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April 17

Stock Market Report S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200. Elliott Wave Technical Analysis

In our ongoing Elliott Wave analysis of key indices, including the S&P 500 and NASDAQ 100, it appears that the markets have not yet bottomed out. I plan to carefully watch for signs of support formation later on Thursday, which could signify reaching the lows. It's crucial to then observe whether the trading on Friday closes higher. Should this pattern not emerge, we might have to brace for a more extensive corrective phase. Consequently, I'll avoid making any hasty bearish moves and will instead monitor the market's performance towards the end of the week before making any trading decisions.

Video Chapters
00:00 SP 500 (SPX)
03:12 NASDAQ (NDX)
10:00 Russell 2000 (RUT)
12:42 DAX 40 (DAX)
16:33 FTSE 100 UKX (UK100)
18:48 S&P/ASX 200 (XJO)
23:11 End

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

April 17

GX Uranium ETF (URA) Elliott Wave Analysis
Function - Counter trend
Mode - Corrective
Structure - Emerging Zigzag
Position - Red wave (C) of blue 4
Direction - Red wave (C) of blue 4 is still in play
Details - Price broke blow 30. Wave (C) was confirmed by the break below 29.26. Should extend toward 25.94.

The GX Uranium ETF is an exchange-traded fund (ETF) that focuses on investing in companies involved in the uranium industry. Uranium is a key component in nuclear power generation, and its demand is influenced by factors such as global energy needs, environmental concerns, and government policies regarding nuclear power.

Recent market movements have seen the GX Uranium ETF undergo a bearish correction, with a decline exceeding 5% over the current trading week. This downturn commenced on February 1st, 2023, and is anticipated to persist in the short term before encountering a support level, heralding the onset of renewed upward momentum. Notably, this correction unfolds within the broader context of a bullish trend that commenced in March 2022. Despite enduring an over 8-month pullback between November 2021 and July 2022, the ETF has steadily ascended, reaching its loftiest valuation since April 2014. Consequently, post the prevailing retracement, a resumption of the bullish trajectory is anticipated.

Analyzing the daily time frame reveals a discernible bullish impulse of the cycle degree (marked in blue) after the supercycle wave (b). The termination of the 3rd wave - designated as blue wave 3 - occurred in February 2023, characterized by a diagonal pattern, followed by the onset of the corresponding 4th wave. This 4th wave manifests as a zigzag pattern, navigating through wave (C) after completing wave (B) via an expanding diagonal. To maintain the integrity of the overall impulse structure, the 4th wave - delineated as blue wave 4 - must remain above the critical level of 24.36. Expectations converge on buyers eagerly awaiting the conclusion of wave (C) to propel the bullish momentum into the 5th wave.

Examining the H4 chart illuminates the sub-waves of (A)-(B)-(C) and the emergence of wave (C). The initial target for wave (C) aligns with the 100% extension of wave (A) at 25.94, slightly above the psychological barrier of 25. Traders are thus advised to anticipate the culmination of wave (C) within the 25.94-25 zone, paving the way for subsequent rallies.

Technical Analyst : Sanmi Adeagbo

Source : Tradinglounge.com get trial here!

April 17

TJX Elliott Wave Analysis Trading Lounge Daily Chart, April 17 2024

The TJX Companies Inc., (TJX) Daily Chart

TJX Elliott Wave Technical Analysis

FUNCTION: CounterTrend

MODE: Corrective

STRUCTURE: ZigZag

POSITION: Minute wave {iv}.

DIRECTION: Bottom in wave {iv}.

DETAILS: As we seem to be unfolding in Minor wave 5, we have found resistance at TL1 at 100$, and we will not look for long trades before we will found support on 100$.

TJX Elliott Wave Analysis Trading Lounge 4H Chart, April 17 2024

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

TJX Elliott Wave Technical Analysis

FUNCTION: CounterTrend

MODE: Corrective

STRUCTURE: ZigZag

POSITION: Wave (c) of {iv}.

DIRECTION: Bottom in wave (c).

DETAILS: I outlined equality of wave {ii} and {iv}, as correction of the same degree will tend towards equality, at 89$. We can clearly we demand at that level, looking to see at least a reaction.

Here's an Elliott Wave perspective on The TJX Companies Inc. (TJX) as of April 17, 2024, detailed through analyses on both the daily and 4-hour charts:

* TJX Elliott Wave Technical Analysis – Daily Chart*

TJX is currently positioned in a countertrend, corrective phase under a ZigZag structure, specifically in Minute wave {iv}. This indicates a potential bottom forming in wave {iv}. Currently, resistance was encountered at TL1, located at $100. The analysis suggests caution, recommending against initiating long positions until a support is clearly established at or near $100, indicating the completion of wave {iv} and a potential setup for the subsequent upward move in Minor wave 5.

* TJX Elliott Wave Technical Analysis – 4hr Chart*

On the 4-hour chart, TJX is seen in the final stages of its corrective phase, specifically in wave (c) of {iv}. This detailed view continues with the ZigZag corrective pattern, focusing on the price action towards a potential bottom. The chart notes the price target of $89, where the wave (c) could find equality with wave (ii) — a common scenario in corrections of the same degree. There's a noted demand at this level, suggesting that a reversal or significant reaction could be expected soon.

Technical Analyst : Alessio Barretta

Source : Tradinglounge.com get trial here!

April 17

GBPJPY Elliott Wave Analysis Trading Lounge Day Chart,

British Pound/Japanese Yen(GBPJPY) Day Chart

GBPJPY Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE:corrective

STRUCTURE: black wave A

POSITION: red wave 4

DIRECTION NEXT HIGHER DEGREES:black wave B

DETAILS: red wave 3 completed at 193.567, now black wave A of 4 is in play. Wave Cancel invalid level: 193.567

The GBP/JPY Elliott Wave Analysis for the daily chart offers insights into the potential price movements of the British Pound against the Japanese Yen, utilizing Elliott Wave principles for technical analysis.

