Elliott Wave Analysis by EWF

Netflix Elliott Wave View: More Strength is Expected

Netflix ticker symbol: $NFLX short-term Elliott wave view suggests that the rally to $369.83 high on 6/05/2018 ended Minor wave 1. The internals of that rally unfolded as Elliott wave impulse structure with lesser degree 5 waves structure in Minute wave ((i)), ((iii)), and ((v)). Below from $369.83, the decline to $354.10 low on 6/08/2018 ended Minor wave 2 pullback.

The internals of that pullback unfolded as Elliott wave Flat structure where Minute wave ((a)) ended in 3 swings at $363.33. Minute wave ((b)) ended in another 3 waves at $368.99 and Minute wave ((c)) ended in 5 waves at $354.10 low. Up from there, Minor wave 3 remains in progress into another 5 waves impulse structure and already showing higher high sequence in the stock. The internal degree Minute wave ((i)) of 3 completed at $365.67 & Minute wave ((ii)) of 3 completed at $357.50 low.

Near-term Minute wave ((iii)) of 3 is expected to complete soon in 5 wave structure. Afterwards, the stock is expected to do a pullback in Minute wave ((iv)) of 3 in 3, 7 or 11 swings. The stock then should do another push higher towards $401 – $430.2, which is 100%-161.8% Fibonacci extension area of Minor wave 1-2. The move higher should complete 5 waves structure and also end cycle from 6/8/2018 low ($354.10). We don’t like selling it and intraday dips should find buyers in 3, 7 or 11 swings.

Netflix 1 Hour Elliott Wave Chart

FTSE Elliott Wave View: Calling For Another Leg Lower

FTSE short-term Elliott Wave view suggests that the bounce to 7904.97 high on 5/22/2018 peak ended primary wave ((1)). Below from there, the index is doing a pullback in Primary wave ((2)) in 3, 7 or 11 swings to correct cycle from 3/23/2018 low. Down from 7904.97 high, the decline to 7610.66 low ended the first leg of the pullback in Intermediate wave (W). The internals of Intermediate wave (W) unfolded as Elliott wave Zigzag structure where Minor wave A ended at 7703.26, Minor wave B ended at 7738.46, and Minor wave C of (W) ended at 7610.66. Up from there, the bounce to 7793.45 high ended the correction against 5/22/2018 cycle in Intermediate wave (X). The internals of Intermediate wave (X) unfolded as double three structure where Minor wave W ended at 7772.12, Minor wave X ended at 7637.52 and Minor wave Y of (X) ended at 7793.45.

Then down from there, the index has made a new low below Intermediate wave (W) at 7610.66 low confirming the next leg lower within intermediate wave (Y) of ((2)) has started. Near-term, while below 7793.45 high, the rally is expected to fail in 3, 7 or 11 swings for another leg lower towards 7435.72 – 7504.01, which is 100%-123.6% Fibonacci extension area of Intermediate wave (W)-(X) to complete Primary wave ((2)). Afterwards, the index is expected to find buyer’s either for a new high or for 3 wave bounce at least. We don’t like selling it in the proposed pullback.

FTSE Elliott Wave 1 Hour Chart

NZDUSD Elliott Wave Analysis: Ready For Recovery?

NZDUSD short-term Elliott Wave view suggests that the bounce to 0.7060 high ended intermediate wave (4). Down from there, the decline is unfolding as Impulse Elliott Wave structure where sub-division of Minute wave ((i)), ((iii)) & ((v)) are unfolding in 5 waves within a lesser degree cycle. On the other hand, the corrective Minute degree wave ((ii)) & ((iv)) should unfold in any 3 wave corrective sequence, such as zigzag, double three, flats.

Down from 0.7060 high, the pair ended the first leg lower in 5 waves at 0.6991 low in Minute wave ((i)). Minute wave ((ii)) ended at 0.7053, Minute wave ((iii)) ended at 0.6918 low in another 5 waves. Up from there, the bounce to 0.6955 high ended Minute wave ((iv)). Below from there, Minute wave ((v)) of 1 remains in progress in another 5 waves structure. Pair has already reached the minimum target in blue box, thus cycle from 0.7060 high is mature. Once Minor wave 1 is complete, pair should bounce in Minor wave 2 in 3, 7 or 11 swings before the decline resumes, provided pivot at 0.7060 high stays intact. We don’t like buying the pair in the proposed bounce.

NZDUSD 1 Hour Elliott Wave Chart

Elliott Wave Analysis: GBPUSD Showing Incomplete Sequence

GBPUSD short-term Elliott Wave view suggests that the recovery to 1.3473 on 6/07/2018 peak ended primary wave ((B)) bounce as double three structure. Below from there, the pair has managed to break below the previous low on 5/29 (1.3203) to confirm the next extension lower in primary wave ((C)) has started. With this break lower, the sequence from 4/17/2018 peak has become incomplete to the downside.

