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QQQ Produced Perfect Reaction Higher From Blue Box Area

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In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of QQQ. We presented to members at the elliottwave-forecast. In which, the rally from the 05 August 2024 low unfolded as an impulse structure and showed a higher high sequence. Suggested that ETF should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

QQQ 1-Hour Elliott Wave Chart From 10.23.2024

QQQ Produced Perfect Reaction Higher From Blue Box Area

Here’s the 1-hour Elliott wave chart from the 10.23.2024 Midday update. In which, the short-term cycle from the 10.01.2024 low ended in wave ((i)) as impulse at $498.83 high. Down from there, the ETF made a pullback in wave ((ii)) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave (a) ended at $487.57 low. Wave (b) bounce ended at $497.44 high and wave (c) managed to reach the blue box area at $486.19- $479.21. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.

QQQ Latest 1-Hour Elliott Wave Chart From 10.29.2024

QQQ Produced Perfect Reaction Higher From Blue Box Area

This is the latest 1-hour Elliott wave Chart from the 10.29.2024 Post-Market update. In which the ETF is showing a reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the ETF has managed to make a new high above $498.83 high confirming the next extension higher towards $506.53- $519.81 area before profit taking & a pullback happens in another 3 swings at least.

If you are looking for real-time analysis in QQQ along with the other Stocks & ETFs then join us with a 14-Day Trial for the latest updates & price action.

Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry.

Stop loss and take profit levels with high accuracy and allow you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our service by taking a Trial.

 

META Approaches Risk-Free Area for Buyers. What Next?

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Hello traders. Welcome to another trading blog post where we discuss trade setups that the Elliottwave-Forecast members took in recent days. In this one, we will discuss the META stock. 

Meta Platforms, formerly Facebook, is a tech company focused on building the “metaverse.” It owns Facebook, Instagram, and WhatsApp, and develops virtual reality (VR) and augmented reality (AR) products. $META is one of the 26 instruments we cover for members in Group 2.

META has now gained over 500% in barely two years, making it one of the most profitable stocks. As technical analysts and traders, what’s more interesting about this rally is the clear higher-high and higher-low sequence. Using Elliott wave terminology, this is a clear impulse wave sequence from October 31, 2024. When in a bullish sequence, we like buying pullbacks in 3, 7, or 11 swings. Likewise, when in a bearish sequence, we like selling bounces in 3, 7, or 11 swings. Trading can be that simple. We like keeping it simple using Elliott wave theory.

On October 3, we shared a blog post about the META ‘buy-the-dip’ setups we traded on September 24. From the entry, the stock rallied over 8.5% to reach a new all-time high, and members reached their full targets. Meanwhile, from the new record high, META started another pullback, opening up a new opportunity for our members to go long again. Let’s check the setup.

META Elliott Wave Analysis, 10.22.2024

meta

We identified the October 7 high as wave (3) of the impulse sequence from the July 2024 low. Thus, the pullback that followed was to be wave (4). In addition, the pullback emerged as a 7-swing structure. Therefore, we shared the chart above on October 22, 2024, with members, alerting them of a blue box support for wave (4). The blue box covers the 578.71-565.49 price area. We expected the stock to find support and complete wave (4) within the blue box. As a result, wave (5) should begin, or the price should make at least a 3-swing bounce.

We added a long position from 578.71 with a stop slightly below 565.49 to the trading journal. We intended to close half of the position at the 50% retracement of wave Y of (4).

META Elliott Wave Analysis, 10.22.2024


meta

META reacted perfectly from the blue box, as we expected. We shared the chart above with members on October 23, 2024 — a day after the setup. The first reaction from the blue box is an impulse structure for wave 1 of (5). We expect further rallies from the wave 2 minor dip and then wave 3 to break above into a new record high. Alternatively, a 3 or 7 swing bounce may occur instead. This is why we like to close half of the position in profit and adjust the rest to the last pivot low when the price reaches 50% of the 3rd leg of the pullback, as we have in this case. This way, we can take the risk off the table in case the price is not as ambitious to the upside as we are.

We will continue to monitor the development of META and the other 77 instruments we cover, providing 24-hour updates to members.

About Elliott Wave Forecast

At www.elliottwave-forecast.com, we update one-hour charts four times daily and four-hour charts once daily for all 78 instruments. We also conduct daily live sessions to guide clients on the right side of the market. Additionally, we have a chat room where moderators answer market-related questions. Experience our service with a 14-day trial for only $9.99. Cancel anytime by contacting us at support@elliottwave-forecast.com.

