Elliott Wave view: Microsoft (MSFT) shows incomplete impulsive structure [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave in Microsoft (MSFT) suggests rally from 11.4.2024 low is unfolding as a 5 waves impulse. Up from 11.4.2024 low, wave 1 ended at 427 and pullback in wave 2 ended at 410.35 as the 1 hour chart below shows. Internal subdivision of wave 2 unfolded as an expanded flat Elliott Wave structure. Down from wave 1, wave ((a)) ended at 416 and wave ((b)) ended at 429.32. Wave ((c)) lower ended at 410.35 which completed wave 2 in higher degree. The stock has turned higher in wave 3.

Microsoft (MSFT) 60 minutes Elliott Wave chart

Internal subdivision of wave 3 is unfolding as a 5 waves impulsive structure. Up from wave 2, wave (i) ended at 415.94 and wave (ii) ended at 411. Wave (iii) higher ended at 421.08 and pullback in wave (iv) ended at 414.85. Wave (v) higher ended at 429.04 which completed wave ((i)) in higher degree. Pullback in wave ((ii)) ended at 417.80 and the stock has resumed higher again. Up from wave ((ii)), wave (i) ended at 435.47 and wave (ii) ended at 430.12. Wave (iii) higher ended at 446.1 and pullback in wave (iv) ended at 440.50. Expect the stock to extend higher in wave (v) to complete wave ((iii)). Afterwards, it should pullback in wave ((iv)) to correct cycle from 11.29.2024 low in 3, 7, or 11 swing before it resumes higher again.

MSFT Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

GBP/USD clings to daily gains near 1.3350

GBP/USD holds just in positive territory around 1.3350 on Friday as the Greenback keeps a vacillating price action. With Fed rate hike expectations easing and US markets closed for the Independence Day holiday, Cable remains on track to post solid weekly gains.

EUR/USD remains sidelined around 1.1440

EUR/USD holds on to its recent gains and consolidates around 1.1440 at the end of the week as the US Dollar lacks clear direction. In the meantime, trading conditions remain subdued, with volatility constrained by the closure of US markets for the Independence Day holiday.

Gold flirts with two-week highs, targets $4,200

Gold extends its recovery for a third straight day, advancing toward the $4,200 mark per troy ounce on Friday. The precious metal looks set to snap a four-week losing streak as softer-than-expected June US NFP data prompt investors to scale back expectations of further Fed tightening.

Crypto Today: Bitcoin, Ethereum, XRP advance amid renewed capital inflows

Bitcoin maintains its upward momentum, holding above the $61,000 mark at the time of writing on Friday. Major altcoins such as Ethereum and Ripple are also posting gains, signaling a modest uptick in market sentiment and renewed risk appetite among investors.

The Iran war failed to trigger a recession. Can the US economy keep defying expectations?

Nearly four months after the start of the Iran war, the US economy remains remarkably resilient. While the conflict initially triggered a severe disruption to global energy markets and a sharp rise in Oil prices, recent diplomatic progress between Washington and Tehran has eased concerns about a prolonged supply shock.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.