Down from 1.3473 high, intermediate wave (1) unfolded as an impulse structure with lesser degree sub-division showing 5 waves structure in Minor wave 1, 3 & 5. The internals of Minor wave 1 ended in 5 waves at 1.3306. The Minor wave 2 bounce ended at 1.3447. Then Minor wave 3 ended in another 5 waves at 1.3209. Minor wave 4 ended at 1.3298 & Minor wave 5 of (1) is proposed complete in 5 waves at 1.3146 low.

Above from there, pair could have started intermediate wave (2) recovery in 3, 7 or 11 swings. However, pair needs to make further separation from the lows to validate this view. If pair breaks below 1.3146 low instead, then it is still in the process of ending Minor wave 5 lower. Near-term, while pullbacks stay above from 1.3146 low, the pair is expected to do a bounce higher in intermediate wave (2). The it should find sellers in 3, 7 or 11 swings for further downside extension in the pair. We don’t like buying the pair in the proposed bounce. And expect sellers to appear in any rally in 3, 7, 11 swing for extension lower in the pair.

GBPUSD 1 Hour Elliott Wave Chart

Palladium (PA_F) Buying Opportunity Ahead?

Palladium ended a cycle from January 2016 low (452.63) and the pull back should be a Palladium Buying Opportunity. Rally from January 2016 low can be counted as an Elliott Wave Impulse when rally to 776 completed wave ((1)), dip to 652.15 low completed wave ((2)), rally to 1023.95)completed wave ((3)), dip to 973.60 low complete wave ((4)) and rally to 1133 completed wave ((5)) which we have labelled as wave “a” of (III) of a diagonal higher.

Palladium Buying Opportunity – Weekly Elliott Wave Analysis


Chart above shows the Impulse rally up from 452.63 low which has completed and we are now in a pull back to correct the cycle from 452.63 low. So far we have seen 3 swings lower to 890.85 which was followed by a bounce which has so far failed below 1133 peak. As bounces fail below 1047.75 ((X)) high and more importantly below 1133 peak, Palladium has scope to trade lower into 806.98 – 749.94 area to complete a 7 swings corrective decline. Due to 5 waves rally from 452.63 low, we expect to see buyers appearing in 806.98 – 749.94 area and then the rally can resume for new highs above 1133 peak or we should get a larger 3 waves bounce at least. Once ((W)) low at 890.85 is broken, we will have 5 swings incomplete sequence down from 1133 peak and then wave (X) bounce could offer a selling opportunity for a move lower into 806.98 – 749.94 area which is where we believe we should get another Palladium buying opportunity.

VOX Elliott Wave View: Extending Higher As Impulse

Vanguard communication services ticker symbol: VOX short-term Elliott Wave view suggests that the rally to 84.50 on 5/11 peak ended intermediate wave (1) as an impulse. Down from there, the pullback to 81.78 on 5/29 low ended intermediate wave (2) pullback as expanded Flat. The internals of a Flat correction ended Minor wave A at 82.76, Minor wave B ended at 84.67 high and Minor wave C of (2) ended at 81.78 low.

Up from there, the rally is extending higher in an impulse sequence with extension with lesser degree sub-division showing 5 waves structure in Minor wave 1, 3 & 5. Those 5 waves are expected to complete either intermediate wave (3) or can end some sort of wave (C) of a Flat correction from 5/09 low. The internal of Minor wave 1 ended in 5 waves at 83.62 high, Minor wave 2 ended at 82.19 low. Then the rally to 85.92 high completed another 5 waves in Minor wave 3 higher. The pullback to 84.63 low ended Minor wave 4.

Above from there Minor wave 5 of (3) remains in progress in another 5 waves structure & expected to complete soon as it already reached the minimum extension area already. But in case of further extension higher, the ETF can see 87.19-87.80 0.618-0.764% Fibonacci extension area of 1+3 to complete intermediate wave (3). Afterwards, the ETF is expected to do a pullback in wave (4) for the correction of 81.78 cycle in 3, 7 or 11 swings before further upside is seen. We don’t like selling it into a proposed pullback.

VOX 1 Hour Elliott Wave Chart

Elliott Wave View: USDJPY Support Around The Corner?

USDJPY short-term Elliott wave view suggests that the rally to 110.91 high ended Minor wave 1 & also the cycle from 5/29 low. The internals of that rally higher unfolded as Elliott wave leading diagonalwhere Minute wave ((i)) ended at 110.27 high in 5 waves, Minute wave ((ii)) pullback ended at 109.17, and Minute wave ((iii)) ended at 110.85 in 5 waves structure.

Down from there, Minute wave ((iv)) pullback ended at 109.89 and Minute wave ((v)) of 1 ended at 110.90 high in another 5 waves structure. Below from 110.9 high, pair is doing a Minor wave 2 pullback to correct cycle from 5/29 low in 3, 7 or 11 swings. So far the pullback looks to be unfolding as Elliott wave double three structure where Minute wave ((w)) ended at 109.53 with internals subdivision as zigzag correction. Up from there, Minute wave ((x)) bounce ended at 110.76 with internal subdivision of a double three. Near-term focus remains towards 109.36-109.04, which is 100%-123.6% Fibonacci extension area of Minute ((w))-((x)) to end the Minute wave ((y)) & also the Minor wave 2 pullback. Afterwards, the pair is expected to resume higher provided the pivot from 5/29 low (108.10) stays intact or should do a 3 wave bounce at least. We don’t like selling the proposed pullback.

