Technical Analysis of the Financial Markets: A Complete Guide for Traders in 2026
Hello fellow traders. As our members know, At Elliott Wave Forecast, we cover a wide range of Exchange-Traded Funds (ETFs), providing detailed Elliott Wave analysis and market insights across major indices, sectors, commodities, and specialized funds. Our ETF coverage includes key instruments such as GDX, IWM, QQQ, SPY, XLE, XLF, XLI, XLP, XLV, XLY, and XME. Using Elliott Wave methodology, we present trading setups, key levels, and potential market scenarios to help traders better understand price action and market cycles. In the following sections, we will explain ETFs in detail, covering how they work, the different types of ETFs, their advantages and risks, and how traders and investors use them in the market. Definition An ETF (Exchange-Traded Fund) is a collection of assets bundled in
Dow Jones Futures Wave 2 Pullback Targets 51,182–49,991
Dow Jones Futures (YM) is pulling back to correct the cycle from the 45,430 low in wave 2. The Elliott Wave structure suggests that the index remains vulnerable to further downside in the near term, as long as it stays below the 53,105 high. The decline from the peak completed three swings within wave (w), followed by a corrective bounce in wave (x). This bounce ended at 53,105, and YM has since turned lower again. The current structure suggests that the index is developing another five-wave decline in wave (y), which could complete the larger wave 2 correction. We expect wave (y) to extend toward the 51,182–49,991 area. This zone represents the 100%–161.8% Fibonacci extension of wave (w) and could provide an important area for the next reaction. How YM responds there will help determine w
Robo.ai Appoints Dr. Jasem Al-Mansory as Chief Executive Officer of Its Subsidiary Alif Holding
The Group is building a management team led by senior UAE executives to oversee its business and corporate governance ABU DHABI, UAE, July 31, 2026 -- Robo.ai Inc. (NASDAQ: AIIO) (the "Company") today announced the appointment of Dr. Jasem Ibrahim Mansour Al-Mansory as Chief Executive Officer of its proposed subsidiary Alif Holding, an Abu Dhabi-headquartered intelligent industrial technology group (the "Group"), effective immediately. Together with the Group's previously announced Chairman appointment, this appointment completes the Group's core leadership and marks the formal establishment of Alif Holding's governance structure and management team. Dr. Jasem Ibrahim Mansour Al-Mansory Under the banner of "Building Intelligent Industries," Alif Holding is intended to operate two integrate
The $1 Trillion Question: Did Wall Street Misread the Memory Crash? If there is one lesson I keep relearning in semiconductor investing, it is that the market has the memory of a goldfish until it suddenly remembers it is dealing with the memory industry. That is precisely what has happened to SK Hynix. Only weeks after completing the largest first-time US listing ever by a foreign company, with a Nasdaq ADR valued at roughly US$28–29 billion, the company found itself caught in one of the sharpest sentiment reversals of the AI era. A stock that had climbed roughly 220% before its July peak abruptly lost around 35%, joining a wider sell-off across $Micron Technology(MU)$, Samsung and $SanDisk Corp.(SNDK)$ as
$AMZN Reclaims $235 After 3.9% Rally, Bulls Need $246 To Extend Move
$Amazon.com(AMZN)$ $Amazon.com (AMZN) +3.90% Breakout Sparks Recovery Momentum, $246 Resistance in Crosshairs 🔥 Latest Close Data: $AMZN closed at $235.50, surging +3.90% on massive volume. The stock is rebounding sharply from its 52-week low of $196.00, though still 15.5% below its 52-week high of $278.56. Core Market Drivers: Sentiment reversed as capital flow data shows strong net buying, with total inflows hitting $5.31B against $5.07B in outflows. The volume ratio exploded to 2.46, signaling institutional accumulation. The Forward P/E compression to 25.68 (far below its 39.86 average) is attracting deep-value buyers. Technical Analysis: A textbook bullish reversal is forming. The RSI-6 skyrocketed from deep oversold territory (16.89) to 46.89
$U Gains 4.1% As AI Pivot Boosts Recovery, Bulls Eye $35 Breakout
