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ASX: WESTPAC BANKING CORPORATION – WBC Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with WESTPAC BANKING CORPORATION - WBC. Our recently updated forecast for NST in the Top 50 ASX Stocks service is still active. We identify a long-term trading opportunity with WBC, and are watching closely to provide the best Entry points. ASX: WESTPAC BANKING CORPORATION – WBC Elliott Wave Technical Analysis ASX: WESTPAC BANKING CORPORATION – WBC 1D Chart (Semilog Scale) Analysis Function: Major trend (Minute degree, green) Mode: Motive Structure: Impulse Position: Wave ((v))-green Details: The short-term outlook suggests that the ((iv))-green wave has concluded, and the ((v))-green wave is unfolding to push prices even higher. A price increase above the 26.5 - 27.2 range would be an initial step to enhance the likelihood of this perspective. Invalidation point: 22.33 ASX: WESTPAC BANKING CORPORATION – WBC Elliott Wave Technical Analysis TradingLounge (4-Hour Chart) ASX: WESTPAC BANKING CORPORATION – WBC Elliott Wave Technical Analysis ASX: WESTPAC BANKING CORPORATION – WBC 4-Hour Chart Analysis Function: Major trend (Minute degree, green) Mode: Motive Structure: Impulse Position: 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. Breaking above the 26.5 level would be an initial step to strongly reinforce this perspective. We are closely monitoring WBC, and there will soon be a long-term trading opportunity with it. Invalidation point: 22.33 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: WESTPAC BANKING CORPORATION – WBC 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!

Elliott Wave Analysis TradingLounge Daily Chart Theta Token/ U.S. dollar(THETAUSD) THETAUSD Elliott Wave Technical Analysis Function: Follow trend Mode: Motive Structure: Impulse Position: Wave ((5)) Direction Next higher Degrees: wave I of Impulse Wave Cancel invalid Level: Details: Wave ((4) may is complete and the Price entry to uptrend again Theta Token/ U.S. dollar(THETAUSD)Trading Strategy: The correction in wave ((4)) appears to be over. And the price is increasing again in waves ((5)), so the overall picture is looking for an opportunity to open a long position. with a target price at the level 5.185 - 6.263 Theta Token/ U.S. dollar(THETAUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum. Elliott Wave Analysis TradingLounge H4 Chart Theta Token/ U.S. dollar(THETAUSD) THETAUSD Elliott Wave Technical Analysis Function: Follow trend Mode: Motive Structure: Impulse Position: Wave ((5)) Direction Next higher Degrees: wave I of Impulse Wave Cancel invalid Level: Details: Wave ((4) may is complete and the Price entry to uptrend again Theta Token/ U.S. dollar(THETAUSD)Trading Strategy: The correction in wave ((4)) appears to be over. And the price is increasing again in waves ((5)), so the overall picture is looking for an opportunity to open a long position. with a target price at the level 5.185 - 6.263 Theta Token/ U.S. dollar(THETAUSD)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!

Elliott Wave Analysis TradingLounge Daily Chart Theta Token/ U.S. dollar(THETAUSD) THETAUSD Elliott Wave Technical Analysis Function: Follow trend Mode: Motive Structure: Impulse Position: Wave ((5)) Direction Next higher Degrees: wave I of Impulse Wave Cancel invalid Level: Details: Wave ((4) may is complete and the Price entry to uptrend again Theta Token/ U.S. dollar(THETAUSD)Trading Strategy: The correction in wave ((4)) appears to be over. And the price is increasing again in waves ((5)), so the overall picture is looking for an opportunity to open a long position. with a target price at the level 5.185 - 6.263 Theta Token/ U.S. dollar(THETAUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum. Elliott Wave Analysis TradingLounge H4 Chart Theta Token/ U.S. dollar(THETAUSD) THETAUSD Elliott Wave Technical Analysis Function: Follow trend Mode: Motive Structure: Impulse Position: Wave ((5)) Direction Next higher Degrees: wave I of Impulse Wave Cancel invalid Level: Details: Wave ((4) may is complete and the Price entry to uptrend again Theta Token/ U.S. dollar(THETAUSD)Trading Strategy: The correction in wave ((4)) appears to be over. And the price is increasing again in waves ((5)), so the overall picture is looking for an opportunity to open a long position. with a target price at the level 5.185 - 6.263 Theta Token/ U.S. dollar(THETAUSD)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!

Commodity Market Elliott Wave Analysis for Bitcoin, Ethereum, Crypto Index, TLT Bonds, US 10 Yr. Yields, USD/ DXY, Gold, Silver, Copper, Uranium, Crude Oil, Natural Gas, XLE ETF, XME ETF. Elliott Wave Analysis Update for Commodity Markets: Current Analysis Remains Unchanged In the latest Elliott Wave analysis of the commodity markets, there is no alteration in the wave counts. Bitcoin is reinforcing its position with Wave (4) appearing to be established, contrasting with Ethereum which shows less clarity. The U.S. Dollar and 10-year yields are expected to continue their upward trajectory. Gold, silver, and uranium are nearing the completion of their Wave 4, suggesting that opportunities for long trades may arise soon. Natural gas is currently in the e) wave of a Wave 4 triangle formation. Crude oil, maintaining a price above $80.00, remains in a bullish stance, as do ExxonMobil (XOM), alongside sector indices XLE (energy) and XME (metals and mining). Video Chapters 00:00 Bitcoin (BTC) ETH/USD / Crypto Index 09:49 US Dollar Index, DXY / TLT Bonds. US Gov Bonds 10 Yr Yields 17:48 Precious Metals: Spot Gold XAU /GDX ETF / US Spot Silver XAG 28:49 Base Metals:Lithium, Uranium URA ETF / Copper / ETF XME 35:36 Energy: Crude Oil WTI OIL / Natural Gas NG / ETF XLE 41:08 End Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge.com 6 Analysts covering 150+ markets

