AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 20 November 23
Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart
AUDUSD Elliott Wave Technical Analysis
Function: Trend
Mode: impulsive
Structure: Red wave 3 of 3
Position: Blue wave 3
Direction Next Higher Degrees: red wave 3 of 3(continue)
Details: red corrective wave 2 looking completed at 0.64528 . Now red wave 3 of 3 is in play . Wave Cancel invalid level: 0.63402
The "AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 20 November 23, presents a detailed analysis of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair on a 4-hour timeframe, utilizing Elliott Wave theory. The objective of this analysis is to provide traders with insights into potential price movements in the short to medium term.
The identified "Function" is labeled as "Trend," suggesting that the focus of the analysis is on identifying and riding the existing trend. In this case, the market is expected to be in an impulsive phase, characterized by strong and directional price movements.
The "Mode" is described as "Impulsive," indicating that the current market conditions are conducive to sustained and directional price movements. Impulsive waves are typically associated with the dominant trend, providing traders with opportunities to participate in strong and persistent price trends.
The "Structure" is identified as "Red wave 3 of 3." This implies that the analysis is focused on a specific sub-wave within the Elliott Wave sequence, namely the third impulsive wave of a larger third wave.
The "Position" is specified as "Blue wave 3," signifying that within the identified Red wave 3, the focus is on the internal movements labeled as Blue wave 3.
Regarding the "Direction Next Higher Degrees," the analysis points to "Red wave 3 of 3 (continue)." This suggests that the expectation is for the continuation of the third impulsive wave, indicating a strong and persistent uptrend.
In terms of "Details," the report notes that "red corrective wave 2 looking completed at 0.64528. Now red wave 3 of 3 is in play." This provides traders with information about the completion of a corrective phase and the initiation of a new impulsive wave.
The "Wave Cancel invalid level" is set at 0.63402, serving as a critical reference point. A breach of this level could invalidate the current wave count, prompting traders to reassess their analysis and potential trading strategies.
In summary, the AUDUSD Elliott Wave Analysis on the 4-hour chart indicates a strong impulsive phase, specifically Red wave 3 of 3. Traders are advised to focus on the continuation of this trend, with the specified invalidation level providing a reference point for assessing the validity of the current wave count.
Technical Analyst: Malik Awais
Source: Tradinglounge.com get trial here!
AUDUSD Elliott Wave Analysis Trading Lounge Day Chart, 20 November 23
Australian Dollar/U.S.Dollar (AUDUSD) Day Chart
AUDUSD Elliott Wave Technical Analysis
Function: Trend
Mode: impulsive
Structure: Blue wave 3 of 1
Position: black wave 1
Direction Next Lower Degrees: blue corrective wave 4
Details: blue corrective wave 2 completed between fib level 61.80 to 72.60 . Now blue wave 3 is in play . Wave Cancel invalid level: 0.63402
The "AUDUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 20 November 23, delves into a detailed examination of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair on a daily timeframe, utilizing Elliott Wave theory as the primary analytical framework. This analysis aims to provide traders with a strategic understanding of potential price movements within the medium to long-term horizon.
The identified "Function" is labeled as "Trend," suggesting that the primary emphasis of the analysis is on identifying and participating in the existing trend. The market is recognized as being in an "Impulsive" phase, indicating a period of sustained and directional price movements.
The "Structure" is identified as "Blue wave 3 of 1." This denotes a specific segment within the broader Elliott Wave sequence, focusing on the third impulsive wave within a larger first wave.
The "Position" is specified as "Black wave 1," highlighting the analysis of internal movements labeled as Black wave 1 within the broader context of Blue wave 3.
Regarding the "Direction Next Lower Degrees," the analysis points to "Blue corrective wave 4." This indicates an expectation of a corrective wave at a lower degree within the broader Elliott Wave structure, potentially signaling a retracement within the ongoing upward trend.
In terms of "Details," the report notes that the "blue corrective wave 2 completed between the Fibonacci levels 61.80 to 72.60. Now, blue wave 3 is in play." This communicates the conclusion of a corrective phase and the initiation of a new impulsive wave, reinforcing the bullish sentiment.
The "Wave Cancel invalid level" is set at 0.63402, serving as a critical reference point. A breach of this level could challenge the current wave count, prompting traders to reevaluate their analysis and trading strategies.
In summary, the AUDUSD Elliott Wave Analysis on the daily chart indicates a robust impulsive phase, specifically Blue wave 3 of 1. Traders are advised to focus on the continuation of this trend, with the specified invalidation level providing a crucial reference for assessing the validity of the current wave count.
Technical Analyst: Malik Awais
Source: Tradinglounge.com get trial here!
