tradinglounge

May 8

Elliott Wave Analysis TradingLounge Daily Chart
NEO/ U.S. dollar(NEOUSD)
NEOUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave B
Direction Next higher Degrees: Wave (II) of Impulse
Wave Cancel invalid Level: 9.85
Details: Wave (II) is equal to 61.8% of Wave (I) at 10.71 Level

NEO/ U.S. dollar(NEOUSD)Trading Strategy:
Second wave correction before rising again in the third wave with a flat pattern. The current status is a short-term pullback in wave B before falling again in wave C, so wait for the correction to complete to join the uptrend again.

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




Elliott Wave Analysis TradingLounge H4 Chart
NEO/ U.S. dollar(NEOUSD)
NEOUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave B
Direction Next higher Degrees: Wave (II) of Impulse
Wave Cancel invalid Level: 9.85
Details: Wave (II) is equal to 61.8% of Wave (I) at 10.71 Level

NEO/ U.S. dollar(NEOUSD)Trading Strategy:
Second wave correction before rising again in the third wave with a flat pattern. The current status is a short-term pullback in wave B before falling again in wave C, so wait for the correction to complete to join the uptrend again.

NEO/ U.S. dollar(NEOUSD)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 7

GX Uranium ETF (URA) Elliott Wave Analysis

Function - Counter trend

Mode - Corrective

Structure - Zigzag for 4. Impulse for (A)

Position - Wave 5 of (A)

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

Details - The blue wave 4 triangle has been completed with confirmation above wave (B) high. Wave ‘5’ appears to have begun. Invalidation is now at wave (E) low. Price may retest toward the 30 major level before blue wave ’5’ continues.

The GX URA ETF, known as the Global X Uranium ETF, is an investment fund designed to track the performance of companies involved in the uranium industry. This exchange-traded fund (ETF) offers investors exposure to a diversified portfolio of global uranium mining, exploration, and production companies. With growing interest in nuclear power as a cleaner energy source and the potential for increased demand for uranium, the GX URA ETF provides investors with an opportunity to participate in this sector's growth.

After moving sideways for three months, the URA ETF is attempting an upside breakout as traders add to LONGs and exit SHORTs to extend the bullish impulse sequence that started in August 2022. The price is expected to attempt to reach a new high in 2024. From the Elliott wave perspective, we can expect the price to surpass the February 2024 high.

On the attached daily chart, a clear bullish impulse wave structure emerged from 17.71 in August 2022. It completed the 3rd wave - primary wave 5 (circled in blue) in February 2024 and then moved sideways to complete a triangle structure for the corresponding 4th wave - blue wave 4. The 4th wave - blue wave 5 is now emerging and should reach a new high for the year.

The H4 chart shows the sub-waves of the triangle 4th wave subdivided into five 3-waves within two contracting opposite lines. Primary degree wave 5 (circled in blue) is expected to continue higher toward 36-36. However, the price might pull back toward the 30.00 major level before the rally continues. This forecast will remain valid as long as the price remains above the 27.98 major level.

Technical Analyst : Sanmi Adeagbo

Source : Tradinglounge.com get trial here!

May 7

COST Elliott Wave Analysis Trading Lounge Daily Chart

Costco Wholesale Corp., (COST) Daily Chart

COST Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minor 5

DIRECTION: Upside in Minor 5.

DETAILS: Trading Level 8 at 800$ will provide resistance, looking for a five wave move to unfold in wave 5.

COST Elliott Wave Analysis Trading Lounge 4Hr Chart,

Costco Wholesale Corp., (COST) 4Hr Chart

COST Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {i} of 5.

DIRECTION: Pullback in wave {ii}

DETAILS: Looking for a pullback in wave {ii} to then continue higher and target longs. We seem to be finding support on 720$.

This comprehensive Elliott Wave analysis provides a current and future perspective on Costco Wholesale Corporation (COST), focusing on the potential price movements as indicated by the Elliott Wave theory on the daily and 4-hour charts as of May 7, 2024. Investors and traders can leverage this detailed insight to optimize their market positions.

* COST Elliott Wave Technical Analysis – Daily Chart*

The daily chart of Costco reveals that the stock is currently in an impulsive, motive wave structure, specifically identified as Minor wave 5. This indicates an upward trend with expectations of continuing momentum. The analysis points out that the $800 price level, referred to as TradingLevel8, is expected to act as a significant resistance. In this phase, a five-wave structure within wave 5 is anticipated to unfold, suggesting sustained upward movement.

* COST Elliott Wave Technical Analysis – 4H Chart*

Zooming into the 4-hour chart, Costco is currently positioned in Wave {i} of Minor 5, and a pullback in Wave {ii} is expected. This pullback presents a strategic entry point for traders, with the stock finding preliminary support at the $720 level. Following this correction, a continuation higher in Wave {iii} is likely.

Technical Analyst : Alessio Barretta

Source : Tradinglounge.com

May 7

USD/CAD Elliott Wave Analysis Trading Lounge Day Chart,

U.S.Dollar /Canadian Dollar (USD/CAD) Day Chart

USD/CAD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE:blue wave C

POSITION:black wave E of triangle

DIRECTION NEXT HIGHER DEGREES:red wave 5

DETAILS blue wave B of E completed at 1.37858, now blue wave C is in play . Wave Cancel invalid level:1.38457

The USD/CAD Elliott Wave Analysis for the Day Chart examines the movement of the U.S. Dollar against the Canadian Dollar using Elliott Wave theory, with a focus on the current corrective pattern and its potential implications for future trends.

### Function

The function of this analysis is identified as "Counter Trend," indicating that the overall market movement is currently in a correction phase, suggesting that the broader primary trend may be in the process of reversing or pausing.

### Mode

The mode is described as "Corrective," indicating that the current pattern consists of complex and layered movements typically associated with Elliott Wave's corrective waves. This mode signifies the presence of wave patterns that do not follow straightforward upward or downward trends, often indicating a pause or consolidation in the market.

### Structure

The structure is characterized as a "blue wave C" within a "black wave E of triangle." This structure represents a complex pattern where a triangle formation indicates consolidation and typically leads to a breakout in the final wave, indicating potential directional movement. In this case, the analysis suggests that the market is in the final corrective wave of the triangle.

