The Magnificent Seven ETF (MAGS) is an exchange-traded fund that tracks the performance of seven leading U.S. technology companies. These companies are often referred to as the “Magnificent Seven.” These include major players like Apple, Microsoft, Amazon, Alphabet, Meta, Tesla, and NVIDIA. The ETF provides investors with diversified way to invest in the innovation and market dominance of these industry leaders. In this article, we will explore the long term Elliott Wave path of this ETF.
MAGS Weekly Elliott Wave Chart
The weekly Elliott Wave chart for the Magnificent Seven ETF (MAGS) indicates a completed five-wave impulsive rally, peaking at $58.69 in wave (I). The subsequent correction in wave (II) appears to have concluded at $39. MAGS has since turned upward, initiating wave (III). The rally from the wave (II) low in April 2025 is mature, suggesting wave I is nearing completion. A corrective pullback in wave II is expected soon, followed by a resumption of the upward trend.
MAGS Daily Elliott Wave Chart
The daily Elliott Wave chart for the Magnificent Seven ETF (MAGS) reveals that wave (II) unfolded as a double-three corrective structure following the wave (I) all-time high at $58.69. Wave w declined to $45.67, wave x rebounded to $49.46, and wave y concluded at $38.98, completing wave (II). Since then, MAGS has initiated an impulsive rally, marking the start of wave (III).
From the wave (II) low, wave ((1)) peaked at $46.67, followed by a wave ((2)) pullback to $40.58. The ETF then advanced in wave ((3)) to $60.96, with a wave ((4)) dip concluding at $57.83. MAGS should extend slightly higher to complete wave ((5)), which should also finalize wave I of a higher degree. Subsequently, expect a corrective wave II pullback against the cycle from the April 2025 low before the uptrend resumes. As long as the $38.98 pivot low remains intact, any pullback should find support in a 3, 7, or 11 swing, setting the stage for further upside.