XLF Reaction Before & After Reaching The Blue Box Area

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In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLF a Financial ETF, which we presented to members at elliottwave-forecast.com. In which, the rally from 05 August 2024 lows, showed the higher high sequence in higher time frame charts favored more strength. Also, the right side tag pointed higher against $40.50 low seen on 8.05.2024 low called for more upside. We will explain the structure & forecast below:

XLF 1-Hour Elliott Wave Chart From 9.11.2024

XLF Reaction Before & After Reaching The Blue Box Area

XLF 1 hour Elliott Wave Chart from 9.11.2024 Post-Market update, in which the ETF ended the 5 waves rally from 8.05.2024 low at $45.88 high. Down from there, the XLF made a pullback to correct that cycle. The pullback unfolded as a double three structure and managed to reach $43.57-$42.52 100%-161.8% Fibonacci extension area of W-X. Thus provided buying opportunity to our members at the blue box area looking for the next extension higher or for 3 wave reaction higher at least.

XLF 1-Hour Elliott Wave Chart From 9.15.2024

XLF Reaction Before & After Reaching The Blue Box Area

Here’s 1 Hour Elliott Wave Chart from 9.15.2024 Weekend update, in which the ETF is showing reaction higher taking place from the blue box area. And shortly after taking the trade the ETF bounced strongly & allowed longs to get into a risk-free position. However, a break above $45.88 area is yet to be seen to confirm the next extension higher & avoid double correction lower.

If you are looking for real-time analysis in XLF along with other ETFs along with major US stocks then join us with a 14 Day-Trial for the latest updates & price action.

Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our service by taking a Free Trial.

ADI Found Buyers in the Blue Box. What next for Traders?

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Analog Devices, Inc. ADI is a global leader in designing and manufacturing integrated circuits and analog, mixed-signal, and digital signal processing (DSP). Founded in 1965, the company specializes in converting real-world phenomena like sound, light, and temperature into digital data, which is crucial for various applications in industries such as automotive, healthcare, industrial automation, and communications.

Analog Devices went public in 1969 and trades on the NASDAQ under the ticker symbol $ADI. The company has a strong reputation for innovation and has consistently performed well financially, benefiting from the growing demand for advanced electronics and the expansion of connected devices across multiple industries.

ADI Elliott Wave Analysis, Weekly Chart 09.04.2024

ADI

$ADI Weekly Chart (09.04.2024)

The right side is bullish against the all-time low. From the all-time low, the impulse sequence is advancing upwards for the Grand Super Cycle degree wave ((I)). Waves (I) and (II) of ((I)) were completed in August 2000 and December 2008, respectively. The bullish impulse sequence of Wave I of (III) has emerged from the December 2008 low. All of this can be observed on the monthly chart.

On the daily chart, the stock completed wave ((4)) of I in October 2022 and then rallied above the wave ((3)) high, confirming the progress of wave ((5)) of I. After completing waves (1) and (2) of ((5)), wave (3) is currently emerging from the October 2023 low of 154.99. In the minor degree, the price has completed waves 1 and 2 of (3) and is now in wave 3 of (5). A break above the top of wave 1 would confirm wave 3 if the current dip holds above 153.99. Therefore, the right trade plan is to wait for pullbacks in 3, 7, or 11 swings to buy from. At Elliottwave-Forecast, we provide the blue box on our chart where traders can find LONG and SHORT entries. The H4 chart below shows one such blue box on ADI as of August 5th, 2024.

ADI Elliott Wave Analysis, 4-Hour Chart 09.04.2024

ADI

$ADI 4-Hour Chart (09.04.2024)

The H4 chart shows the blue box marking the end of wave 2 of (3). The pullback completed a zigzag, forming a 3-swing structure. Additionally, the blue box captured the extreme where buyers found an entry at the top of the box, with a stop loss placed a few points below the blue box. Wave 2 found support in the blue box as expected and rallied to a safe area. At the safe area, members can close half of the position in profit and adjust the rest to breakeven. This way, no matter what happens next, it’s already a winning trade.

WHAT NEXT?

1. The price completes wave ((2)) above 198.73 and rallies to break above the wave 1 high with wave ((3)). If this occurs, we will hold the current half position and add another long position at the blue box of the next pullback. The next pullback to buy could be wave (2) of ((3)), wave (4) of ((3)), or wave ((4)).

2. The price drops below 198.73. If this happens, the half position at breakeven will close. Afterward, wave 2 may extend lower, offering buyers an opportunity to buy from the next blue box.

About Elliott Wave Forecast  

www.elliottwave-forecast.com updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.

Moreover, experience our service with a 14-day Trial for only $9.99. Cancel anytime by contacting us at support@elliottwave-forecast.com

Will FTNT bullish sequence attract buyers from pullbacks?

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Since its stock became available for trading, FTNT has continued to make profits for its investors. Similarly, speculators have been able to find positions from pullbacks as the stock has maintained a bullish sequence since 2009. This blog post will reveal when traders can jump into another trade from the dip. This is from the perspective of the Elliott wave theory as we see it.

