wave 3 of 1 is in play .Wave Cancel invalid level: 0.64655

The daily chart for the Australian Dollar versus the U.S. Dollar (AUD/USD) is indicating a broader trend following the Elliott Wave pattern. This type of analysis identifies the wave structure of a market and categorizes it into impulsive and corrective modes. An impulsive trend suggests strong directional movement with more substantial momentum.

### Function

The function is defined as "Trend," indicating that the chart follows a broader directional pattern. This suggests the market has strong momentum, with prices likely moving consistently in one direction over time.

### Mode

The mode of the structure is "impulsive," a key feature of Elliott Wave theory, typically indicating the market is progressing with force and momentum. Impulsive waves are generally part of a larger trend pattern that includes five distinct waves, with the third wave often being the most robust.

### Structure

The structure described is "red wave 3," indicating that the market is in the midst of a strong, directional move. This wave typically signifies a powerful phase in a broader impulsive pattern, usually associated with significant price shifts.

### Position

The position on the chart is "blue wave 1," suggesting that the first wave of the larger pattern has begun, indicating a new phase of trend movement.

### Direction for Next Lower Degrees

The next lower degrees indicate "red wave 4," suggesting that once the current impulsive wave completes, a corrective phase could occur before resuming the broader trend. This correction typically involves some consolidation or retracement before the next wave begins.

### Details

The details section highlights that "red wave 2" has completed, suggesting that a period of consolidation or correction has concluded, and now "red wave 3" of "blue wave 1" is in play. The wave cancellation or invalidation level is set at 0.64655, which acts as a critical threshold. If prices move below this level, it could invalidate the current wave structure, potentially indicating a change in the broader trend.

In summary, the daily chart for AUD/USD follows an impulsive Elliott Wave structure in a trending market. The current phase is "red wave 3," suggesting robust momentum. The completion of "red wave 2" and the ongoing "red wave 3" indicate strong directional movement. The wave cancellation level at 0.64655 is crucial, as it represents a point where the current pattern could be invalidated if breached, signaling a potential trend change or corrective phase.

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AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart,

Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart

AUDUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE: black wave 3

POSITION: red wave 3

DIRECTION NEXT LOWER DEGREES: black wave 4

DETAILS: black wave looking 2 completed at 0.65578, now black wave 3 of 3 is in play .Wave Cancel invalid level: 0.64655

The 4-hour chart of AUD/USD is currently indicating an impulsive trend according to Elliott Wave analysis. This suggests that the Australian Dollar against the U.S. Dollar is experiencing strong directional movement, usually indicative of significant momentum in one direction.

### Function

The function of the current wave structure is "Trend," implying that the overall direction of the market is aligned with a broader trend, typically leading to consistent price movement in one direction over time.

### Mode

The mode is "impulsive," reflecting a pattern of strong, direct movements with fewer corrections. Impulsive waves are often the driving force behind a major trend and usually consist of five waves (1, 2, 3, 4, and 5).

### Structure

The structure is "black wave 3," indicating that the market is in the third wave of a larger trend pattern. This wave is generally the most robust and decisive, often associated with significant price changes and heightened market activity.

### Position

The position is "red wave 3," suggesting that within the larger wave structure, the market is in the third sub-wave, which typically signifies strong directional movement and represents a significant phase of the broader trend.

### Direction for Next Lower Degrees

The direction for the next lower degrees is "black wave 4," indicating that after the current wave completes, a corrective phase may occur before resuming the larger trend. This phase often sees some retracement or consolidation in the market.

### Details

The details section notes that "black wave 2" seems to have completed at 0.65578, suggesting that the corrective phase has concluded or is nearing completion. Currently, "black wave 3 of 3" is in play, indicating strong directional movement in the trend. The wave cancellation or invalidation level is set at 0.64655, marking a critical threshold where, if breached, the current wave pattern could be invalidated, potentially requiring a reassessment of the analysis.

In summary, the 4-hour chart for AUD/USD shows an impulsive trend with "black wave 3" in progress, signaling a strong market direction. The completion of "black wave 2" and the ongoing "black wave 3 of 3" suggest robust price movement. The wave cancellation level at 0.64655 is a key point to monitor, as breaching this level could necessitate a reevaluation of the current wave structure.