### Position

The current position in the wave structure is within the "black wave E of triangle," suggesting that the market is approaching the end of a larger consolidation pattern. This position typically leads to a breakout, indicating a potential directional shift once the triangle completes.

### Direction for the Next Higher Degrees

The direction for the next higher degrees is identified as "red wave 5," suggesting that once the current corrective phase within the triangle concludes, the broader trend may resume, leading to an impulsive movement in the market.

### Details

The details section provides specific insights into the ongoing corrective phase. It indicates that "blue wave B of E" completed at 1.37858, suggesting that the second wave of the triangle has finished, leading to the current "blue wave C" in play. The wave cancellation or invalidation level is set at 1.38457, indicating a critical threshold above which the current pattern would be invalidated, suggesting a re-evaluation of the Elliott Wave structure.

In summary, the USD/CAD Elliott Wave Analysis for the Day Chart shows a corrective pattern with a triangle structure in the "black wave E," leading to the final "blue wave C" in play. The completion of this wave may signal a broader trend change, leading to the final red wave 5. The Wave Cancel invalid level at 1.38457 indicates a critical level to watch, suggesting the possible invalidation of the current wave structure if exceeded.

USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour Chart,

U.S.Dollar /Canadian Dollar (USD/CAD) 4 Hour Chart

USD/CAD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: impulsive

STRUCTURE:red wave 2

POSITION:blue wave C

DIRECTION NEXT LOWER DEGREES:red wave 3

DETAILS red wave 1 of C completed at 1.36031, now red wave 2 is in play . Wave Cancel invalid level:1.38457

The USD/CAD Elliott Wave Analysis for the 4-Hour Chart offers a technical perspective on the U.S. Dollar against the Canadian Dollar, using Elliott Wave theory to assess the market structure, current positioning, and potential future trends.

### Function

The function of this analysis is identified as "Counter Trend," indicating that the broader market movement is currently in a corrective phase, potentially against a larger primary trend. This suggests that the current wave structure is temporary and is part of a broader Elliott Wave cycle.

### Mode

The mode is described as "impulsive," indicating that the current corrective phase consists of clear, directional movements typically associated with an Elliott Wave pattern. This mode suggests strong moves within the corrective phase, often leading toward a key reversal point.

### Structure

The structure is categorized as "red wave 2," which is part of a broader pattern that is expected to reverse the current counter trend. This structure indicates that the correction might include smaller waves within it, showing potential changes in market momentum.

### Position

The position within the structure is "blue wave C," suggesting that the current pattern is in the final stage of a larger correction, typically composed of three sub-waves. The completion of this wave might indicate a potential return to a broader impulsive trend.

### Direction for the Next Lower Degrees

The direction for the next lower degrees is "red wave 3," indicating that once the current corrective phase concludes, the market is expected to resume an upward trajectory as part of the impulsive pattern.

### Details

The details section provides key insights into the current state of the wave pattern. It indicates that "red wave 1 of C" completed at 1.36031, suggesting the end of a sub-wave. The current focus is on "red wave 2," which is in play, potentially nearing its completion. The Wave Cancel invalid level is set at 1.38457, indicating that if the market moves above this level, the current wave structure would be invalidated, requiring a re-evaluation of the Elliott Wave pattern.

In summary, the USD/CAD Elliott Wave Analysis for the 4-Hour Chart suggests that the market is currently in a corrective phase ("red wave 2") within a broader impulsive structure ("blue wave C"). The completion of "red wave 1" indicates the start of "red wave 2," which is currently in play. Once completed, the market is expected to move into "red wave 3," suggesting a potential upward trend. The Wave Cancel invalid level of 1.38457 serves as a critical point for confirming the current wave structure.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

May 7

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. Maintaining a price above 172.49 would be a significant advantage for this outlook.

Invalidation point: 140.50

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 suggests that wave (ii)-purple has just ended, and wave (iii)-purple may be unfolding to push higher. However, there's some uncertainty regarding whether wave (ii) has truly concluded. Therefore, it would be preferable to see the price continue to push slightly higher to clarify this perspective. Following that, I would need to observe an ABC correction to prepare for finding a trade setup with better entry and stop levels than the current ones.
Invalidation point: 172.49

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 7

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.


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 6

TXN Elliott Wave Analysis Trading Lounge Daily Chart,

Texas Instruments Inc., (TXN) Daily Chart

TXN Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minor 3

DIRECTION: Upside in Minor 3.

DETAILS: Looking for at least equality of 3 vs. 1 as upside target, to eventually turn into an ABC in the worst of scenarios.

TXN Elliott Wavse Analysis Trading Lounge 4Hr Chart,

Texas Instruments Inc., (TXN) 4Hr Chart

TXN Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {ii} of 3.

DIRECTION: Upside in {iii}.

DETAILS: Looking for acceleration in wave {iii}, with closing volume on Friday suggesting a bullish move to the upside.

This detailed Elliott Wave analysis focuses on Texas Instruments Incorporated (TXN) as observed in both the daily and 4-hour charts on May 6, 2024. Our analysis aims to provide investors and traders with actionable insights into the stock’s current trends and potential future movements.

*TXN Elliott Wave Technical Analysis – Daily Chart*

The daily chart for TXN reveals that the stock is currently in an impulsive, motive wave pattern, identified as Minor wave 3. This suggests a strong upward trend, indicating potential for significant

gains. The analysis targets at least equality between wave 3 and wave 1, pointing towards a robust upside potential. In less favorable scenarios, this movement might evolve into an ABC correction pattern, but the primary expectation remains bullish.

* TXN Elliott Wave Technical Analysis – 4H Chart*

Diving deeper into the 4-hour chart, TXN is positioned in Wave {ii} of Minor 3, forecasting an upcoming surge in Wave {iii}. The closing volume on the previous trading day (Friday) indicated a significant bullish sentiment, which aligns with expectations for an acceleration in Wave {iii}. This provides an excellent setup for traders looking to capitalize on the next upward move.

Technical Analyst : Alessio Barretta

Source : Tradinglounge.com get trial here!

May 6

Cocoa Elliott Wave Analysis
Function - Counter-trend
Mode - Corrective
Structure - Not yet defined
Position - Blue wave ‘a’
Direction - Blue wave ‘b’
Details - Bearish impulse from the top appears to have completed the last leg. The current bounce for blue wave ‘b’ can extend toward the 10,000 key resistance.

