tradinglounge

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

May 1

Elliott Wave Analysis TradingLounge Daily Chart
Pokadot/ U.S. dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave C
Direction Next higher Degrees: wave (II) of Impulse
Wave Cancel invalid level:
Details: Wave II Is equal to 61.8% of Wave I at 5.225

Pokadot/ U.S. dollar(DOTUSD)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.

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

Elliott Wave Analysis TradingLounge H4 Chart
Pokadot/ U.S. dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 4
Direction Next higher Degrees: wave C of Flat
Wave Cancel invalid level:
Details: A short-term pullback in wave 4 before falling again in wave 5.

Pokadot/ U.S. dollar(DOTUSD)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.

Pokadot/ U.S. dollar(DOTUSD)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!

April 30

GX Uranium ETF (URA) Elliott Wave Analysis
Function - Counter trend
Mode - Corrective
Structure - Zigzag for 4. Impulse for (A)
Position - Wave 4 of (A)
Direction - Wave 5 of (A)
Details - Price continues to circle the 30 major level. We can now consider the blue wave ‘4’ of the primary degree to be a triangle Elliott wave pattern. Primary wave ’5’ (blue) is favored to break above 32.5.

The GX Uranium ETF, a specialized exchange-traded fund (ETF), has been meticulously designed to capitalize on opportunities within the uranium industry. Uranium, a fundamental element in the production of nuclear energy, serves as the cornerstone of this ETF's investment strategy. By focusing on companies deeply entrenched in the uranium sector, ranging from miners to producers and exploration firms, the GX Uranium ETF aims to offer investors a conduit to the burgeoning potential of this industry.

Over the past three months, spanning from February to April of 2024, the GX URA ETF has demonstrated a lateral movement in its price action. However, preceding this phase, the ETF embarked on a robust upward trajectory commencing from March 2023, and extending until the onset of February 2024. Remarkably, during this period, the ETF surged by an impressive 77%, only to encounter a sharp downturn, followed by a consolidation phase near the pivotal 30 major level.

A discerning analysis of the daily chart unveils a compelling narrative of bullish momentum characterized by an impulse wave originating from July 2022. This bullish wave culminated in the completion of the third leg, denoted as the primary degree wave 3 (circled blue). Presently, the ETF finds itself ensconced within a lateral movement since the 1st of April, which corresponds to the emergence of the fourth wave, identified as the primary degree wave 4 (circled blue). This consolidation phase, while seemingly stagnant, portends an imminent breakout, heralding the resumption of the bullish trend and the charting of fresh highs for the year 2024.

Zooming in on the H4 chart, the primary degree wave 4 appears to be nearing the culmination of a triangle pattern. Notably, the low of wave (C) serves as the critical level of invalidation, situated at 28.01. Unless the price breaches this crucial threshold, the prevailing bullish sentiment retains its potency, poised to propel the ETF towards its next peak after the completion and subsequent breakout of the triangle pattern, potentially targeting the 32.59 high.

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

April 30

GBPAUD Elliott Wave Analysis Trading Lounge Day Chart,

British Pound/ Australian Dollar (GBPAUD) Day Chart

GBPAUD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE Blue wave 😄

POSITION:black wave 2

DIRECTION NEXT HIGHER DEGREES:black wave 3

DETAILS: red wave C of B looking completed , now blue wave C of 2 is in play . Wave Cancel invalid level: 1.99747

The GBPAUD Elliott Wave Analysis for the Day Chart offers insights into the ongoing corrective movements in the British Pound/Australian Dollar (GBPAUD) pair. This analysis details the current wave structure and provides key information for traders seeking to understand potential trend reversals or continuations.

### Function

The analysis describes the function as "Counter Trend," suggesting that the current market movement opposes the broader trend. This is a critical indication for traders who may be considering short-term trades within a larger trend context.

### Mode

The mode is categorized as "Corrective," which indicates that the current wave pattern is part of a larger correction phase. Corrective waves tend to be more complex and less directional, often comprising various sub-waves that challenge the prevailing trend.

### Structure

The structure is identified as "Blue wave C," indicating that the market is in the final stages of a corrective phase. This phase often precedes a shift in trend direction or the start of a new impulse wave sequence.

### Position

The position within the wave structure is described as "black wave 2." This indicates that the current corrective wave is nearing completion, signaling that a new wave sequence, possibly an impulse wave, might be forming.

### Direction for the Next Lower Degrees

The expected direction for the next lower degrees is "black wave 3." This suggests that after the current corrective phase, there could be a strong impulse wave, leading to significant directional movement in the market.

### Details

The details section provides a deeper look into the current phase of the wave structure. According to the analysis, red wave C of B is considered completed, signaling the end of this specific wave sequence. Now, blue wave C of 2 is in play, indicating that the final corrective wave is unfolding. The "Wave Cancel invalid level" is set at 1.99747, which is a crucial reference point. If the price crosses this level, the current wave structure could be invalidated, suggesting a different interpretation.

In summary, the GBPAUD Elliott Wave Analysis for the Day Chart indicates a counter-trend movement with a corrective mode. The red wave C of B is complete, and the blue wave C of 2 is now in play. The analysis points to a potential shift in market trends, with the invalidation point set at 1.99747. This analysis serves as a guide for traders looking to navigate the corrective phase and anticipate future market trends.

GBPAUD Elliott Wave Analysis Trading Lounge 4 Hour Chart,

British Pound/ Australian Dollar (GBPAUD) 4 Hour Chart

GBPAUD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: impulsive

STRUCTURE Blue wave 😄

POSITION:black wave 2

DIRECTION NEXT LOWER DEGREES:black wave 3

DETAILS: red wave C of B looking completed , now blue wave C of 2 is in play . Wave Cancel invalid level: 1.90459

The GBPAUD Elliott Wave Analysis for the 4-Hour Chart provides insights into the counter-trend movements within the Elliott Wave framework. It outlines the expected wave structures, mode, and invalidation points, indicating areas of potential trend reversal or continuation.