Silver Elliott Wave Analysis Function -Trend Mode - Trend Structure - Impulse for (A) Position - Wave 3 of (A) Direction - Wave 4 of (A) Details - Currently in wave 4 dip before further rallies for wave 5 of (A) higher. We should see one more leg lower for wave 4. Not much has changed since the last update. Silver has undergone an extension of its pullback phase since April 12th, 2024, and is now poised within the critical Fibonacci reversal territory. The prevailing trend unmistakably favors the bulls, and it's only a matter of time before its upward trajectory resumes. Amidst this phase, buyers are gearing up to reclaim dominance within the current reversal zone, a juncture demanding keen attention from retail traders. Within this discourse on commodities, our focus delves into both the long-term and near-term Elliott wave prognostications for Silver, emphasizing the pivotal reversal zones meriting trader scrutiny. Zooming into the daily chart, we observe a significant breakout from a protracted triangular formation, constituting part of a double zigzag structure stemming from the September 2022 low, where Silver traded at $17.56. Presently, the price action aligns within the intermediate wave (A) of the primary wave Y (circumscribed in blue). Wave (A) is unfolding into an impulsive sequence since late January 2024. Within the confines of wave (A), the ongoing descent constitutes wave 4. As wave 4 approaches its culmination, an anticipatory surge in wave 5 beckons, potentially propelling prices towards the 30 major level, or possibly even surpassing it. The pivotal query revolves around the termination point of wave 4. Shifting focus to the H4 chart, we discern wave 4 materializing into a zigzag pattern, suggesting potential support within the 100-138% Fibonacci extension levels, corresponding to the range of 26.86 - 26.07. Should the projection extend to 161.8% (25.6), the integrity of the zigzag structure may be compromised, potentially catalyzing a transition toward an impulsive decline. Consequently, an anticipatory rebound within this zone is anticipated. Presently situated within this crucial territory, the price trajectory might explore deeper depths, yet a decisive and vigorous recovery out of this zone remains imperative to facilitate the advancement into wave 5. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!

ADI Elliott Wave Analysis Trading Lounge Daily Chart Analog Devices Inc., (ADI) Daily Chart ADI Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Minor wave 2 of (3). DIRECTION: Bottom in wave 2. DETAILS: Looking for support to be found within the end of MG2 at 180, we will start looking for long afte we finally find support on top of TL2 at 200$. ADI Elliott Wave Analysis Trading Lounge 4Hr Chart, Analog Devices Inc., (ADI) 4Hr Chart ADI Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Wave {c} of 2. DIRECTION: Bottom in wave 2. DETAILS: As we saw on the Daily, we touched equality of {c} vs. {a}. we can expect another leg lower to ideally take wave {a} low out, to then start turning higher. On April 23, 2024, our trading lounge conducted an extensive Elliott Wave analysis of Analog Devices Inc. (Ticker: ADI), providing a detailed breakdown of its daily and 4-hour chart patterns. This analysis aims to offer precise insights into ADI’s market behavior, which could assist traders and investors in making more informed trading decisions. * ADI Elliott Wave Technical Analysis – Daily Chart* Our study reveals that Analog Devices is currently in a counter trend phase with a corrective flat structure, specifically positioned in Minor wave 2 of a larger Intermediate wave (3). The key focus is on identifying the bottom of wave 2. The analysis predicts finding support near the MG2 zone around $180. A bullish outlook is anticipated post-establishing a strong support level, especially above the TL2 at $200. * ADI Elliott Wave Technical Analysis – 4H Chart* The 4-hour chart analysis complements the daily insights by delving deeper into the specifics of wave {c} of Minor wave 2. Consistent with the daily observations, wave {c} has reached a point of equality with wave {a}, signaling a potential completion of the corrective pattern. A final leg lower is expected, ideally surpassing the low of wave {a}, setting the stage for a bullish reversal. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!