Technical Analyst : Malik Awais

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May 10

ASX: FORTESCURE LTD – FMG Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCURE LTD - FMG. We've identified that wave ((ii)) in green has recently bottomed out, and wave ((iii)) in green is now unfolding to push significantly higher.

ASX: FORTESCURE LTD - FMG Elliott Wave Technical Analysis

ASX: FORTESCURE LTD - FMG 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, green)

Mode: Motive

Structure: Impulse

Position: Wave (iii)-purple of Wave ((iii))-green

Details: The short-term outlook suggests that wave i in blue is currently unfolding to push higher, and wave ii in blue may soon return to pull back slightly before wave iii in blue resumes to push even higher.

Invalidation point: 23.43

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ASX: FORTESCURE LTD - FMG Elliott Wave Technical Analysis

ASX: FORTESCURE LTD - FMG 4-Hour Chart Analysis

Function: Major trend (Minuette degree, purple)

Mode: Motive

Structure: Impulse

Position: Wave ii-blue

Details: The shorter-term outlook indicates that waves (i) and (ii) in purple have recently completed, and wave (iii) in purple is currently unfolding to push higher. It is subdividing into wave i in blue, which seems to have reached its peak. Therefore, I am open to the possibility that wave ii in blue will unfold to push slightly lower, followed by wave iii in blue resuming to push even higher.

Invalidation point: 24.04

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: FORTESCURE LTD - FMG aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

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May 10

ASX: FORTESCURE LTD – FMG Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with FORTESCURE LTD - FMG. We've identified that wave ((ii)) in green has recently bottomed out, and wave ((iii)) in green is now unfolding to push significantly higher.

ASX: FORTESCURE LTD - FMG Elliott Wave Technical Analysis

ASX: FORTESCURE LTD - FMG 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, green)

Mode: Motive

Structure: Impulse

Position: Wave (iii)-purple of Wave ((iii))-green

Details: The short-term outlook suggests that wave i in blue is currently unfolding to push higher, and wave ii in blue may soon return to pull back slightly before wave iii in blue resumes to push even higher.

Invalidation point: 23.43

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ASX: FORTESCURE LTD - FMG Elliott Wave Technical Analysis

ASX: FORTESCURE LTD - FMG 4-Hour Chart Analysis

Function: Major trend (Minuette degree, purple)

Mode: Motive

Structure: Impulse

Position: Wave ii-blue

Details: The shorter-term outlook indicates that waves (i) and (ii) in purple have recently completed, and wave (iii) in purple is currently unfolding to push higher. It is subdividing into wave i in blue, which seems to have reached its peak. Therefore, I am open to the possibility that wave ii in blue will unfold to push slightly lower, followed by wave iii in blue resuming to push even higher.

Invalidation point: 24.04

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: FORTESCURE LTD - FMG aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

Source : Tradinglounge.com get trial here!

May 10

Elliott Wave Analysis TradingLounge Daily Chart,

Tron/ U.S. dollar(TRXUSD)

TRXUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave V of Impulse

Wave Cancel invalid Level: 0.1051

Details: the five-wave increase of Wave ((3))

TRON/ U.S. dollar(TRXUSD)Trading Strategy:

The rise of the fifth wave in the Impulse pattern, which is subdivided into five waves. Currently, waves ((1)) and ((2)) are completed, the price is rising in wave ((3)). Therefore, the price There is a chance of continuing to increase above the level of 0.1442.

TRON/ U.S. dollar(TRXUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.

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Elliott Wave Analysis TradingLounge H4 Chart,

Tron/ U.S. dollar(TRXUSD)

TRXUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((3))

Direction Next higher Degrees: wave V of Impulse

Wave Cancel invalid Level: 0.1051

Details: the five-wave increase of Wave ((3))

TRON/ U.S. dollar(TRXUSD)Trading Strategy:

The rise of the fifth wave in the Impulse pattern, which is subdivided into five waves. Currently, waves ((1)) and ((2)) are completed, the price is rising in wave ((3)). Therefore, the price There is a chance of continuing to increase above the level of 0.1442.

TRON/ U.S. dollar(TRXUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.

Technical Analyst : Kittiampon Somboonsod

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May 9

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Soybeans Elliott Wave Analysis
Function - Trend
Mode - Impulse
Structure - Double Zigzag for (2)
Position - Wave 2 of (5)
Direction - Wave 3 of (5)
Details - More leg higher in the zone is expected to complete wave C of (2). Wave (3) could start from there downwards. However, invalidation for wave (2) remains at 1327’4.