Cocoa, after reaching an all-time high, has undergone a substantial decline, marking its most significant price drop since September 2022. This descent signals a pivotal shift in market sentiment, hinting at further downward movement in the ensuing weeks. However, amidst this bearish momentum, there exists the possibility of a temporary rebound, potentially leading to a retest of the crucial 10,000 major level. In this comprehensive analysis, we aim to delve into both the long-term and medium-term trajectory of this commodity.

Examining the daily chart reveals a remarkable rally of over 420% from its September 2022 low of 2198 to achieve a fresh all-time high through an evident impulse wave. Before this surge, the price exhibited sideways movement for approximately six months. Presently, the ongoing decline from the peak appears to be forming the culmination of an impulse wave on the H4 charts. Consequently, we anticipate the emergence of either a continuation of this downward impulse or, at the very least, a corrective 3-wave pullback, potentially manifesting as a flat or zigzag pattern, with the latter being the more probable scenario.

On the H4 chart, the impulse from the all-time high seems to be nearing completion with wave (v). Alternatively, it's plausible that the current upward movement could be part of wave (v), suggesting that the impulse for blue wave ‘a’ may extend further downwards. Regardless, it is anticipated that following this impulse, a corrective bounce for blue wave ‘b’ will likely occur, possibly reaching the 10,000 mark or its vicinity, before the subsequent downward impulse unfolds.

The intensity of the third leg of this pattern will play a decisive role in determining whether a zigzag (blue wave ‘c’) or an impulse (blue wave ’3’) materializes from the peak. Should the third leg terminate at or before the 161.8% Fibonacci extension level, particularly around the 100% mark, the likelihood of a zigzag pattern increases. Conversely, if the extension surpasses the 161.8% threshold, the probability of an impulse wave strengthens. The latter scenario portends a deeper sell-off compared to the former, indicating the potential for a more pronounced downward movement in the market.

Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!

May 6

NZDUSD Elliott Wave Analysis Trading Lounge Day Chart,

New Zealand Dollar/U.S.Dollar(NZDUSD) Day Chart

NZDUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE: red wave 3

POSITION: blue wave 1

DIRECTION NEXT HIGHER DEGREES: red wave 4

DETAILS red wave 2 of 1 looking completed at 0.58748, now red wave 3 of 1 is in play . Wave Cancel invalid level: 0.58748

The NZD/USD Elliott Wave Analysis for the Day Chart provides a technical examination of the New Zealand Dollar against the U.S. Dollar, focusing on Elliott Wave patterns to predict market trends and determine key levels of market movement. This analysis encompasses the function, mode, structure, position, and key details relevant to understanding the current market phase.

### Function

The function is identified as "Trend," suggesting that the broader market movement is expected to continue in a general direction, likely upward, with the use of Elliott Wave theory to guide this interpretation.

### Mode

The mode is described as "impulsive," indicating that the current structure is part of a larger upward momentum, typically consisting of five sub-waves. This pattern suggests that the market is currently experiencing a drive toward higher levels, with minor corrective phases along the way.

### Structure

The structure is categorized as "red wave 3," signifying that this is the third wave within a broader Elliott Wave pattern. Impulsive structures, like wave 3, often represent the strongest and most directional phases of a trend.

### Position

The position within the structure is "blue wave 1," indicating that the current pattern represents an initial upward thrust in the broader trend. This implies that the market has resumed its upward trajectory following the completion of "red wave 2 of 1," suggesting a continuation of the overall impulsive trend.

### Direction for the Next Higher Degrees

The direction for the next higher degrees is "red wave 4," indicating that after the completion of "red wave 3," a smaller corrective phase is anticipated, followed by further upward movement.

### Details

The details section highlights that "red wave 2 of 1" is either completed or very close to completion at a level of 0.58748, suggesting that the corrective phase has concluded. With "red wave 3 of 1" currently in play, the market is expected to continue its upward momentum. The Wave Cancel invalid level is set at 0.58748, indicating that a move below this level would invalidate the current wave structure, necessitating a re-evaluation of the Elliott Wave pattern.

In summary, the NZD/USD Elliott Wave Analysis for the Day Chart indicates an impulsive upward trend, with "red wave 3 of 1" leading the current movement. The analysis suggests that this wave will continue its upward trajectory, with a subsequent correction in "red wave 4" before resuming its broader trend. The Wave Cancel invalid level at 0.58748 is a critical point for determining if the current trend remains valid.

NZDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart,

New Zealand Dollar/U.S.Dollar(NZDUSD) 4 Hour Chart

NZDUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: corrective

STRUCTURE: black wave 2

POSITION: red wave 3

DIRECTION NEXT HIGHER DEGREES: black wave 3

DETAILS black wave 1 of 3 looking completed at 0.60486, now black wave 2 of 3 is in play . Wave Cancel invalid level: 0.58748

The NZD/USD Elliott Wave Analysis for the 4-Hour Chart provides insights into the market behavior of the New Zealand Dollar against the U.S. Dollar, using the Elliott Wave theory to identify patterns, trends, and key market levels. This summary focuses on the overall function, mode, structure, and position within the Elliott Wave cycle, while emphasizing crucial details that define the current market situation.

### Function

The function of the current wave pattern is classified as "Trend," indicating that the overall market direction is part of a broader Elliott Wave sequence. This suggests that the trend is generally upward, with corrections occurring within this larger trend.

### Mode

The mode is described as "corrective," indicating that the ongoing wave structure represents a period of consolidation or retracement within a broader impulsive trend. Corrective waves typically consist of three sub-waves and suggest a temporary pullback before the trend resumes.

### Structure

The structure is identified as "black wave 2," indicating that the current corrective wave is part of a larger Elliott Wave pattern. This implies that the trend is undergoing a pause or consolidation phase after the completion of "black wave 1."

### Position

The position within the structure is "red wave 3," suggesting that the broader trend is experiencing a corrective phase, but with an overall upward direction. This indicates that "red wave 3" has completed its initial phase, with "black wave 2" currently in play.

### Direction for the Next Higher Degrees

The direction for the next higher degrees is "black wave 3," indicating that once the current corrective phase completes, the trend is expected to continue its upward momentum.