$Unity Software Inc.(U)$ $Unity Software Inc.(U) Rallying +4.06%: Momentum Surge Ignites Breakout Hopes, $35 Resistance in Sight 🚀 Latest Close Data: $33.34 (+4.06%), surging from yesterday's $32.04 close. The stock is currently retracing towards the 52-week high of $52.15, with strong volume backing the move. Core Market Drivers: The recent price surge is fueled by strategic optimism following the company's exit from non-core advertising and the sale of its Supersonic business, sharpening its focus on the core engine and AI-driven Vector platform. Additionally, solid institutional backing from major holders like Silver Lake and Sequoia provides a stable float, despite broader software sector volatility. Technical Analysis: Bullish momentum is accele
$C Advances 4.1% As Bank Stocks Rebound, Next Stop $135
$Citigroup(C)$ $Citigroup(C) +4.08% Surge: Banking Titan Reclaims $132, Momentum Builds for $135 Retest 🚀 Latest Close Data: C closed at $132.32 (+4.08%) on July 31, 2026. The stock is now trading just -10.5% below its 52-week high of $147.96, signaling a powerful recovery leg. Core Market Drivers: Financials rallied hard as capital flow data showed a massive single-day inflow of $114 million on July 27, signaling institutional accumulation. The broader market sentiment was supported by expectations of easing regulatory headwinds for large-cap banks. Valuations remain attractive with a Forward P/E of 11.38, well below the tech-heavy market average. Technical Analysis: Volume hit 10.47M shares, confirming strong participation. The daily RSI (6) jumped
$JMIA Jumps 4.4% After Deep Selloff, High Risk Rally Targets $7.75
$Jumia Technologies AG(JMIA)$ $Jumia Technologies AG(JMIA) +4.37%: African E-Commerce Pioneer Ignites Breakout, Bulls Eye $7.75 Resistance 🚀📈 Latest Close Data: JMIA closed at $5.97 on July 31, 2026, surging +4.37% from yesterday's $5.72. The stock is showing strong momentum, though it remains -59.4% below its 52-week high of $14.72. Core Market Drivers: 🛒 Africa's e-commerce leader surged on renewed investor optimism for emerging market growth and a shift toward value stocks. The rally was fueled by a notable decline in short volume, with the short ratio retreating from June's extreme levels, signaling easing bearish pressure. Positive retail flow also supported the move. Technical Analysis: 📊 The breakout is gaining traction. The 6-day RSI has s
DB Gains 4.4% As Q2 Profit Hits Record, Stock Nears 52 Week High
$Deutsche Bank AG(DB)$ $Deutsche Bank AG (DB) Surges +4.40%: Deutsche Bank Earnings Ignite Breakout, Bulls Target $37.54 Resistance Zone 🚀 Latest Close Data: Deutsche Bank closed at $37.03 on July 31, 2026, a robust +4.40% surge. The stock is now trading just 8.4% below its 52-week high of $40.43, signaling significant recovery momentum. 📈 Core Market Drivers: Strong Q2 results ignited the rally, with pre-tax profit hitting a record high and client trading income surging. 💥 European banks are showing vitality, and DB's upgrade of Garrett Motion & adjustment of Starbucks targets reflect active institutional engagement. The stock broke out on a 4.9% post-earnings spike. 🏦 Technical Analysis: Volume hit 2.2M shares, confirming strong buying convict
$AFRM Holds $70 Support After Selloff, Break Above $77 Could Unlock $90
$Affirm Holdings, Inc.(AFRM)$ $Affirm Holdings, Inc. (AFRM) +4.48%: Fintech Momentum Recharges as Bulls Eye $77 Resistance, $90 Target in Sight Latest Close Data: Closed at $73.25. The stock rebounded sharply from the session low of $69.85, still trading -26.75% below its 52-week high of $100.00. Core Market Drivers: Affirm surged as fintech sentiment rebounded, with volume spiking 26% above average. The recent extension of a credit facility to $6.75B and a $1.7B forward flow deal continue to bolster liquidity narratives. However, Morgan Stanley’s recent downgrade to Neutral capped immediate upside momentum. Technical Analysis: The 6-day RSI jumped from 27.4 (oversold) to 46.5, indicating a momentum shift. MACD remains bearish with DIF at -1.10, b
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$IBKR’s Q2 Beat Sparks Reversal as Bulls Target New Highs Above $97
$Interactive Brokers(IBKR)$ $Interactive Brokers (IBKR) Soars +4.89% to $90.48, Reclaiming Key Pivot as Brokerage Giant Eyes $97.84 Resistance 🚀 Latest Close Data: IBKR surged +4.89% to $90.48, staging a powerful V-reversal from earlier session weakness. This move brings the stock within 7.5% of its 52-Week High of $97.84. Core Market Drivers: A strong Q2 earnings beat continues to fuel momentum, with customer assets growing 40% YoY. Bullish sentiment was amplified by analyst upgrades, with CICC lifting its target to $110. Gains were broad-based following a sector-wide rebound in brokerage giants like GS and MS. Technical Analysis: A massive bullish engulfing candle formed on 502.01万 volume. The 12-Day RSI rocketed from a deeply oversold 23.70 to
