Global Trends ETF Elliott Waves June 2024

Primary Waves are Shooter’s intermediate term AI-assisted Elliott Waves to help manage your Punch Card Stocks and Global Trends ETF positions. Look to add or buy on primary wave setups for waves 3 and 5, while trimming into waves 2 and 4. These moves should last months to quarters. If you are looking for shorter term swing trades, please join me and our group of swing traders in the RARE Investing Group.

Elliott Wave is not perfect, nor is the operator, nor is my Primary Wave setup. However, from a targeting perspective, I have found it to be an excellent tool. Even when I miss, I learn a lot and can adjust. I encourage you to think that way. Think in probabilities, not certainties. And remember, mind your asset allocation by scaling in a piece at a time.

Please read my Elliott Wave And Technical Analysis Primers.

Weekly Market Conditions: Neutral

Traders Narrative

  • U.S. Equity Indexes Achieves 31st Record Close of the Year Stumble into Quad Witching
  • Nasdaq Composite Flat for the Week After Hitting Fresh Highs, Dow Rises 1.5%
  • Value Stocks Outperform Growth Stocks (Russell 1000 Indexes)
  • Small Caps Rally with Russell 2000 Index Up 0.5%
  • Factors in Tech Sell-Off: Buyback Blackouts, Overbought Conditions, Seasonality

Earnings Next Week

#Earnings Week Ending June 24 2024

Global Trends ETF Elliott Waves

Vanguard FTSE Pacific ETF (VPL)

  • VPL is in a bullish Wave C of an ABC pattern, potentially ending around $88.11.
  • Consider selling June-Aug $70 puts as an initial position.
  • Add to the position on any back-test to the $63 level.
#Vanguard FTSE Pacific ETF (VPL) Weekly Elliott Wave Chart

Real Estate Select Sector SPDR (XLRE)

  • XLRE has a relatively new Primary Wave setup, with Wave 3 potentially ending around $49.74.
  • It has formed a solid base, but it’s prudent to hold back a portion in case the Fed doesn’t cooperate.
  • My position would be invalidated by a weekly close below $32.00.
#Real Estate Select Sector SPDR (XLRE) Weekly Elliott Wave Chart

Pacer Industrial Real Estate ETF (INDS)

  • INDS has a fairly new Primary Wave Set-up with Primary Wave 3 overhead around $52.75
  • A nice base has formed, all we need to more dovish Fed.
  • I’m wrong on a weekly close below $30.
#Pacer Industrial Real Estate ETF (INDS) Weekly Elliott Wave Chart

WisgomTree Emrg Mkts Small Cap (DGS)

  • DGS is in an extended flat pattern and is currently testing the top of the range.
  • We’re skirting the high side of RSI, which usually indicates we are heading higher.
  • Conversely, volume has been robust and must continue to support the uptrend.
  • The only strategy I recommend here is to add some cash-secured puts or scale in on dips.
#WisgomTree Emrg Mkts Small Cap (DGS) Weekly Elliott Wave Chart

iShs Latin Am 40 ETF (ILF)

  • It appears that ILF has just completed Intermediate Wave 2.
  • The count suggests it’s a leading diagonal, so Wave 5 should not print much higher than Wave 3.
  • Price should reach around $32 and change for our Primary Wave 3.
  • A prudent investor would sell cash-secured puts just below our Primary Wave setup ($21).
#iShs Latin Am 40 ETF (ILF) Weekly Elliott Wave Chart

iShs MSCI Australia ETF (EWA)

  • Firstly, mind trend support. If it breaks, anticipate a move lower towards the 50% Fibonacci level.
  • EWA is in an extended flat pattern, positioned near the midpoint. Buyers and sellers hold equal weight here.
  • I would wait for broader market weakness to assess the situation. Alternatively, consider selling monthly $20 cash-secured puts.
#iShs MSCI Australia ETF (EWA) Weekly Elliott Wave Chart

iShs Asia 50 ETF (AIA)

  • AIA is in an extended flat pattern, currently testing the top of its range.
  • Our Primary Wave 3 target is around $68.50.
  • Consider entering your next position around $64.
  • I would suggest selling monthly cash-secured puts between $60 and $62.
#iShs Asia 50 ETF (AIA) Weekly Elliott Wave Chart

Risk Disclosure & Performance Disclaimer Statement | Fundamental Trends

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