### Details

The details section specifies that "black wave 1 of 3" appears to have completed at 0.60486, indicating that the initial impulsive wave of the broader trend has ended. Currently, "black wave 2 of 3" is in play, suggesting a corrective or sideways movement before the trend resumes. The Wave Cancel invalid level is set at 0.58748, indicating that if the market price drops below this level, the existing wave structure may be invalidated, suggesting a possible shift in market direction.

In summary, the NZD/USD Elliott Wave Analysis for the 4-Hour Chart indicates a broader upward trend with a temporary corrective phase (black wave 2 of 3). This phase is expected to end soon, with a continuation of the impulsive trend. The Wave Cancel invalid level at 0.58748 serves as a critical threshold, guiding further analysis and adjustments to the Elliott Wave structure if breached.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

May 6

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.

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
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 100.60. It's crucial for the price to consistently remain above the level of 86.77 to support this perspective.
Invalidation point: 86.77

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 ((1))-red of Wave iii-blue

Details: The short-term outlook indicates that wave ii-blue has just ended, and wave iii-blue is now unfolding to push higher, targeting the immediate target around $100.00. It's important for the price to consistently remain above the $88.42 level to support this view.

Invalidation point: 88.42

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 6

Elliott Wave Analysis TradingLounge Daily Chart
TRON/ U.S. dollar(TRXUSD)
TRXUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Direction Next higher Degrees: wave I of Impulse
Wave Cancel invalid Level:
Details: Wave IV may be complete and the price increase again in Wave V.

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

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

Elliott Wave Analysis TradingLounge H4 Chart
TRON/ U.S. dollar(TRXUSD)
TRXUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Direction Next higher Degrees: wave I of Impulse
Wave Cancel invalid Level:
Details: Wave IV may be complete and the price increase again in Wave V

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

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

Source : Tradinglounge.com get trial here!

May 4

NASDAQ Stock market Elliott Wave analysis and trading strategies: NASDAQ 100, SP500, Bitcoin, Ethereum, Apple (AAPL), Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT), Meta Platforms (META), Netflix (NFLX), Alphabet (GOOGL)

Elliott Wave Analysis of NDX Tech Stocks: NASDAQ 100 and SP500 Wave (4) low being in place strengthens day by day and we can continue to build long positions across many markets such as Bitcoin and crypto tokens. Apple's earnings also injected strength into the tech sector, some of the stocks were quite flat such as AMZN, META, TSLA and NFLX, however they continue to create Elliott wave Impulse waves higher so we are on the right track and can expect Monday to end higher also.

Video Chapters
00:00 NASDAQ 100 (NDX) SP500 (SPX)
06:02 Bitcoin, Ethereum
09:09 Apple (AAPL)
12:35 Amazon (AMZN)
13:06 NVIDIA (NVDA)
14:58 Meta Platforms (META)
15:46 Netflix (NFLX)
17:20 Alphabet (GOOGL)
19:27 Microsoft MSFT
20:18 Tesla (TSLA)
21:22 End

Analyst Peter Mathers TradingLounge

May 3

Gold Elliott Wave Analysis
Function - Trend
Mode - Impulse
Structure - Impulse wave
Position -Wave 4
Direction - Wave 5
Details - Wave 5 still struggles around the Fibonacci support zone. A diagonal seems to be developing for blue wave ‘c’ of 4. Still needs a sharp break out of the diagonal for wave 5 to begin. Invalidation remains at 2245.17.

Gold’s price trajectory stands as a resolute testament to bullish sentiment, with a clear resurgence in the long-term uptrend since its nadir in September 2024, bottoming out at 1616. Since this pivotal low, the precious metal has demonstrated remarkable resilience, marking a gain exceeding 40%. Yet, a correction in this bullish trajectory commenced on April 12, 2024. Noteworthy is the corrective nature of this pullback, hinting that it is merely a transient pause before the commodity recommences its ascent to new highs.

Delving into the daily chart through an Elliott wave lens, the 1616 bottom signifies the completion of the supercycle degree wave (IV). The ensuing rally represents wave (V) of the same degree, unfolding in an impulse fashion. The initiation of wave III of (IV) from the October 2023 low at 1810 has progressed in a robust impulse, presently navigating the intermediate wave (3) within primary wave 3 (blue circled). Therefore, ample runway remains before the culmination of wave (V). Simplifying our analysis, attention is best directed towards the intermediate wave (3), currently undergoing a corrective phase labeled as wave 4, projected to find support within the 2315.5-2246 Fibonacci zone.

Turning to the H4 chart, two potential corrective scenarios emerge:

1st Scenario

The first scenario illustrates a zigzag pattern originating from the 2432 peak. Here, blue wave ‘c’ completes an ending diagonal, with confirmation of bullish momentum anticipated at 2353 for the onset of wave 4. However, this diagonal would be invalidated if prices dip below 2258.9.

2nd Scenario

Conversely, the second scenario portrays a double zigzag structure unfolding from the 2432 peak, possibly extending to the 38.2-50% Fibonacci retracement range of wave 3 at 2246-2191 before wave 4 concludes and wave 5 initiates.

In summation, while Gold’s price trajectory remains bullish, it currently experiences a corrective setback. A breach above 2353 would favor the first scenario, whereas a breach below 2258.8 would nullify it, ushering in the second scenario, projected to find support within the 2246-2191 zone. After wave 4, the resumption of wave 5 should propel prices to fresh highs.

Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!

May 3

GBPUSD Elliott Wave Analysis Trading Lounge Day Chart,

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

GBPUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: corrective

STRUCTURE: red wave 2

POSITION: blue wave 1

DIRECTION NEXT HIGHER DEGREES: red wave 3

DETAILS: red wave 2 is in play and looking near to end . Wave Cancel invalid level: 1.22954

The GBP/USD Elliott Wave Analysis for the Day Chart examines the British Pound against the U.S. Dollar, using Elliott Wave theory to interpret market trends, corrective phases, and wave structure. This summary focuses on the broader context, highlighting the mode, structure, position, and key levels that define the current wave pattern.

### Function

The function of the ongoing pattern is classified as "Trend," indicating that the overall market direction is moving in a continuous pattern, suggesting a broader Elliott Wave cycle.

