The Magnificent Seven ETF (MAGS) captures the performance of seven dominant U.S. technology and growth companies, giving investors concentrated exposure to some of the market’s most influential names. Since inception, MAGS has displayed pronounced directional swings that align well with Elliott Wave analysis, marked by distinct impulsive rallies and corrective pullbacks that define its medium‑term trend structure.
MAGS Weekly Elliott Wave Chart
The weekly Elliott Wave view of the Magnificent Seven ETF (MAGS) highlights a powerful nesting structure from its all‑time low. The advance to $58.69 completed Super Cycle wave (I), followed by a corrective decline in wave (II) that bottomed at $39. From that low, the ETF began a nested progression in wave (III), unfolding through the sequence I–II–((1))–((2)). Within this structure, wave I peaked at $69.14 before wave II retraced to $55.09. The rally then nested further, with wave ((1)) topping at $71.16 and wave ((2)) finding support at $60.72. This view suggests the ETF remains positioned to extend higher in a powerful nested advance.
MAGS Daily Elliott Wave Chart
On the daily Elliott Wave chart of the Magnificent Seven ETF (MAGS), the rally from the April 2025 low carried into wave I at $69.14. A corrective decline in wave II then held firm at $55.09, paving the way for the onset of wave III. Within this advance, wave ((1)) of III reached $71.16 before wave ((2)) pulled back to $60.72. The ETF has since resumed higher in wave ((3)), but a clear break above the $71.16 peak of wave ((1)) remains necessary to fully eliminate the risk of a double correction.
MAGS Alternate Daily Elliott Wave Chart
The alternate view for MAGS suggests that the rally from the wave (II) low on April 7, 2025 is unfolding as a diagonal, with the cycle now mature and nearing completion of wave I. Once this advance concludes, a larger degree pullback in wave II should follow, correcting the cycle in three or seven swings before the uptrend resumes. Under this scenario, a significantly deeper correction is anticipated over the coming weeks to months as the cycle from the April 2025 low reaches its end.