Identified as a "Counter Trend," the analysis suggests that the current market movement is contrary to the prevailing trend. This indicates that the GBP/JPY pair may be undergoing a temporary corrective phase against the dominant trend direction.

Described as "Corrective" in mode, the analysis indicates that the current market movement exhibits characteristics of a corrective wave. This suggests that the ongoing price action may represent a temporary pause or retracement within the broader trend.

The "STRUCTURE" is labeled as "black wave A," 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 "red wave 4," 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 fourth wave of the larger corrective sequence, indicating a temporary counter-trend movement.

In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "black wave B," 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.

The "DETAILS" section notes that "red wave 3 completed at 193.567, now black wave A of 4 is in play." This suggests that the previous corrective wave has concluded, and the market is now in the initial phase of the current corrective movement within the broader fourth wave.

Additionally, the wave cancel level is noted at 193.567, serving as a reference point for invalidating the wave count. Traders may use this information to assess potential trading opportunities and manage risk accordingly.

GBPJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart,

British Pound/Japanese Yen(GBPJPY) 4 Hour Chart

GBPJPY Elliott Wave Technical Analysis

FUNCTION: Trend

MODE:impulsive

STRUCTURE: red wave 1

POSITION: blue wave 3

DIRECTION NEXT HIGHER DEGREES:red wave 2

DETAILS: blue wave 2 looking completed at 192.837, now red wave 1 of blue wave 3 is in play. Wave Cancel invalid level: 193.567

The GBP/JPY Elliott Wave Analysis for the 4-hour chart provides insights into potential price movements of the British Pound against the Japanese Yen, utilizing Elliott Wave principles for technical analysis.

Identified as a "Trend," the analysis suggests that the prevailing market direction aligns with the broader uptrend. This indicates that the GBP/JPY pair may be experiencing a sustained movement in the direction of the dominant trend.

Described as "Impulsive" in mode, the analysis indicates that the current market movement exhibits characteristics of an impulsive wave. This suggests a strong and decisive directional move in the GBP/JPY pair, typically associated with the continuation of the underlying trend.

The "STRUCTURE" is labeled as "red wave 1," providing clarity on the current wave count within the Elliott Wave cycle. This assists traders in understanding the ongoing impulsive movement and its alignment with the broader trend.

Positioned as "blue wave 3," the analysis highlights the specific phase of the Elliott Wave cycle within the current impulsive movement. This indicates that the market is currently in the third wave of the larger impulsive sequence, suggesting a strong directional move.

In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "red wave 2," indicating the anticipated direction for the subsequent higher-degree wave within the Elliott Wave cycle. This suggests that the market may experience a temporary corrective phase following the completion of the current impulsive wave.

The "DETAILS" section notes that "blue wave 2 looking completed at 192.837, now red wave 1 of blue wave 3 is in play." This suggests that the previous corrective wave has likely concluded, and the market is now in the first wave of the current impulsive movement within the broader third wave. Additionally, the wave cancel level is noted at 193.567, 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!

April 17

XRPUSD Day  Crypto Chart
XRPUSD Elliott Wave Technical Analysis 
Function: Counter Trend
Mode: Corrective
Structure: Triangle
Position: Wave E
Direction Next higher Degrees: wave 4 of Impulse
Wave Cancel invalid level: 0.486
Details: the Moved in Triangle Before Increase again.





XRPUSD H2  Crypto Chart
XRPUSD Elliott Wave Technical Analysis 
Function: Follow  Trend
Mode: Motive
Structure: Impulse
Position: Wave 4
Direction Next higher Degrees: wave C of Zigzag
Wave Cancel invalid level: 
Details: A short-term pullback in wave 4 before falling again in wave 5.

Technical Analyst : Kittiampon Somboonsod

Source : Tradinglounge.com get trial here!

April 17

ASX: NORTHERN STAR RESOURCES LTD – NST Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with NORTHERN STAR RESOURCES LTD – NST. Our recently updated forecast for NST in the Top 50 ASX Stocks service is still active. We have identified a bullish opportunity with NST, setting up wave (iii)-purple of wave ((iii))-blue that could push much higher.

ASX: NORTHERN STAR RESOURCES LTD – NST Elliott Wave Technical Analysis

ASX: NORTHERN STAR RESOURCES LTD – NST 1D Chart (Semilog Scale) Analysis

Function: Major trend (Intermediate degree, blue)
Mode: Motive
Structure: Impulse
Position: Wave (iii)-purple of Wave ((iii))-green of Wave 3-red of Wave (3)-blue

Recent analysis: Accurate forecast
Details: The detailed short-term outlook shows that wave (3)-blue is unfolding, subdividing into waves 1 and 2-red, which have completed, and wave 3-red is currently unfolding to push higher. At a smaller degree, wave (iii)-purple is opening to push even higher, targeting an immediate objective around 16.30, while maintaining a price above 14.19 is an advantage and strong support for this bullish outlook.
Invalidation point: 13.40

ASX: NORTHERN STAR RESOURCES LTD – NST Elliott Wave Technical
Analysis TradingLounge (4-Hour Chart)

ASX: NORTHERN STAR RESOURCES LTD – NST Elliott Wave Technical Analysis

ASX: NORTHERN STAR RESOURCES LTD – NST 4-Hour Chart Analysis

Function: Major trend (Minute degree, green)

Mode: Motive

Structure: Impulse

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

Details: The shorter-term outlook indicates that the (iii)-purple wave seems to be unfolding to push higher. It is subdividing into the i-blue and ii-blue waves, with the ii-blue wave potentially just completed. The iii-blue wave might be ready to push higher as long as the price remains above the support level at 14.19, which would be advantageous for this perspective.