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: red wave C POSITION: blue wave Z DIRECTION NEXT LOWER DEGREES: black wave C DETAILS red wave B of Z looking completed, now red wave C of Z of B looking started . Wave Cancel invalid level:97.779 The AUD/JPY Elliott Wave Analysis for the Day Chart provides an overview of the current market trend and likely future developments in the Australian Dollar/Japanese Yen currency pair, utilizing the principles of Elliott Wave Theory. Function The function of this analysis is described as "Counter Trend." This indicates that the current wave structure represents a corrective move against the primary trend. Counter-trend movements often suggest a retracement or a temporary shift in market direction. Mode The mode for this chart is specified as "impulsive as C." This mode denotes a stronger directional movement within the Elliott Wave structure, indicating that the current counter-trend may contain a significant shift or wave progression. Structure The structure is identified as "red wave C," which typically indicates the final stage of a corrective pattern. This aligns with the function of the analysis, pointing towards a potential transition from correction to a new impulsive phase. Position The position within the broader Elliott Wave structure is "blue wave Z." This position implies that the current pattern is in a complex corrective phase, potentially consisting of multiple interconnected corrective waves. Direction for the Next Lower Degrees The analysis suggests that the next lower degree trend is toward "black wave C." This provides a directional cue, indicating where the trend is likely to head following the current wave structure. Details The analysis mentions that "red wave B of Z" appears to be completed, suggesting that a key part of the corrective cycle has ended. This is significant because it denotes the beginning of a new phase, specifically "red wave C of Z of B." This structure could represent the start of a more substantial movement within the current Elliott Wave pattern, indicating a shift in momentum. The "Wave Cancel invalid level" is listed at 97.779. This level is crucial for understanding where the current wave structure might break down. If the market moves past this point, the current analysis could be invalidated, requiring a new interpretation of the Elliott Wave structure. In summary, the analysis outlines a transition in the AUD/JPY pair from a corrective phase to a potentially more impulsive structure. It provides key points to watch for traders and analysts, indicating possible changes in market direction. The critical invalidation level gives traders a boundary for risk management, serving as a guide for trading decisions and strategy adjustments. AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart, Australian Dollar / Japanese Yen (AUDJPY) 4 Hour Chart AUDJPY Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: impulsive as C STRUCTURE: red wave C POSITION: blue wave Z DIRECTION NEXT HIGHER DEGREES: red wave C (started) DETAILS red wave B of Z looking completed, now red wave C of Z looking started . Wave Cancel invalid level:97.779 The AUD/JPY Elliott Wave Analysis for the 4-Hour Chart provides insights into the current market trends and future projections for the Australian Dollar/Japanese Yen currency pair using the Elliott Wave Theory. ### Function The function of this analysis is identified as "Counter Trend." This suggests that the current market structure is moving in opposition to a broader, larger trend. Counter-trend movements often signal corrections or retracements within a larger trend. ### Mode The mode described in this analysis is "impulsive as C," indicating that the ongoing wave pattern is impulsive and represents a final phase of a correction. Impulsive waves generally signify more substantial and direct price movements within the Elliott Wave structure. ### Structure The structure for this analysis is noted as "red wave C," indicating that the market is in the final phase of a corrective cycle. This structure aligns with the counter-trend function, suggesting a more substantial correction in progress, possibly signaling the beginning of a new trend or the resumption of the broader trend. ### Position The position within the Elliott Wave cycle is listed as "blue wave Z," indicating a higher degree of complexity and possible combination patterns. This is part of a larger structure that often involves multiple corrective waves interconnected in a larger pattern. ### Direction for the Next Higher Degrees The analysis points towards "red wave C," indicating that the current impulsive phase could lead to a broader continuation of the trend, suggesting a transition from correction to impulsion. ### Details The details provided in the analysis indicate that "red wave B of Z" is looking completed, suggesting that a key part of the correction phase has ended. The analysis identifies that "red wave C of Z" is likely beginning, which represents a more substantial impulsive movement in the current cycle. This is a potential signal for traders to watch for continuation patterns. The "Wave Cancel invalid level" of 97.779 is crucial. This level acts as a boundary; if breached, the current Elliott Wave pattern becomes invalid, necessitating a re-evaluation. This invalidation level is critical for traders and analysts as it guides their risk management strategies. In summary, the analysis describes a complex Elliott Wave structure, focusing on the transition from a corrective phase to a more impulsive one. It underscores significant points for traders to watch, indicating potential directional shifts in the market. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!

ASX: COLES GROUP LIMITED. – COL Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COLES GROUP LIMITED. – COL. In our ASX Stocks Top 50 forecast service, we have accurately forecast a price decline from a high of around 17.15 down to around 16.00 at the current low. And we are now identifying COL could move higher in the short term outlook. ASX: COLES GROUP LIMITED. – COL Elliott Wave Technical Analysis ASX: COLES GROUP LIMITED. – COL 1D Chart (Semilog Scale) Analysis Function: Counter trend (Minute degree, green) Mode: Corrective Structure: Double Zigzag Position: Wave (b)-purple of Wave ((y))-green Latest forecast: Accurate forecast Details: The short-term outlook indicates that wave ((y))-green is unfolding as a Zigzag, and wave (a)-purple has ended. Therefore, wave (b)-purple is expected to continue pushing lower, seeking support around 16.01 - 15.71 before wave (c)-purple returns to rise higher. Pushing higher off 17.15 would renew the bull market view. Invalidation point: 15.35 ASX: COLES GROUP LIMITED. – COL Elliott Wave Technical Analysis TradingLounge (4-Hour Chart) ASX: COLES GROUP LIMITED. – COL Elliott Wave Technical Analysis ASX: COLES GROUP LIMITED. – COL 4-Hour Chart Analysis Function: Counter trend (Minute degree, green) Mode: Motive Structure: Impulse Position: Wave (c)-purple of Wave ((y))-green Details: The shorter-term outlook suggests it appears the (b)-purple wave has bottomed, but a move higher than level 16.5 is needed to confirm this outlook. If this forecast is correct, wave (c)-purple will be opened to continue pushing higher, aiming for higher targets. Invalidation point: 15.37 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: COLES GROUP LIMITED. – COL 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!

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!

Natural Gas Elliottwave Analysis Mode - Impulsive Structure - Impulse Wave Position - Wave (iii) of 5 Direction - Wave (iii) of 5 still in play Details: Wave (ii) taking a higher leg. Still favors the downside for (iii) on the way to complete wave 5 of (3). Not much has changed since the last update. If current rallies go higher, wave 4 can be considered a triangle as the daily chart shows. In the past two months, Natural Gas has exhibited a sideways movement, consolidating after the resumption of the bearish trend that commenced in October 2023. This consolidation phase presents a crucial juncture for traders, as a break below the lower boundary of this range could signal a continuation of the downward trajectory. In today's Elliott wave analysis of the commodity, we aim to identify potential entry points for sellers and delineate the forthcoming bearish targets. Examining the daily timeframe since August 2022, Natural Gas has been entrenched in a bearish trend, completing either a full bearish impulse or possibly culminating in an A-B-C corrective pattern, with wave C initiating from November 2023 and evolving into an impulse. However, considering the corrective nature of the preceding rally from July 2020 to August 2022, it's prudent to interpret the decline from August 2022 as an impulse. Consequently, we find ourselves within the confines of the 5th wave, denoted as blue wave 5 (circled), which commenced in November 2023. This 5th wave is unfolding as an impulse, delineated as waves (1) to (5). Presently, the price action corresponds to wave (3), specifically within wave 4 of (3). Since the conclusion of wave 3, the price movement has been characterized by sideways consolidation, potentially forming either a triangle pattern or a 1-2-1-2 corrective structure. Upon scrutinizing the 4-hour chart, indications lean towards a 1-2-1-2 corrective pattern. However, if the ongoing short-term rebound surpasses certain thresholds, we may need to reconsider and favor a triangle formation instead. Wave 4 terminated around the significant psychological level of 2.00, suggesting a (i)-(ii)-i-ii structure, with expectations for a breakdown below 1.65 to confirm the onset of wave iii of (iii) as wave 5 progresses. Regardless of whether it unfolds as a 1-2-1-2 correction or a triangle pattern, our anticipation remains for the price to remain below the high of 2.012, validating our bearish outlook. Traders should closely monitor price action for confirmation of these expected movements and adjust their strategies accordingly. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!