### Mode

The mode is described as "corrective," indicating that the current wave structure represents a consolidation phase within a broader trend. Corrective phases typically involve three smaller waves, indicating a temporary pause or sideways movement before the trend resumes.

### Structure

The structure identified is "red wave 2," suggesting that the current corrective wave is part of a broader Elliott Wave sequence. Corrective structures are typically a series of three smaller waves, often indicating a period of consolidation within a larger trend.

### Position

The position within the structure is "blue wave 1," indicating that the ongoing corrective pattern is part of a larger wave sequence. This implies that the broader trend, represented by blue wave 1, is currently undergoing a consolidation phase before likely resuming its trend.

### Direction for the Next Higher Degrees

The direction for the next higher degrees is "red wave 3," indicating that once the current corrective phase (red wave 2) is complete, the market is expected to resume its impulsive trend, leading to further price movement.

### Details

The details section notes that "red wave 2" is currently in play and appears to be nearing its end. The Wave Cancel invalid level is set at 1.22954, suggesting that if the market price drops below this level, the current wave structure may be invalidated, indicating a potential shift in trend.

In summary, the GBP/USD Elliott Wave Analysis for the Day Chart indicates that the market is in a corrective phase (red wave 2) within a broader trend (blue wave 1). This phase is likely approaching its end, with the subsequent impulsive phase (red wave 3) expected to begin soon. The Wave Cancel invalid level at 1.22954 acts as a critical threshold; if the price falls below this level, the existing wave pattern may be invalidated, necessitating a reevaluation of the broader trend and market direction.

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: Corrective

STRUCTURE: red wave 2

POSITION: blue wave 1

DIRECTION NEXT HIGHER DEGREES: red wave 3

DETAILS: red wave 2 is in play and looking near to end . Wave Cancel invalid level: 1.22957

The GBP/USD Elliott Wave Analysis for the 4-Hour Chart provides a detailed examination of the British Pound against the U.S. Dollar, focusing on the Elliott Wave structure to determine the trend, mode, and current wave position. It also outlines key levels to monitor for validating or invalidating the ongoing wave pattern.

### Function

The function of the current market pattern is identified as "Trend," indicating that the general direction of the market is following a continuous movement, suggesting that the structure represents a larger wave cycle within the Elliott Wave framework.

### Mode

The mode is "Corrective," indicating that the structure in play represents a correction within a larger trend, often characterized by sideways or counter-trend movements. This correction phase typically follows impulsive waves, allowing the market to consolidate before resuming its broader trend.

### Structure

The structure highlighted is "red wave 2," suggesting that the current wave pattern is in a corrective phase of the broader trend. Corrective structures often involve three sub-waves, indicating a pause or consolidation before a return to the trend.

### Position

The position within the structure is "blue wave 1," indicating that the current corrective pattern (red wave 2) is part of a larger wave cycle. This suggests that the broader trend, represented by blue wave 1, is experiencing a temporary consolidation phase.

### Direction for the Next Higher Degrees

The direction for the next higher degrees is "red wave 3," indicating that once the corrective phase completes, the market is expected to resume its impulsive trend, likely leading to further upward movement.

### Details

The details section notes that "red wave 2" is in play, indicating that the corrective phase is ongoing and appears to be approaching its end. The Wave Cancel invalid level is set at 1.22954, suggesting that if the market price falls below this level, the current wave structure may be invalidated, signaling a potential shift in trend.

In summary, the GBP/USD Elliott Wave Analysis for the 4-Hour Chart suggests that the market is currently in a corrective phase (red wave 2) within a broader trend (blue wave 1). The corrective structure appears to be approaching its conclusion, with the next impulsive phase (red wave 3) expected to start soon. The Wave Cancel invalid level at 1.22957 serves as a crucial benchmark, indicating that if the price drops below this level, the corrective structure may be invalidated, requiring a reassessment of the wave pattern and the broader market trend.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

May 3

ASX: BLOCK INC. - SQ2 Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with BLOCK INC. - SQ2. We confirm a trading opportunity when wave ii-blue is unfolded to push lower, then the focus will be on the push higher with wave iii-blue.

ASX: BLOCK INC. - SQ2 Elliott Wave Technical Analysis

ASX: BLOCK INC. - SQ2 1D Chart (Semilog Scale) Analysis

Function: Major trend (Intermediate degree, blue)
Mode: Motive
Structure: Impulse
Position: Wave 3-red of Wave (3)-blue
Details: The short-term outlook suggests that wave 2-red appears to have ended, and wave 3-red is being opened to push higher. Increasing above the level of 122.67 would renews and significantly increases confidence in this outlook.
Invalidation point: 103.84

Elliott Wave Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation)

ASX: BLOCK INC. - SQ2 Elliott Wave Technical Analysis TradingLounge (4-Hour
Chart)

ASX: BLOCK INC. - SQ2 Elliott Wave Technical Analysis

ASX: BLOCK INC. - SQ2 4-Hour Chart Analysis

Function: Major trend (Minute degree, green)
Mode: Motive
Structure: Impulse
Position: Wave i-blue
Details: The further short-term outlook suggests that wave 2-red has completed in the form of a Double Zigzag, and wave 3-red is returning to push higher. Currently, it is subdividing into wave i-blue, and this wave i appears to be nearing completion, allowing wave ii-blue to unfold lower. Subsequently, wave iii-blue will likely return to push significantly higher. We will continue to monitor SQ2 closely and look for trade setups when wave ii unfolds.
Invalidation point: 103.84

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: BLOCK INC. - SQ2 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 3

Elliott Wave Analysis TradingLounge Daily Chart,

Binance/ U.S. dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Triangle

Position: Wave ((E))

Direction Next higher Degrees: wave 4

Wave Cancel invalid level: 508

Details: Correction in Triangle pattern before rising again in Wave 5.

Binance/ U.S. dollar(BNBUSD)Trading Strategy:

The short-term correction in Wave 4 with the Triangle pattern continues. in wave E before an increase in wave 5, so wait for the correction to complete to look for opportunities to join the trend again.

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

Elliott Wave Analysis TradingLounge H4 Chart,

Binance/ U.S. dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Triangle

Position: Wave ((E))

Direction Next higher Degrees: wave 4

Wave Cancel invalid level: 508

Details: Correction in Triangle pattern before rising again in Wave 5.