### Function

The analysis specifies the function as "Counter Trend," suggesting that the current market movement is in opposition to the prevailing broader trend. This information is useful for traders looking to identify corrective phases where reversals or minor trends occur.

### Mode

The mode is described as "impulsive," indicating that the market movements are characterized by strong momentum and rapid shifts within the defined wave structure. This behavior is typical during phases where trends exhibit clear directionality.

### Structure

The structure is defined as "Blue wave C," indicating that the analysis is observing the final wave in a corrective sequence. The completion of this wave generally leads to the beginning of a new cycle or a reversal in trend direction.

### Position

The position within the wave structure is "black wave 2." This position signifies a pivotal point within a broader corrective phase, indicating that a new wave sequence might be forming or in progress.

### Direction for the Next Lower Degrees

The expected direction for the next lower degrees is "black wave 3," suggesting that the analysis anticipates a significant shift toward a new impulse wave in the broader trend. This can lead to a strong directional movement in the market.

### Details

The details offer a more in-depth look at the current phase of the wave structure. The red wave C of B is observed to be completed, signaling the end of a specific wave sequence. Now, the blue wave C of 2 is currently in play, suggesting that the final stages of this corrective structure are unfolding. The "Wave Cancel invalid level" is set at 1.90459, which is a crucial point for validating or invalidating the current wave structure. Crossing this level would suggest a different interpretation of the Elliott Wave structure.

In summary, the GBPAUD Elliott Wave Analysis for the 4-Hour Chart points to a counter-trend movement with an impulsive mode. The analysis indicates that red wave C of B has concluded, leading to blue wave C of 2. This shift suggests that the market is nearing the end of the corrective phase, with an invalidation point at 1.90459. The analysis provides a roadmap for traders seeking to understand the current phase and anticipate future market movements.

Technical Analyst : Malik Awais

April 30

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 3-red
Details: The short-term outlook suggests that the 2-red wave appears to have recently completed as a Double Zigzag correction, and the 3-red wave may be ready to push higher. Further upward movement would confirm 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 near-term outlook suggests that the 2-red wave has concluded in the form of a Double Zigzag pattern at the low of 172.49, allowing for the possibility of the 3-red wave to resume and push higher. Currently, it is subdivided into the (i) and (ii)-purple waves, and it appears that the (ii)-purple wave has recently ended. The (iii)-purple wave may now be unfolding to push higher.
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).

Source : Tradinglounge.com get trial here!

April 30

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!

April 29

Soybeans Elliott Wave Analysis
Function - Trend
Mode - Impulse
Structure - Impulse for (5)
Position - Wave 2 of (5)
Direction - Wave 3 of (5)
Details - Wave 2 of (5) may have been completed and the price is currently in 3. A break below 1144 will confirm further provided the current rally does not develop above 1226. Not much has changed since the last update.

In the intricate dance of market movements, April has presented a mixed picture for Soybean prices. The month witnesses an intriguing unwinding of gains accrued in the first half, juxtaposed against a downward trajectory in the latter part. This shift in momentum comes amidst a broader context where, following a recovery phase throughout much of March, Soybean finds itself relinquishing those hard-won gains. The commodity now stands at the precipice, its gaze fixed on breaching key support levels as it appears poised to extend the bearish sequence initiated back in June 2022.

Delving into the daily chart, a compelling narrative emerges. Since June 2022, Soybean has been entrenched in a formidable bearish cycle, commencing at $1785. Over this period, prices have experienced a relentless descent, shedding over 34% along the way. Yet, within this downward spiral lies a deeper story—a correction unfolding against the backdrop of a prior bullish impulse rally that spanned from May 2019 to June 2022. This correction, while tempering short-term optimism, holds the promise of paving the way for a resumption of the long-term bullish trend once its corrective phase reaches its denouement. Nevertheless, the path ahead remains veiled in uncertainty, with the prospect of continued downside correction lingering for several weeks. Through the lens of Elliott wave theory, this corrective cycle manifests as a zigzag pattern denoted by waves A-B-C (circled in blue) of the primary degree, with the current descent representing wave (5) of blue wave C.

Zooming in on the H4 chart, a microcosm of price action unfolds. Here, wave (4) finds its terminus at 1226, heralding the inception of wave (5). The initial salvo of wave 1 of (5) culminates in a diagonal pattern at 1140 in April 2024, preceding the current phase of corrective rebound encapsulated within wave 2. Confirmation of wave 2's conclusion hinges upon the breach of the 1140 threshold, signifying the onset of wave 3. Yet, this anticipated trajectory stands vulnerable to disruption should the ongoing rally breach the high of wave (4) at 1226, thereby invalidating the current wave count. Thus, as Soybean charts its course amid the ebb and flow of market dynamics, the intricacies of Elliott wave analysis offer a lens through which to decipher its unfolding journey.

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

April 29

USD/CHF Elliott Wave Analysis Trading Lounge Day Chart,

U.S.Dollar/Swiss Franc (USD/CHF) Day Chart

USD/CHF Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE: blue wave 5

POSITION: black wave 1

DIRECTION NEXT HIGHER DEGREES:blue wave 5(continue)

DETAILS:blue wave 4 of 1 looking completed at 0.90111,now blue wave 5 of 1 is in play . Wave Cancel invalid level: 0.90111

The USD/CHF Elliott Wave Analysis for the Day Chart provides an overview of the anticipated movements within the Elliott Wave structure, focusing on the prevailing trend, impulsive behavior, and key levels where shifts in market direction may occur.