V Elliott Wave Analysis Trading Lounge Daily Chart, Visa Inc., (V) Daily Chart V Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: ZigZag POSITION: Intermediate wave (4). DIRECTION: Bottom in wave (4). DETAILS: We are entertaining the idea of an Intermediate wave (3) in place, as the current correction, given its magnitude, seems to be paring up with the same degree wave (2). V Elliott Wave Analysis Trading Lounge 4Hr Chart, April Super Micro Computer Inc., (V) 4Hr Chart V Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: ZigZag POSITION: Intermediate wave (4). DIRECTION: Bottom in wave A of (4). DETAILS: Looking for either a bottom in wave A as RSI bullish divergence also seems to be suggesting, or else we’ve have a sharp wave (4), to alternate with the sideways wave (2). On April 22, 2024, our Elliott Wave analysis delves into Visa Inc. (Ticker: V), providing valuable insights into its daily and 4-hour chart movements. This analysis aims to offer investors actionable information to navigate the market effectively. *V Elliott Wave Technical Analysis – Daily Chart* Our analysis reveals that Visa is currently undergoing a corrective counter trend phase, characterized by a ZigZag structure, identified as Intermediate wave (4). The direction indicates a potential bottoming out in wave (4). We are exploring the possibility of Intermediate wave (3) completion, given the correction's magnitude, aligning with a wave (2) of the same degree. *V Elliott Wave Technical Analysis – 4hr Chart* Zooming into the 4-hour chart, Visa's corrective phase continues within Intermediate wave (4), specifically focusing on wave A. Our analysis suggests that the correction may have found a bottom in wave A, supported by bullish divergence observed in the Relative Strength Index (RSI). Alternatively, there is a possibility of a sharp wave (4) unfolding, alternating with a sideways wave (2) pattern. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!

U.S.Dollar /Canadian Dollar (USD/CAD) Day Chart USD/CAD Elliott Wave Technical Analysis FUNCTION: Trend MODE: impulsive STRUCTURE:Red wave 3 POSITION:blue wave 3 DIRECTION NEXT LOWER DEGREES:red wave 4 DETAILS red wave 2 of blue wave 3 completed ,now red wave 3 is in play . Wave Cancel invalid level:1.36187 The USD/CAD Elliott Wave Analysis for the Day Chart explores the U.S. Dollar/Canadian Dollar pair's movements using Elliott Wave principles, aiming to identify significant trends and potential price directions. Function The analysis describes the function as "Trend," indicating that the overall focus is on the primary market direction. This could point towards a stronger continuation of the current market trend, providing trading insights. Mode The mode of the Elliott Wave analysis is described as "impulsive." An impulsive mode suggests a stronger trend, characterized by significant directional price movements. It typically indicates the more aggressive waves in the Elliott Wave structure, with corrective waves being relatively smaller and shorter. Structure The structure specified in the analysis is "Red wave 3," which signifies that the price movement is in a strong impulsive phase within the Elliott Wave cycle. This wave is usually known for its pronounced price shifts, often resulting in large gains or losses. Position The position within the Elliott Wave cycle is given as "blue wave 3," indicating the degree of the structure being analyzed. This position generally follows corrective waves and is often the most extended in terms of duration and price movement. Direction for the Next Lower Degree The analysis indicates that "red wave 4" is the expected direction for the next lower degree, suggesting that after the current wave completes, a correction phase will follow before the trend continues. Details According to the analysis, "red wave 2 of blue wave 3" has been completed, which signals the end of a corrective wave and the commencement of the next impulsive phase. The current structure indicates that "red wave 3" is in play, suggesting a strong trend continuation. This indicates that the current upward momentum is gaining strength, which can be valuable information for traders and investors. The "Wave Cancel invalid level" of 1.36187 is a critical marker. If the price exceeds this level, it could invalidate the current Elliott Wave structure, requiring a re-evaluation of the analysis. It serves as an important benchmark for assessing whether the existing trend and wave structure remain intact. Overall, the analysis offers a comprehensive view of the USD/CAD pair's Elliott Wave structure on the day chart, outlining the current impulsive wave and providing insights into the broader trend context. It offers valuable information for traders and analysts seeking to understand the likely direction of the USD/CAD pair in the near term. 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: Trend MODE: corrective STRUCTURE:black wave 4 POSITION:Red wave 3 DIRECTION NEXT HIGHER DEGREES:black wave 5 DETAILS black wave 3 of 3 completed ,now black wave 4 is in play and near to end . Wave Cancel invalid level:1.36187 The USD/CAD Elliott Wave Analysis for the 4-hour chart provides insights into the U.S. Dollar/Canadian Dollar pair, using the Elliott Wave principle to forecast future price movements. Function The function of this chart is identified as "Trend," indicating that the overall direction is aligned with a broader upward or downward movement, suggesting potential opportunities for trend-based trading strategies. Mode The analysis describes the mode as "corrective," indicating that the current phase of the Elliott Wave cycle is undergoing a corrective pattern. Corrective waves typically involve more complex price movements, reflecting a pause or reversal within the broader trend. Structure The structure is labeled "black wave 4," which gives insights into the current stage of the Elliott Wave cycle. In this context, wave 4 is generally a corrective phase within a larger trend, often characterized by complex and consolidated price action. Position The position of the current wave cycle is marked as "Red wave 3." This indicates the degree within the Elliott Wave hierarchy and provides context for the overall wave pattern. Direction for the Next Higher Degree The analysis points to "black wave 5," indicating that the broader trend is likely to continue, with the next higher-degree wave suggesting further upward or downward movement in the future. Details In this section, the analysis states that "black wave 3 of 3 is completed," indicating the end of the impulsive wave segment within the current wave cycle. Now "black wave 4" is underway and approaching its end. This implies that the corrective phase might be close to concluding, signaling potential opportunities for the next impulsive move. Additionally, the wave cancel level is given as 1.36187, indicating that if prices reach this level, it would invalidate the current Elliott Wave count. This provides traders with an important risk management reference point. These insights can be used to guide trading decisions and manage risk effectively. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!