Invalidation point: 13.40

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: NORTHERN STAR RESOURCES LTD – NST 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).

April 16

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: Bitcoin is in the final stages of its bullish corrective pattern and will likely push higher in line the 2014 bitcoin halving. Precious metals gold and silver and GDX are in a wave four once completed expect another trend higher. Copper and Uranium are also in wave fours. The USD DXY and the 10 Yr. yields will continue to trend higher, that can take Crude oil higher also.

Video Chapters
00:00 Bitcoin (BTC) ETHUSD GBTC
07:39 US Dollar Index, DXY / TLT Bonds. US Gov Bonds 10 Yr Yields
13:49 Precious Metals: Spot Gold XAU /GDX ETF / US Spot Silver XAG
17:20 Base Metals:Nickel, Uranium URA ETF / Copper
24:44 Energy: Crude Oil WTI OIL / Natural Gas NG
33:16 End

Analyst Peter Mathers TradingLounge™

April 16

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.

The current bullish resurgence on Silver started in January 2024 after a sideways move in over a year prior. By projection, it doesn’t look like this bullish run is ending soon. Buyers will continue to wait for dips to buy. With Elliott wave theory, we can identify the identity of the dips and when a bigger pullback is on the way. The current dip that started on 12 April 2024 is expected to take a leg lower before the bullish trend resumes. In today’s commodity blog post, we will look at the position of the current price in the larger framework and what target traders should expect for the current bullish trend.

On the daily time frame, we could identify that the current rally is part of a bigger bullish correction that started on March 20, 2022 at 11.645. Since then, a double zigzag pattern has been emerging upwards, labelled waves (w)-(x)-(y) of the supercycle degree. Wave (w) ended at 30.08 on 3rd February 2021 and wave (x) concluded at 17.56 on 31 August 2022. By projection, wave (y) could reach 44.995 if we get a 100% relationship between (w) and (y) which often happens with zigzag structured. From the 2022 low of 17.56, wave (y) is emerging and itself now sub-divides into blue waves ‘W’-’X’-’Y’ - a double zigzag pattern. Blue wave ‘W’ ended on 3rd February 2023 at 24.65 before price entered in to a triangle sideways structure for blue wave ‘X’ that lasted for over a year.

Currently, we are in wave (y) of the supercycle degree that can sub-divide into at least three waves. Current rally is the first leg or first leg of the first sub-wave of (x). If we go with the latter, then we are in wave (A) of w of (x) but if we go with the former, we are in wave a of (w). All these may sound confusing to a beginner in the subject of Elliott wave theory. We can just focus on wave (A) ahich is expected to be an impulse from 21.929. The H4 time frame shows its sub-waves more clearly.

On the H4 time frame, we are currently in wave 4 pullback of wave (A). 1st and 2nd legs of wave 4 seem to have completed. We will expect another leg lower into the 26.86-26.07 Fibonacci extension zone where wave 4 might find a support for further rallies in wave 5 of (A). Therefore, we can conclude that current dip has not violated the bullish development in anyway. It’s just an opportunity for new and existing buyers to get in long positions from the dip.

Technical Analyst : Sanmi Adeagbo

Source : Tradinglounge.com get trial here!

April 16

CRM Elliott Wave Analysis Trading Lounge Daily Chart,

Salesforce Inc., (CRM) Daily Chart

CRM Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Intermediate wave (4)

DIRECTION: Bottom in wave (4).

DETAILS: We are reacting off TL3 at 300$, in what we labelled as wave (3) of Primary 1. We experienced a long term correction in wave IV which appears to be complete, and we are now looking for continuation higher.

CRM Elliott Wave Analysis Trading Lounge 4Hr Chart,

Salesforce Inc., (CRM) 4H Chart

CRM Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave C of (4).

DIRECTION: Bottom in wave C.

DETAILS: We seem to have a three wave move so far in wave (4), with a sideways wave B which because of its characteristics it gives us additional confidence we could be in a corrective structure.

Here's the latest on Salesforce Inc. (CRM) from our Elliott Wave Analysis Trading Lounge, examining both the daily and 4-hour chart.

* CRM Elliott Wave Technical Analysis – Daily Chart*

Salesforce is currently exhibiting behavior typical of a counter trend phase with a corrective mode and flat structure, positioned in Intermediate wave (4). The direction is indicating a potential bottom in wave (4). We've observed a reaction off the key level, TL3 at $300, which we have identified as wave (3) of Primary 1. Following a prolonged correction in wave IV, which now appears complete, the outlook suggests a potential continuation higher.

* CRM Elliott Wave Technical Analysis – 4hr Chart*

The 4-hour chart further supports the daily findings but focuses on the specifics of the ongoing correction in Wave C of (4). This phase is also characterized as counter trend, corrective, and flat. The chart shows a three-wave structure for wave (4), with a sideways wave B. The nature of wave B provides additional confidence that we are indeed in a corrective structure, setting up expectations for a bottom in wave C.

Technical Analyst : Alessio Barretta

Source : Tradinglounge.com get trial here!

April 16

EURUSD Elliott Wave Analysis Trading Lounge Day Chart,

Euro/U.S.Dollar(EURUSD) Day Chart

EURUSD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: impulsive as C

STRUCTURE:blue wave 3

POSITION: black wave C of 2

DIRECTION NEXT HIGHER DEGREES:blue wave 4

DETAILS: blue wave 2 looking completed at 1.09862 .Now blue wave 3 of C is in play . Wave Cancel invalid level: 1.08838

The EUR/USD Elliott Wave Analysis for the day chart offers insights into the potential price movements of the Euro against the U.S. Dollar, applying Elliott Wave principles for technical analysis.

Described as a "Counter Trend," the analysis suggests that the current market direction is contrary to the prevailing trend. This indicates that the EUR/USD pair may be undergoing a temporary reversal against the broader uptrend.

