WaveTrack International

Elliott Wave Financial Price Forecasting

NIFTY 50 BREAKS HIGHER – BUT PART OF EXPANDING FLAT

by WaveTrack International| July 11, 2018 | 5 Comments

The Nifty 50 has just broken above the May high. However, it is unfolding ina ann expanding flat from 10957.00 as minute wave 2. This allows a -8.6% decline during next couple of months

The Nifty 50 has broken above the May high of 10957.00 which negates declines to 9795.00+/- as the continuation of January’s zig zag corrective downswing. This revised count relabels the correction as ending last March at 9903.00 as minor wave iv. four within the Feb.’16 impulse uptrend as part of intermediate wave (5).

India Nifty 50 - Elliott Wave Price Forecasting Update by WaveTrack International

India Nifty 50 – Elliott Wave Price Forecasting Update by WaveTrack International

Minor wave v. five begins with minute wave 1 ending into the May high at 10957.00. Yet, wave 2 is most likely unfolding into an expanding flat – see fig #1. This requires a more immediate upside test towards 11175.00+/-. But afterwards expect a decline to 10282.00-205.00+/- before completion and a resumption of the larger uptrend.

Regular updates for India’s Nifty 50 are available via WaveTrack’s bi-weekly Elliott Wave Compass report – click here

And in our latest Mid-Year Stock Indices Video – click here and see below.

CONTACT US NOW VIA EMAIL – SELECT YOUR PACKAGE

Single Video – *$48.00 – PART I STOCK INDICES (June/July 2018)
Triple Package offer – *$96.00 (saving 33%)! – PART I – PART II – PART III (June/July 2018)

  • Each video runs for at least 1 hour 20 minutes and it’s packed with SPECIFIC Elliott Wave price-forecasts (the Stock Index Video covers 70 charts and is already 1 hour 56 mins. long!).
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  • BONUS! Each of the 38+ charts illustrated in the VIDEOS will be created into a .pdf document/report and sent to you so that you can always keep these to refer to!
  • PARTS II & III will be available in a few weeks’ time (2018!) – we’re working on it!

    HOW CAN YOU RECEIVE THE VIDEO FORECAST?

    To receive your VIDEO UPDATE please click here to contact us.
    – Please state if you wish to purchase the SINGLE VIDEO for STOCK INDICES for USD *48.00?
    – Or opt for the TRIPLE PACKAGE for USD *96.00 in total?
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    *(additional VAT may be added depending on your country or residence. Currently, the US, Canada, Asia have no added VAT but most European countries do)

    We’re sure you’ll reap the benefits – don’t forget to contact us with any Elliott Wave questions – Peter is always keen to hear you views, queries and comments.

    Most sincerely,

    WaveTrack’s Elliott Wave Team

    Visit us @ www.wavetrack.com

    Commodities Video 2018 Mid-Year Update!

    by WaveTrack International| July 4, 2018 | 2 Comments

    COMMODITIES Elliott Wave VIDEO Update by WaveTrack International -Elliott Wave @ its best!

    In this COMMODITIES VIDEO you find out why Base Metals Engaged in Multi-Month 2nd Wave Correction – Why there is a Pause in Inflationary Pressures – Why there will be Gold & Silver Rallies within overall Declines – and Why Crude/Brent Oil end 2 1/2 Year Advance!

    We’re pleased to announce the publication of WaveTrack’s mid-year 2018 video updates of medium-term ELLIOTT WAVE price-forecasts. Today’s release is PART II, COMMODITIES – Part I was released last month and Part III will be published later this month, in July.

    • PART I – STOCK INDICES – out now!
    PART II – COMMODITIES – out now!
    • PART III – CURRENCIES & INTEREST RATES – coming soon!

    January’s Forecasts for 2018 – REVIEW

    In January’s Annual 2018 EW-Forecast Commodities Video, several key commodity events were highlighted –

    Base metals – were identified as ending their 1st wave upswing within the 2nd Phase of the ‘INFLATION-POP’ uptrend that began from the Feb.’16 lows. January’s report forecasted a hefty 2nd wave correction unfolding through 2018
    Precious Metals – gold was bullish at the beginning of the year when prices were just edging higher, above the late-December ’17 low of 1236.44 – the next cycle peak was forecast in June ’18 – silver was bullish too, but there were downside risks in the equity miners – GDX was forecast to dip to 19.30+/- and XAU to 63.85+/-
    Crude oil cycles were still moving higher last January but they were next due to form a peak in August ’18 – meanwhile, crude oil was trading at 60.39 but was forecast up to 78.90+/- perhaps even 88.80+/-. Brent oil was trading at 66.92 with upside forecasts to 77.22+/-, max. 93.80+/-. The benchmark XLE Energy (equity) ETF/index was trading at 72.87 and set to resume its intermediate-term uptrend

    How did these Elliott Wave price-forecasts pan out?

