Mastercard (MA) should pullback soon to provide next opportunity

Elliott Wave Forecast Team ElliottWave-Forecast.com

Mastercard Incorporated (MA), provides transaction processing & other payment-related products & services in the United states & internationally. The company offers payment related products to integrated products & value-added services for account holders, merchants, financial institutions, digital partners, businesses, governments & other organizations. It is headquartered in New York, comes under Financial Services sector & trades as “MA” ticker at NYSE.

As expected from the previous article, MA continue rally in ((3)) of I started from March-2023 low after (4) correction ended at $428.86 low. It already made new high in weekly within ((3)) of I soon expect to pullback in 3, 7 or 11 swings in ((4)) correction.

MA – Elliott Wave latest weekly view

In Weekly sequence, it ended (I) at $401.50 high as impulse sequence from the all-time lows in April-2021 high. Below there, it placed (II) as double correction at $276.87 low in -October-2022. Within (II) correction, it placed w at $306 low & x at $399.92 high in January-2022. Finally, it ended y of (II) at $276.87 low in October-2022 low. Above there, it favors upside in I of (III) & expect further rally before correcting in II.

MA – Elliott Wave weekly view from 4.29.2024

Within wave I, it placed ((1)) at $390 high & ((2)) at $340.21 low. Above there, it favors upside in ((3)), in which it ended (1) at $418.60 high, (2) at $359.77 low, (3) at $490 high & (4) at $428.86 low. Currently, it favors upside in 5 of (5), while dips remain above $483.54 low to finish ((3)) between $480.28 – $523.60 area. Later, it should pullback in ((4)) in 3, 7 or 11 swings before final push higher to finish I sequence. We like to buy the pullback in 3, 7 or 11 swings at extreme areas, when reached.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD trims gains, hovers around 1.1900 post-US data

EUR/USD trades slightly on the back foot around the 1.1900 region in a context dominated by the resurgence of some buying interest around the US Dollar on turnaround Tuesday. Looking at the US docket, Retail Sales disappointed expectations in December, while the ADP 4-Week Average came in at 6.5K.

GBP/USD comes under pressure near 1.3680

The better tone in the Greenback hurts the risk-linked complex on Tuesday, prompting GBP/USD to set aside two consecutive days of gains and trade slightly on the defensive below the 1.3700 mark. Investors, in the meantime, keep their attention on key UK data due later in the week.

Gold loses some traction, still above $5,000

Gold faces some selling pressure on Tuesday, surrendering part of its recent two-day advance although managing to keep the trade above the $5,000 mark per troy ounce. The daily pullback in the precious metal comes in response to the modest rebound in the US Dollar, while declining US Treasury yields across the curve seem to limit the downside.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.