Identified as "Impulsive as C" in mode, the analysis indicates that the current market movement exhibits characteristics of an impulsive wave within the larger corrective pattern labeled as "C." This suggests a strong and sustained directional move against the primary trend.

The "STRUCTURE" is labeled as "blue wave 3," providing clarity on the current wave count within the Elliott Wave cycle. This assists traders in understanding the ongoing impulsive movement and its alignment with the broader corrective structure labeled as "C."

Positioned as "black wave C of 2," the analysis highlights the specific phase of the corrective pattern within the larger Elliott Wave cycle. This suggests that the market is currently undergoing a corrective phase within the context of the broader countertrend move.

In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "blue wave 4," indicating the anticipated direction for the subsequent higher-degree wave within the corrective pattern. This suggests that the market may experience a temporary pullback following the completion of the current impulsive wave.

The "DETAILS" section notes that "blue wave 2 looking completed at 1.09862. Now blue wave 3 of C is in play." This suggests that the previous corrective wave has likely concluded, and the market is now in the third wave of the current impulsive movement. Traders may monitor this wave for potential trading opportunities or trend continuation. Additionally, the wave cancel level is noted at 1.08838, serving as a reference point for invalidating the wave count.

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:red wave 3

POSITION: blue wave 3

DIRECTION NEXT HIGHER DEGREES:red wave 4

DETAILS: red wave 2 looking completed at 1.08838 .Now red wave 3 of 3 is in play . Wave Cancel invalid level: 1.08838

The EUR/USD Elliott Wave Analysis for the 4-hour chart provides insights into the potential price movements of the Euro against the U.S. Dollar, utilizing Elliott Wave principles for technical analysis.

Described as a "Trend," the analysis indicates that the prevailing market direction aligns with the broader uptrend in the EUR/USD pair. This suggests that the current price action is consistent with the dominant bullish momentum in the market.

Identified as "Impulsive" in mode, the analysis suggests that the current market movement exhibits characteristics of an impulsive wave, indicating a strong and sustained directional move. Traders may interpret this as a sign of significant buying or selling pressure driving the market in one direction.

The "STRUCTURE" is characterized as "red wave 3," providing clarity on the current wave count within the Elliott Wave cycle. This assists traders in understanding the ongoing impulsive movement and its alignment with the broader Elliott Wave structure.

Positioned as "blue wave 3," the analysis highlights the specific phase of the impulsive wave within the larger Elliott Wave cycle. This suggests that the market is currently experiencing a strong upward movement within the context of the broader uptrend.

In the "DIRECTION NEXT HIGHER DEGREES" section, the analysis mentions "red wave 4," indicating the anticipated direction for the subsequent higher-degree wave within the impulsive pattern. This suggests that the market may experience a corrective phase following the completion of the current impulsive wave.

The "DETAILS" section mentions that "red wave 2 looking completed at 1.08838. Now red wave 3 of 3 is in play." This suggests that the previous corrective wave has likely concluded, and the market is now in the third wave of the current impulsive movement. Traders may monitor this wave for potential trading opportunities or trend continuation.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

April 16

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

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COCHLEAR LIMITED - COH. Continuing on last week's forecast made with COH, that forecast is now accurate. We identify in the short term that COH could decline lower to complete a Zigzag Correction with wave (4)-blue, followed by a potential resurgence of wave (5)-blue to push higher.

ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis

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

Function: Major trend (Intermediate degree, blue)

Mode: Motive

Structure: Impulse

Position: Wave (4)-blue

Details: The short-term outlook indicates that the (4)-blue wave is currently unfolding to push lower, targeting the immediate range of 293.87 - 278.31. After the completion of the (4)-blue wave, the (5)-blue wave may resume to push higher. Additionally, the support target is very close to the Major Level at 300.

Invalidation point: 253.36

ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis

TradingLounge (4-Hour Chart)

ASX: COCHLEAR LIMITED - COH Elliott Wave Technical Analysis

ASX: COCHLEAR LIMITED - COH 4-Hour Chart Analysis

Function: Major trend (Minor degree, red)

Mode: Motive

Structure: Impulse

Position: Wave ((iii))-green of Wave C-red

Details: The short-term outlook suggests that the (c)-purple wave continues to push lower, possibly targeting around the Major Level 300. Maintaining below the level of 323.84 serves as both resistance and an advantage for this bearish view. After this corrective ABC-red wave concludes, it also indicates that the (4)-blue wave has ended, paving the way for a potential upward movement with the (5)-blue wave.

Invalidation point: 342.40

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: COCHLEAR LIMITED - COH 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 16

Elliott Wave Analysis TradingLounge Daily Chart,

VeChain/ U.S. dollar(VETUSD)

VETUSD 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: 0.2100

Details: Wave II Is equal 50% of Wave I at 0.0270

VeChain/ U.S. dollar(VETUSD)Trading Strategy:

The short-term retracement of the second wave is likely to retest the 50% level of the first wave at 0.0270. We expect that the price is still likely to fall further, but only as a pullback. short term to continue Wait for the correction to complete to rejoin the uptrend.

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

Elliott Wave Analysis TradingLounge 4H Chart,

VeChain/ U.S. dollar(VETUSD)

VETUSD 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 C is equal to 161.8% of Wave A at 0.0265

VeChain/ U.S. dollar(VETUSD)Trading Strategy:

The short-term retracement of the second wave is likely to retest the 50% level of the first wave at 0.0270. We expect that the price is still likely to fall further, but only as a pullback. short term to continue Wait for the correction to complete to rejoin the uptrend.