### Function

The analysis identifies the function as "Trend," indicating that the market is displaying a consistent directional movement. This suggests that traders should be focused on identifying trends and following them to maximize opportunities.

### Mode

The mode is described as "impulsive," indicating rapid, strong movements within the wave structure. This suggests that the current phase is characterized by substantial momentum, which is typically seen in strong trending markets.

### Structure

The structure is defined as "blue wave 5," representing the fifth and final wave in an impulsive sequence. This stage typically marks the culmination of a broader upward or downward trend before a corrective phase ensues.

### Position

The position is noted as "black wave 1," indicating the starting point of a new cycle within the larger structure. This position aligns with a fresh beginning after the completion of a corrective phase or a significant market shift.

### Direction for the Next Higher Degrees

The expected direction for the next higher degrees is "blue wave 5 (continue)," which suggests that the ongoing wave has not yet concluded and is expected to carry on. This continuation can result in significant directional movement.

### Details

The details offer deeper insights into the current phase of the Elliott Wave structure. Blue wave 4 of black wave 1 is seen as complete, signaling the end of a corrective phase. This completion sets the stage for blue wave 5 of black wave 1, indicating a return to impulsive behavior with robust momentum. The "Wave Cancel invalid level" is set at 0.90111, which serves as a key reference point. If the market moves past this level, it would invalidate the current wave structure and require a re-evaluation of the analysis.

Overall, the USD/CHF Elliott Wave Analysis for the Day Chart indicates an ongoing trend with impulsive movements in blue wave 5. The blue wave 4 of black wave 1 has likely ended, suggesting that blue wave 5 of 1 is in play, representing strong market momentum. The wave cancel invalid level at 0.90111 is crucial for confirming or invalidating the current interpretation of the wave structure.

CHF Elliott Wave Analysis Trading Lounge 4 Hour Chart,

U.S.Dollar/Swiss Franc (USD/CHF) 4 Hour Chart

USD/CHF Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: impulsive

STRUCTURE: red wave 3

POSITION: blue wave 5

DIRECTION NEXT LOWER DEGREES:red wave 4

DETAILS:red wave 2 of 5 looking completed or near to end ,now looking for red wave 3 of 5 . Wave Cancel invalid level: 0.90111

The USD/CHF Elliott Wave Analysis for the 4-Hour Chart provides insights into the expected movements within the Elliott Wave structure, offering traders an understanding of the current trend, impulsive behavior, and key levels for potential market shifts.

### Function

The function is defined as "Trend," indicating that the market is demonstrating a clear direction, with the analysis focusing on identifying and understanding this prevailing trend.

### Mode

The mode is labeled as "impulsive," suggesting strong, directional price movements. This characteristic is often associated with sharp upward or downward moves within the Elliott Wave structure, indicative of an ongoing trend.

### Structure

The structure is identified as "red wave 3," pointing to the third wave in the broader Elliott Wave sequence. This phase typically exhibits the strongest momentum and drives the broader trend.

### Position

The position is specified as "blue wave 5," indicating that the analysis centers on a specific sub-wave within the larger structure. This positioning typically aligns with the final phase of an impulsive wave, leading into a corrective wave.

### Direction for the Next Lower Degrees

The expected direction for the next lower degrees is "red wave 4," which generally represents a corrective phase following a significant impulsive move. This direction suggests that once the current impulsive wave concludes, the market may enter a consolidation or retracement period before the next major wave.

### Details

The details offer more granular information about the current structure and its progression. Red wave 2 of 5 is believed to be completed or nearing its end, signaling the conclusion of a corrective phase within blue wave 5. This leads to the anticipation of red wave 3 of 5, suggesting a return to impulsive behavior with significant directional movement. The "Wave Cancel invalid level" is set at 0.90111, indicating that if the market breaches this level, it would invalidate the current wave interpretation, leading to a new analysis of the market's direction.

Overall, the USD/CHF Elliott Wave Analysis for the 4-Hour Chart points toward an ongoing trend with impulsive movement in red wave 3. This suggests a strong upward or downward momentum within the larger Elliott Wave structure, with red wave 2 of 5 either completed or close to its end, indicating the commencement of red wave 3 of 5. The wave cancel invalid level at 0.90111 acts as a key threshold for confirming or invalidating the current wave structure.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

April 29

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) WISETECH GLOBAL LIMITED – WTC. We have determined that wave (iv)-purple has ended and wave (v)-purple is opened to push higher.

ASX: WISETECH GLOBAL LIMITED – WTC Elliott Wave Technical Analysis

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

Function: Major trend (Minute degree, green)
Mode: Motive
Structure: Impulse
Position: 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: 76.48

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, blue)
Mode: Motive
Structure: Impulse
Position: Wave ii-blue

Details: The short-term outlook suggests that the (iv)-purple wave has recently completed, and now it's time for the (v)-purple wave to unfold upwards. It's currently subdividing into the i and ii-blue waves, with the iii-blue wave potentially resuming soon to continue pushing higher, targeting 100.00.
Invalidation point: 86.77

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!

April 29

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 ((D))

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. Because there is still another decrease 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 ((D))

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. Because there is still another decrease 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!

April 27

This analysis provides insights into the Elliott Wave patterns observed in major NASDAQ stocks, including the NASDAQ 100, S&P 500, and key companies like Apple (AAPL), Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT), Meta Platforms (META), Netflix (NFLX), and Alphabet (GOOGL).

Currently, we assess that the Wave (4) low may have been established across these indices, signaling a potential shift to a "Risk On" stance. This scenario suggests that building long positions in most technology stocks could be increasingly viable. However, the inherent risk lies in the possibility that Wave (4) may not yet be fully in place. As a precaution, we continue to manage existing risks carefully. Should the market conditions confirm the placement of Wave (4), we will be better positioned to safely escalate our long trading positions in anticipation of the next upward movement.