Binance/ U.S. dollar(BNBUSD)Trading Strategy:

The short-term correction in Wave 4 with the Triangle pattern continues. in wave E before an increase in wave 5, so wait for the correction to complete to look for opportunities to join the trend again.

Binance/ U.S. dollar(BNBUSD)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 2

WTI Elliott wave analysis
Function - Counter-trend
Mode - Corrective
Structure - Triple Zigzag
Position - Wave X of triple zigzag
Direction - Wave Y of the triple zigzag
Details -Double zigzag for wave X entered the Fibonacci support base to find support after marginally surpassing the 80 major level. It may go deeper in the zone but should not exceed the invalidation level 75.49. A reaction upwards is expected from the zone.

The US Crude Oil has been shedding prices since April 12, 2024. Since then, the commodity has lost nearly 10% in value. The fall followed a 4-month, 29% rally that started in December 2023. The question is whether the commodity will resume the recovery from December or if all of it will be lost in the coming weeks/months.

The daily chart captures the bearish cycle that retraces the strong impulse rally between the Covid time and the March 2022 peak of the Russia-Ukraine war. This retracement, as shown, is emerging into a double zigzag pattern - labeled W-X-Y (circled in blue) of the primary degree. Price is currently in the last leg - blue wave Y, which is also subdivided into (A)-(B)-(C) zigzag structure of the intermediate degree.

A closer look shows wave (B) is ongoing and has completed a double zigzag. However, one more rally is likely to surface for a triple zigzag. So, we are torn between a double and triple zigzag for (B). One has to be invalidated for the other to be valid. If it’s a double zigzag, the current decline from Y should break the channel downwards and complete an impulse. However, if the current dip completes another corrective structure and price responds sharply upside, a triple zigzag will be favored. Therefore, we need to investigate the current dip on the H4 chart.

The H4 chart shows a double zigzag emerging from wave Y. The commodity should find support between the 79.23 and 76.90 Fibonacci areas and react sharply upside for wave Z to complete a triple zigzag. This is the preferred count. However, if a significant rebound doesn’t happen at the zone and the decline continues below 75.49, we can refer to the drop from Y as an impulse and take wave (B) to have ended at 87.63 with a double zigzag structure.

Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!

May 2

USDJPY Elliott Wave Analysis Trading Lounge Day Chart,

U.S.Dollar/Japanese Yen(USDJPY) Day Chart

USDJPY Elliott Wave Technical Analysis

FUNCTION: Trend

MODE:impulsive

STRUCTURE:black wave 5

POSITION: red wave 5

DIRECTION NEXT HIGHER DEGREES: black wave 5 ( started)

DETAILS black wave 4 looking completed at 152.970 . Now black wave 5 is in play. Wave Cancel invalid level: 152.970

The USD/JPY Elliott Wave Analysis for the Day Chart examines the market behavior of the U.S. Dollar against the Japanese Yen using Elliott Wave Theory to determine its trend, mode, and structure. This analysis provides insights into the current and upcoming wave patterns and highlights key levels to watch.

### Function

The function of the current market pattern is "Trend," indicating that the structure represents a continuation of a directional movement rather than a correction or reversal. This trend function suggests that the market is in a strong and sustained movement.

### Mode

The mode is described as "impulsive," indicating that the price action is characterized by sharp and strong movements in a specific direction. Impulsive waves generally consist of five sub-waves and are typically indicative of a clear trend.

### Structure

The structure in play is the "black wave 5," which represents the final wave in an impulsive sequence. This usually leads to the culmination of the current trend and is often followed by a significant correction or reversal.

### Position

The position within the structure is "red wave 5," which is a component of the broader black wave 5. This position indicates that the market is in the final stages of the current impulsive move, suggesting that a correction or change in trend could follow once this wave completes.

### Direction for the Next Higher Degrees

The direction for the next higher degrees is also "black wave 5," indicating that the broader trend is still active, suggesting that there's more upward potential within this final impulsive wave.

### Details

The details section highlights that "black wave 4" was completed at 152.970, signaling the end of the corrective phase and the beginning of black wave 5. This wave is now in play, indicating that the final leg of the current trend has started. The Wave Cancel invalid level is also set at 152.970, implying that if the price falls below this level, the Elliott Wave structure might be invalidated, indicating a possible change in the trend's dynamics.

In summary, the USD/JPY Elliott Wave Analysis for the Day Chart suggests that the market is in the final stages of an impulsive trend (black wave 5), with "red wave 5" underway. The completion of "black wave 4" at 152.970 signals the start of the final impulsive phase, indicating that a correction or reversal could follow after black wave 5 completes. The Wave Cancel invalid level at 152.970 serves as a critical threshold for monitoring the validity of the current wave structure, guiding traders in their analysis and strategy.

USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart,

U.S.Dollar/Japanese Yen(USDJPY) 4 Hour Chart

USDJPY Elliott Wave Technical Analysis

FUNCTION: Trend

MODE:impulsive

STRUCTURE:black wave 5

POSITION: red wave 5

DIRECTION NEXT HIGHER DEGREES: black wave 5 ( started)

DETAILS black wave 4 looking completed at 152.970 . Now black wave 5 is in play. Wave Cancel invalid level: 152.970

The USD/JPY Elliott Wave Analysis for the 4 Hour Chart focuses on the U.S. Dollar's performance against the Japanese Yen. It uses Elliott Wave Theory to explain the current market structure and its expected direction, providing insights into potential trading opportunities and risks.

### Function

The analysis indicates that the current market function is "Trend," suggesting that the structure represents a continuation of an existing trend rather than a correction or reversal. This trend function generally involves a sequence of impulsive waves, indicating a strong directional move.

### Mode

The mode is classified as "impulsive," indicating that the price action is characterized by a rapid and significant movement, typically composed of five distinct waves within the Elliott Wave framework. This impulsive mode suggests a clear and strong trend direction.

### Structure

The structure is identified as "black wave 5," indicating that the current wave is the final wave of an impulsive sequence. This typically leads to a more significant correction or a change in trend direction after it completes.

### Position

The position is described as "red wave 5," which is part of the larger black wave 5, suggesting that the market is in the final stages of the broader impulsive trend. This position indicates a potential end to the current upward trend, with a subsequent correction or reversal expected.

