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Elliottwaveretracement

Oil Corrective Structure Wave Analysis Buy/SellIf you look at my analysis from November 25th which is linked below you can see that I forecasted a big sell off in Oil. The sell off I was anticipating have began, now I am looking for the trend to continue to the downside. Before that happen I will not be surprised to see a bigger corrective structure to form which may retest resistance around 57.19. It may not get that high but I am looking for another push up to set up another potential sell off. Also watch the trend line to act as support.
FX_IDC:USDWTIShort
by JjohnsonBeGreat
S&P500: to impulse or to not impulse that is the question!Two weeks ago I shared my view on the TVC:SPX in that it was either following a standard impulse patterns higher or it was following an ending diagonal pattern. I mentioned back then " The first sees (grey) minute-iii complete soon then wave-iv (orange target zone) and then wave-v to complete (green) minor-3 ." Ideally I would have liked to see wave-iv reach TVC:SPX 3075-3040, but all we got was 3091 though this pullback materialized indeed "soon" as the low was in three days after my update was posted... So, the pullback was right on cue, but shallower then anticipated. It happens, as it's impossible to get it right all the time, and note the TVC:SPX is now already trading at the same level as two weeks ago: 3115... In addition, because the pullback was so shallow the subsequent rally fell also short as an ~100p rally would have been ideal but "all we got" was ~65p. This is common, as it means too many buyers jumped in at these higher levels, causing buyers exhaustion (i.e. when everybody has bought/is long, all that's left to do is to sell/go short). So, although the jury is still out there on which of the two larger patterns is evolving, we now know the market did five waves (grey, minute-i,ii,iii,iv,v) up off the October 3 TVC:SPX 2855.94 low, completing (green) minor-3/c. The 3 is for the impulse, the c label is for the diagonal. So the Bulls want to see the green "alt: 4" complete at ideally TVC:SPX 3042: the 100% retrace as in a standard impulse pattern wave-3 often reaches the 161.80% Fib-extension of wave-1, measured from wave-2, and then wave-4 should drop down to the 100% Fib-extension before wave-5 does (ideally) a nice 5=1 extension to the 200% Fib-extension. The latter is in this case at TVC:SPX 3229. So, last night the Futures market reached TVC:SPX 3158, which is exactly the 1.618x extension and started today's decline. A BINGO for the standard impulse pattern so far. This patterns is exemplified by the orange arrows. Ultimately, price will need to move and close below last week's low at TVC:SPX 3091, to confirm wave-3/c has completed, but the daily charts look weak, market breadth is negative, and sentiment readings have been frothy for weeks, so all suggest this should be accomplished over the next few days. The alternate is that we thus only saw three (green) minor waves up and that completed (red) intermediate wave-c of the diagonal, and wave-d is now underway. Note, I label the diagonal in letters to distinguish it from the impulse. Price will have to move and close below TVC:SPX 3040 and especially below 3022 to tell us the diagonal pattern is in play. Thus there's still some ways to go... If that happens, then the current decline will be labeled as red wave-d and it should drop to ideally TVC:SPX 3005+/-15. Now that still means there will be at a minimum a wave-e to complete (black) major wave-3 at around TVC:SPX 3200, followed by another wave-4 and 5 (grey arrows). Thus, the current decline is one way or another still a great buying opportunity, and we'll just have to monitor the price action carefully to better determine when and where this musical dance of chairs ends. Trade Safe!
SP:SPXShort
by intelligent_investing
3
Elliott Wave View: SP) Looking to Break to All Time HighS&P 500 (SPX) has been sideways since January 2018 and it’s also sideways more recently since July 26 high. After forming peak at January 22, 2018 at 2872, the Index managed to make two more marginal highs. However, each time, the new marginal high lose the momentum and pullback again. Current short term outlook suggests the rally to 3022 ended wave (1) and the decline to 2855.6 ended wave (2). In this proposed count, the Index should then be in wave (3) as a 5 waves impulse Elliott Wave structure. Up from 2855,64, wave 1 should end soon as 5 waves in lesser degree. Wave ((i)) ended at 2959.75 and wave ((ii)) pullback ended at 2892.66. Index then resumed higher in wave ((iii)) towards 3003.28 and wave ((iv)) pullback ended at 2985.20. Expect Index to end wave ((v)) of 1 soon, then it should pullback in wave 2 to correct cycle from October 3 low (2855.64) before the rally resumes. The Index still needs to break above wave (1) at 3022 to validate this bullish view. As far as pivot at 2855.64 low stays intact in the dips, expect Index to extend higher.
SP:SPX
by Elliottwave-Forecast
Elliott Wave View: BAC Starts the Next Leg HigherBank of America (ticker: BAC) shows an Elliott Wave bullish sequence from August 15, 2019 low, favoring further upside. The decline to 27.19 ended wave (2) and the stock has resumed higher in wave (3). The internal of wave (3) is unfolding as a 5 waves impulse Elliott Wave structure where wave 1 of (3) is expected to complete soon. Up from 27.19 low, wave ((i)) ended at 28.62, wave ((ii)) ended at 27.46, and wave ((iii)) ended at 30.72. Expect the stock to pullback in wave ((iv)) and turns higher 1 more time in wave ((v)). The 5 waves move higher should end wave 1 of (3). The stock should then pullback in wave 2 to correct cycle from October 3 low (27.19) before the rally resumes again. We don’t like selling the proposed pullback as it’s against the direction of right side tag. As far as pivot at 27.19 low stays intact, expect dips to find support in the sequence of 3, 7, or 11 swing for further upside. Potential target to the upside is 100% Fibonacci extension from August 15, 2019 low towards $31.2 – $32.2.
NYSE:BACLong
by Elliottwave-Forecast
Elliott Wave View: Nikkei Buyers in ControlNikkei shows Elliott Wave bullish sequence from December 26, 2018 low and August 26, 2019 low. This suggests that buyers are in control and favors further upside in the Index. The pullback to 21079 ended wave ((2)) and the Index has resumed higher in wave ((3)). Internal subdivision of wave ((3)) takes the form of a 5 waves impulse Elliott Wave structure. Wave (1) of ((3)) is currently in progress as a leading diagonal. Up from 21079, wave 1 ended at 21650, wave 2 ended at 21325, wave 3 ended at 22265, and wave 4 ended at 21905. Expect Index to soon complete wave 5 of (1). Afterwards, Index should pullback in wave (2) to correct the cycle from October 3 low before the rally resumes. We don’t like selling the Index and expect buyers to appear in the sequence of 3, 7, or 11 swing as far as pivot at 21079 low stays intact.
CME:NKD1!Long
by Elliottwave-Forecast
Elliott Wave View: Bullish Sequence in DAXDAX shows Elliott Wave bullish sequence from August 15, 2019 low (11266.48) favoring more upside. The rally from 11266.48 to 12497.28 ended wave (1) as a 5 waves impulse Elliott Wave structure. On the chart below, we can see wave 3 of (1) ended at 12471.83, wave 4 of (1) ended at 12141.82, and wave 5 of (1) ended at 12497.28. Index then pullback in wave (2) and ended the correction at 11877.32. Index has resumed higher and broken above wave (1) at 12497.28, signalling the next move higher has started. Up from 11877.32, wave ((i)) ended at 12097.43 and wave ((ii)) ended at 11933.02. Expect Index to see a few more highs before ending wave 1 of (3) a 5 waves from 11877.32. Index should then pullback in wave 2 to correct cycle from October 4 low (11877.32) in 3, 7, or 11 swing before the rally resumes. We don't like selling the Index.
TVC:DEU40Long
by Elliottwave-Forecast