    The first 6-months has seen some amazing price moves, especially given the accompanying event-driven background of geopolitics and trade-tariff disputes triggered by U.S. President Trump. One immediate impact of U.S. foreign policy was to slap Russian oligarchs with more sanctions. Now, this briefly sent a couple of BASE METALS soaring higher but then collapse shortly afterwards. Others that weren’t affected formed synchronous peaks that ended 1st wave uptrends within the ‘inflation-pop’ schematic – and right on schedule! Aluminium and Nickel, two metals that were listed on the Russian oligarch list formed peaks in April whilst others like Lead and Zinc formed corresponding higher earlier, in February – Copper in June. As a result forecasts for a ‘hefty’ 2nd wave correction are already underway with Copper down -11%, Zinc -21%, Aluminium -22% per cent.

    Gold & Silver Rallies within overall Declines

    PRECIOUS METALS began the year in-line with bullish forecasts. However, by late-January/early-February, when the US$ dollar was seen ending its five wave impulse downtrend that began from the January ’17 peak, it became more obvious that precious metals would stall with the next major uptrend. Only being interrupted by a temporary multi-month US$ dollar strengthening period. Despite rising inflationary expectations at the time, a contrarian bearish forecast for gold was updated to show prices being capped amidst a dollar upside correction. Silver was also set to prolong its corrective decline that began from the Aug.’16 peak. Platinum would also remain under pressure but its long-term outperformance switch remained in focus.

    Crude/Brent Oil end 2 1/2 Year Advance

    CRUDE and BRENT OIL formed the charge higher into the first 6-month period of 2018. Most noteworthy they remain the outperforming commodities for the year. Crude oil is up by +23% per cent and Brent oil is higher by +20% per cent. OPEC’s decision earlier in the year to limit production has had a huge impact to the point where global stocks are at historically low levels. There are hints to increase production from the Saudi’s and perhaps Russia but this is opposed by Iran. But overall, Elliott Wave forecasts have performed perfectly into mid-year but prices are now approaching those all-important upside targets – how will they develop for the remainder of this year?

    The Next 6-Months

    One of the themes that was forecast in last January’s video series was the impact of the US$ dollar’s inevitable turn-around. Its 2017 five wave impulse decline was coming to an end, completing the 1st wave within its 7.8-year downtrend cycle. But a 2nd wave would usher in a period of multi-month strength which would then pull Emerging Markets lower and Commodities too.

    The US$ dollar has certainly strengthened from February’s low into June’s high, but this is only part of its 2nd wave correction – there’s more to come once a shorter-term downswing has ended. That means more downside pressure for Commodities throughout the remaining period of 2018.

    New Commodities Video Mid-Year Update – PART II/III

    This latest mid-year 2018 video update of Elliott Wave Commodity prices takes a look through each sector, BASE METALS – PRECIOUS METALS – ENERGY and determines price trends and key reversal-signature levels for the next several months. These are not arbitrary price-points or randomly chosen Elliott Wave counts – they are compiled with PRECISION & ACCURACY applying WaveTrack International’s unique combination of Pattern-Recognition and Fibonacci-Price-Ratios.

    This new mid-year 2018 COMMODITIES video is like nothing you’ve seen anywhere else in the world – it’s unique to WaveTrack International, how we foresee trends developing through the lens of Elliott Wave Principle (EWP) and how its forecasts correlate with Cycles and major contracts of other asset classes from around the world.

    We invite you to take this next part of our financial journey with us – video subscription details are below – just follow the links and we’ll see you soon!

    Most sincerely,

    Peter Goodburn
    Founder and Chief Elliott Wave Analyst
    WaveTrack International

    Contents: 69 charts | Lenght: 2 hours
    • US$ Cycle
    • CRB-Cash index + Cycles
    • Copper + Cycles + Correlation Studies
    • Aluminium
    • Lead
    • Zinc
    • Nickel
    • Tin
    • Iron-Ore + Correlation
    • XME Metals & Mining Index
    • BHP-Billiton
    • Freeport McMoran
    • Antofagasta
    • Anglo American
    • Kazakhmys Copper
    • Gold + Cycles
    • GDX Gold Miners Index
    • Newmont Mining
    • GoldCorp Inc.
    • Amer Barrick Gold
    • Agnico Eagle Mines
    • AngloGold
    • Silver
    • Silver Correlations
    • XAU Gold/Silver Index
    • Gold/silver Ratio
    • Palladium Correlations
    • Palladium
    • Platinum Correlations
    • Platinum
    • Crude Oil + Cycles
    • Brent Oil
    • XLE Energy SPDR Index

    How to Subscribe?