Soybean has staged an impressive rebound, surging by over 9% since hitting its low in March 2024. However, this upswing is likely corrective, indicating that the bearish corrective phase stemming from the high in June 2022 is poised to persist, pressuring prices downward in the weeks ahead. The pivotal point to watch is whether it remains below the November 2023 high of 1398; breaching this level could signal an end to the bearish corrective cycle. Long-term buyers may need to exercise patience as the ultimate low has yet to be attained. This analysis delves into potential opportunities for selling the commodity.

Examining the daily chart, it's evident that a prolonged bearish correction commenced in June 2022. Before this, Soybean prices experienced a notable uptrend, rallying by 126% between May 2019 and June 2022, completing a bullish impulse wave. Consequently, the downturn from June 2022 serves as a correction to this preceding bullish phase. Upon completion of the bearish correction, the overarching bullish trend is anticipated to resume. However, the chart pattern since June 2022 appears to be shaping into a zigzag formation, identified as primary degree A-B-C marked in blue.

The initial blue wave A concluded at 1249 in October 2023, characterized by a diagonal structure. This was followed by a modest rebound for the corresponding blue wave B, reaching 1398 before prices resumed their descent in the third leg - blue wave C. The latter completed an impulse move from 1398, bottoming out at the low of 1129 in March 2024 before the current recovery. However, probably, this impulse wave has only completed the intermediate sub-wave (1) of blue wave 5. A confirmation of the conclusion of the corrective cycle from June 2022 would necessitate the current recovery from the March 2024 low of 1128 evolving into an impulse wave towards the November 2023 peak of 1398. It's plausible to view the ongoing recovery as wave (2) of blue wave C.

The H4 chart illustrates wave (2) unfolding in a zigzag pattern, with wave C of (2) nearing completion as it forms an impulse within a reversal zone spanning 1240-1277. Anticipated is one final push higher within this zone, followed by a potential bearish response that could pave the way for a subsequent sell-off in wave (3). However, should the current recovery breach the 1300 mark (161.8% Fib extension level), there's a substantial likelihood of an impulse recovery from the March 2024 low of 1129, potentially invalidating this outlook and suggesting further upward movement for wave (2) or even signaling the conclusion of the long-term bearish correction initiated in June 2022.

Technical Analyst : Sanmi Adeagbo
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May 9

UNH Elliott Wave Analysis Trading Lounge Daily Chart,

United Health Group Inc., (UNH) Daily Chart

UNH Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minute wave {iii}.

DIRECTION: Upside in Minute {ii}.

DETAILS: As we seem to have found support on TL5 at 500$, we are looking for upside resumption, which could take us to TL8 in the long term.

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UNH Elliott Wave Analysis Trading Lounge 4Hr Chart

United Health Group Inc., (UNH) 4Hr Chart

UNH Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave (i) of {iii}.

DIRECTION: Wave iii of (i).

DETAILS: Looking for a completion of wave (i) to then pullback in (ii) and eventually looking for additional longs.

The Elliott Wave analysis for UnitedHealth Group Inc. (UNH) provides a technical forecast for its stock behavior on the Daily and 4-hour charts. This detailed analysis aims to guide traders and investors through the expected price movements influenced by UNH’s wave patterns.

* UNH Elliott Wave Technical Analysis – Daily Chart*

On the daily chart, UNH is currently in a Minute wave {iii} of its impulsive, motive wave structure, signaling robust upward potential. The stock found support at the $500 mark, along the critical TL5 (Trend Line 5). This support suggests a bullish resumption might be forthcoming, with the potential to reach higher trend line levels like TL8 over the long term.

* UNH Elliott Wave Technical Analysis – 4H Chart*

Drilling down to the 4-hour chart, UNH is advancing through Wave (i) of Minute {iii}. The current structure indicates that Wave (i) is nearing completion, and a subsequent pullback in Wave (ii) is expected. This pullback should set the stage for further bullish activity as the stock progresses into Wave iii of (i).