VeChain/ U.S. dollar(VETUSD)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 15

Corn Elliott wave analysis

Function - Trend

Mode - Counter-Trend

Structure - Expecting Impulse Wave

Position - Wave 2

Direction - Wave 3

Details - Wave 2 may not drop inside the 419-413 support zone where we expected it to end. Perhaps it has been completed with the surge to 438’4 and the subsequent corrective response. Wave 3 is probably in play and will be confirmed by the breach above 438’4. However, a double three corrective pattern into the zone is still likely. So we need an important impulse break upwards to confirm wave 2 has ended.

Between 26 February and 13 March 2024, Corn gained over 12%. However, that’s merely a 17% recovery of the April 2022-to-February 2024 sell-off. Thus, there is still some way upside to go. From the Elliott wave perspective, it seems the current recovery will extend higher into the 22-month sell-off. By projection, the price might correct up to 571-623 Fibonacci retracement area. Today’s commodity blog post intends to show traders how to gain from this bullish corrective cycle.

On the daily chart, from 824, we identified a corrective decline from April 2022 down to 394 in February 2024. Ideally, an impulse wave should follow to break above 824 in the long term. However, in this case, we will consider a 3-wave corrective bounce at first, and if the price supports, an impulse later. Currently, the price is in blue wave ‘A’ of blue wave ’1’ (both circled). We expect either to start with an impulse wave. On the H4 time frame, we can see the sub-waves of the current bounce better.

On the H4 chart, a rally from 394 has completed the first impulse - wave 1. This is an indication that we may be right with the expected strong corrective rally or a long-term bullish impulse. From the end of wave 1, wave 2 has emerged and is quite debatable in the way it’s being structured. We expected wave 2 to end in the 419-413 key support zone. However, it appears wave 2 has ended with an expanding flat pattern. Flats can be quite tricky and can quickly transform a different pattern. Two ways to confirm wave 3 has started:

1. price breaks above blue wave ‘b’ of 2 high and

2. an impulsive break above 438

If the price confirms the end of wave 2, we should see wave 3 between 492 and 515 or maybe even higher. Thus, there’s more room to the upside for buyers to explore. However, if wave 3 is not confirmed, a further dip into the 419-423 or even lower shouldn’t come as a surprise.

Technical Analyst : Sanmi Adeagbo

Source : Tradinglounge.com get trial!

April 15

TXN Elliott Wave Analysis Trading Lounge Daily Chart,

Texas Instruments Inc., (TXN) Daily Chart

TXN Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minor wave 3

DIRECTION: Upside in wave 3.

DETAILS: We are looking at either an extension in Minor wav 3 in the making, or else we are still in wave {b} of 2. The most bearish scenario is the one where the move off the 140$ bottom is not a wave 1 and we are still in a larger degree correction.

TXN Elliott Wave Analysis Trading Lounge 4Hr Chart,

Texas Instruments Inc., (TXN) 4Hr Chart

TXN Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave {ii}

DIRECTION: Bottom in wave (c) of {ii}.

DETAILS: We are looking at a clear three wave move in wave {ii} with a bottom soon to be in place, looking for the beginning of MGM2 at 165$ to provide support.

Welcome to our TXN Elliott Wave Analysis Trading Lounge, where we delve into Texas Instruments Inc. (TXN) using Elliott Wave Technical Analysis. Let's dissect the market dynamics on both the Daily Chart and the 4H Chart as of April 15, 2024.

* TXN Elliott Wave Technical Analysis – Daily Chart*

On the Daily Chart, our analysis reveals a trending market characterized by impulsive mode and motive structure, positioned in Minor wave 3. The direction indicates upside momentum in wave 3. However, we are considering two potential scenarios: either an extension in Minor wave 3 or still within wave {b} of 2. The most bearish scenario suggests that the move from the $140 bottom may not be a wave 1, implying a larger degree correction.

* TXN Elliott Wave Technical Analysis – 4hr Chart*

Here, we observe a counter trend market marked by corrective mode and flat structure, positioned in Wave {ii}. The direction hints at a bottom forming in wave (c) of {ii}. Our analysis identifies a clear three-wave move in wave {ii}, with a bottom expected soon. We anticipate support to emerge around the beginning of MGM2 at $165.

Technical Analyst : Alessio Barretta

Source : Tradinglounge.com get trial here!

April 15

ASX: RIO TINTO LIMITED – RIO Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) RIO TINTO LIMITED – RIO. We have identified that RIO may have completed the ((ii))-green wave at the 114.88 low, allowing the ((iii))-green wave to open up to push much higher. We will continuously monitor and update not only RIO but also the TOP 50 ASX Stocks and provide the best forecasts.

ASX: RIO TINTO LIMITED – RIO Elliott Wave Technical Analysis

ASX: RIO TINTO LIMITED – RIO 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, red)

Mode: Motive

Structure: Impulse

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

Details: The short-term outlook suggests that wave ((ii))-green appears to have completed around 114.88, and wave ((iii))-green is now unfolding to push higher. Maintaining a price level above 121.10 would be advantageous and also serves as a strong support for this perspective.

Invalidation point: 102.51

ASX: RIO TINTO LIMITED – RIO Elliott Wave Technical Analysis

ASX: RIO TINTO LIMITED – RIO 4-Hour Chart Analysis

Function: Major trend (Minute degree, green)

Mode: Motive

Structure: Impulse

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

Details: The shorter-term outlook indicates that wave ((iii))-green is currently unfolding to continue pushing higher. The immediate targets could be around 134.68 and 139.59, or even further. Maintaining above the level of 125.10 would be advantageous, serving as both a support level and strengthening the bullish perspective.

Invalidation point: 114.88

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: RIO TINTO LIMITED – RIO 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 15

Elliott Wave Analysis TradingLounge Daily Chart,
XRP/ U.S. dollar(XRPUSD)
XRPUSD Elliott Wave Technical Analysis 
Function: Counter Trend
Mode: Corrective
Structure: Triangle
Position: Wave E
Direction Next higher Degrees: wave 4 of Impulse
Wave Cancel invalid level: 0.486
Details: the Moved in Triangle Before Increase again


XRP/ U.S. dollar(XRPUSD)Trading Strategy:
Triangle correction, where we are in the final phase of the correction in Wave E. Once Wave E is complete, the price will return to the uptrend again.