    CONTACT US NOW VIA EMAIL – SELECT YOUR PACKAGE

    Single Video – *$48.00 – PART II COMMODITIES VIDEO (July 2018)
    Triple Package offer – *$96.00 (saving 33%)! – PART I – PART II – PART III (June/July 2018)

  • Each video runs for at least 1 hour 20 minutes and it’s packed with SPECIFIC Elliott Wave price-forecasts (the Stock Index Video covers 70 charts and is already 1 hour 56 mins. long! And the COMMODITIES VIDEO runs for 2 hours covering 69 charts).
  • *(additional VAT may be added depending on your country – currently US, Canada, Asia have no added VAT but most European countries do)

  • BONUS! Each of the 50+ charts illustrated in the VIDEOS will be created into a .pdf document/report and sent to you so that you can always keep these to refer to!
  • PART III will be available in a few weeks’ time (2018!) – we’re working on it!

    HOW CAN YOU RECEIVE THE VIDEO FORECAST?

    To receive your VIDEO UPDATE please click here to contact us.
    – Please state if you wish to purchase the SINGLE VIDEO for COMMODITIES for USD *48.00?
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    ELLIOTT WAVE Half Moon Pattern

    by WaveTrack International| July 2, 2018 | 8 Comments

    Half Moon Pattern – TWITTER question dated 30th June 2018:

    Q. Great work! I have a question in which I hope you can answer. Elliot mentioned a phenomena in the market called the Half Moon. Was this a pattern and is this valid under the wave principle according to your opinion?

    R.N. Elliott – The Wave Principle – page 30, paragraph 2, Half Moon

    RARITIES IN THE 1937-1938 BEAR MARKET

    The 1937-1938 Bear Market provided a number of Novelties, for example:

    Half Moon Elliott Wave History: This is the name given to the pattern which developed between February 23rd and March 31st 1938, 132.00 to 98.00. It curved downward and at bottom almost perpendicular – just like a ‘half moon’. The same pattern occurred in April 1936, 163.00 to 141.00. Both were retracements of extensions. On account of the high speed, it is necessary to recur [sic, refer] to the hourly record, especially during the latter half. See Chart 29.

    Peter Goodburn’s Half Moon Answer:

    R.N. Elliott’s discoveries were a work in progress – given time, access to more historical data and the use of software that can measure Fib-Price-Ratios, I’m sure some of his notes would be amended in later revisions.

    As for the – Half Moon – pattern (see ‘The Wave Principle’ – 1938) Elliott noted the especially the speed of the decline from the February 23rd 1938 high of 132.86 into the low of March 31st at 97.46. He indicated the velocity and trajectory of this decline was like a – half moon. Mainly, because the curvature of the acceleration into the low was almost perpendicular (inverse/vertical). He explained this was the case because the 5th wave within this impulse decline was the ‘extended’ wave sequence of the three impulse sequences. For example the largest of waves 1 3 5 – see fig #1 (charts #28 & #29 – The Wave Principle – R.N. Elliott – pages 30 & 47). See fig #1 in this article.

    R.N. Elliott's original Half Moon Pattern Example

    R.N. Elliott’s original Half Moon Pattern Example

    He continued to make distinctions between the perpendicular decline of the February/March 1938 decline and the pattern during the Great Depression collapse of 1929-32. And yes, there are significant pattern differences in the way these two declines. But that is not the important issue.

    Half Moon – The bigger question is whether 5th wave extensions always advance or decline in vertical/perpendicular characteristics?

    We tend to think not because the 1974 advance is a cycle degree 5th wave extension and yet it shows no sign of an exponential or perpendicular rise (at least not so far!). This must be viewed with a perspective from the 1932 low. But we do acknowledge that this phenomenon is more likely to be seen in the wave ‘C’ location of a zig zag downswing when labelled as a 2nd wave. We’ve documented many situations when the ‘C’ wave slides lower in such a manner that it no longer measures in proportionality with the ‘A’ wave that preceded it. In this case it is much larger by comparison whilst its five wave subdivision often contains an ‘invisible’ 4th wave and sometimes a 5th wave ‘extension’.

    WaveTrack’s Half Moon Observations

    Peter Goodburn's Dow Jones Half Moon Pattern Example

    Peter Goodburn’s Dow Jones Half Moon Pattern Example

    Let’s take another look at R.N. Elliott’s example of the – Half Moon – impulse decline. Can you see that it was actually the larger 5th wave, i.e. intermediate wave (5) within an impulse decline that began from the April ’37 peak of 195.50 labelled primary wave A? See fig #2. Wave (5) declined following the completion of a contracting/symmetrical-triangle pattern that unfolded in wave (4). Elliott’s observations concluded that a break-out following a triangle is severe and accelerative. And this is exactly what happened for wave (5)! It seems to us that wave (5) needn’t have contained a fifth wave extension because its trajectory and speed of decline was dictated by the triangle that preceded it. The fact that it did contain a fifth wave extension in its subdivision was, however, a contributing factor of the perpendicular way it ended the decline which resulted in Elliott’s Half Moon terminology.

