Will SoFi Technologies (SOFI) continue rally or correct soon?

Elliott Wave Forecast Team ElliottWave-Forecast.com

SoFi Technologies, Inc., (SOFI) provides various financial services in the US, Latin America & Canada. It operates through three segments; Lending, Technology Platform & Financial services. It is based in San Francisco, CA, comes under Financial Services sector & trades as “SOFI” ticker at Nasdaq.

As mentioned in the last article, SOFI confirmed bullish sequence as it broke above July-2023 high. Currently, it favors upside in (3) of ((1)) & expect rally to finish sequence from August-2024 low between $13.51 – $18.13 area. Later, it should pullback in ((2)) in 3, 7 or 11 swings, which provide buying opportunity.

SOFI – Elliott Wave latest daily view

It made all time low at $4.24 in December-2022 & then resume higher. It is showing higher high sequence since December-2022 low in daily. It placed I as impulse sequence at $11.70 high & favoring upside in ((1)) of III from August-2024 low. Within I, it placed ((1)) at $8.24 high, ((2)) at 4.45 low, ((3)) at $10.23 high, ((4)) at $7.71 low & ((5)) as I at $11.70 high. Below there, it ended II as zigzag correction at $6.01 low. In II, it placed ((A)) at $6.41 low, ((B)) at $10.49 high, ((C)) at $6.01 low in August-2024 low as II.

SOFI – Elliott Wave view from 10.21.2024

Above II low, it favors upside in (3) of ((1)) & expect small upside before it should pullback in (4). It placed (1) at $8.30 high & (2) at $6.75 low. Within (3), it placed 1 at $8.53 high, 2 at $7.57 low, 3 at $11.34 high & 4 at $9.77 low. Currently, it favors upside in 5 towards $14.79 – $15.34 area, while dips remain above $13.01 to finish (3) of ((1)) before correcting in (4). Later, it expects another push higher in (5) to finish ((1)) as 9 swings sequence from August-2024 low. The current scenario is less bullish. If it extends higher & erase momentum divergence, then it can be nest in (3), which can extend further. So, we like to buy the next pullback in 3, 7 or 11 swings at extreme areas & avoid selling it.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind 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 treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

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.