ASX: TRANSURBAN GROUP - TCL Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) TRANSURBAN GROUP - TCL. We are identifying that TCL has a 2-red wave that opened in the form of a Zigzag, and may soon end, opening up the opportunity to move higher with wave 3-red. We will continuously monitor TCL in the ASX Stocks Top 50 service. ASX: TRANSURBAN GROUP - TCL Elliott Wave Technical Analysis ASX: TRANSURBAN GROUP - TCL1D Chart (Semilog Scale) Analysis Function: Major trend (Minor degree, red) Mode: Motive Structure: Impulse Position: Wave ((c))-green of Wave 2-red Latest forecast: Accurate forecast Details: The short-term outlook indicates that wave 2-red is unfolding, subdividing into waves ((a)) and ((b))-green, which have completed. Now, wave ((c))-green is unfolding, and it appears it will soon conclude, preparing for the resumption of wave 2-red to push higher. Invalidation point: 11.58 ASX: TRANSURBAN GROUP – TCL Elliott Wave Technical Analysis TradingLounge (4-Hour Chart) ASX: TRANSURBAN GROUP – TCL Elliott Wave Technical Analysis ASX: TRANSURBAN GROUP - TCL 4-Hour Chart Analysis Function: Counter trend (Minute degree, green) Mode: Corrective Structure: Zigzag Position: Wave (iii)-purple of Wave ((c))-green Details: The short-term outlook suggests that wave 2-red is unfolding, subdividing into either a Zigzag or a Double Zigzag with alternate wave counts. There are some signs indicating that an upward movement may resume, and I will monitor TCL more closely. The overall trend is still bearish, so wave ((c))-green may continue to push lower. However, if the resistance level of 13.49 is surpassed, it will validate the bullish perspective I am mentioning. Invalidation point: 13.68 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: RIO TRANSURBAN GROUP – TCL 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!

Elliott Wave Analysis TradingLounge Daily Chart Dogecoin/ U.S. dollar(DOGEUSD) DOGEUSD Elliott Wave Technical Analysis Function: Counter trend Mode: Corrective Structure: Zigazg Position: Wave ((C)) Direction Next higher Degrees: wave I of Impulse Wave Cancel invalid Level: Details: the corrective of Wave 4 before entry to uptrend again Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy: The fourth wave correction is likely to go down to test the 0.1169 level before rising again in the fifth wave. Therefore, the overall outlook is for a short-term pullback to continue rising. Wait for the correction to complete to re-enter the trend. Dogecoin/ U.S. dollar(DOGEUSD)Technical Indicators: The price is above the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum. Elliott Wave Analysis TradingLounge H4 Chart Dogecoin/ U.S. dollar(DOGEUSD) DOGEUSD 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: Details: We missing one Move down in wave 5 before the price entry to Uptrend again Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy: A fourth wave correction came before falling again in the fifth wave. Therefore, the overall picture is a continuous decline. Wait for the correction to complete to re-enter the trend. Dogecoin/ U.S. dollar(DOGEUSD)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!

Elliott Wave Analysis of Stock Markets: In today's update, I'm shifting focus to provide a broader perspective. With recent profit-taking in technology stocks, it's pertinent to examine the daily charts of major indices like the S&P 500 and Nasdaq 100, along with key tech companies including Apple, Tesla, Amazon, Nvidia, Microsoft, Meta Platforms, Netflix, and Alphabet. I'll discuss how these stocks are collectively aligning with their respective corrective pattern targets, offering a comprehensive view of the market's movements. Video Chapters 00:00 NASDAQ 100 (NDX) SP500 (SPX) 05:10 Apple (AAPL) 06:20 Amazon (AMZN) 06:57 NVIDIA (NVDA) 07:57 Meta Platforms (META) 08:53 Netflix (NFLX) 09:44 Alphabet (GOOGL) 10:49 Microsoft MSFT 12:44 Tesla (TSLA) 14:35 End Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge.com

Soybeans Elliott Wave Analysis Function - Trend Mode - Impulse Structure - Impulse for (5) Position - Wave 1 of (5) Direction - Wave 2 of (5) Details - Wave 1 of (5) completing with a diagonal. Wave 2 bounce is emerging before the price turns downside for 3 of (5). Invalidation now at 1226’6. Not much has changed since the last update. Soybean Price Analysis: Elliott Wave Perspective Signals Continued Downward Trend In the realm of commodity trading, Soybean has recently undergone a significant downturn, marking a nearly 7% drop since March 21st. This decline appears to be part of a broader trend that commenced back in June 2022. However, before this recent descent, there was a brief period of respite characterized by a corrective bounce starting in late February. Delving deeper into the price action, an Elliott Wave analysis sheds light on the intricacies of Soybean's movement. The daily chart's decline since June 2022 reveals a corrective pattern, delineated into waves A-B-C, as denoted by blue annotations. The initial wave, labeled as Blue Wave 'A', terminated at 1249 in October 2023, exhibiting a distinct diagonal pattern. Subsequently, a modest rebound ensued, marked by Blue Wave 'B', which concluded at 1398 in November 2023. However, the ascendancy was short-lived as the bears regained control, manifesting in the ongoing development of Blue Wave 'C'. This wave, evolving into an impulse wave, has currently progressed to wave (5) following the completion of wave (4) in March 2024. Zooming in on the H4 chart, a granular analysis reveals the sub-waves of wave (5). Wave 1 of (5) concluded with a diagonal structure, followed by a corrective phase as the price undergoes a temporary upside correction to complete wave 2. Despite uncertainties regarding whether wave 2 has fully concluded or will undergo another upward leg, the overarching trajectory remains clear – a downward break is anticipated to continue wave 3 of (5), leading to further downside movement. In light of this analysis, the prevailing sentiment favors sellers, who continue to assert dominance over the commodity market. As long as the price remains below 1226’6, the outlook remains skewed towards further downside potential, with the possibility of reaching the lowest price point since November 2020. In conclusion, the Elliott Wave perspective offers valuable insights into Soybean's price dynamics, signaling a continued bearish trajectory in the near term. While short-term fluctuations may occur, the broader trend suggests that sellers are likely to maintain control, shaping the commodity's price action in the foreseeable future. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!