Video Chapters
00:00 NASDAQ 100 (NDX) SP500 (SPX)
01:43 Apple (AAPL)
03:26 Amazon (AMZN)
04:18 NVIDIA (NVDA)
05:13 Meta Platforms (META)
05:54 Netflix (NFLX)
06:31 Alphabet (GOOGL)
07:20 Microsoft MSFT
08:00 Tesla (TSLA)
09:20 End

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

April 26

WTI Elliott wave analysis
Function - Counter-trend
Mode - Corrective
Structure - Triple Zigzag
Position - Wave X of triple zigzag
Direction - Wave X of the triple zigzag is still in play
Details - We still count a double zigzag for wave X. Current rally should stay below 85.64 to confirm (b) before turning down for (c) around 79.23-76.90. Invalidation below 75.49 will make us consider an impulse from 87.63 instead. Overall, WTI still supports the medium-term bullish triple zigzag sequence provided 75.49 is not breached. Not changed from the last update.

WTI crude oil prices are currently undergoing a retracement of the pullback initiated on April 12th. This pullback, in conjunction with the ongoing recovery, appears to be corrective rather than indicative of a substantial reversal. Looking ahead, there's a likelihood of witnessing another upward movement surpassing the high set on April 12th in the upcoming weeks. However, it's crucial to note that the bullish corrective sequence, initiated in December 2023, remains intact, awaiting a definitive break, potentially signaled by an impulse wave downward.

Analyzing the long-term perspective, particularly on the daily chart, reveals a corrective price structure evolving from the high of 120.91 in March 2022. This corrective phase retraces the preceding impulse wave, which spanned from the tumultuous period of April 2020 to its culmination in March 2022 at 130.91. This corrective pattern is unfolding into a double zigzag formation, with the current phase representing the final leg, denoted as wave Y of primary degree.

Considering the intermediate degree wave (B) from 67.81, it's imperative that the price does not breach 95 before initiating a downturn for the corresponding wave (C). Despite the potential completion of wave (B) at 87.63 with a double zigzag pattern, the subsequent decline appears corrective in nature, leaving room for the possibility of another upward rally, perhaps forming a triple zigzag wave (B). However, a decisive downward break from 87.63 would indicate the commencement of wave (C) with an impulse or leading diagonal pattern.

Zooming in on the H4 chart, a double zigzag formation is taking shape from 87.63, expected to conclude within the range of 79.23 to 76.90 before the price reverses direction for wave Z of (B). This constitutes the first scenario. Alternatively, if wave (b) extends higher and surpasses 87.63, it would signify the completion of wave X, with wave Z poised to ascend further. The third scenario comes into play if the decline extends beyond 75.48, potentially signaling the completion of wave (B) at 87.63 and indicating a bearish outlook for wave (C).

Monitoring these scenarios on the H4 charts will provide valuable insights into the unfolding price dynamics, guiding potential trading strategies in the volatile WTI crude oil market.

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

April 26

MSFT Elliott Wave Analysis Trading Lounge Daily Chart

Microsoft Inc., (MSFT) Daily Chart

MSFT Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Zigzag

POSITION: Intermediate (2)

DIRECTION: Bottom in wave A of (2).

DETAILS: We are considering a significant top in place with wave (1), and we are now looking for a three wave move correction into wave (2). We seem to be finding buyers on Medium Levell 400$, looking for 400$ to turn into resistance.

MSFT Elliott Wave Analysis Trading Lounge 4Hr Chart

Microsoft Inc., (MSFT) 4Hr Chart

MSFT Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Zigzag

POSITION: Wave A.

DIRECTION: Bottom in wave {v}.

DETAILS: I can count a clear five wave move into wave A, with alternation between {ii} and {iv}. Looking for a pullback in wave B to then fall back lower.

In this comprehensive Elliott Wave analysis for Microsoft Corporation (MSFT), we provide an in-depth review of the stock’s potential movements based on its current wave patterns, as observed in both the daily and 4-hour charts on April 26, 2024. This analysis aims to assist traders and investors in understanding the underlying market dynamics and planning their strategies accordingly.

* MSFT Elliott Wave Technical Analysis – Daily Chart*

The daily chart of MSFT shows the stock in a corrective phase with a zigzag structure, identified as Intermediate wave (2). Currently, the stock is witnessing a bottom formation in wave A of (2). After observing a significant top in wave (1), MSFT appears to be undergoing a corrective three-wave movement. The price level around $400, which has been attracting buyers, is anticipated to evolve into a resistance level. Traders should monitor this zone closely for potential reversal signals.

* MSFT Elliott Wave Technical Analysis – 4Hr Chart*

Moving into the 4-hour chart, the analysis continues to reflect a counter-trend with a zigzag corrective structure, highlighting the end of Wave A. Here, a clear five-wave movement has been identified, with distinct alternations between waves {ii} and {iv}. The current position, at the bottom of wave {v}, suggests that the stock might experience a short-term pullback in wave B before potentially declining further. This provides a strategic point for traders to look for entry and exit points during the unfolding of wave B.

April 26

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 3

DIRECTION NEXT HIGHER DEGREES:red wave 4

DETAILS: red wave 2 looking completed at 1.08854 .Now red wave 3 of 3 is in play . Wave Cancel invalid level: 1.08854

The EUR/USD Elliott Wave Analysis for the Day Chart identifies a trend with impulsive characteristics, reflecting significant and consistent movement in one direction within the Elliott Wave structure. This technical analysis helps traders understand market momentum and potential shifts.

### Function

The function is described as "Trend," indicating that the analysis is focused on the overall direction of the market, typically associated with impulsive waves that drive price action forward.

