Magnificent Seven ETF (MAGS) ended cycle from April 2025

The Magnificent Seven ETF (MAGS) is the first fund designed to provide equal-weight exposure to the “Magnificent Seven” tech giants—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. Launched in 2025, the ETF offers investors a focused way to capture the performance of these market-leading innovators that dominate the S&P 500 and drive much of its growth. Below we will update the Elliott Wave technical outlook for the ETF.

MAGS weekly Elliott Wave chart

The weekly Elliott Wave chart of the Magnificent Seven ETF (MAGS) shows that a five-wave impulsive advance has ended. The rally culminated in wave (I) at $58.69 in December 2024. A corrective decline in wave (II) then followed, which appears to have bottomed at $39 in April 2025. Since then, MAGS has resumed its upward trajectory, beginning wave (III). From the April 2025 low, the cycle advanced into wave I, reaching a peak of $69.14. The ETF is now undergoing a larger-degree wave II pullback, correcting the cycle from the April 2025 low in a 3-, 7-, or 11-swing structure before the next upward move unfolds.

MAGS daily Elliott wave chart

The daily Elliott Wave chart of the Magnificent Seven ETF (MAGS) shows that wave (II) unfolded as a double-three corrective pattern. The pullback bottomed at $39.26. From there, the ETF resumed its advance in wave (III), which is subdividing into five waves. Wave I of (III) rally recently peaked at $69.1. MAGS is now undergoing a larger-degree wave II correction of the cycle that began at the April 2025 low. In the near term, as long as the $39.26 pivot remains intact, expect pullback to attract buyers in a 3-, 7-, or 11-swing sequence, setting the stage for further upside.