Elliott Wave Forecast Team
ElliottWave-Forecast.com
Bank of Montreal (BMO) provides diversified financial services primarily in North America. The company’s personal banking products & services include checking & savings accounts, credit cards, mortgages, financial & investment advice services & commercial banking products & services. It is based in Montreal, Canada, comes under Financial services sector & trades as “BMO” at NYSE.
As discussed in last blog, BMO started impulse from March-2020 low & ended wave I at $122.77 high. Below there, it favors a corrective pullback in II as proposed zigzag structure.
BMO – Elliott Wave view from 8/07/2022
Above March-2020 low, it placed ((1)) at $55.34 high & ((2)) at $43.26 low. ((2)) was 0.618 Fibonacci retracement against ((1)). Above there, it started third wave extension & ((3)) ended at $106.88 on 6/04/2021 high. It favored ended ((4)) at $95.37 low on 7/20/2021 as shallow correction. It finally ended ((5)) as ending diagonal at $122.77 as ATH on 3/22/2022 as wave I. Below there, it correcting in II as zigzag down.
BMO – Elliott Wave Latest Weekly view
Below wave I high, it placed ((A)) at $90.44 low & ((B)) at 105.40 high. While below there, it confirms lower low in ((C)) leg, calling for more weakness to continue. It placed (1) at $81.57 low. Above there, it expect a corrective bounce in (2), which expect to fail below ((B)) high to resume lower in (3) of ((C)) leg. ((C)) leg expect to extend towards $72.80 – $52.66 area to finish II correction. We like to buy the dips towards blue box area, when reached.
BMO – Elliott Wave latest short term daily view
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.
Recommended content
Editors’ Picks
AUD/USD side-lines near 0.6200 as traders await US NFP report
AUD/USD consolidates near 0.6200 early Friday, just above its lowest level since October 2022 as traders move to the sidelines ahead of Friday's closely-watched US NFP data releae. Meanwhile, rising bets for an early RBA rate cut, China's economic woes and US-Sino trade war fears act as a headwind for the Aussie.
USD/JPY bulls take a breather above 158.00 ahead of US NFP
USD/JPY takes a breather above 158.00 following the release of household spending data from Japan, slightly off the multi-month top amid wavering BoJ rate hike expectations. However, the widening of the US-Japan yield differential keeps the pair supported amid a bullish US Dollar. US NFP data awaited.
Gold price consolidates below multi-week top; looks to US NFP for fresh impetus
Gold price enters a bullish consolidation phase below a four-week top touched at $2,678 on Thursday as bulls await the US NFP report before placing fresh bets. In the meantime, geopolitical risks, trade war fears and a weaker risk tone might continue to act as a tailwind for the safe-haven XAU/USD.
Ripple's XRP plunges over 4% following funding rates decline
Ripple's XRP declined 4% on Friday following a decline in its funding rates. The remittance-based token could decline to test the $2.17 support level if the crypto market decline extends.
How to trade NFP, one of the most volatile events Premium
NFP is the acronym for Nonfarm Payrolls, arguably the most important economic data release in the world. The indicator, which provides a comprehensive snapshot of the health of the US labor market, is typically published on the first Friday of each month.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.