21Nov

British Pound/U.S.Dollar (GBPUSD) Elliott Wave Technical Analysis 21 November 23

GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 21 November 23

British Pound/U.S.Dollar (GBPUSD) 4 Hour Chart

GBPUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: impulsive

Structure: Blue wave Y of X

Position:   2/B

Direction; Next Lower  Degrees: Black wave Y

Details: red wave C of Y of black wave X is in play and likely to end between fib level 50.00 to 61.80. Wave Cancel invalid level: 1.23733

The "GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 21 November 23, provides a comprehensive examination of the British Pound/U.S. Dollar (GBPUSD) currency pair using Elliott Wave theory. The analysis is geared toward assisting traders in understanding potential price movements within the short to medium-term timeframe.

The identified "Function" is categorized as "Counter Trend," indicating that the primary focus is on identifying potential reversals or corrective movements within the broader trend. The market is recognized as being in an "Impulsive" mode, suggesting a period of sustained and directional price movements.

The specific "Structure" under consideration is denoted as "Blue wave Y of X." This signifies the analysis of a particular segment within the broader Elliott Wave sequence, focusing on the Y wave within the larger X wave.

The "Position" is clarified as "2/B," suggesting that the analysis is centered on the second wave of a broader corrective structure, providing insight into potential reversal or correction patterns.

Regarding the "Direction Next Lower Degrees," the analysis points to "Black wave Y." This indicates an expectation of a downward movement at a lower degree within the broader Elliott Wave structure, potentially signaling a continuation of the ongoing corrective phase.

In terms of "Details," the report notes that "red wave C of Y of black wave X is in play and likely to end between Fibonacci levels 50.00 to 61.80." This implies a focused analysis on the current impulsive wave within the broader corrective structure, with an expectation of completion within the specified Fibonacci retracement levels.

The "Wave Cancel invalid level" is set at 1.23733, serving as a critical reference point. A breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.

In summary, the GBPUSD Elliott Wave Analysis on the 4-hour chart indicates an impulsive movement within a larger corrective structure. Traders are advised to focus on the completion of the current impulsive wave, with the specified invalidation level providing a crucial reference for assessing the validity of the current wave count.

GBPUSD-Forex-4Hour-C...

 


 

GBPUSD Elliott Wave Analysis Trading Lounge Day Chart, 21 November 23

British Pound/U.S.Dollar (GBPUSD) Day Chart

GBPUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: impulsive

Structure: Blue wave Y of X

Position:   2/B

Direction; Next Lower  Degrees: Black wave Y

Details: red wave C of Y of black wave X is in play and likely to end between fib level 50.00 to 61.80, After that black wave Y will start. Wave Cancel invalid level: 1.31431

The "GBPUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 21 November 23, offers a detailed examination of the British Pound/U.S. Dollar (GBPUSD) currency pair, utilizing the Elliott Wave theory. This analysis is tailored to provide traders with insights into potential price movements over a more extended period, focusing on daily chart dynamics.

The designated "Function" is identified as "Counter Trend," indicating the analysis is primarily concerned with identifying potential reversals or corrective movements against the prevailing trend. The market is currently in an "Impulsive" mode, suggesting sustained and directional price movements.

The specific "Structure" being analyzed is denoted as "Blue wave Y of X." This implies a detailed examination of a particular segment within the broader Elliott Wave sequence, focusing on the Y wave within the larger X wave.

The "Position" is clarified as "2/B," suggesting that the analysis is centered around the second wave of a broader corrective structure, providing insights into potential reversal or correction patterns.

Concerning the "Direction; Next Lower Degrees," the analysis points to "Black wave Y." This suggests an expectation of downward movement at a lower degree within the broader Elliott Wave structure, signaling a continuation of the ongoing corrective phase.

In terms of "Details," the report notes that "red wave C of Y of black wave X is in play and likely to end between Fibonacci levels 50.00 to 61.80." This implies a focused analysis on the current impulsive wave within the broader corrective structure, with an anticipation of completion within the specified Fibonacci retracement levels. Additionally, it is mentioned that after the completion of the current structure, black wave Y is expected to commence.

The "Wave Cancel invalid level" is set at 1.31431, providing a crucial reference point. A breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.

In summary, the GBPUSD Elliott Wave Analysis on the daily chart indicates an impulsive movement within a larger corrective structure. The analysis emphasizes the completion of the current impulsive wave and provides a reference level for potential invalidation, giving traders valuable insights for decision-making.

GBPUSD-Forex-Day-Cha...

Related

NEO Crypto News Today NEOUSD Elliott Wave Technical Analysis: Unlock Expert Price Predictions and Profitable Trading Strategies

NEO Crypto News Today NEOUSD Elliott Wave Technical Analysis: Unlock Expert Price Predictions and Profitable Trading Strategies

This analysis delves into the NEO/USD pair using Elliott Wave theory. Discover insights on the curre...

Read More >
BTCUSD Elliott Wave Analysis Predicts Sharp Drop As Wave C Follows 0.618 Resistance Rejection in Zigzag Correction Structure

BTCUSD Elliott Wave Analysis Predicts Sharp Drop As Wave C Follows 0.618 Resistance Rejection in Zigzag Correction Structure

BTCUSD shows a classic Elliott Wave zigzag correction. With wave (b) near completion at 0.618 resist...

Read More >
Uniswap Price Prediction & Crypto News | Latest UNIUSD Elliott Wave Technical Analysis Provides a Comprehensive Forecast

Uniswap Price Prediction & Crypto News | Latest UNIUSD Elliott Wave Technical Analysis Provides a Comprehensive Forecast

This Uniswap (UNIUSD) Elliott Wave analysis provides a comprehensive technical forecast, highlightin...

Read More >
Elliott Wave Analysis of GDX: Gold Miners ETF Forecast, Wave Count, Price Targets, and Trading Strategy Explained

Elliott Wave Analysis of GDX: Gold Miners ETF Forecast, Wave Count, Price Targets, and Trading Strategy Explained

This technical analysis covers the current Elliott Wave structure of the VanEck Gold Miners ETF (GDX...

Read More >
ASX LIMITED Elliott Wave Analysis: Technical Forecast and Price Target Insights for Optimizing Your ASX Investment Strategy

ASX LIMITED Elliott Wave Analysis: Technical Forecast and Price Target Insights for Optimizing Your ASX Investment Strategy

This article provides a detailed Elliott Wave analysis of ASX LIMITED, offering insights into market...

Read More >
Looking for the latest AAVE/ U.S. dollar Crypto Pair Price Forecast - AAVEUSD Elliott Wave Technical Analysis and Insights

Looking for the latest AAVE/ U.S. dollar Crypto Pair Price Forecast - AAVEUSD Elliott Wave Technical Analysis and Insights

Looking for the latest AAVE price forecast? This in-depth AAVE Elliott Wave analysis covers AAVEUSD ...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on