    STOCK INDICES VIDEO Update! TERMINAL 3rd WAVE IN FOCUS FOR REMAINDER OF 2018!

    by WaveTrack International| June 23, 2018 | 2 Comments

    U.S. Stock Indices Poised for Dive! - EM Bounce on Dollar Correction - Asia Looking Inexpensive!

    WaveTrack’s latest Elliott Wave Video has been released!
    U.S. Indices Poised for Dive! – EM Bounce on Dollar Correction – Asia Looking Inexpensive!

    STOCK INDICES – Part I

    Includes Updated SENTIMENT & ECONOMIC INDICATOR STUDIES

    Stock Indices – TERMINAL 3rd WAVE IN FOCUS FOR REMAINDER OF 2018!

    We’re pleased to announce the publication of WaveTrack’s mid-year 2018 video updates of medium-term ELLIOTT WAVE price-forecasts. Today’s release is PART I, STOCK INDICES – Parts II & III will be published during the next month.

    PART I – STOCK INDICES
    • PART II – COMMODITIES
    • PART III – CURRENCIES & INTEREST RATES

    Stock Indices Forecasts December ’17 for 2018

    The Annual 2018 report published last December highlighted several main points – the secular-bull uptrend remained in upward progress and contrary to consensus Elliott Wave and Economists’ opinion, was on course to continue higher over the next 18-month/2-year period – the post-financial-crisis uptrend was approaching its terminal 3rd wave peak but would undergo a severe -7% per cent correction into January before resuming the last phase of its impulse sequence – Emerging Markets were set to continue their outperformance role but they too would undergo some significant retracement which leads the major indices lower in a period of underperformance – however, their ‘inflation-pop’ uptrends are strong and will recover afterwards. The banking sector was expected to underperform during the same period. Chinese indices were forecast approaching an interim peak having advanced over the last 2-year period – then stage a severe correction along with other EM’s.

    EW-Forecast Review – H1 2018

    Reflecting back to last December’s forecasts, we can report that most of the forecasts were realised within acceptable tolerance – the secular-bull uptrend has remained on course, the 3rd wave of the post-financial-crisis impulse uptrend has moved closer towards a terminal high but remains incomplete – January did see an interim sell-off, but larger than our -7% per cent estimate with the benchmark S&P 500 dropping -11.8% per cent – this wasn’t the end of the secular-bull uptrend as consensus reports led us to believe with outperforming indices since trading to new record highs – Emerging Markets have underperformed with the benchmark MSCI EM index falling -13.0% per cent so far this year – the U.S. KBW Banking index has been down from its January peak by -12.2% per cent, underperforming the S&P by -8.0% percentage points whilst in Europe, the Eurostoxx Banks index is down from its January peak by a massive -23.8% per cent. China’s Shanghai Composite is down by -19.8% per cent.

    What Next H2 2018? – U.S. Benchmark Indices

    There’s a lot of bearish divergence in U.S. stock indices which alerts us to another up-coming downswing, extending the counter-trend corrective pattern that began declines from last January’s 2018 highs.

    U.S. trade tariff policies are taking their toll and in this latest MID-YEAR 2018 VIDEO UPDATE, we’re examining the current location of not only U.S. indices but how the pattern progress has unfolded for key EUROPEAN & ASIAN indices too. Will the current tariff plans explode into a full-blown trade war? Is such a possibility evident in the Elliott Wave charts? This video has the answers.

    European Indices

    Key European indices formed important highs last November (2017) which created bearish divergences when U.S. indices formed subsequent highs last January. Since then, overall declines are identified as corrective, counter-trend sequences within five wave impulse uptrends in progress from the Feb.’16 lows. BUT HOW FAR CAN THESE DECLINES UNFOLD? WE INTEND TO FIND OUT!

    Emerging Markets + Asia – Australia – Japan

    Emerging Markets along with many benchmark commodity markets are unfolding into the ‘INFLATION-POP’ schematic first postulated in these reports back in year-2010. From an Elliott Wave perspective, the inflation-pop represents the second sequence of a multi-decennial expanding flat counter-trend pattern that is unfolding from the 2007/08 peaks that ended super-cycle uptrends. In this latest mid-year video, we take a look across EM’s, ASIA, Australia and Japan and answer why EM’s have been particularly hard hit this year and what to expect for the remainder of 2018.

    New Stock Index 2018 Video – PART I/III

    This MID-YEAR 2018 VIDEO UPDATE for STOCK INDICES is like nothing you’ve seen anywhere else in the world – it’s unique to WaveTrack International, how we foresee trends developing through the lens of Elliott Wave Principle (EWP) and how its forecasts correlate with Cycles, Sentiment extremes and Economic data trends.