### Mode

The mode is categorized as "impulsive," pointing to robust, one-directional movement, often linked to waves that exhibit strong trends and rapid price shifts. This mode typically represents the waves driving the broader trend.

### Structure

The structure is "red wave 3," suggesting that the observed wave is the third wave in a larger Elliott Wave pattern. The third wave is generally the strongest among impulsive waves, indicating significant upward or downward momentum.

### Position

The position is "blue wave 3," indicating that the analysis focuses on a specific segment of the broader wave structure. This positioning aligns with a mid-phase impulsive wave within the larger cycle.

### Direction for the Next Higher Degrees

The expected direction for the next higher degrees is "red wave 4," which usually signifies a corrective phase following the completion of an impulsive wave. This direction suggests that once red wave 3 concludes, the market could enter a consolidation or retracement period before the next impulsive phase.

### Details

The details provide more granular information about the wave structure. Red wave 2 is considered complete at the 1.08854 level, indicating that the corrective phase has likely ended, paving the way for red wave 3, which is now in play. This suggests a continuation of the impulsive trend, signifying strong market movement. The "Wave Cancel invalid level" at 1.08854 serves as a critical threshold, suggesting that if this level is breached, the current Elliott Wave structure would be invalidated, leading to a new interpretation of the market dynamics.

Overall, the EUR/USD Elliott Wave Analysis for the Day Chart points to a strong trend with impulsive movement in red wave 3, indicating significant momentum and directional movement. The completion of red wave 2 at 1.08854 suggests that the corrective phase has ended, with red wave 3 now driving the trend forward.

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: impulsive

STRUCTURE:black wave 3

POSITION: red wave 3

DIRECTION NEXT HIGHER DEGREES:black wave 4

DETAILS: black wave 2 looking completed or near to end .Now looking for black wave 3 to play or is in play . Wave Cancel invalid level: 1.08854

The EUR/USD Elliott Wave Analysis for the 4-Hour Chart provides insights into the Euro versus the U.S. Dollar market using the Elliott Wave framework. This analysis identifies a trend scenario with impulsive characteristics, indicating the presence of strong directional movement within the observed wave structure.

### Function

The function is described as "Trend," suggesting that the analysis explores a segment within the broader directional trend. This typically involves a focus on the impulsive waves that drive the primary market movement.

### Mode

The mode is categorized as "impulsive," pointing towards a strong, one-directional movement. Impulsive modes are often associated with rapid price changes and suggest a clear trend pattern, as opposed to corrective phases that indicate consolidation or retracement.

### Structure

The structure identified is "black wave 3," indicating that the observed wave pattern represents the third wave within the larger Elliott Wave cycle. Black wave 3 is typically

2 / 2

the strongest and longest among impulsive waves, indicating that the current trend may be gaining momentum.

### Position

The position of the analysis is "red wave 3," denoting that the specific wave under consideration is part of the larger black wave 3. This positioning aligns with a mid-phase impulse within the broader wave structure.

### Direction for the Next Higher Degrees

The expected direction for the next higher degrees is "black wave 4," indicating that after the completion of the current impulsive wave, the structure will likely transition into a corrective phase. Black wave 4 typically signifies a temporary retracement within a broader impulsive pattern.

### Details

The details provide more specific information about the current wave structure. Black wave 2 is considered completed or near completion, suggesting that the impulsive phase (black wave 3) is about to commence or is already underway. This is a critical juncture in the Elliott Wave cycle, as it indicates a shift from a corrective phase to a renewed impulsive trend. The Wave Cancel invalid level is set at 1.08854, indicating a key threshold. If this level is breached, the current Elliott Wave structure would be invalidated, necessitating a new interpretation of the market pattern.

In summary, the EUR/USD Elliott Wave Analysis for the 4-Hour Chart focuses on an impulsive trend structure, with black wave 3 suggesting strong market momentum. The analysis anticipates the end of a corrective phase and the beginning of an impulsive wave, with a Wave Cancel invalid level providing a key point for maintaining the validity of the current Elliott Wave structure.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

April 26

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NATIONAL AUSTRALIA BANK LIMITED - NAB. We identify wave ((iv))-green as having ended, and the potential for wave ((v))-green is open to push higher.

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Wave Technical Analysis

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minute degree, green)

Mode: Motive

Structure: Impulse

Position: Wave ((v))-green

Details: The short-term outlook shows that wave ((iv))-green has just ended, and the push up quite high since 32.60 also suggests the return of wave ((v))-green.

Invalidation point: 32.60

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Wave Technical Analysis TradingLounge (4-Hour Chart)

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB Elliott Wave Technical Analysis

ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 4-Hour Chart Analysis

Function: Major trend (Minute degree, green)

Mode: Motive

Structure: Impulse

Position: Wave i-blue of Wave ((v))-green

Details: The shorter-term outlook suggests that the ((iii))-green wave has recently peaked, and the ((iv))-green wave has unfolded in the form of a Flat correction, with the ((iv))-wave likely completed. The ((v))-green wave is now unfolding to push prices higher. We are closely monitoring NAB, and there will soon be a long-term trading opportunity with NAB. It looks like wave ii-blue is opening up, pushing a little lower, before wave iii-blue returns to push even higher.

Invalidation point: 32.60

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: NATIONAL AUSTRALIA BANK LIMITED - NAB 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!

April 26

Elliott Wave Analysis TradingLounge Daily Chart
ChainLink/ U.S. dollar(LINKUSD)
LINKUSD 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: 8.498
Details: the corrective of Wave (II) is equal to 61.8% of Wave (I) at 8.702 Log scale chart

ChainLink/ U.S. dollar(LINKUSD)Trading Strategy:
The second wave correction is likely to go down to test the 10.585 level before rising again in the third wave. Therefore, the overall picture is a short-term pullback to continue rising. Wait for the correction to complete to rejoin the trend.