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




Elliott Wave Analysis TradingLounge 2H Chart,
XRP/ U.S. dollar(XRPUSD)
XRPUSD Elliott Wave Technical Analysis 
Function: Follow  Trend
Mode: Motive
Structure: Impulse
Position: Wave 4
Direction Next higher Degrees: wave C of Zigzag
Wave Cancel invalid level: 
Details: A short-term pullback in wave 4 before falling again in wave 5.

XRP/ U.S. dollar(XRPUSD)Trading Strategy:
Decreasing in an impulse pattern where we are in a short pullback in wave 4 before falling again in wave 5 to complete wave C and after which the price re-enters the uptrend.

XRP/ U.S. dollar(XRPUSD)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 15

USDJPY Elliott Wave Analysis Trading Lounge Day Chart,

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

USDJPY Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE:red wave 5 of C

POSITION: black wave Z of B

DIRECTION NEXT LOWER DEGREES: sub waves of Red wave C

DETAILS red wave 4 of C looking completed at 150.778 . Now red wave 5 of C of Z of B is in play and looking near to end.

The USD/JPY Elliott Wave Analysis for the day chart provides insights into the potential price movements of the U.S. Dollar against the Japanese Yen, employing Elliott Wave principles for technical analysis.

Described as a "Counter Trend," the analysis suggests that the prevailing market direction runs counter to the primary trend, indicating a possible corrective phase or reversal in the USD/JPY pair. Traders may interpret this as a temporary deviation from the overarching uptrend in the currency pair.

Identified as "Corrective" in mode, the analysis indicates that the current market movement is part of a corrective pattern rather than a new impulsive trend. This suggests that the recent price action represents a temporary interruption in the broader trend.

The "STRUCTURE" is characterized as "red wave 5 of C," providing clarity on the current wave count within the Elliott Wave cycle. This assists traders in understanding the ongoing corrective pattern and its alignment with the broader Elliott Wave structure.

Positioned as "black wave Z of B," the analysis highlights the current wave count within the larger Elliott Wave cycle, indicating the specific phase of the potential corrective pattern. This suggests that the market is currently experiencing a corrective phase within the broader wave structure.

In the "DIRECTION NEXT LOWER DEGREES" section, the analysis mentions "sub waves of Red wave C," indicating the anticipated direction for the subsequent lower-degree waves within the corrective pattern. This suggests that the market may continue to unfold within the context of the current corrective structure.

The "DETAILS" section mentions that "red wave 4 of C looking completed at 150.778. Now red wave 5 of C of Z of B is in play and looking near to end." This suggests that the previous corrective wave has likely concluded, and the market is now in the final phase of the current corrective movement. Traders may monitor the completion of this wave for potential trading opportunities or trend reversals.

USDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart,

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

USDJPY Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Impulsive as C

STRUCTURE:red wave 5

POSITION: blue wave C

DIRECTION NEXT LOWER DEGREES: bearish impulse as red wave 1

DETAILS red wave 4 of C looking completed at 150.778 . Now red wave 5 is in play.

The USD/JPY Elliott Wave Analysis for the 4-hour chart presents insights into potential price movements of the U.S. Dollar against the Japanese Yen, utilizing Elliott Wave principles for technical analysis.

Identified as a "Counter Trend" scenario, the analysis suggests that the prevailing market direction opposes the primary trend, indicating a potential reversal or corrective phase in the USD/JPY pair. Traders may interpret this as a temporary deviation from the overall uptrend in the currency pair.

Described as "Impulsive as C" in mode, the analysis indicates that the current market movement exhibits characteristics of an impulsive wave within the broader Elliott Wave cycle. This implies that the recent price action is part of a corrective pattern rather than a new impulsive trend.

The "STRUCTURE" is identified as "Red wave 5," providing clarity on the current wave count within the Elliott Wave cycle. This assists traders in understanding the ongoing corrective pattern and its alignment with the broader Elliott Wave structure.

Positioned as "Blue wave C," the analysis highlights the current wave count within the larger Elliott Wave cycle, indicating the specific phase of the potential corrective pattern.

This suggests that the market is currently experiencing a corrective phase within the broader wave structure.

The "DIRECTION NEXT LOWER DEGREES" is denoted as a "bearish impulse as red wave 1," implying the anticipated direction for the subsequent lower-degree wave within the corrective pattern. This indicates that following the completion of the current corrective phase, a new bearish impulse may ensue.

In the "DETAILS" section, it is mentioned that "red wave 4 of C looking completed at 150.778. Now red wave 5 is in play." This suggests that the previous corrective wave has likely completed, and the market is now in the initial phase of a new impulsive movement. Traders may use the level of 150.778 as a reference point to monitor potential invalidation of the current wave count.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!

April 15

ASX: RIO TINTO LIMITED – RIO Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)

Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) RIO TINTO LIMITED – RIO. We have identified that RIO may have completed the ((ii))-green wave at the 114.88 low, allowing the ((iii))-green wave to open up to push much higher. We will continuously monitor and update not only RIO but also the TOP 50 ASX Stocks and provide the best forecasts.

ASX: RIO TINTO LIMITED – RIO Elliott Wave Technical Analysis

ASX: RIO TINTO LIMITED – RIO 1D Chart (Semilog Scale) Analysis

Function: Major trend (Minor degree, red)

Mode: Motive

Structure: Impulse

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

Details: The short-term outlook suggests that wave ((ii))-green appears to have completed around 114.88, and wave ((iii))-green is now unfolding to push higher. Maintaining a price level above 121.10 would be advantageous and also serves as a strong support for this perspective.