$ILMN Hits 52 Week High After Q2 Beat, Bulls Look Toward $215 Breakout
$Illumina(ILMN)$ $Illumina (ILMN) Surged +5.27%: Genomics Giant Breaks 52-Week High, Q2 Beat Ignites $215 Target 🚀🧬 Latest Close Data: ILMN closed at $205.09 on July 31, surging +5.27% ($10.27). This breakout marks a fresh 52-Week High, fueled by post-earnings momentum. After-hours trading extended gains to $214.23 (+6.78%). Core Market Drivers: The massive rally is driven by ILMN’s Q2 earnings beat released on July 30. The company provided a bullish full-year revenue guidance of $4.52B - $4.62B, exceeding market expectations. Strong institutional accumulation is evident as capital flows turned sharply positive. Technical Analysis: The breakout is validated by a Volume Ratio of 1.72, indicating heavy institutional participation. The RSI(6) spiked
$SNOW Just Broke $300 and the AI Data Trade Is Getting Hotter
$Snowflake(SNOW)$ $Snowflake (SNOW) Surges +5.37% to New 52-Week High, AI Data Platform Momentum Unstoppable, $300 Firmly Breached 🚀 Latest Close Data: SNOW closed at $298.10 on Jul 31, 2026, surging +5.37% with a massive high of $298.23. This print marks a definitive 52-Week High breakout, smashing through prior resistance and closing near the session peak in after-hours at $301.91. Core Market Drivers: The AI data platform sector is on fire. Rival Databricks’ recent $30B funding round at a $188B valuation triggered a massive re-rating of the entire space. This is compounded by a flurry of analyst upgrades, with UBS boosting the target to $370 and RBC to $313, citing expanding AI Gateway functionalities. 📈 Technical Analysis: Volume exploded to 6
$AMBA Climbs 7.08% on Edge AI Growth Story, $80 Breakout Could Extend Rally
$Ambarella(AMBA)$ $Ambarella (AMBA) Soars +7.08%: Edge AI Chipmaker’s Momentum Ignites, $80 Resistance Eyed Latest Close Data: AMBA surged +7.08% to close at $74.09, recovering sharply from the session low of $68.72. The stock is now trading well above the primary support zone, though it remains -23.4% below its 52-week high of $96.69. Core Market Drivers: The Edge AI sector remains a bright spot, with AMBA benefiting from its long-term partnership with Hanwha, projecting over $800M in revenue over a decade. The stock rebounded from a recent sector-wide dip, showing relative strength as the market pivots toward industrial AI applications in robotics and autonomous driving. Technical Analysis: 📊 The breakout is confirmed by strong volume of 1.52M s
$ORCL Surges 8.34% on Google Cloud AI Deal, Eyes $165 Resistance Breakout
$Oracle(ORCL)$ $Oracle (ORCL) Surges +8.34%: Oracle Reclaims $127 on Google Cloud AI Deal, Breakout from Deep Oversold Territory Targets $165 Latest Close Data ORCL closed at $127.56, surging +8.34% (+$9.82) on July 31. The stock rebounded sharply from its 52-Week Low of $114.50, though it remains significantly below its 52-Week High of $345.72. Core Market Drivers The explosive move was fueled by Oracle expanding its collaboration with Alphabet's Google Cloud, planning to make Gemini models available in Oracle AI Agent Studio. This eased investor anxiety over Oracle's AI monetization path, which previously pushed the stock to a 52-week low on capital expenditure return concerns. The oversold bounce was amplified by extreme bearish positioning. Te
$AMZN 20260731 220.0 PUT$ Love to own 1 lot at $220 but no money to buy it - hope expires worthless Setting a goal for Jul 2026: to collect more than $3,000 in premium (including premiums paid to close the options). June 2026: $1,721 Jul 2026 - Collected to date: $7,818
$AMD 20261218 570.0 CALL$ Bought back my Covered call[Happy] [Happy] [Happy] Setting a goal for Jul 2026: to collect more than $3,000 in premium (including premiums paid to close the options). June 2026: $1,721 Jul 2026 - Collected to date: $14,272
$CRM VERTICAL 260731 CALL 182.5/CALL 187.5$ Rolled down my strike price Setting a goal for Jul 2026: to collect more than $3,000 in premium (including premiums paid to close the options). June 2026: $1,721 Jul 2026 - Collected to date: $15,508