    We invite you to take this next part of our financial journey with us – video subscription details are below – just follow the links and we’ll see you soon!

    Most sincerely,
    Peter Goodburn
    Founder and Chief Elliott Wave Analyst
    WaveTrack International

    How to Subscribe:

    Contents: 70 charts
    • Copper
    • S&P 500 + Cycles
    • Nasdaq 100
    • Dow Jones 30
    • VIX Volatility Index
    • NYSE Advance-Decline
    • AAII Bullish Sentiment
    • Consumer Sentiment
    • Consumer Confidence
    • US GDP data
    • S&P Price/Book Ratio
    • S&P Price/Sales Ratio
    • S&P CAPE P/E Ratio
    • Bank of America/Merrill Lynch FMS Survey
    • Russell 2000
    • S&P 400 Mid Cap Index
    • KBW Banking Index
    • XLK Technology
    • Nasdaq Biotechnology
    • XLF Financial
    • XLP Consumer Staples
    • XLY Consumer Discretionary
    • Eurostoxx 50
    • Xetra Dax 30
    • FTSE-100
    • MSCI Emerging Market
    • MSCI BRIC
    • Bovespa
    • Russia RTS
    • Nifty 50
    • Sensex BSE India
    • MSCI China
    • Shanghai Composite
    • China Enterprises
    • MSCI Hong Kong
    • Hang Seng
    • Taiwan SE Weighted
    • Singapore Straits
    • ASX 200
    • Nikkei 225

    CONTACT US NOW VIA EMAIL – SELECT YOUR PACKAGE

    Single Video – *$48.00 – PART I STOCK INDICES (June/July 2018)
    Triple Package offer – *$96.00 (saving 33%)! – PART I – PART II – PART III (June/July 2018)

  • Each video runs for at least 1 hour 20 minutes and it’s packed with SPECIFIC Elliott Wave price-forecasts (the Stock Index Video covers 70 charts and is already 1 hour 56 mins. long!).
  • *(additional VAT may be added depending on your country – currently US, Canada, Asia have no added VAT but most European countries do)

  • BONUS! Each of the 38+ charts illustrated in the VIDEOS will be created into a .pdf document/report and sent to you so that you can always keep these to refer to!
  • PARTS II & III will be available in a few weeks’ time (2018!) – we’re working on it!

    HOW CAN YOU RECEIVE THE VIDEO FORECAST?

    To receive your VIDEO UPDATE please click here to contact us.
    – Please state if you wish to purchase the SINGLE VIDEO for STOCK INDICES for USD *48.00?
    – Or opt for the TRIPLE PACKAGE for USD *96.00 in total?
    – Next we will send you a PayPal payment request and provide you with the video link & PDF report once confirmed.

    *(additional VAT may be added depending on your country or residence. Currently, the US, Canada, Asia have no added VAT but most European countries do)

    We’re sure you’ll reap the benefits – don’t forget to contact us with any Elliott Wave questions – Peter is always keen to hear you views, queries and comments.

    Most sincerely,

    WaveTrack’s Elliott Wave Team

    Visit us @ www.wavetrack.com

    Eurostoxx Banks Index – Banks Set For Another Swift Decline

    by WaveTrack International| June 14, 2018 | No Comments

    Counter-Trend Rally Completed – Banks Set For Another Swift Decline


    The late-May counter-trend rally from 109.30 is completing now to 115.91, max. 116.91+/-. The index is poised to resume its five wave impulse downtrend that began from April’s high of 131.98. 5th wave downside targets to complete primary wave A are towards 106.56-103.15+/-.

    Winding the clock back to end-April when price levels were trading at 129.64. At the time downside forecasts for the Eurostoxx Banks index were measured towards 112.15+/-. Since then, prices have accelerated lower as a five wave impulse pattern that originated from the April high of 131.98, but this remains incomplete – see fig #1.

    EuroStoxx Banks - 60 mins. - Elliott Wave forecast by WaveTrack InternationalEuroStoxx Banks - 60 mins. - Elliott Wave forecast by WaveTrack International

    EuroStoxx Banks – 60 mins. – Elliott Wave forecast by WaveTrack International

    This is primary wave A subdividing into an intermediate degree ‘expanding-impulse’ pattern, (1)-(2)-(3)-(4)-(5). At the very least, wave (3) ended into the late-May low of 109.30 with wave (4) approaching completion at 115.91. Or perhaps extending just a little higher to 116.91+/-. The downside risk-skew is evident. Downside targets for wave (5) vary, at either 106.56+/- or max. 103.15+/-. The higher number is derived by extending the origin of this impulse pattern, from 131.98 to the point which began ‘price-expansion’ at 121.62 by a fib. 161.8% ratio. The lower is simply where wave (5) unfolds by a fib. 61.8% correlative ratio of waves (1)-(3).