Invalidation point: 102.51

ASX: RIO TINTO LIMITED – RIO Elliott Wave Technical Analysis

ASX: RIO TINTO LIMITED – RIO 4-Hour Chart Analysis

Function: Major trend (Minute degree, green)

Mode: Motive

Structure: Impulse

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

Details: The shorter-term outlook indicates that wave ((iii))-green is currently unfolding to continue pushing higher. The immediate targets could be around 134.68 and 139.59, or even further. Maintaining above the level of 125.10 would be advantageous, serving as both a support level and strengthening the bullish perspective.

Invalidation point: 114.88

Conclusion:

Our analysis, forecast of contextual trends, and short-term outlook for ASX: RIO TINTO LIMITED – RIO 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 13

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

Elliott Wave Analysis of Stocks: Current stock counts are progressing as anticipated. However, Microsoft (MSFT) may experience a further drop, which we plan to leverage by building positions once this decline concludes. With earnings reports rolling out, starting with banks over the past few days, the indices are likely to remain in Wave 4 for a short period. We aim to increase long positions in Apple and Nvidia as their Elliott Impulse Waves advance, aligning with optimal trading setups. This strategy should synchronize well with the indices reaching their lows.

April 12

Wheat Elliott Wave Analysis

Function - Trend

Mode - Trend

Structure - Diagonal (D1)

Position - Blue wave ‘x’

Direction - Downwards for blue wave ‘y’ of Y of (5)

Details - After the completion of the triple three for wave X, the price is turning downside to begin the sub-waves of wave Z. Bearish confirmation below 540.

Between March 11th and April 8th, 2024, wheat showcased an upward trajectory, accumulating gains exceeding 9%. However, this apparent rally was merely corrective, hinting at an inevitable return to widespread selling pressure, thus perpetuating the downtrend initiated in March 2022. The ascent encountered resistance within the critical 570-577 range, following the completion of a triple zigzag corrective pattern. Presently, there exists minimal resistance impeding a potential sell-off towards the significant level of 500.

On the daily timeframe, a bearish impulse wave commenced in March 2022, now approaching its completion. Anticipated as the final leg before a substantial bullish correction, wave (5) of a higher degree, labeled as blue '5', is poised to unfold. It's noteworthy that wave '5' (depicted in blue) is finalizing an ending diagonal, also termed a wedge, regarded as one of the most potent reversal chart patterns in technical analysis. Furthermore, wave (5) is at an advanced stage, having fulfilled a triple zigzag pattern, as evidenced in the H4 timeframe.

Zooming into the H4 timeframe, wave X of (5) concluded with a triple zigzag, confronting resistance within the 570-577 range as mentioned earlier. A breach below the lower boundary of wave X would confirm the inception of wave Z, expected to subdivide into a zigzag (simple, double, or triple) and descend towards 500.

In essence, wheat nears the culmination of the bearish impulse phase initiated in March 2022. While a corrective rebound looms on the horizon, there remains potential for further downside toward 500 before the onset of a substantial bullish correction. Traders should remain vigilant, closely monitoring key levels to navigate the evolving market conditions effectively.

Technical Analyst : Sanmi Adeagbo

Source :Tradinglounge.com get trial here!

April 12

AMZN Elliott Wave Analysis Trading Lounge Daily Chart,

Amazon.com Inc., (AMZN) Daily Chart

AMZN Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Minor wave 1

DIRECTION: upside in wave {v} of 1.

DETAILS: Looking for upside towards Trading Level 2 at 200$, as we have just hit previous ATH with yesterday’s session.

AMZN Elliott Wave Analysis Trading Lounge 4Hr Chart,

Amazon.com Inc., (AMZN) 4Hr Chart

AMZN Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {v}

DIRECTION: Upside in wave (v) of {v}.

DETAILS: Looking for upside into wave (v), the up move in (v) is not labelled as there are two main scenarios. The first one suggests we are extending with a series of ones and twos to then reach higher towards 200$. The other suggests we are moving upwards in a series of threes to form an ending diagonal.

Welcome to our AMZN Elliott Wave Analysis Trading Lounge, where we provide insights into Amazon.com Inc. (AMZN) using Elliott Wave Technical Analysis. Let's explore the market dynamics on both the Daily Chart and the 4Hr Chart as of April 12, 2024.

* AMZN Elliott Wave Technical Analysis – Daily Chart*

On the Daily Chart, our analysis indicates a trending market characterized by impulsive mode and motive structure, positioned in Minor wave 1. The direction suggests upside momentum in wave {v} of 1. With yesterday's session hitting previous All-Time High (ATH), we anticipate further upside movement towards Trading Level 2 at $200.

* AMZN Elliott Wave Technical Analysis – 4hr Chart*

Here, we observe a trending market marked by impulsive mode and motive structure, positioned in Wave {v}. The direction points to upside movement in wave (v) of {v}. However, the upmove in (v) is not specifically labelled due to two main scenarios. The first scenario suggests extension with a series of ones and twos, leading towards the $200 level. The second scenario proposes upward movement in a series of threes, potentially forming an ending diagonal.

Technical Analyst : Alessio Barretta

Source : Tradinglounge.com get trial here!

April 12

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. In our Top 50 ASX Stocks service, we accurately forecasted the ongoing 2-red wave, pushing lower, This helps investors avoid risks when holding long positions in trading/investment. Currently, our forecast suggests that the 2-red wave will continue for some time, followed by the 3-red wave returning to push much higher.

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 ((y))-green of Wave 2-red

Latest forecast: Accurate forecast
Details: The short-term outlook describes that the 1-red wave has peaked, and the following 2-red wave is likely to unfold as a Combination pattern to continue pushing lower. A rise above 124.54 would indicate that the 2-red wave has ended earlier than expected, and the 3-red wave is returning to push higher.