Fortinet, Inc. (FTNT) is a leading cybersecurity company known for providing a wide range of security solutions, including firewalls, antivirus, intrusion prevention, and endpoint security. Founded in 2000 by Ken Xie, the company is headquartered in Sunnyvale, California. Fortinet’s flagship product is the FortiGate firewall, but it also offers a broad portfolio of products covering areas such as cloud security, network security, and advanced threat protection.

Fortinet went public in 2009 and trades on the NASDAQ under the ticker symbol FTNT. The company has consistently shown strong revenue growth, driven by the increasing demand for cybersecurity solutions in the face of rising cyber threats. It serves a global customer base across various industries, including government, healthcare, finance, and education.

FTNT Elliott Wave Analysis, Weekly Chart – 08.28.2024

FTNT

The weekly chart above shows the bullish sequence from the all-time low. A clear impulse sequence is evolving for the grand supercycle degree wave ((I)). The impulse structure already completed the supercycle degree waves (III) and (IV) of ((I)) in December 2021 and October 2022 respectively. From the low of October 2022, the stock prices rallied again to break above the December 2022 high and reached a fresh all-time high in July 2023. The top of July 2023 marked the start of wave (V) of ((I)) as wave I of (V). A corrective zigzag pullback followed as wave II of (V) of ((I)) at 44.12. Wave III is already progressing upwards and should make an impulse rally into a fresh all-time high.

FTNT Elliott Wave Analysis, H4 Chart – 08.28.2024

On the H4 chart, Wave ((1)) and ((2)) of III have been completed. Price is now in wave ((3)) of III which should reach at least 92.5 and ideally 127.8. Each pullback, either in wave (IV), II or even ((2)), presented buyers the opportunity to enter LONG positions at lower prices. What we can notice is that each of these pullbacks either completed a 3 or 7 swings corrective sequence. This is typical of corrective structures. As the price breached wave ((1)) high, we can confirm ((2)) has finished. The most recent surge from 08.05.2024 can now be wave (1) of ((3)). Therefore, buyers will find opportunities again at the end of the wave 2 pullback, especially in the lower time frames.

About Elliott Wave Forecast  

www.elliottwave-forecast.com updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.

Moreover, experience our service with a 14-Day Trial for only $9.99. Cancel anytime by contacting us at support@elliottwave-forecast.com

 

IBEX Elliott Wave Analysis: Buyers profit from the blue box

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Hello traders, and welcome to another blog post where we explore trade opportunities from the blue box. Today, the focus is on the IBEX 35, Spain’s benchmark stock market index. The index comprises the 35 most liquid companies listed on the Madrid Stock Exchange.

In early August of this year, stock market indices saw significant declines across the board. Once again, so-called experts started predicting doom. However, we maintained the same outlook we’ve held for months. Our members at Elliottwave Forecast understood our position. We consistently believed that indices should remain within the long-term bullish cycle. We anticipated counter moves would develop as corrective pullbacks in a sequence of 3, 7, or 11 swings. These pullbacks should end at the equal leg, setting up for the next rally. And that’s precisely what happened. Major indices hit their extremes on August 5th, 2024, ending the corrective pullback that began in June 2024 with 3, 7, or 11 swings.

Prices have since recovered from the sharp early August decline. While the experts spread fear, we encouraged our traders to buy indices at the extremes. The IBEX 35 was one of the indices our members successfully traded.

IBEX 35 H4 chart 08.03.2024

IBEX 35

We shared the IBEX 35 H4 chart with members on August 3rd, 2024. The decline from the June 2024 high was completing a zigzag structure. We identified the extreme zone at 10,643 to 10,260 with a blue box. Members entered LONG positions within the blue box, with stops placed below 10,260. Although we found the initial LONG entry using the H4 chart, we continued managing the shorter cycles on the H1 chart several times a day.

IBEX 35 H4 chart 08.21.2024

IBEX

The chart above shows how the IBEX 35 found fresh buyers in the blue box. We shared this chart with members on August 21st, 2024. The rally advanced with an impulse structure, reaching a risk-free zone. The end of wave ((4)) is now confirmed. We identify the impulse rally from the blue box as wave (1) of ((5)). A pullback in wave (2) is expected to hold above the 10,297.99 invalidation level. Afterward, the long-term bullish trend should resume. Therefore, we aim to remain buyers from the extremes of 3, 7, or 11 swings pullbacks across all the indices we cover.

About Elliott Wave Forecast  

www.elliottwave-forecast.com updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.

Moreover, experience our service with a 14-day Trial for only $9.99. Cancel anytime by contacting us at support@elliottwave-forecast.com