Technical Analyst : Alessio Barretta

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May 9

EURUSD Elliott Wave Analysis Trading Lounge Day Chart,

Euro/U.S.Dollar(EURUSD) Day Chart

EURUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE:red wave 3

POSITION:blue wave 1

DIRECTION NEXT LOWER DEGREES: red wave 4

DETAILS:red wave 2 of blue wave 1 looking completed at 1.06494, now red wave 3 of 1 is in play . Wave Cancel invalid level: 1.06494

The EUR/USD Elliott Wave Analysis for the Daily Chart shows that the Euro against the U.S. Dollar is currently in an impulsive wave pattern, indicating that the overall market trend is characterized by strong directional movement.

### Function

The function is "Trend," suggesting that the market is moving in a clear direction, which aligns with a larger wave pattern, typically indicating significant momentum in one direction.

### Mode

The mode is "impulsive," pointing to a strong, direct market movement that typically represents the larger driving force behind the trend. Impulsive waves are often characterized by rapid price changes and high volatility.

### Structure

The structure is described as "red wave 3," indicating that the market is in a strong upward or downward movement, often seen as the main thrust within a broader wave structure. This wave usually sees significant price changes in a relatively short time frame.

### Position

The position is "blue wave 1," indicating that the market has completed a prior wave sequence and is now in the first sub-wave of the next structure. This stage is crucial for confirming the direction of the impulsive move.

### Direction for the Next Lower Degrees

The direction for the next lower degrees points towards "red wave 4," suggesting that once the current wave concludes, there could be a corrective phase before resuming the trend. This stage often sees a retracement or consolidation in the market.

### Details

The details section indicates that "red wave 2 of blue wave 1" seems completed at 1.06494, suggesting that the current corrective phase has ended or is nearing completion. Now, "red wave 3 of 1" is in play, which typically implies a strong directional movement. The wave cancellation or invalidation level is set at 1.06494, marking a critical point where the current wave structure could be invalidated, leading to a reevaluation of the wave pattern.

In summary, the EUR/USD Elliott Wave Analysis for the Daily Chart highlights an impulsive structure with "red wave 3" in progress, suggesting that the market is in a strong trend. The completion of "red wave 2" and the commencement of "red wave 3 of blue wave 1" signal a significant market movement. The wave cancellation level at 1.06494 serves as a key point to watch, as it indicates where the current wave pattern could be invalidated, potentially requiring a new analysis.

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EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart,

Euro/U.S.Dollar(EURUSD) 4 Hour Chart

EURUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: corrective

STRUCTURE:black wave 2

POSITION:red wave 3

DIRECTION NEXT LOWER DEGREES: black wave 3

DETAILS:black wave 2 of or red wave 3 is in play and looking near to end . Wave Cancel invalid level: 1.06494

The EUR/USD Elliott Wave Analysis for the 4-Hour Chart suggests that the Euro against the U.S. Dollar is in a corrective phase, with the potential for an impending trend change or a continuation of the existing pattern.

### Function

The function of the current analysis is identified as "Trend," indicating that the overall market movement is in line with a larger trend, albeit in a corrective stage.

### Mode

The mode is described as "corrective," signifying that the existing market pattern may involve complex wave structures, typically seen during periods of retracement or consolidation within a broader trend.

### Structure

The structure is noted as "black wave 2," suggesting that the second wave within a broader wave sequence is in progress. This is a critical phase, often representing a correction or retracement after a more significant movement in the market.

### Position

The current position is "red wave 3," which indicates a potential transition within the broader wave structure. This phase is crucial as it might signal a trend reversal or continuation, depending on how the market reacts at this level.

### Direction for the Next Higher Degrees

The next lower degrees point towards "black wave 3," indicating that once the current corrective phase concludes, there could be a significant movement in the market's primary direction, typically suggesting an upward shift.

### Details

The details section describes that "black wave 2 of red wave 3" is either in play or nearing completion. This suggests that the corrective phase is at or approaching its end, hinting at a potential shift in market direction. The wave cancellation or invalidation level is set at 1.06494, marking a critical point where the current wave pattern could be invalidated, necessitating a reevaluation of the analysis.

In summary, the EUR/USD Elliott Wave Analysis for the 4-Hour Chart outlines a corrective structure with "black wave 2" in progress, indicating a possible end to the correction and a subsequent shift in the market. The wave cancellation level at 1.06494 is crucial, as it signifies the point at which the current pattern may require re-evaluation. As "red wave 3" reaches its conclusion, the focus shifts to "black wave 3," pointing to potential new trends or a continuation of the existing pattern.