ChainLink/ U.S. dollar(LINKUSD)Technical Indicators: The price is above the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.




Elliott Wave Analysis TradingLounge H4 Chart
ChainLink/ U.S. dollar(LINKUSD)
LINKUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 5
Direction Next higher Degrees: Wave ((C)) of Zigzag
Wave Cancel invalid Level: 81.238
Details: The Five-Wave Decline of Wave ((C)) trend to test 11.582 Level

ChainLink/ U.S. dollar(LINKUSD)Trading Strategy:
The second wave correction is likely to go down to test the 10.585 level before rising again in the third wave. Therefore, the overall picture is a short-term pullback to continue rising. Wait for the correction to complete to rejoin the trend.

ChainLink/ U.S. dollar(LINKUSD)Technical Indicators: The price is above the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.

Technical Analyst : Kittiampon Somboonsod

Source : Tradinglounge.com get trial here!

April 25

Natural Gas

Mode - Impulsive

Structure - Impulse Wave

Position - Wave (iii) of 5

Direction - Wave (iii) of 5 still in play

Details: Price now in wave iii as it attempts to breach 1.65 wave i low. Wave (iii) is still expected to extend lower in an impulse.

Natural Gas is currently breaching the previous April low, marking a decisive move as the impulse initiated on 5th March continues its downward trajectory, further extending the overarching impulse wave sequence that commenced back in August 2022. This decline is anticipated to persist as long as the price remains below the critical resistance level of 2.012.

Zooming in on the daily chart, we observe the medium-term impulse wave originating from August 2022, which is persisting in its downward trend after completing its 4th wave - delineated as primary wave 4 in blue (circled) - at 3.666 in October 2023. Presently, the 5th wave, identified as primary blue wave 5, is underway, manifesting as an impulse at the intermediate degree in red. It is envisaged that the price will breach the February 2024 low of 1.533 as wave 5 of (3) seeks culmination before an anticipated rebound in wave (4). This confluence of price movements underscores the bearish sentiment prevailing over Natural Gas in the medium term.

Analyzing the H4 chart, we initiated the impulse wave count for wave (3) from the level of 2.012, which marks the termination point of wave 4. Notably, price action formed a 1-2-1-2 structure, with confirmation established at 1.65 and invalidation set at 2.012. The confirmation of our anticipated direction materialized as price breached the 1.65 mark, signifying a resumption of bearish momentum. Presently, there appears to be minimal resistance hindering the bears, thereby reinstating their dominance in the market. It is projected that wave iii of (iii) of 5 will manifest around 1.43, indicative of the potential for the wave 5 low to extend to 1.3 or even lower. This comprehensive analysis underscores the prevailing bearish outlook for Natural Gas in the immediate future.

Technical Analyst : Sanmi Adeagbo

April 25

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: Intermediate (1)

DIRECTION: Acceleration in wave 3.

DETAILS: Looking for upside in wave 3 as we seem to have had a shallow wave {c} of 2, potentially indicating a strong upward momentum.

TXN Elliott Wave Analysis Trading Lounge 4Hr Chart,

Texas Instruments Inc., (TXN) 4Hr Chart

TXN Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {i} of 3.

DIRECTION: Top in wave {i}.

DETAILS: Looking for a pullback in wave {ii} as we top in wave {i} to then look for additional longs, looking for 172$ to provide support.

We conducted a detailed Elliott Wave analysis for Texas Instruments Inc. (Ticker: TXN), examining both its daily and 4-hour chart movements. This analysis aims to provide valuable insights into potential future price movements for traders and investors interested in TXN stock.

* TXN Elliott Wave Technical Analysis – Daily Chart*

Texas Instruments Inc. is currently exhibiting a strong impulsive trend, characterized by a motive structure placed in Intermediate wave (1). The stock is anticipated to experience acceleration in wave 3 following a shallow wave {c} of 2. This suggests a robust upward momentum, signaling favorable conditions for bullish positions.

* TXN Elliott Wave Technical Analysis – 4Hr Chart*

On the 4-hour chart, TXN's impulsive trend is further evident, with the stock positioned in Wave {i} of 3. As the stock approaches the top in wave {i}, a pullback is expected in wave {ii}. This corrective phase presents an opportunity for traders to consider additional long positions, with the key support level identified around $172.

Technical Analyst : Alessio Barretta

Source : Tradinglounge.com get trial here!

April 25

GBPUSD Elliott Wave Analysis Trading Lounge Day Chart,

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

GBPUSD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Impulsive as A

STRUCTURE: red wave 3

POSITION: blue wave A

DIRECTION NEXT HIGHER DEGREES: blue wave 4

DETAILS:red wave 2 of A completed at 1.17096 , now red wave 3 is in play . Wave Cancel invalid level: 1.27096

The GBP/USD Elliott Wave Analysis for the Daily Chart explores the British Pound versus the U.S. Dollar using the Elliott Wave framework. This analysis provides a structured view of the market trends, focusing on counter-trend waves and their implications for traders and analysts.

### Function

The function of this analysis is identified as "Counter Trend," suggesting that the observed wave patterns represent a phase that moves against the prevailing longer-term trend. This could imply a corrective movement within a broader trend, indicating a temporary reversal or consolidation before the primary trend resumes.

### Mode

The mode is categorized as "Impulsive as A," indicating that the current wave structure represents an impulsive move typically found at the beginning of a new wave cycle. This mode generally suggests a strong, directional movement, often indicating the initial stages of a larger trend shift.

### Structure

The structure is noted as "red wave 3," highlighting an impulsive wave that typically denotes a continuation of a broader trend. Red wave 3 within this context could signify a strong push in the counter-trend direction.