    Conclusion

    There is certainly some short-term downside risk over the next few weeks basis June’s counter-trend rally coming to an end now. That will ensure a break below the late-May low of 109.30 towards 106.56+/-, max. 103.15+/-, a decline of min. -6.5% per cent, max. -11.75+/-. But further out, it seems the Eurostoxx Banks index will seek even lower numbers sometime towards year-end before completing this year’s correction.

    India Nifty 50 – Set to Begin Declines

    by WaveTrack International| June 11, 2018 | 2 Comments

    India-CNX Nifty 50 – January’s Zig Zag Pattern Set to Begin Wave [c] Declines

    January’s decline began a zig zag correction from 11191.00 as minute wave 4. Subdividing into an [a]-[b]-[c] pattern. First of all wave [a] completed an initial decline into the February low of 10250.00. Wave [b] has since unfolded higher as an expanding flat pattern, (a)-(b)-(c), 3-3-5 ending into the mid-May high of 10957.00. Wave [c] declines are now in the early stages of accelerating lower. Ultimate targets to 9795.00+/-.

    Nifty 50 - Elliott Wave Price Forecast by WaveTrack International

    Nifty 50 – Elliott Wave Price Forecast by WaveTrack International

    Nifty 50 – [wave [c] description so far]

    Short-term upside targets to complete sub-minuette wave (ii) towards 10855.00+/- were hit into last Thursday’s trading session at 10857.00. The following decline to 10692.50 has now begun wave (iii) declines. These declines can be expected to accelerate lower during the coming week. Downside targets for wave (iii) are towards the March lows of 10057.00+/- and 9895.00+/-. Wave (v) downside targets remain unchanged towards 9795.00+/-. This also ends wave [c] of the zig zag pattern that began this correction from January’s high of 11191.00.

    Nifty 50 – Fibonacci Price Ratios for alternate lower targets

    However, take note that India’s Nifty 50 could still hit lower targets. The following Fibonacci Price Ratios can be used as a pointer. The 9795.00+/- level is the fib. 38.2% ret. of minute wave 3’s advance from 7896.00. However, a lower target is derived if wave [a] including the March lower-low is extended by a fib. 38.2% ratio to 9451.00+/-. Even, slightly higher targets should be considered at 9708.00+/- if wave [a] to its orthodox low at 10250.00 is extended by a fib. 61.8% ratio.

    Are you trading the Nifty 50, SP 500, EuroStoxx, Nasdaq 100, Russell 2000, Dow Jones 30, Dax, FTSE100 or ASX200? Don’t miss WaveTrack’s regular updates in our bi-weekly EW-Compass Report! Ensure you’re tracking our Forex forecasts – subscribe online for the EW-COMPASS REPORT.

    Visit us @ www.wavetrack.com and subsribe to our latest EW-COMPASS report!

    EuroStoxx June Rally Finds Secondary Support!

    by WaveTrack International| June 8, 2018 | 4 Comments

    EuroStoxx and Xetra Dax – June Rally Finds Secondary Support! [title for twitter]

    The May corrective zig zag declines for both the Eurostoxx 50 and Xetra Dax remain incomplete targeting 3315.75+/- and 12145.00+/- respectively, but the interim June rally labelled wave ‘b’ hit important support levels this morning, slightly above last week’s low which now has the ability of stretching wave ‘b’ higher towards 3529.00+/- and 12992.00+/- prior to wave ‘c’ declines.

    European Indices

    European indices were marked lower overnight and into Friday’s trading session but this week’s decline has been identified as ending a corrective three wave zig zag pattern from 3497.32 (EuroStoxx 50, see left) and from 12925.00 (Xetra Dax, see right). This means another push higher can begin from Friday morning’s lows, prolonging wave ‘b’ rallies to higher levels.

    EuroStoxx - Xetra Dax - Elliott Wave Forecast by www.wavetrack.com

    EuroStoxx – Xetra Dax – Elliott Wave Forecast by www.wavetrack.com

    An equality ratio, i.e. fib. 100% of the late-May/early-June upswing added to Friday morning’s lows projects wave ‘b’ upside targets towards 3529.00+/- and 12992.00+/-. This would still allow wave ‘c’ declines to resume afterwards, to original downside targets of 3315.75+/- and 12145.00+/- which then completes the larger zig zag decline that began from May’s highs.

    Conclusion

    Some interim rallies from the end-May lows are extending higher as wave ‘b’ and this conforms to the U.S. stock index rhythm we also track in the Nasdaq 100 – the Nasdaq 100 is poised to overturn Thursday/Friday’s downswing because this is simply a 4th wave approaching completion within the five wave impulse upswing that began from May 23rd low – watch for support at 7046.00 (Nasdaq 100 futures).