Technical Analyst : Malik Awais

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May 9

ASX: ASX LIMITED - ASX Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with ASX LIMITED - ASX . We have determined that wave 2-red has ended, and wave 3-red can be opened to push higher.

ASX: ASX LIMITED - ASX Elliott Wave Technical Analysis

ASX: ASX LIMITED - ASX 1D Chart (Semilog Scale) Analysis

Function: Major (Minor degree, red)
Mode: Motive
Structure: Impulse
Position: Wave 3-red
Details: Short-term outlook suggests that the 2-red wave has just concluded, and the 3-red wave may be ready to resume its upward movement. We are waiting for a smaller ABC Correction to have a good Long Trade Setup.
Invalidation point: 61.71

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ASX: ASX LIMITED - ASX Elliott Wave Technical Analysis TradingLounge (4-
Hour Chart)

ASX: ASX LIMITED - ASX Elliott Wave Technical Analysis

ASX: ASX LIMITED - ASX 4-Hour Chart Analysis

Function: Major trend (Minuette degree, purple)

Mode: Motive

Structure: Impulse

Position: Wave ii-blue of Wave (iii)-purple

Details: The short-term outlook suggests that waves (i) and (ii) in purple have just ended, and wave (iii) in purple is now unfolding to push higher. It is subdividing into wave i in blue, which seems to have just reached a peak. Now, wave ii in blue is likely to unfold to push slightly lower. We will closely monitor the ASX for a good long trade opportunity.

Invalidation point: 61.71

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: ASX LIMITED - ASX aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

Source : Tradinglounge.com get trial here!

May 8

Today's Stock Market Overview: S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200. Featuring Elliott Wave Technical Analysis

Elliott Wave Analysis Indices: Elliott Wave Analysis Indices: NASDAQ 100 and SP500 Wave (iv) of i) of 3 of (5) of 3). Waiting for the top of Wave i) and then the (a) (b) (c) corrective retracement as Wave ii) which is the long trade set up.
Today I look at the bigger picture for indices and compare the timing of Elliott wave counts with the DAX and FTSE 100.
In the medium term we can expect the current trend to last over a month, so staying long in indices and stocks is the basic trading strategy.

Video Chapters
00:00 SP 500 (SPX)
06:35 NASDAQ (NDX)
09:28 Russell 2000 (RUT) IWM
10:03 DAX 40 (DAX)
16:06 FTSE 100 UKX (UK100)
20:44 S&P/ASX 200 (XJO)
27:19 End

Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817
Source: tradinglounge com

May 8

Wheat Elliott Wave Analysis

Function - Trend

Mode - Trend

Structure - Impulse for wave (A)

Position - Wave 5 of (A)

Direction - Wave 5 of (A) is still in play

Details - We can confirm that the recovery from 523’6 is an impulse for (A). We should see a further extension to the 661’4-703’2 Fibonacci zone where wave (B) might begin. Not much has changed since the previous update.

Wheat is on the verge of its most significant recovery since October 2022. It seems that the two-year bearish cycle from March 2022 to March 2024 has concluded. Consequently, the current recovery appears to be correcting the entire cycle, giving it the advantage to surge higher than the previous bounces during the bearish cycle.

On the daily chart, we can identify a bearish impulse wave sequence between the March 2022 peak of 1364’4 and the March 2024 low of 523’6. The impulse wave was completed with an ending diagonal pattern. Price broke out of the diagonal, initiating the recovery. However, it's not expected to recover the entire two-year bearish trend. This should mark the beginning of a correction towards 842’2-942 at least. Of course, there is potential for the price to fail to reach the Fibonacci retracement zone or even surpass it.

It's too early to determine the structural path the price will take to complete this corrective cycle. Most likely, it will be a zigzag or a double zigzag because the price breaks out of the diagonal wave (5) with an impulse structure. Therefore, we can expect an intermediate degree (1)-(2)-(3)-(4)-(5) to complete the primary wave ‘A’ of a single zigzag or an (A)-(B)-(C) for wave ‘W’ of a double zigzag. Since both scenarios imply an upside direction, we can start with one for simplicity and adjust as we gather more price action in the coming weeks. In this case, we are initiating a double zigzag forecast for the expected bullish corrective cycle.