SMCI Elliott Wave Analysis Trading Lounge Daily Chart Super Micro Computer Inc., (SMCI) Daily Chart SMCI Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Micro wave 4. DIRECTION: Completion of triangle in micro wave 4 DETAILS: Looking for a correction to evolve around TL1 at 1000$. Looking for a completion of the triangle in wave 4 or else we could be in a sideways wave B of 4 to then continue lower towards 800$. SMCI Elliott Wave Analysis Trading Lounge 4Hr Chart Super Micro Computer Inc., (SMCI) 4Hr Chart SMCI Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Wave (v) of {c}. DIRECTION: Completion of triangle in micro wave 4 DETAILS: Here we dig deeper into the triangle solution. We could continue sideways for some more time as earning report is on April 30th. On April 19, 2024, our Elliott Wave analysis of Super Micro Computer Inc. (Ticker: SMCI) focuses on the latest stock patterns captured on both daily and 4-hour charts. This analysis aims to provide investors with precise insights into potential future movements and price stabilization points. * SMCI Elliott Wave Technical Analysis – Daily Chart* Our detailed review of the daily trading chart for SMCI shows the stock currently in a corrective counter trend phase, characterized by a flat structure, labeled as micro wave 4. The analysis suggests a pattern formation pointing towards the completion of a triangle within this wave. Investors should closely monitor the price behavior around the critical level of $1000, a potential turning point. If the triangle does not resolve as expected, the stock may enter a sideways corrective phase (wave B of 4), potentially pushing the price towards the $800 mark. * SMCI Elliott Wave Technical Analysis – 4hr Chart* Zooming into the 4-hour chart, SMCI's stock provides a more granular view of the ongoing corrective phase, particularly wave (v) of {c}, which aligns with the completion of the triangle in micro wave 4. The chart suggests that the stock might continue to exhibit sideways movement for an extended period, especially as the earnings report date on April 30th approaches, potentially impacting stock volatility and price direction. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!

USD/CHF Elliott Wave Analysis Trading Lounge Day Chart, U.S.Dollar/Swiss Franc (USD/CHF) Day Chart USD/CHF Elliott Wave Technical Analysis DXY Elliott Wave Technical Analysis FUNCTION: Trend MODE: impulsive STRUCTURE: blue wave 5 POSITION: black wave 1 DIRECTION NEXT LOWER DEGREES: black wave 2 DETAILS:blue wave 4 of 1 looking completed at 0.90085,now blue wave 5 of 1 is in play . Wave Cancel invalid level: 0.88948 The USD/CHF Elliott Wave Analysis for the day chart provides insights into the potential price movements of the U.S. Dollar against the Swiss Franc, utilizing Elliott Wave principles for technical analysis. Identified as a "Trend," the analysis suggests that the prevailing market direction aligns with the broader trend, indicating potential opportunities for traders to participate in the direction of the trend. Described as "Impulsive" in mode, the analysis indicates that the current market movement exhibits characteristics of an impulsive wave pattern. This implies that the price is likely advancing in the direction of the trend with strong momentum, potentially offering trading opportunities for trend-following strategies. The "STRUCTURE" is labeled as "blue wave 5," providing clarity on the current phase of the Elliott Wave cycle. This helps traders understand the stage of the trend and anticipate potential reversal points or continuation patterns. Positioned as "black wave 1," the analysis highlights the specific phase of the Elliott Wave cycle within the current trend. This indicates that the market has completed a wave cycle and is potentially starting a new wave cycle in the direction of the trend. In the "DIRECTION NEXT LOWER DEGREES" section, the analysis mentions "black wave 2," suggesting the potential direction for the next lower-degree wave within the Elliott Wave cycle. This implies that the market may experience a corrective wave before continuing its upward movement. The "DETAILS" section notes that "blue wave 4 of 1 looking completed at 0.90085, now blue wave 5 of 1 is in play." This suggests that the corrective wave within the current wave cycle has potentially ended, and the market is now resuming its upward movement. Additionally, the wave cancel level is identified at 0.88948, providing a reference point for invalidating the wave count. Traders can utilize this information to assess potential trading opportunities and manage risk effectively. USD/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 DXY Elliott Wave Technical Analysis FUNCTION: Trend MODE: impulsive STRUCTURE: blue wave 5 POSITION: black wave 1 DIRECTION NEXT HIGHER DEGREES:blue wave 5(may started) DETAILS:blue wave 4 of 1 looking completed at 0.90085,now blue wave 5 of 1 is in play . Wave Cancel invalid level: 0.88948 The USD/CHF Elliott Wave Analysis for the 4-hour chart provides insights into the potential price movements of the U.S. Dollar against the Swiss Franc, employing Elliott Wave principles for technical analysis. Identified as a "Trend," the analysis suggests that the prevailing market direction aligns with the broader trend, indicating potential opportunities for traders to participate in the direction of the trend. Described as "Impulsive" in mode, the analysis indicates that the current market movement exhibits characteristics of an impulsive wave pattern. This implies that the price is likely advancing in the direction of the trend with strong momentum, potentially offering trading opportunities for trend-following strategies. The "STRUCTURE" is labeled as "blue wave 5," providing clarity on the current phase of the Elliott Wave cycle. This helps traders understand the stage of the trend and anticipate potential reversal points or continuation patterns. Positioned as "black wave 1," the analysis highlights the specific phase of the Elliott Wave cycle within the current trend. This indicates that the market has completed a wave cycle and is potentially starting a new wave cycle in the direction of the trend. In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "blue wave 5 (may have started)," suggesting the potential direction for the next higher-degree wave within the Elliott Wave cycle. This implies that the market may continue its upward movement, supporting the overall bullish trend. The "DETAILS" section notes that "blue wave 4 of 1 looking completed at 0.90085, now blue wave 5 of 1 is in play." This suggests that the corrective wave within the current wave cycle has potentially ended, and the market is now resuming its upward movement. Additionally, the wave cancel level is identified at 0.88948, providing a reference point for invalidating the wave count. Traders can utilize this information to assess potential trading opportunities and manage risk effectively. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!