    Are you trading the SPX 500, EuroStoxx, Nasdaq 100, Russell 2000, Dow Jones 30, Dax, FTSE100 or ASX200? Don’t miss WaveTrack’s regular updates in our bi-weekly EW-Compass Report! Ensure you’re tracking our Forex forecasts – subscribe online for the EW-COMPASS REPORT.

    Visit us @ www.wavetrack.com and subsribe to our latest EW-COMPASS report!

    SP500 EuroStoxx Dax – Upside Levels Are Being Tested Now

    by WaveTrack International| June 4, 2018 | 1 Comment

    SP500 – Interim Upside Resistance Levels Are Being Tested Now!

  • Interim upside resistance levels are being tested for the SP500 at 2744.25-2751.00+/- and for Eurostoxx 50 at 3485.00-90.00+/-, Xetra Dax at 12843.00-68.00+/-. Price-rejection would confirm shorter-term declines to 2690.00-85.00+/-, 3315.75+/- and 12145.00+/-.
  • Overall uptrends that began from the late-March/early-April lows remain on-course. However, shorter-term, interim upside resistance levels are being tested for the S&P 500, Eurostoxx 50 and Xetra Dax indices. These resistance levels were quoted in last Friday’s detailed report. Nevertheless, there is an increasing risk that price-rejection will confirm a temporary retracement decline unfolding over the next week or two.

    SP500 - Elliott Wave Forecast by WaveTrack International

    SP500 – Elliott Wave Forecast by WaveTrack International

    The reason for this is because the SP500 has so far, unfolded higher from the recent low of 2675.00 as a three wave zig zag to current levels of 2744.25 – see fig #1. This means it is prolonging wave < b > as either a running flat or a triangle pattern. This would allow a decline from between 2744.25-2751.00+/- to test downside levels towards 2690.00-85.00+/- before the larger uptrend resumes as wave < c >.

    EuroStoxx 50 and Dax 30 - Elliott Wave Forecast by WaveTrack International

    EuroStoxx 50 and Dax 30 – Fibonacci Trading Forecast by www.wavetrack.com

    A short-term downswing for the SP500 would corroborate last Friday’s forecast for another downswing for the Eurostoxx 50 and Xetra Dax indices – see fig #2. The mid-May peaks ended 1st waves within prevailing uptrends – the following declines have since begun a three wave zig zag corrective pattern for 2nd waves, a-b-c labelled in minor degree for the Eurostoxx 50 (see left) and in minuette degree for the Xetra Dax (see right). Both have completed upside targets for wave ‘b’ today, opening downside risk for wave ‘c’ declines – towards 3315.75+/- for the Eurostoxx 50 and 12145.00+/- for the Xetra Dax.

    Conclusion

    Larger uptrends remain bullish but this short-term analysis indicates a temporary pause, a corrective downswing prior to a resumption higher later.

    Are you trading the SPX 500, EuroStoxx, Nasdaq 100, Russell 2000, Dow Jones 30, Dax, FTSE100 or ASX200? Don’t miss WaveTrack’s regular updates in our bi-weekly EW-Compass Report! Ensure you’re tracking our Forex forecasts – subscribe online for the EW-COMPASS REPORT.

    Visit us @ www.wavetrack.com and subsribe to our latest EW-COMPASS report!

    SPX 500 and Nasdaq 100 – Uptrends set to Resume!

    by WaveTrack International| May 30, 2018 | No Comments

    SPX 500 and Nasdaq 100 - 120 mins Elliott Wave Forecast

    SPX 500 and Nasdaq 100 – 120 mins Elliott Wave Forecast – www.wavetrack.com

    SPX 500 and Nasdaq 100 – Synopsis

    Both the SPX 500 and the Nasdaq 100 have ended recent counter-trend declines that began from the mid-May highs of 2741.25 and 7013.50. At yesterday’s low of 2675.00 for the SPX 500 but at the earlier low of 6829.75 for the Nasdaq 100. Prevailing uptrends are now set to resume.

    SPX 500 and Nasdaq 100 and the Italian Crisis!

    This week’s trading activity has been dominated by the Italian political crisis. Following the appointment of former International Monetary Fund official Carlo Cottarelli as interim prime minister, with the task of planning for snap polls and passing a budget. The appointment made by President Sergio Mattarella was seen as controversial. Mainly, because the Five Star Movement (M5S) has proposed Euro-sceptic Paolo Savona for the office. Italian short and long-dated interest rates have doubled in just the last few trading sessions. Especially, at the short-end of the curve. And there is talk of the new political parties attempting to renegotiate the country’s debt pile. That in itself has sent fund managers scurrying to liquidate risk-assets rebalancing with safe-havens.