### Position

The position in the Elliott Wave sequence is "blue wave A," indicating that the observed pattern is part of an impulsive phase. This position often aligns with a larger correction within a broader trend, suggesting that the current impulsive phase is still part of a counter-trend movement.

### Direction for the Next Higher Degrees

The anticipated direction for the next higher degrees is "blue wave 4," indicating that once the current wave completes, the structure will likely transition to a corrective phase. Blue wave 4 typically represents a temporary retracement within a broader impulsive pattern.

### Details

The analysis specifies that red wave 2 of wave A completed at 1.17096, with red wave 3 now in play. This implies that the current impulsive wave is expected to continue, potentially leading to a broader counter-trend movement. The Wave Cancel invalid level is set at 1.27096, indicating a critical threshold. If the price crosses this level, it would invalidate the current wave structure, necessitating a reevaluation of the Elliott Wave count.

In summary, the GBP/USD Elliott Wave Analysis on the Daily Chart describes a counter-trend movement with an impulsive mode, focusing on red wave 3 within blue wave A. The structure is expected to continue its impulsive trend, with a Wave Cancel invalid level serving as a key point for determining if the current analysis remains valid.

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: black wave 2

POSITION: red wave 3

DIRECTION NEXT LOWER DEGREES: black wave 3

DETAILS: black wave of 2 is in play and likely to end between fib level 50.00 to 61.80 . Wave Cancel invalid level: 1.27096

The GBP/USD Elliott Wave Analysis on the 4-Hour Chart provides insights into the British Pound versus the U.S. Dollar within the framework of Elliott Wave Theory. This analysis helps traders understand the underlying wave structure and anticipate potential market movements.

### Function

The function of this analysis is identified as "Trend," indicating that the overall market movement aligns with a broader trend. In this case, the trend reflects a continuation pattern where market waves are forming in a way that aligns with the primary direction of the trend.

### Mode

The mode is labeled as "corrective," suggesting that the current wave structure represents a correction within a larger trend. Corrective modes typically signify a temporary pullback or consolidation, indicating that the price is currently in a counter-trend phase.

### Structure

The structure in this analysis is specified as "black wave 2," which represents an intermediate-level correction. This wave generally appears within a larger trend to correct an earlier impulsive movement, signaling a potential retracement before the larger trend resumes.

### Position

The position in the wave pattern is "red wave 3," indicating that the corrective structure is situated within a broader Elliott Wave framework. Red wave 3 represents a key point in the corrective phase, suggesting an ongoing retracement that could lead to a shift in trend direction.

### Direction for the Next Lower Degrees

The expected direction for the next lower degrees is indicated as "black wave 3." This suggests that once the correction completes, the wave pattern will likely transition to a more impulsive phase, potentially indicating a continuation of the broader trend.

### Details

The analysis details that black wave 2 is currently in play and is expected to conclude between the 50.00 and 61.80 Fibonacci retracement levels. This range often indicates a common end for corrective waves, signifying a potential turning point in the trend. The Wave Cancel invalid level is set at 1.27096, suggesting that if the price crosses this point, the current wave structure is invalidated, requiring a re-evaluation of the Elliott Wave count.

In summary, the GBP/USD Elliott Wave Analysis on the 4-Hour Chart describes a trend with a corrective mode, indicating that black wave 2 is nearing completion, with a potential transition to a more impulsive black wave 3. The end of this correction between the 50.00 and 61.80 Fibonacci levels might suggest the resumption of the primary trend, with a critical invalidation point to consider for risk management.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

April 25

ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COMMONWEALTH BANK OF AUSTRALIA. - CBA. We identify a correction wave as the 2-red wave that has just ended, and we are continuously watching for a CBA for a Long-term trade.

ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA Elliott Wave Technical Analysis

ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, red)
Mode: Motive
Structure: Impulse
Position: Wave 3-red
Details: The short-term outlook indicates a fairly rapid and strong price increase from the low of 109.94, suggesting that the 2-red wave has concluded, and the 3-red wave is unfolding. Pushing above and breaking the upper boundary line of the channel further clarifies this bullish view. We are closely monitoring CBA as we identify a long-term trading opportunity by seeking a strong support level at the Minor Level 110.
Invalidation point: 96.15

ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA Elliott Wave Technical
Analysis TradingLounge (4-Hour Chart)

ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA Elliott Wave Technical Analysis

ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA 4-Hour Chart Analysis

Function: Major trend (Minor degree, red)

Mode: Motive

Structure: Impulse

Position: Wave 3-red

Details: The shorter-term outlook suggests that the recent completion of the 1-red wave and the initiation of the 2-red wave have occurred to push prices lower. It appears that the 2-red wave has completed, allowing the 3-red wave to unfold upwards. We are closely monitoring CBA as there is a potential long-term trading opportunity with CBA. A rise above 120.60 would clarify the bullish outlook.

Invalidation point: 95.15

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: COMMONWEALTH BANK OF AUSTRALIA. - CBA 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!

April 25

Elliott Wave Analysis TradingLounge Daily Chart,

Cadarno/ U.S. dollar(ADAUSD)

ADAUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave C

Direction Next higher Degrees: wave (II) of Impulse

Wave Cancel invalid level:

Details: Wave II Is equal to 61.8% of Wave I at 0.358

Cadarno/ U.S. dollar(ADAUSD)Trading Strategy:

The second wave correction in the Expanded Flat pattern, where we are in the middle of a decline in Wave C, will have five extended internal sub-waves. But we still have one more decline left for Wave C to complete. So wait for the correction to complete to rejoin the trend.

Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a Dow trend, The Wave Oscillator is a Bearish Momentum.

Elliott Wave Analysis TradingLounge H4 Chart,

Cadarno/ U.S. dollar(ADAUSD)

ADAUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave 4

Direction Next higher Degrees: wave C of Flat

Wave Cancel invalid level:

Details: A short-term pullback in wave 4 before falling again in wave 5.

