Elliott Wave perspective: MAGS poised to correct cycle from April 2025 low [Video]

The Roundhill Magnificent Seven ETF (MAGS) is an ETF which provides equal‑weight exposure to the “Magnificent Seven” tech giants. The ETF consists of Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. Launched in April 2023, it offers investors a simple, efficient way to capture the performance of these market‑leading innovators. Below we will update the Elliott Wave technical outlook for the ETF.

MAGS weekly Elliott Wave chart

On the weekly Elliott Wave chart of the Magnificent Seven ETF (MAGS), the rally from the all‑time low culminated in wave (I) at $58.69 in December 2024. The rally unfolded as a five‑wave impulse structure. The ETF then corrected in wave (II), which bottomed at $39 in April 2025. From that low, MAGS resumed higher in wave (III) as a nested sequence, advancing to complete wave I at $69.14. It is now pulling back to correct the cycle from the April 2025 low in a 3‑, 7‑, or 11‑swing structure before resuming higher.

MAGS daily Elliott Wave chart

The daily Elliott Wave chart of the Magnificent Seven ETF (MAGS) shows that the rally from the April 2025 low ended in wave I at $69.14. The pullback in wave II is unfolding as a double‑three corrective structure. From wave I, wave ((W)) completed at $60.13. The rally in wave ((X)) is now in progress, correcting the cycle from the October 29, 2025 high in 3‑, 7‑, or 11 swings before turning lower again. Near term, as long as the pivot at the $39 low remains intact, the pullback is expected to find support in a 7‑swing sequence, setting the stage for further upside.

MAGS Elliott Wave [Video]