On the H4 chart, wave (A) is nearing completion of an impulse structure. We can anticipate it to finish at the 661-703 Fibonacci extension zone. Wave (B) is now correcting wave (A) downwards before the price resumes its upward movement for (C). Therefore, as long as 523’6 is not breached, traders would be looking to buy dips as the long-term bullish correction progresses.

Technical Analyst : Sanmi Adeagbo

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May 8

TJX Elliott Wave Analysis Trading Lounge Daily Chart,

The TJX Companies Inc., (TJX) Daily Chart

TJX Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minute wave {v}.

DIRECTION: Upside in Minute {v}.

DETAILS: Looking for a bottom in wave {iv} in place to then continue higher. Equality of {v} vs. {i} stands at 108$.

TJX Elliott Wave Analysis Trading Lounge 4Hr Chart

The TJX Companies Inc., (TJX) 4Hr Chart

TJX Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave (i) of {v}.

DIRECTION: Upside in wave (iii).

DETAILS: Looking for a CTLP on 100$, we need to break (b) to then start thinking about longs.

Our detailed Elliott Wave analysis for The TJX Companies Inc. (TJX) as of May 7, 2024, offers insightful perspectives on potential movements for both daily and 4-hour trading charts. This analysis aims to assist traders and investors in identifying strategic positions in line with the predicted trends in TJX's stock prices.

* TJX Elliott Wave Technical Analysis – Daily Chart*

On the daily chart, TJX is currently exhibiting an impulsive, motive wave pattern, specifically within Minute wave {v}. This wave is crucial as it suggests a continued upward momentum following the establishment of a bottom in wave {iv}. The target for equality between wave {v} and wave {i} is projected at $108, indicating significant upside potential.

* TJX Elliott Wave Technical Analysis – 4Hr Chart*

Zooming into the 4-hour chart, TJX is progressing through Wave (i) of Minute {v}. The focus is on the upcoming wave (iii), which is known for its typically strong upward drive. A critical price point to monitor is the $100 level, where a conclusive break above the (b) wave high will validate bullish sentiments and open the door for positioning long trades.

Technical Analyst : Alessio Barretta

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May 8

GBPJPY Elliott Wave Analysis Trading Lounge Day Chart,

British Pound/Japanese Yen(GBPJPY)Day Chart

GBPJPY Elliott Wave Technical Analysis

FUNCTION:Counter Trend

MODE:Corrective

STRUCTURE: blue wave 2

POSITION: black wave A of 4

DIRECTION NEXT LOWER DEGREES blue wave 3

DETAILS: blue wave 1 of A looking completed at 191.361, now blue wave 2 of A is in play . Wave Cancel invalid level: 200.575

The GBP/JPY Elliott Wave Analysis for the Day Chart outlines the current corrective wave patterns that are shaping the movement of the British Pound against the Japanese Yen, indicating the potential for future directional changes.

### Function

The function of the analysis is "Counter Trend," suggesting that the market is currently in a corrective phase that runs against the primary trend.

### Mode

The mode is "Corrective," indicating that the current wave structure involves complex patterns, often seen during periods of market consolidation or trend reversal.

### Structure

The structure is described as "blue wave 2" within "black wave A of 4." This suggests that the market is undergoing a correction within the context of a broader wave pattern, signaling a potential turning point before the primary trend resumes.

### Position

The current position is noted as "black wave A of 4," indicating that the first wave within the correction phase has been completed. This marks a transitional phase in the overall wave structure, suggesting a possible continuation of the corrective pattern before entering the next major trend.

### Direction for the Next Lower Degrees

The next lower degrees indicate "blue wave 3," pointing towards the continuation of the corrective structure. This could lead to further consolidation or a new trend direction once the current phase is completed.

### Details

In the details section, the analysis suggests that "blue wave 1 of A" is completed at 191.361. This indicates that the first wave within the larger corrective structure has ended. The market is now in "blue wave 2 of A," signifying a period of consolidation or correction before transitioning to the next wave, potentially "blue wave 3."

The wave cancellation or invalidation level is set at 200.575, indicating the critical point where the current wave structure could be invalidated, requiring re-evaluation of the analysis.

In summary, the GBP/JPY Elliott Wave Analysis for the Day Chart points to a corrective structure with "blue wave 2" in play within "black wave A of 4." After completing "blue wave 1 of A," the market is in a consolidation phase, with the possibility of a new trend or continued correction in "blue wave 3." The wave cancellation level at 200.575 is a key point to monitor for invalidation of the current wave structure.

GBPJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart,

British Pound/Japanese Yen(GBPJPY) 4 Hour Chart

GBPJPY Elliott Wave Technical Analysis

FUNCTION:Counter Trend

MODE:Corrective

STRUCTURE: blue wave 2

POSITION: black wave A

DIRECTION NEXT LOWER DEGREES blue wave 3

DETAILS: blue wave 1 of A looking completed at 191.361, now blue wave 2 of A is in play . Wave Cancel invalid level: 200.575

The GBP/JPY Elliott Wave Analysis for the 4-Hour Chart focuses on the corrective wave patterns currently shaping the movement of the British Pound against the Japanese Yen, indicating the potential for future trends and directional changes.

### Function

The function of the analysis is "Counter Trend," indicating that the market is currently in a correction phase, suggesting a deviation from the primary market trend.

### Mode

The mode is "Corrective," highlighting that the current wave pattern is a complex, non-linear movement within the broader market structure. Corrective waves often indicate a pause or consolidation before the primary trend resumes.

### Structure

The structure is defined as "blue wave 2" within "black wave A," signifying a corrective wave within a larger impulsive wave. This configuration suggests that the market is in the early stages of a potential trend reversal or consolidation before moving into the next phase.

### Position

The current position within the wave structure is identified as "black wave A," indicating the start of a new impulsive sequence following a prior correction. This suggests that the market is transitioning into a new phase after completing a correction.

### Direction for the Next Lower Degrees

The direction for the next lower degrees is set as "blue wave 3," indicating that once the current corrective wave (blue wave 2) concludes, the market is expected to enter an impulsive movement, signaling a new trend or continuation of the prior trend.

### Details

In the details section, the analysis notes that "blue wave 1 of A" is looking completed at 191.361, suggesting that the initial wave within the corrective structure has concluded. Now, "blue wave 2 of A" is in play, indicating that the second wave within the corrective phase is ongoing. This phase could see a period of consolidation or correction before the trend resumes.

The wave cancellation or invalidation level is set at 200.575, signifying a critical threshold. If the market exceeds this level, the current wave structure becomes invalid, requiring a re-evaluation of the wave patterns.

In summary, the GBP/JPY Elliott Wave Analysis for the 4-Hour Chart indicates a corrective structure with "blue wave 2" in play within "black wave A." The analysis shows that after completing "blue wave 1 of A," the market is in a consolidation or corrective phase, with the potential for a new trend following "blue wave 3." The wave cancellation level at 200.575 is a key point to monitor for potential invalidation of the current wave structure.

Technical Analyst : Malik Awais

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May 8

ASX: REECE LIMITED - REH Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REECE LIMITED - REH. We have determined that wave (iv)-purple seems to have ended, and wave (v)-purple is being unfolded to push higher, towards the immediate target at around 30.00 - 31.10.

ASX: REECE LIMITED - REH Elliott Wave Technical Analysis

ASX: REECE LIMITED - REH 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, red)
Mode: Motive
Structure: Impulse
Position: Wave (v)-purple of Wave ((v))-green of Wave 3-red
Details: The short-term outlook indicates that Wave (iv)-purple has ended as expected, and wave (v)-purple is being opened to push higher. It is targeting a goal of 31.10, while price sustaining above the 27.05 support level is a significant advantage for this outlook.
Invalidation point: 25.87

ASX: REECE LIMITED - REH Elliott Wave Technical Analysis TradingLounge (4-

Hour Chart)

ASX: REECE LIMITED - REH Elliott Wave Technical Analysis

ASX: REECE LIMITED - REH 4-Hour Chart Analysis

Function: Major trend (Subminuette degree, blue)
Mode: Motive
Structure: Impulse
Position: Wave iii-blue
Details: The shorter-term outlook indicates that wave (iv) has concluded, and waves i and ii-blue have unfolded, and they also appear to have ended. Now is the time for wave iii-blue to unfold and push higher, aiming for an immediate target around 30.00. Maintaining a price above the support level at 27.05 is a significant advantage for this perspective. A decrease below that level indicates that wave ii-blue may extend longer than expected, and thereafter, wave iii-blue will also return to push higher.
Invalidation point: 27.05

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: REECE LIMITED - REH aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.

Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation).

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