    European Indices

    European stock indices have been trading sharply lower. However, still in-line with recent Elliott Wave forecasts. Interim lows have been hit into Monday’s trading. Tuesday’s nudge away from these lows in indices like the Xetra Dax have triggered a ‘reversal-signature’ confirming near-term upside potential.

    SPX 500 U.S. Stock Indices

    Meanwhile, U.S. indices have undergone more modest retracements within the diagonal patterns update recently in the bi-weekly reports. The SPX 500 and the Nasdaq 100 have each ended these short-term corrections, the SPX into yesterday’s low at 2675.00 and the Nasdaq 100 earlier at 6829.75 – both are now forecast to resume their 3rd wave uptrends within the diagonal patterns. Upside targets for the SPX 500 remain towards the 2800.00+/- area whilst the Nasdaq 100 upside targets are minimum 7130.00+/- but could stretch as high as 7242.00+/.

    Conclusion

    More in tonight’s in-depth report, but the SPX 500 and the Nasdaq 100 are now set to resume their 3rd wave uptrends.

    Are you trading the SPX 500, EuroStoxx, Nasdaq 100, Russell 2000, Dow Jones 30, Dax, FTSE100 or ASX200? Don’t miss WaveTrack’s regular updates in our bi-weekly EW-Compass Report! Ensure you’re tracking our Forex forecasts – subscribe online for the EW-COMPASS REPORT.

    Visit us @ www.wavetrack.com and subsribe to our latest EW-COMPASS report!

    SP500 Update – Impulse Patterns Ending Now!

    by WaveTrack International| May 15, 2018 | No Comments

    SP500 Update

  • SP500’s impulse upswing from May 3rd low includes 5th wave ‘extension’, ending at 2741.25 – Nasdaq 100’s equivalent impulse advance has unfolded with fib. 100% equality ratio in 3rd and 5th waves – both have now begun a corrective downswing
  • SP500 - Futures  vs. Nasdaq 100 - Futures - 60 mins. Elliott Wave Forecast by WaveTrack International

    SP500 – Futures vs. Nasdaq 100 – Futures – 60 mins. Elliott Wave Forecast by WaveTrack International

    Last week’s update forecast the upside completion of the SP500’s impulse pattern towards 2708.75+/- where the 5th wave unfolds by a common fib. 61.8% ratio of the 1st-3rd wave advance. But the SP500 pushed even higher, to an extent at which it developed as a 5th wave ‘extension’, where the 5th wave measures greater than either the 1st or 3rd wave sequence (see fig #1, left). The final high ended at 2741.25. This is an uncommon recurrence of only 5-7% per cent and it usually manifests at times of intense short-covering.

    Sentiment in the lead-up to this advance was predominantly bearish. Especially, because the preceding advance during April unfolded into a discernible corrective/counter-trend pattern. And for investors/traders that weren’t familiar with this pattern, bearishness prevailed in previous polls simply because of the impact on rising interest rates. But the April 18th high was exceeded last week, causing the ‘extension’ in a flurry of hectic buying.

    By comparison, the Nasdaq 100’s equivalent advance from the early-May low ‘looks’ more like a conventional five wave ‘expanding-impulse’ pattern where the 3rd wave is commonly the largest sequence, around 85% per cent probability (see fig #1, right). But looking closer, the 5th wave sequence is actually the same amplitude as the 3rd wave, they measure equally at a fib. 100% equality ratio. That in itself is an uncommon event. The high at 7013.50 was just a shave shorter than the 3rd, but technically, we would say these are equal.

    SP500 and the latest Corrections

    A short-term correction/counter-trend decline can be expected to unfold over the next several trading days. The fib. 38.2% and fib. 50% retracement areas are prime candidates to aim for, although they could be deeper. Once an initial downswing has unfolded, the pattern can be examined to determine the completion of the correction in its entirety. But until that happens, these two downside levels become the provisional downside target levels. Both adhere to Elliott’s guideline of a return to ‘fourth wave preceding degree’.

    Conclusion

    These short-term five wave impulse patterns are part of much larger advances underway within April’s uptrend. Once these corrections have completed, both the SP500 and Nasdaq 100 are forecast even higher, for a revisit of the February highs, and in the Nasdaq 100’s specific case, a break to new record highs.

    Are you trading the SP500, EuroStoxx, Nasdaq100, Russell 2000, Dow Jones 30, Dax, FTSE100, Shanghai Composite, Hang Seng or ASX200? Don’t miss WaveTrack’s regular updates in our bi-weekly EW-Compass Report! Ensure you’re tracking our Forex forecasts – subscribe online for the EW-COMPASS REPORT.

    Visit us @ www.wavetrack.com and subsribe to our latest EW-COMPASS report!

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    WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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