### Direction for the Next Higher Degrees

The direction for the next higher degrees is also "black wave 5," indicating that the broader trend is still underway, suggesting more room for upward movement.

### Details

In the details section, it is noted that "black wave 4" was completed at 152.970, indicating that the corrective phase has ended, and the final black wave 5 is now in play. The Wave Cancel invalid level is also set at 152.970, meaning that if the price crosses this level, the current Elliott Wave structure could be invalidated, suggesting a change in trend dynamics.

In summary, the USD/JPY Elliott Wave Analysis for the 4 Hour Chart suggests that the market is in the final stages of an impulsive trend (black wave 5), with "red wave 5" underway. The black wave 4 was completed at 152.970, signaling the end of the correction and the beginning of the final impulsive phase. The Wave Cancel invalid level is also set at 152.970, serving as a critical threshold for monitoring the validity of the current Elliott Wave structure. This analysis can help traders understand the current trend and anticipate potential market changes.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

May 2

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

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

ASX: MINERAL RESOURCES LIMITED - MIN Elliott Wave Technical Analysis

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

Function: Major trend (Minuette degree, purple)
Mode: Motive
Structure: Impulse
Position: Wave ((3))-red of Wave iii-blue of Wave (iii)-purple
Details: The short-term outlook suggests that the ((2))-red wave appears to be nearing its end, and thereafter, the ((3))-red wave may return to push higher. A swift and strong price increase above the 70.95 level will gradually clarify this perspective.
Invalidation point: 61.00

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

ASX: MINERAL RESOURCES LIMITED - MIN Elliott Wave Technical Analysis

ASX: MINERAL RESOURCES LIMITED - MIN 4-Hour Chart Analysis

Function: Major trend (Micro degree, red)

Mode: Motive

Structure: Impulse

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

Details: The shorter-term outlook suggests that wave ((2))-red has just completed, and wave ((3))-red is now unfolding to push higher. This establishes wave ((3))-red of wave iii-blue of wave (i)-purple, indicating that prices are likely to rise significantly.

Invalidation point: 66.31

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: MINERAL RESOURCES LIMITED - MIN 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 2

Elliott Wave Analysis TradingLounge Daily Chart
Tron/ U.S. dollar(TRXUSD)
TRXUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Direction Next higher Degrees: wave I of Impulse
Wave Cancel invalid Level:
Details: Wave IV may be complete and the price increase again in Wave V.

Tron/ U.S. dollar(TRXUSD)Trading Strategy:
Tron's fourth wave correction appears to be complete at the level. 0.1051 and the price is rising again in the fifth wave. But there may be a correction in wave 2 of the fifth wave before increasing. Therefore, the overall price is entering the trend again. Looking for opportunities to open long positions.

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

Elliott Wave Analysis TradingLounge H4 Chart
Tron/ U.S. dollar(TRXUSD)
TRXUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Direction Next higher Degrees: wave I of Impulse
Wave Cancel invalid Level:
Details: Wave IV may be complete and the price increase again in Wave V.

Tron/ U.S. dollar(TRXUSD)Trading Strategy:
Tron's fourth wave correction appears to be complete at the level. 0.1051 and the price is rising again in the fifth wave. But there may be a correction in wave 2 of the fifth wave before increasing. Therefore, the overall price is entering the trend again. Looking for opportunities to open long positions.

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

Source : Tradinglounge.com get trial here!

May 1

Elliott Wave Analysis Indices: Elliott Wave Analysis Indices: SP 500 and Nasdaq 100 Wave (4). No doubt there is bearish pressure on all current Indices patterns and based on that I look at the bearish Elliott wave pattern to lower ground, that said I also look at a slim but possible bullish pattern, that still has a little downside before recovery.

Video Chapters
00:00 SP 500 (SPX) SPY
04:51 NASDAQ (NDX)
08:12 Russell 2000 (RUT) IWM
09:14 DAX 40 (DAX)
11:20 FTSE 100 UKX (UK100)
15:51 S&P/ASX 200 (XJO)
19:01 End

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

May 1

Coffee Elliott Wave Analysis
Function - Counter-trend
Mode - Corrective
Structure - Possible Zigzag for B
Position - Wave B of (Y)
Direction - Wave B of (Y) is still in progress
Details - Wave B is still in progress. It looks to be in the last leg for a zigzag structure. The decline could continue to 207-to-199 before returning upside for wave C.

Coffee prices have embarked on a nuanced journey post the robust impulse breakout witnessed since March 19, signifying a potential completion of a significant phase. Preceding this surge, the commodity had languished within a confined sideways range for a span of three months. The ongoing descent appears poised to persist within the framework of a zigzag structure, setting the stage for an eventual upward trajectory in alignment with the broader resurgence.

Delving into the daily chart reveals the unfolding of a bullish double zigzag pattern originating from 141.85 in January 2023. This intricate pattern likely constitutes the second leg of a larger corrective wave initiated back in February 2022. For analytical simplicity, our focus remains on the double zigzag structure stemming from 141.85, as depicted on the daily chart. Presently, this double zigzag is navigating through its final wave – denoted as primary degree blue wave W. Blue wave W, in turn, unfolds as a double zigzag at the intermediate degree, delineated as waves (W)-(X)-(Y). The preceding three-month consolidation period culminated in the formation of a triangle pattern, notably identified as wave (X), at the 179.35 mark. The ongoing wave Y also appears to be materializing into a double zigzag, with the current downturn representing its second leg, preceding an anticipated upward surge to finalize wave (Y) of blue Y.

Zooming in on the H4 chart accentuates the present retracement, identified as wave B of (Y). This corrective wave is conceivably in the process of completing a zigzag pattern and may discover support within the Fibonacci zone spanning from 207.9 to 199.40. Consequently, a subsequent wave C is anticipated to manifest, propelling prices higher, potentially surpassing the April 18th high.

However, a decisive breach beneath this support zone, coupled with a violation of the 161.8% extension level at 194.3, could herald the emergence of an impulse wave. Such a scenario could entail a more profound corrective pullback, challenging the integrity of the 179.35 low, or even signaling the culmination of wave (Y) at the April 18th peak, paving the way for a broader downturn encompassing primary degree wave Y (blue).

Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!

