UNDERSTANDING OUR ANALYSIS

The HKCM Charts

Every chart tells a story. Our analysis does more than track market moves. It shows you the structure behind them.

See how we analyze price action, build scenarios, and put opportunities and risks out in the open.

The HKCM Method

Why Our Charts Are Different

Many market analyses make empty promises

“This is 100% going to happen!”

We work professionally and objectively:

“Where is the short- and medium-term trend headed? What developments are most likely?”

Our analysis is built on the Elliott Wave method, market structure, probabilities, and clearly defined scenarios. Even in messy markets, technical analysis keeps you oriented. Sound decisions start there.

Step by Step

How to Read Our Analysis

Click through the interactive chart. Below, you'll find an explanation for every element of our analysis.

HKCM analysis chart with marked price waves HKCM analysis chart with marked Target Zones HKCM analysis chart with marked Long-Term Entry Range HKCM analysis chart with marked Primary Scenario HKCM analysis chart with marked Alternative Scenario HKCM analysis chart with marked support level HKCM analysis chart with marked resistance level
1

Spot Market Structure

Price Waves

Prices don't move at random. They form recurring patterns we call price waves.
Wave counting helps us identify trends, read market phases, and spot potential turning points.

2

Possible Price Targets

Target Zones

Target Zones mark price levels where we see a higher probability of a market reaction.

3

Opportunities With an Attractive Risk Profile

Long-Term Entry Ranges

Price zones that offer long-term investors an attractive risk/reward ratio.

4

Our Preferred Scenario

Primary Scenarios

Shows the price path we currently consider most likely.
It's not a guarantee, just the most plausible outcome given the current market structure.

5

Seeing the Full Picture

Alternative Scenarios

Markets don't always follow the preferred scenario.
That's why we define Alternative Scenarios with fixed conditions.

6

Key Price Levels to the Downside

Support Levels

Price levels where the market has shown buying interest in the past.
These are key levels for calculating risk and spotting possible trend reversals.

7

Key Price Levels to the Upside

Resistance Levels

Levels where the market has previously run into selling pressure.
These can signal profit-taking opportunities near potential Target Zones.

Stylized candlestick chart with price targets

The Foundation of Our Analysis

Elliott Wave Theory as an Analysis Tool

Our analysis combines Elliott Wave Theory with
modern market-structure and probability analysis.

Spot trends early
Weigh opportunity against risk
Understand scenarios systematically
Plan entries and exits with discipline

Transparency, Not Predictions

If You Think in Clear Scenarios, You Don't Need a Crystal Ball

We don't believe in sure things. That's why our analysis always shows:

which outcome we currently favor
which alternatives
are possible
what risks
exist
which price levels
become relevant

See HKCM Analysis in Action

Understand Markets With More Structure

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Clear scenarios, not gut feelings
Analysis from experienced market watchers

All analysis provided on this website and in HKCM's publications is based on the Elliott Wave method of technical chart analysis and on indicator- and cycle-based analytical methods. The method and the underlying assumptions are explained in more detail in the individual publications. This analysis and information is provided for general informational purposes only and does not constitute investment advice, a specific recommendation to buy, sell, or hold any financial instrument or crypto asset, or a recommendation for any particular investment strategy. It reflects our opinion only. The opinions expressed may change at any time without prior notice. All information is prepared carefully and in line with our knowledge at the time of preparation; however, no warranty or liability is assumed for its accuracy or completeness.

In particular, no individual investment recommendations are given. Any mention or discussion of issuers, securities, derivatives, trading platforms, or other financial service providers is purely informational and does not constitute a recommendation to acquire, hold, or sell.

Users and subscribers who make investment decisions and/or carry out transactions based on the information provided do so on their own responsibility and at their own risk. The information provided cannot replace individualized investment advice tailored to a user's or subscriber's personal and financial circumstances by a qualified investment, wealth, or tax advisor. HKCM assumes no liability for losses or damages arising from the use of the information provided.

We expressly point out that investing in the capital markets and trading in any financial instrument, including stocks, bonds, securities, derivatives, and crypto assets, involves risk, including the risk of a total loss of the capital invested. Past performance is no guarantee of future results. Trading in financial instruments such as warrants, futures, so-called leveraged products, CFDs ("Contracts for Difference") or other derivatives in particular carries substantial risk, including the risk of a total loss of the capital invested and even the risk of losses beyond the capital invested. Such transactions are speculative and require a high level of expertise in financial markets, trading instruments, and the strategies involved. CFDs and other leveraged products in particular are complex instruments and, due to the leverage effect, carry a high risk of losing money quickly. Before investing, users should consider whether they understand how the relevant financial instruments work and whether they can afford to take the risk of losing money.

Managing directors and employees of HKCM may hold positions in the financial instruments or crypto assets discussed in our analysis or articles at the time of publication.

The information provided is based on sources considered reliable. However, no warranty is given for the completeness, accuracy, or timeliness of the information, interpretations, and calculations.

The content of this website and of HKCM's publications is protected by copyright. Any reproduction, distribution, or disclosure to unauthorized third parties without prior consent is prohibited. Violations will be pursued under civil and criminal law.

By using this website or subscribing to the Market Updates, you agree to this disclaimer.

Responsible for the preparation of the publications:

Hopf-Klinkmüller Capital Management GmbH & Co. KG
Hasenbergsteige 5
D-70178 Stuttgart

Contributors to the preparation of the publications:
Philip Klinkmüller (Managing Director), Murat Örs (Head of Analysis), Marvin Schmid (Senior Analyst), Raffaele Lanzaro (Senior Analyst), Max Pfeffer (External Analyst), Max Donner (Analyst), Daniel Geier (Analyst), Julian Schönfeld (Junior Analyst), Robin Lässer (Junior Analyst).