Hello Subscribers,
I hope you’re doing well.
Here is another blog post featuring one of the trade setups we identified and shared with members. We closed numerous trades for substantial profits throughout June and July, and in the coming blog posts, I’ll be sharing some of those setups with you.
And yes, some of these were big profits.
As you know, subscribers to The Wave Chartist receive daily Elliott Wave forecasts covering 66 instruments across multiple asset classes:
5 Cryptocurrencies
12 Forex pairs
12 Commodities
9 Indices
20 Stocks
8 ETFs
In addition, we maintain a pool of up to 30 stock requests from members, which we analyze every week. The list changes as members submit new requests.
We like to start every week with a market guidance video, helping members understand the broader sentiment and our directional bias across each major instrument class.
We don’t analyze markets in isolation. We look at the financial markets as one interconnected system and examine how different asset classes correlate with one another. This helps us identify where the strongest opportunities may be developing.
Around the middle of the week, we update the guidance video as market conditions evolve.
On top of that, almost every day, we share trade ideas through a monitored spreadsheet, including entry, stop-loss, and target levels. These ideas are continuously monitored and updated as price develops.
At the moment, we are over 30R in profit for the year, with as many as 10 open trades currently in profit but yet to reach their targets.
If all of those trades eventually hit their targets, our performance could potentially move toward 50R.
For example, if you risked 2% per trade, 30R would represent a 60% gain before considering the additional open positions. We boast of a 65% winning rate on 1:2 RR, with the rest of 35% either full stop, half stop or breakeven.
Of course, past performance is not a guarantee of future results, and position sizing and risk management remain critical.
Apologies for the little bit of “showing off.” 😄
Now, let’s look at one of the short-term trade setups we identified in Oil during the second week of July.
Following what appeared to be a de-escalation in the Middle East — effectively a “cease-fire” between the US and Iran — Oil prices started falling from the $109.50 peak.
The war-induced rally into that high had completed the 3rd wave of a bullish impulse structure that originated from the April 2025 low.
The subsequent cease-fire then triggered a 4th-wave decline, which lasted for more than three months.
However, the bullish trend began to resurface on July 2, 2026, marking the potential start of the 5th wave.
The resurgence initially completed an impulse wave structure and then began correcting lower, as shown on the chart below.
We shared this setup with members through our twice-per-day intraday updates.
We concluded that the structure should eventually produce another 5-wave move higher.
There were two possibilities:
The resurgence was itself a 5-wave rally, forming the 5th wave of the larger bullish sequence from April 2025.
The resurgence was only a 3-wave bounce, which could be followed by another leg lower before the next major bullish cycle began.
Based on this structure, we identified the $70.83–$68.49 area as a potential buying zone for members.
We expected that the wave (b) decline would eventually reach this zone, providing an opportunity to position for the next move higher.
Price eventually reached our green buying zone, bounced strongly, and continued significantly higher.
As the structure developed, it became increasingly clear that the 5th wave from the April 2025 low had begun.
This meant the bearish cycle that started in March 2026 had likely completed.
On the July 17 chart above, Oil entered a sideways triangle structure for wave (iv) of ((i)).
If you are familiar with trading Elliott Wave triangles, you know what we were watching for - A breakout from the triangle to the upside.
Once price broke higher, the setup provided another opportunity to participate in the bullish continuation.
On July 23, we shared the chart above, along with that of nine other instruments, through our intraday updates.
Price subsequently broke out of the triangle and continued higher.
Therefore, whether you entered from our original $70.83–$68.49 buying zone or traded the subsequent triangle breakout, the structure provided an opportunity to capture the bullish move toward the projected targets.
This is exactly why we continuously monitor our setups and update them as the Elliott Wave structure develops.
The initial trade idea is only part of the process. Understanding what price is doing after entry is equally important.
Oil has now entered a new bullish cycle — the 5th wave of the larger bullish sequence that began from the April 2025 low.
Based on the current Elliott Wave structure, the technical target for this 5th wave is in the $126–$136 area.
However, that does not necessarily mean Oil will move there in a straight line.
The current resurgence could experience a correction next week, or one of its internal 3rd or 5th waves could continue to extend higher.
Therefore, our focus remains on buying the dips rather than chasing the rally.
As the structure develops, we will continue monitoring the 30-minute chart and provide members with the next green zone to consider for a long position through our twice-per-day intraday updates.
The objective remains the same:
Follow the structure. Wait for the setup. Manage the risk. Let the market do the rest.
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