May 1

AUDJPY Elliott Wave Analysis Trading Lounge Day Chart,

Australian Dollar / Japanese Yen (AUDJPY) Day Chart

AUDJPY Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: impulsive as C

STRUCTURE: blue wave 1

POSITION: blue wave 1

DIRECTION NEXT HIGHER DEGREES: blue wave 2

DETAILS black wave 2 completed at 104.996,now blue wave 1 of black wave C is in play . Wave Cancel invalid level:104.990

The AUD/JPY Elliott Wave Analysis for the Day Chart provides insights into the price action of the Australian Dollar against the Japanese Yen. It explores the wave structure, current positioning, and potential market movements, essential for Elliott Wave analysts and technical traders.

### Function

The analysis defines the function as "Counter Trend," indicating that the current wave pattern opposes the broader market trend. This function typically consists of corrective waves or trend reversals, leading to more complex price action.

### Mode

The mode is characterized as "impulsive as C," suggesting that the wave structure represents an impulsive wave within a corrective phase. This mode is generally composed of five waves, indicating a significant market move.

### Structure

The structure is identified as "blue wave 1," signaling that the current phase is the beginning of a broader impulsive wave within a corrective context. This could be an initial push upward before a subsequent correction and further trend continuation.

### Position

The position is described as "blue wave 1," indicating that the market is in the first wave of a new impulse sequence, suggesting that a larger trend might be forming or reversing.

### Direction for the Next Higher Degrees

The expected direction for the next higher degrees is "blue wave 2," indicating that after the current impulsive wave completes, a corrective phase is likely to follow before the trend continues. This is a key point for traders looking for entry opportunities within a corrective structure.

### Details

The details section provides a deeper look at the wave structure. According to the analysis, "black wave 2" completed at 104.996, with "blue wave 1" of black wave C currently in play. The "Wave Cancel invalid level" is set at 104.990, indicating that if the price crosses this threshold, the current wave structure could be invalidated, suggesting a potential shift in market dynamics.

In summary, the AUD/JPY Elliott Wave Analysis for the Day Chart indicates that the market is in an impulsive phase within a counter-trend context. Black wave 2 completed at 104.996, and blue wave 1 of black wave C is in play, with a potential transition to a corrective phase (blue wave 2) expected. The Wave Cancel invalid level is set at 104.990, providing a critical level for monitoring the validity of the current wave structure. This analysis can be useful for traders and analysts seeking to understand the current market context and predict potential price movements.

AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart,

Australian Dollar / Japanese Yen (AUDJPY) 4 Hour Chart

AUDJPY Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: corrective

STRUCTURE: red wave 2

POSITION: blue wave 1

DIRECTION NEXTLOWER DEGREES: red wave 3

DETAILS red wave 1 of blue wave 1 completed at 101.393 , now red wave 2 is in play . Wave Cancel invalid level:104.966

The AUD/JPY Elliott Wave Analysis for the 4-Hour Chart provides a technical outlook on the movement of the Australian Dollar against the Japanese Yen. It highlights the wave structure, current positioning, and anticipated market direction, which is crucial for traders and analysts.

### Function

The analysis defines the function as "Trend," suggesting that the current market movement follows the prevailing trend rather than opposing it. This function is often characterized by more predictable price action, with clear impulse and corrective waves.

### Mode

The mode is described as "corrective," indicating that the current wave pattern represents a correction within the broader trend. Corrective waves often occur in zigzags, flats, or other complex patterns, serving as a retracement before the trend resumes.

### Structure

The structure is identified as "red wave 2," signaling that the current wave is part of a larger corrective phase within the impulse sequence. This correction phase can offer buying opportunities for trend-following traders.

### Position

The position is "blue wave 1," indicating that the current corrective phase is part of a larger impulse sequence within the broader trend. This position suggests that the market may soon transition from correction to impulse, providing direction for future trades.

### Direction for the Next Lower Degrees

The expected direction for the next lower degrees is "red wave 3," suggesting that once the current corrective phase completes, a new impulse wave (red wave 3) will likely emerge, driving the price movement in a more significant direction.

### Details

The details section sheds light on the current state of the wave structure. According to the analysis, "red wave 1 of blue wave 1" is completed at 101.393. Currently, "red wave 2" is in play, indicating that the market is in the corrective phase of an overall uptrend. The "Wave Cancel invalid level" is set at 104.966, which means that if the price crosses this level, the current wave structure could be invalidated, suggesting a shift in market dynamics.

In summary, the AUD/JPY Elliott Wave Analysis for the 4-Hour Chart suggests that the market is in a corrective phase within a broader trend. Red wave 1 of blue wave 1 is complete, and red wave 2 is now in play, potentially leading to a new impulse phase. The Wave Cancel invalid level is 104.966, providing a key reference point for market invalidation. This analysis is useful for traders seeking to understand the current market context and anticipate future movements.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

May 1

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 maintaining a price above 25.87 is advantageous and provides significant support for this view.
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 ii-blue
Details: The short-term outlook suggests that wave (iv)-purple appears to have concluded, and wave (v)-purple is being initiated. It subdivides into wave i-blue, which has completed, and wave ii-blue is currently unfolding to push slightly lower. Following this, wave iii-blue is expected to resume its upward movement, targeting the immediate goal around 30.00 - 31.10.
Invalidation point: 25.87

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).

May 1

Commodity Market Elliott Wave Analysis for Bitcoin, TLT Bonds, US 10 Yr. Yields, USD/ DXY, Gold, Silver, Copper, Uranium, Crude Oil, Natural Gas

Commodity Market Elliott Wave Analysis Update: Dollar and Yields higher and gold, silver, bitcoin, eth/usd, copper, oil, and gas lower. and we can expect this weakness to continue over the next trading sessions. We also have the Fed's meeting and the Employment figures with the lead in private employment ADP figures in the next session.

Video Chapters
00:00 Bitcoin (BTC) ETH/USD, GBTC ETF
07:54 US Dollar Index, DXY / TLT Bonds. US Gov Bonds 10 Yr Yields
10:40 Precious Metals: Spot Gold XAU /GDX ETF / US Spot Silver XAG
14:54 Base Metals:Lithium, Ore, Uranium URA ETF / Copper /
18:52 Energy: Crude Oil WTI OIL / Natural Gas NG /
23:14 End

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

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