Cardano/ U.S. dollar(ADAUSD)Trading Strategy:

The second wave correction in the Expanded Flat pattern, where we are in the middle of a decline in Wave C, will have five extended internal sub-waves. But we still have one more decline left for Wave C to complete. So wait for the correction to complete to rejoin the trend.

Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a Dow trend, The Wave Oscillator is a Bearish Momentum.

Technical Analyst : Kittiampon Somboonsod

Source : Tradinglounge.com get trial here!

April 25

Stock Market Report S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, SPY, QQQ, META, AMZN, MSFT, NVDA, ASX 200. Elliott Wave Technical Analysis

Elliott Wave Analysis Indices: Meta Platforms should find support in the 400 - 380 area. Amazon dropped less but has the same bearish pattern and these moves move the Nasdaq and SP500 which in turn moves the DAX etc. Today I look at the bigger picture and the details on these stocks and Indices to make sense of the next possible pathways.

Video Chapters
00:00 SPY, QQQ, META, AMZN, MSFT, NVDA
05:39 SP 500 (SPX) SPY
09:25 NASDAQ (NDX) QQQ
11:35 Russell 2000 (RUT)
12:41 DAX 40 (DAX)
14:43 FTSE 100 UKX (UK100)
17:08 S&P/ASX 200 (XJO)
23:59 End

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

April 24

Gold Elliott Wave Analysis
Function - Trend
Mode - Impulse
Structure - Impulse wave
Position -Wave 4
Direction - Wave 5
Details - Wave 4 has reached the extreme area and bounced off the 2300 MG1. We will expect wave 5 to progress higher. However, it’s still in the early stages. Invalidation below 2245.17.

Gold has undergone a retracement since its peak on April 12th, following a remarkable surge to a fresh all-time high. Despite this pullback, the underlying bullish momentum remains robust and is anticipated to reassert itself once the corrective phase concludes. In today's analysis, we delve into the potential areas where Gold may discover the necessary support to propel its next upward movements.

Zooming into the daily chart, our Elliott Wave analysis commences with identifying an impulse wave sequence originating from the low at 1614, marking the termination of wave (IV) at the supercycle degree back in September 2022. Presently, the supercycle wave V is unfolding, currently navigating through the third leg of the cycle degree, denoted as wave III. Within this wave III, classified as an impulse wave, we find ourselves within the third sub-wave, indicated as blue wave '3' of primary degree, further delineated into wave (3) of intermediate degree. Within this intricate structure, the price action appears to be nearing the culmination of minor degree wave 4. Consequently, the impulse sequence characterizing the intermediate wave (3) has yet to finalize, let alone the overarching supercycle wave (V). Thus, Gold's bullish trajectory remains firmly intact, advocating for a strategic approach of buying into the dips within this robust trend. Presently, the price appears to be undergoing a dip corresponding to wave 4 of (3), with an anticipated subsequent uptrend in wave 5.

Transitioning to the H4 chart, our focus narrows on the completion of wave 4, manifesting as a zigzag pattern since the peak on April 12th. Conventionally, the termination of the third leg of a zigzag typically occurs at extensions ranging from 100% to 138.2% of the initial leg's length from the subsequent corrective move. However, an extension beyond 138.2%, particularly to 161.8%, tends to invalidate the zigzag pattern. In this context, we cautiously assert that the zigzag for wave 4 might have concluded, with a critical level of invalidation identified at 2245. Nonetheless, further confirmation is sought through the emergence of more bullish candle formations. Meanwhile, the target projection for wave 5 remains at 2500, aligning with the continuation of Gold's upward trajectory within the Elliott Wave framework.

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

April 24

JNJ Elliott Wave Analysis Trading Lounge Daily Chart

Johnson & Johnson, (JNJ) Daily Chart

JNJ Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Complex

POSITION: Intermediate (2).

DIRECTION: Downside in wave Z.

DETAILS: Looking for support as we touched 0.618 Z vs. X. If we find resistance on Medium Level at 150 then we can expected further downside.

JNJ Elliott Wave Analysis Trading Lounge 4Hr Chart,

Johnson & Johnson, (JNJ) 4Hr Chart

JNJ Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave (iv) of {c}.

DIRECTION: Downside into wave (v).

DETAILS: Looking to find resistance on 150, as wave (ii) was sharp we could anticipate a sideways wave (iv), to move around 150 itself.

On April 24, 2024, we conducted a comprehensive Elliott Wave analysis on Johnson & Johnson (Ticker: JNJ), focusing on the dynamics revealed through the daily and 4-hour chart studies. Our analysis highlights crucial patterns and potential future movements, offering valuable insights for traders and investors engaged in JNJ’s stock.

* JNJ Elliott Wave Technical Analysis – Daily Chart*

Johnson & Johnson is observed in a counter trend phase characterized by a complex corrective structure, specifically placed in Intermediate wave (2). Currently, the stock is progressing through the downside movements of wave Z. Key observations indicate the stock has reached the Fibonacci retracement level of 0.618 Z vs. X, signaling a potential area for finding support. Should resistance solidify at the medium level of $150, further downside could be expected as the pattern completes.

* JNJ Elliott Wave Technical Analysis – 4H Chart*

The 4-hour chart provides additional granularity into JNJ's Elliott Wave structure. Unlike the daily chart’s corrective mode, the intraday perspective shows an impulsive mode within a motive structure, pinpointing the stock in wave (iv) of {c}. This suggests that despite the broader correction, short-term dynamics involve impulsive downside movements. With wave (ii) noted as sharp, a contrasting sideways consolidation in wave (iv) is anticipated around $150, leading to a further decline in wave (v).

Technical Analyst : Alessio Barretta

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