USDJPY 1 Hour Elliott Wave Chart

USDSGD Showing Incomplete Elliott Wave Structure To The Upside
June 26, 2018 By Hassan Sheikh (Edit)

USDSGD short-term Elliott wave view suggests that the decline to 1.3299 on 6/07 low ended primary wave ((X)) pullback. Above from there, the pair rallied higher and went on to make a new high for this year creating 5 swing incomplete sequence to the upside from 1/25/2018 low. This sequence is represented by the bullish tag marked on the chart below.

The rally from 6/07 low appears to be in 5 waves & the structure looks impulsive. The 5 waves rally up from 6/7 low ended Intermediate wave (A) of an Elliott wave Zig-zag pattern at 1.3654. Up from Primary wave ((X)) low at 1.3299, the rally to 1.3371 high ended Minor wave 1. Then the pullback to 1.3326 low ended Minor wave 2 as double three structure.

Above from there, the pair made a strong rally in lesser degree 5 waves structure & ended Minor wave 3 at 1.3642 high. Down from there, the pullback to 1.3531 low ended Minor wave 4. Finally, the rally to 1.3654 high may have ended Minor wave 5 and also the Intermediate wave (A) of a Zigzag. The pair is now doing a pullback in Intermediate wave (B) to correct cycle from 6/07 low in 3, 7 or 11 swings before further upside is seen. We don’t like selling it and expect buyers to appear once Intermediate wave (B) pullback ends in 3, 7 or 11 swings for further upside, provided the pivot from 6/07 low (1.3299) stays intact.

USDSGD 1 Hour Elliott Wave Chart

OIL Elliott Wave Impulse Structure Calling For More Upside

OIL short-term Elliott Wave view suggests that the decline to $63.59 on 6/18/2018 low ended primary wave ((4)) pullback. Above from there, the instrument has rallied to new highs already. And confirming the next extension higher taking place in primary wave ((5)). The rally higher from $63.59 low is taking the form of Elliott wave impulse structure with extension favoring more upside in the instrument.

Up from $63.59 low, the rally to $66.53 high ended intermediate wave (1) in lesser degree 5 waves structure. Down from there, intermediate wave (2) ended at $64.34 low. Then up from there, intermediate wave (3) remains in progress in another 5 waves structure within lesser degree cycles. And expected to show sub-division of 5 waves structure in each leg higher i.e Minor wave 1, 3 & 5. Above from $64.34 low, Minor wave 1 of (3) ended in 5 waves at $69.44. Minor wave 2 of (3) ended at 67.72 low. Minor wave 3 of (3) is expected to complete soon in-between 123.6%-161.8% Fibonacci extension area of Minor wave 1-2 at 72.75 – 73.94 area. Afterwards, the instrument is expected to do a pullback in Minor wave 4 of (3) before further upside extension is seen. We don’t like selling it into a proposed pullback.

OIL 1 Hour Elliott Wave Chart

Facebook (FB) Elliott Wave Analysis: Pullback Remains In-progress

Facebook ticker symbol: $FB short-term Elliott wave analysis suggests that the rally to $203.55 ended primary wave ((1)). Down from there, the pullback in primary wave ((2)) remains in progress in 3, 7 or 11 swings to correct cycle from 3/26/2018 low. The internals of that pullback shows an overlapping structure thus suggesting that the correction takes the form of corrective structure i.e either (W),(X),(Y) or (W),(X),(Y),(X),(Z) structure within the intermediate degree.

Below from $203.55 high, the pullback is proposed to be unfolding as Elliott wave double three structure where Intermediate wave (W) ended at 193.11, Intermediate wave (X) ended at 200.75, and Intermediate wave (Y) of ((2)) remains in progress. The internal of Intermediate wave (W) also unfolded as a double three structure where Minor wave W ended in 3 swings at $199.31, Minor wave X ended $202.24 and Minor wave Y of (W) ended at $193.11 as a Flat. Up from there, intermediate wave (X) also unfolded in 3 swings as Elliott Zigzag structure with Minor wave A ended at $199.40, Minor wave B ended at $195.98 and Minor wave C of (X) ended at $200.83 high.

Down from there, intermediate wave (Y) of ((2)) remains in progress as another double three structure. Internals of that decline ended Minor wave W in 3 swings at $192.22 and Minor wave X ended at $197.45. Near-term focus remains towards $188.91-$186.90, which is 100%-123.6% Fibonacci extension area of Intermediate wave (W)-(X) to end primary wave ((2)) pullback. Afterwards, the stock is expected to find buyers for primary wave ((3)) higher ideally or should do a 3 waves reaction higher at least. We don’t like selling it into a proposed pullback.

Facebook ($FB) 1 Hour Elliott Wave Chart