This wave count is conducted because the price action from the low of 111.56 rising to the high of 121.54 occurred in Three-waves, suggesting to me that the 2-red wave still appears to be developing into a more complex pattern with a WXY or ABC structure with (3-3-3).
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: Counter trend (Minute degree, green)

Mode: Corrective

Structure: Combination, Double Three

Position: Wave (c)-purple of Wave ((y))-green

Details: The shorter-term outlook indicates that the 2-red wave is unfolding as a Combination pattern, with ((w))-green being a zigzag and ((y))-green appearing to be a Flat Correction. It will continue to push slightly lower before completing the entire 2-red wave, with its target aiming around ~112.28 - 110.00. Maintaining a price below 119.21 will be advantageous and serve as strong resistance for this bearish view. After the completion of wave 2-red, we will have a long-term trading opportunity with wave 3-red.

Invalidation point: 120.60

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).

April 12

Elliott Wave Analysis TradingLounge Daily Chart,

NEO / U.S. dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: Wave ((3)) of Impulse

Wave Cancel invalid Level: 9.85

Details: Wave (3) is Equal to 161.8% of Wave (1) at 24.52

NEO / U.S. dollar(NEOUSD)Trading Strategy:

NEO is still in an uptrend in the form of an Impulse Wave and the price has a chance to test the 19.45 level before correcting again. Therefore, the overall picture is still a continuous increase. Look for opportunities to open long positions.

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 4H Chart,

NEO / U.S. dollar(NEOUSD)

NEOUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: Wave ((3)) of Impulse

Wave Cancel invalid Level: 9.85

Details: Wave (3) is Equal to 161.8% of Wave (1) at 24.52

NEO / U.S. dollar(NEOUSD)Trading Strategy:

NEO is still in an uptrend in the form of an Impulse Wave and the price has a chance to test the 19.45 level before correcting again. Therefore, the overall picture is still a continuous increase. Look for opportunities to open long positions.

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 11

Gold Elliott Wave Analysis
Function - Trend
Mode - Impulse
Structure - Impulse wave
Position -Wave (v) of 3
Direction - Wave 4 pullback
Details - Expecting wave 4 dip to be followed by further rallies for wave 5. Wave 3 may not have ended yet. The bullish trend is still intact.

Gold's trajectory across all chart timeframes remains decidedly bullish, consistently surpassing previous all-time highs. The current bullish trend commenced in December 2015 following a bearish correction lasting over 51 months from August 2011 to December 2015. Preceding this correction was a bullish impulse spanning over 144 months from August 1999. Furthermore, before August 1999, a bearish correction persisted for 236 months from January 1980, with a preceding bullish trend dating back to the 1970s. Thus, Gold's price exhibits a cyclical pattern characterized by waves of impulse and corrective cycles. The ongoing impulse cycle has endured for just over 100 months, suggesting that historically, this bullish trend has yet to reach its conclusion.

In today's commodity blog post, we will meticulously analyze the current bullish impulse cycle from 2015.

On the daily chart, the current impulse cycle corresponds to the supercycle wave (IV). Presently, we find ourselves in the cycle degree wave III of (IV). Based on the Fibonacci projection, wave III has the potential to extend to the 161.8% projection of wave I from II, reaching a level of 2732. This serves as a long-term target for Gold enthusiasts. Currently, the price resides in wave 3 of (3) of blue wave 3 of III. As there are still several waves pending completion before reaching the projected target, the next buying opportunity is anticipated after wave 4, given that wave 3 is nearing its fulfillment.

Transitioning to the H4 timeframe, wave 3 is nearing completion, particularly the final leg denoted as wave (v) of blue wave v of 3, after breaking above the 2300 medium level. The price currently oscillates between the 2300 and 2500 medium levels. If indeed wave 3 is concluding its final phase, a pullback for wave 4 is expected around the 2300 level before further rallies for wave 5 towards 2500. Consequently, buying the dip of wave 4 is advisable, particularly if it retreats to the 2300 level. By adhering to these guidelines, traders can effectively capitalize on Gold's ongoing bullish momentum while navigating the market with precision.

Technical Analyst : Sanmi Adeagbo

April 11

MCD Elliott Wave Analysis Trading Lounge Daily Chart,

McDonald’s Corp., (MCD) Daily Chart

MCD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Intermediate (C)

DIRECTION: Bottom in wave (2).

DETAILS: We are looking at a potential bottom in wave C of (2) as volume also seems to be suggesting. In order to turn bullish again we could need to start finding support on TL3 at 300$.

MCD Elliott Wave Analysis Trading Lounge 4H Chart,

McDonald’s Corp., (MCD) 4H Chart

MCD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave {v} of C.

DIRECTION: Bottom in wave C.

DETAILS: We can identify a five wave move to the downside into what could be the end of wave C. We are also seeing support on top of 1.618 C vs. A.

Welcome to our MCD Elliott Wave Analysis Trading Lounge, where we analyze McDonald’s Corp. (MCD) using Elliott Wave Technical Analysis. Let's delve into the market dynamics on the Daily Chart as of April 11, 2024.

* MCD Elliott Wave Technical Analysis – Daily Chart*

Our analysis reveals a counter trend function characterized by corrective mode and flat structure, positioned in Intermediate (C). The direction indicates a potential bottom in wave (2). We observe volume patterns suggesting a reversal. To regain a bullish outlook, we may require to establish support around TL3 at $300.

* MCD Elliott Wave Technical Analysis – 4Hr Chart*

Here, we identify a counter trend function marked by corrective mode and flat structure, positioned in Wave {v} of C. The direction suggests a potential bottom in wave C. We observe a five-wave move to the downside, possibly indicating the completion of wave C. Additionally, there is support observed above 1.618 C vs. A.

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