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. In our Top 50 ASX Stocks forecasting service, NAB's price decline was accurately forecast, significantly reducing risk for investors. We are currently closely monitoring NAB for a further trading opportunity. 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 (c)-purple of Wave ((iv))-green Details: The short-term outlook describes that waves ((i))-green through ((iii))-green have concluded, and wave ((iv))-green is now unfolding. A common retracement target for wave 4 is at the 0.382 level, so I anticipate that wave ((iv)) will continue to decline to lower levels, while prices consistently remain below 36.11, which would increase confidence in this perspective. Invalidation point: 29.84 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: Counter trend (Minuette degree, purple) Mode: Corrective Structure: Regular Flat Position: Wave v-blue of Wave (c)-purple Details: The short-term outlook suggests that the ((iv))-green wave is unfolding with higher detail. This could potentially be a Flat Correction (3-3-5) pattern, with waves (a) and (b)-purple already completed. Now, wave (c)-purple is likely to unfold, pushing lower. It is subdividing into five smaller waves, with at least waves i-blue to iv-blue identified. This implies that wave v-blue is completing its role. Following this, we may see the return of the ((v))-green wave pushing higher. Invalidation point: 33.67 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!

Elliott Wave Analysis TradingLounge Daily Chart Cardano/ 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 Cardano/ U.S. dollar(ADAUSD)Trading Strategy: The second wave correction is likely to go down to test the 0.356 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. Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is above the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum. Elliott Wave Analysis TradingLounge H4 Chart, Cardano/ U.S. dollar(ADAUSD) 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 Cardano/ U.S. dollar(ADAUSD)Trading Strategy: The second wave correction is likely to go down to test the 0.356 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. Cardano/ U.S. dollar(ADAUSD)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!

KO Elliott Wave Analysis Trading Lounge Daily Chart, The Coca-Cola Company, (KO) Daily Chart KO Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Minute wave {c} of 2. DIRECTION: Bottom in wave {c}. DETAILS: With yesterday’s session we’ve had a spike in volume on the bull side, which could make us start thinking the correction is either completed, or soon to be. We have almost reached 1.618 {c} vs. {a}., but more importantly we have reached the base of the leading diagonal in wave 1, where many times support is found. KO Elliott Wave Analysis Trading Lounge 4Hr Chart, The Coca-Cola Company, (KO) 4Hr Chart KO Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Wave (v) of {c}. DIRECTION: Bottom in wave (v). DETAILS: Here on the intraday chart it’s easier to see the five wave move in wave {c} which seems to have unfolded nicely. Looking for a clear sign of a bottom in place. As of April 18, 2024, Elliott Wave analysts closely monitor the daily and 4-hour charts of The Coca-Cola Company (Ticker: KO) to provide insightful technical forecasts. These Elliott Wave predictions play a crucial role in identifying potential trends and reversal points in the stock's price movement. * KO Elliott Wave Technical Analysis – Daily Chart* The Elliott Wave analysis on the daily chart of Coca-Cola shows a corrective phase within a flat structure, identified as minute wave {c} of 2. This phase is categorized under a counter trend function, suggesting that the ongoing correction is approaching completion. The recent trading session marked a significant increase in volume on the bullish side, hinting at a nearing end to the correction. Technically, the price has approached the critical 1.618 Fibonacci extension of wave {c} relative to {a}, reaching a key support level at the base of the leading diagonal from wave 1—a typical zone for finding support. * KO Elliott Wave Technical Analysis – 4hr Chart* On the 4-hour chart, Coca-Cola’s stock exhibits a detailed structure of the corrective phase, clearly depicting wave (v) of {c}. This finer resolution allows for a clearer visualization of the complete five-wave move within wave {c}, indicating the likelihood of a bottom formation. Analysts are keenly observing for definitive signs that confirm the bottom is firmly in place, signaling potential bullish reversals. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!

WTI Elliott wave analysis Function - Counter-trend Mode - Corrective Structure - Zigzag Position - Wave (iii) of 1 Direction - Wave (iii) of 1 still in play Details - We discussed two scenarios in the last update. After 84 was breached, we can confirm wave (B) has ended. Now we need further confirmation with the current decline ending impulse. With the speed of this decline, it will most likely be, barring any surprises. Thus, the bearish impulse for wave 1 is underway. WTI has undergone a notable decline of almost 7% since reaching its 2024 peak in August. This descent appears rapid and impulsive, suggesting the possible conclusion of the four-month bullish correction or perhaps a corrective phase within it. The former scenario seems more plausible, especially when considering the alignment with price movements on higher time frames. From a long-term perspective, the commodity is in the process of correcting the significant impulse wave from April 2020 to March 2022, which marked its resilience against the challenges posed by the COVID-19 pandemic. This correction commenced in March 2022 and is still ongoing, with projections indicating a potential further decline to the range of $46-50. Analyzing the daily chart, we can discern the entirety of the correction, identifying a double zigzag structure denoted as the blue wave W-X-Y. Waves W and X concluded at 64.5 and 95, respectively. Currently, wave Y (marked in blue circles) is unfolding downward, displaying a zigzag pattern. Wave (A) of Y terminated at 67.81, followed by a surge for wave (B), seemingly completing a double zigzag at 87.67. This implies the likelihood of witnessing another zigzag or double zigzag for (C) of blue Y, indicating a probable breach of the 64.5 low in the long term. Failure to do so may still result in at least a three-wave dip to 75. Moving forward, the focus will be on monitoring the ongoing bearish reaction, with close attention paid to developments on the H4 chart. Turning to the H4 chart, anticipation centers on a downward impulse to complete wave 1 or A, possibly even to fulfill the initial sub-waves of 1 or A. The specific degree of these waves may not hold significant relevance at this juncture; instead, the emphasis lies on the current price structure. Should the price conform to the expected bearish impulse, a subsequent corrective bounce is anticipated, offering a potentially favorable entry point for selling. As long as the price remains below 87.63, expectations lean towards further declines in the near term. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!

