NU Holdings (NU) should pullback before next rally

Elliott Wave Forecast Team ElliottWave-Forecast.com

NU Holdings Ltd., (NU) provides digital banking platform in Brazil, Mexico, Colombia, Germany, Argentina, United States & Uruguay. It offers spending solutions comprising credit & prepaid cards, mobile payment solutions & integrated mall that enables customers to purchase goods & services from various ecommerce retailers. It is based in Brazil, comes under Financial services sector & trades as “NU” ticker at NYSE.

NU ended I sequence at $16.15 high as showing in the previous article. It ended ((5)) in diagonal structure started from August-2024 low. Below $16.15 high, it should pullback in II correction in 3, 7 or 11 swings against June-2022 low.

NU – Elliott Wave latest weekly view

It ended impulse sequence I at $16.15 high from June-2022 low. Within I sequence, it placed ((1)) at $5.88 high & ((2)) at $3.39 low as dip pullback. It ended ((3)) as extended sequence at $13.64 high in July-2024 & ((4)) as sharp pullback at $9.67 low as 0.382 Fibonacci retracement of ((3)). Finally, it ended ((5)) as diagonal sequence from August-2024 low at $16.15 high as I expected from last update.

NU – Elliott Wave view from 9.02.2024

Within ((5)), it placed (1) at $15.11 high, which pop up with massive volume. It ended (2) at $12.89 low, (3) at $15.98 high, (4) at $14.29 low & (5) at $16.15 high on 12th November to finish I. Below I high, it favors lower in (3) of ((A)) as the part of II correction. Within ((A)), it placed (1) at $13.19 low & (2) at $12.37 high. Currently, it favors lower in (3), which can extend towards $11.54 – $9.71 area before bounce in (4). It expects 5 swing lower in ((A)) followed by 3 swing bounce in ((B)) connector. We like to buy it later in ((C)) at extreme areas when finishing II correction.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD off highs, back to around 1.1900

EUR/USD keeps its strong bid bias in place despite recedeing to the 1.1900 zone following earlier peaks north of 1.1900 the figure on Monday. The US Dollar remains under pressure, as traders stay on the sidelines ahead of Wednesday’s key January jobs report, leaving the pair room to extend its upward trend for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.