Facebook’s Mark Zuckerberg testified before Congress on October 23rd about the company’s Libra cryptocurrency project. The hearing didn’t go as smooth as the crypto community hoped, which reflected on the price of digital assets such as Bitcoin. At one point on Wednesday, BTCUSD was down by over $750 for the day. But was Zuckerberg’s Libra…
Bank of America Breaking Out of a Triangle Pattern
We last wrote about Bank of America in January, shortly after the company’s Q4 2018 report. The market was in a positive mood, sending the share price up to $28.44 at the time of writing. In addition, our Elliott Wave analysis of the situation indicated more strength can be expected going forward. Nine months later…
EURUSD Turns Up Ahead of Brexit Talks Breakthrough
EURUSD is up by 260 pips since the beginning of October. The pair climbed from 1.0879 to 1.1140 in just 14 trading days. The rally appears to be fueled by optimism regarding a possible Brexit deal and the tentative “phase-one” agreement between the US and China. In our opinion, however, there is something more to…
Dow Jones Sends a Warning Investors Can’t Ignore
The price movements of financial instruments form repetitive patterns, called Elliott waves. Experienced analysts try to recognize those patterns in order to prepare for the next market move. Sometimes, a pattern can indicate not only one, but the next two consecutive moves. The triangle pattern, for instance, is known to precede the last wave of…
Nvidia Stock to Take a Turn for the Worse?
Nvidia shareholders have plenty to be grateful for so far in 2019. The stock is up nearly 37% since we wrote about it in January. On the third day of the new year NVDA was hovering around $136 a share following a sharp selloff from ~$293. However, the five-wave impulse pattern formed by this plunge…
USDJPY Pattern Makes More Sense than Politics
The last two weeks were different like night and day for USDJPY traders. The pair fell from 108.47 to 106.48 during the first three days of October and eventually closed the week in negative territory. The last five trading days, on the other hand, told a much different story. Last week, USDJPY rose from 106.66…
Gold Traders Better Off Ignoring the News
In our previous article about the precious metal readers saw how the Elliott Wave principle put us ahead of gold ‘s $72-decline from $1531 to $1459. In short, the hourly chart made us think a three-wave decline from $1555 was still in progress. Hence, the bears remained in charge and more weakness could be expected.…
Verizon Nears a New Record. Can it Last This Time?
Verizon stock reached its all-time high twenty years ago, in October 1999. The dot-com bubble was at full swing and few questioned the validity of the bullish thesis. Stocks were supposed to never stop rising and make everyone rich. Unfortunately, the bulls gave up as soon as Verizon touched $64. Nine years later, in October…
Masco Stock Can Lose 50% Once it Reaches $50
Masco Corp. was founded in 1929 – the year the Great Depression started. The company survived and prospered during the next 90 years and seems to be in a healthy shape in 2019. People will always need home-improvement products and Masco will probably be around for many years. However, as the prospects for the global…
The Bears Rule Over Ethereum Under $225
We last wrote about Ethereum on August 9th. The second largest cryptocurrency had plunged by 42% in less than two months and was hovering around $210. Unfortunately, our Elliott Wave analysis of the decline from $363 pointed to more weakness ahead. See the chart below to refresh your memory. This chart was included in our…
Explaining Gold ‘s Weakness With Elliott Wave Logic
Gold bulls suffered in four of the last five daily trading sessions. A week ago, on September 24th, the price of gold briefly exceeded $1535. Earlier today, it touched $1459 before recovering to $1466 as of this writing. In the meantime, global economic growth is slowing and several recession indicators are flashing red; In what…
HollyFrontier Concluding a Bearish Elliott Wave Cycle
HollyFrontier Corp. is an independent petroleum refiner with a market cap of roughly $8.8 billion. The stock reached an all-time high of $83.28 a share in June 2018. By late-May 2019, it was barely able to hold above $37, losing nearly 55% in just one year. However, HFC recovered significantly in the last four months.…
Staying Two Weeks Ahead of Bitcoin ‘s Crash to $8000
The price of Bitcoin has been slowly losing ground since late-June when it touched $13 880. The bulls have been relying on the support near $9000 for over two months. They no longer have that luxury. BTCUSD was still gravitating around $10 000 on September 23rd. The next day, it plunged to $7998. While the…
Legg Mason Looks Bullish But Needs a Pullback
Legg Mason stock fell to $23.25 during the December 2018 rout, but managed to regain its footing as 2019 began. Two weeks ago, it touched $40.27 for a year-to-date gain of 73%, not counting the dividends. But stocks don’t rise in a straight line. After a big surge in a short time it is usually…
A Bad Elliott Wave Omen for Accenture Investors
Accenture plc is the global leader in professional services. It partners with more than 3/4 of the companies in the Fortune 500 and serves 92 of the top 100. Through its five segments – Strategy, Consulting, Digital, Technology and Operations – Accenture covers the whole spectrum of business services expertise. However, despite its leading position,…