EURGBP Elliott Wave Analysis Trading Lounge Day Chart, Euro/British Pound(EURGBP) Day Chart EURGBP Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE:Corrective STRUCTURE: red wave B POSITION: blue wave X DIRECTION NEXT HIGHER DEGREES:red wave C of X DETAILS: red wave b of blue wave X looking still is in play as triangle .. Wave Cancel invalid level: 0.85001 The EUR/GBP Elliott Wave Analysis for the day chart provides a comprehensive overview of the potential price movements for the Euro against the British Pound, utilizing Elliott Wave principles for technical analysis. Identified as a "Counter Trend," the analysis indicates that the current market direction opposes the prevailing trend. This suggests that the EUR/GBP pair may be undergoing a temporary corrective phase, providing opportunities for traders who anticipate a reversal in the broader trend. Described as "Corrective" in mode, the analysis suggests that the ongoing market movement exhibits characteristics of a corrective wave. This implies that the current price action may represent a temporary retracement or consolidation within the larger trend, rather than a continuation of the primary trend. The "STRUCTURE" is labeled as "red wave B," providing clarity on the current phase of the Elliott Wave cycle. This helps traders understand the nature of the corrective movement and its potential implications for future price action. Positioned as "blue wave X," the analysis highlights the specific phase of the Elliott Wave cycle within the current corrective movement. This indicates that the market is 2 / 2 currently in a corrective phase following the completion of a previous wave cycle, potentially indicating a complex correction pattern. In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "red wave C of X," suggesting the anticipated direction for the subsequent higher-degree wave within the Elliott Wave cycle. This implies that the market may experience another corrective phase following the completion of the current corrective wave, providing insights into potential future price movements. The "DETAILS" section notes that "red wave b of blue wave X looking still is in play as a triangle." This suggests that the ongoing corrective wave may be taking the form of a triangle pattern, characterized by overlapping price movements and diminishing volatility. Additionally, the wave cancel level is identified at 0.85001, providing a reference point for invalidating the wave count. Traders can utilize this information to evaluate potential trading opportunities and manage risk effectively. EURGBP Elliott Wave Analysis Trading Lounge 4 Hour Chart, Euro/British Pound(EURGBP) 4 Hour Chart EURGBP Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE:Corrective STRUCTURE: red wave B POSITION: blue wave X DIRECTION NEXT HIGHER DEGREES:red wave C of X DETAILS: red wave b of blue wave X looking still is in play as a triangle . Wave Cancel invalid level: 0.85001 The EUR/GBP Elliott Wave Analysis for the 4-hour chart provides insights into the potential price movements of the Euro against the British Pound, employing Elliott Wave principles for technical analysis. Identified as a "Counter Trend," the analysis suggests that the current market movement opposes the prevailing trend. This indicates that the EUR/GBP pair may be undergoing a temporary corrective phase against the dominant trend direction, presenting potential trading opportunities for contrarian traders. Described as "Corrective" in mode, the analysis indicates that the ongoing market movement exhibits characteristics of a corrective wave. This suggests that the current price action may represent a temporary pause or retracement within the broader trend, rather than a continuation of the primary trend. The "STRUCTURE" is labeled as "red wave B," providing clarity on the current phase of the Elliott Wave cycle. This assists traders in understanding the nature of the corrective movement and its potential impact on future price action. Positioned as "blue wave X," the analysis highlights the specific phase of the Elliott Wave cycle within the current corrective movement. This suggests that the market is currently in the corrective phase following the completion of a previous wave cycle, potentially indicating a complex correction pattern. In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "red wave C of X," indicating the anticipated direction for the subsequent higher-degree wave within the Elliott Wave cycle. This suggests that the market may experience a subsequent corrective phase following the completion of the current corrective wave, offering insights into future price movements. The "DETAILS" section notes that "red wave b of blue wave X looking still is in play as a triangle." This suggests that the ongoing corrective wave may be taking the form of a triangle pattern, characterized by overlapping price movements and diminishing volatility. Additionally, the wave cancel level is noted at 0.85001, serving as a reference point for invalidating the wave count. Traders may use this information to assess potential trading opportunities and manage risk accordingly. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!

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 H8 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!

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 determine that MIN may be correcting with wave ((2))-red for a while longer, after which wave ((3))-red may return to continue pushing 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 shorter-term outlook indicates that both wave (1)-blue and wave (2)-blue have concluded, with wave (3)-blue initiated since the low at 52.52. The anticipated direction is upwards, initially targeting 75.23, and a break beyond this level would extend towards 84.03, while maintaining levels below 65.36 is a significant advantage and a strong resistance level for 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 (Minuette degree, purple) Mode: Motive Structure: Impulse Position: Wave ((3))-red of Wave iii-blue of Wave (iii)-purple Details: The further short-term outlook shows that wave iii-blue is unfolding, and it is subdividing into wave ((1))-red, and perhaps it has recently peaked, now is the time for wave ((2) )-red opens to push lower, it may find support around 66.78 - 65.36, and after it ends, wave ((3))-red may return to push even higher . Invalidation point: 64.82 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).