EURGBP Elliott Wave Analysis Trading Lounge 4 Hour Chart, 30 November 23
Euro/British Pound(EURGBP) 4 Hour Chart
EURGBP Elliott Wave Technical Analysis
Function: Counter Trend
Mode: corrective
Structure: wave C of black wave 2
Position: Black wave 2
Direction Next Higher Degrees:back wave 3
Details:blue wave C of 2 is in play and looking near to end between fib level 50.00 to 61.80 . Wave Cancel invalid level: 0.84930
The "EURGBP Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 30 November 23, presents a detailed examination of the Euro/British Pound (EURGBP) currency pair within a four-hour timeframe. The analysis focuses on identifying potential trends and corrective movements within a shorter time frame.
The specified "Function" of the analysis is "Trend," indicating that the primary objective is to identify and understand the prevailing trend in the market. In this case, the market is deemed to be trending, with a specific focus on corrective movements within this trend.
The identified "Mode" is "corrective," signifying that the analysis is concentrating on a phase where the market is adjusting within the larger Elliott Wave structure. A corrective mode implies a temporary deviation from the primary trend, suggesting a pause or reversal in the prevailing trend.
The specific "Structure" under analysis is "wave C of black wave 2." This indicates that the market is currently within the third and final wave of a corrective structure, offering insights into the potential completion of this corrective wave.
The designated "Position" is "Black wave 2," highlighting the larger-degree wave within the Elliott Wave structure. This implies that the analysis is centered around a correction within a broader uptrend, with the expectation that the current movement is part of the second wave in a potential uptrend.
The directional guidance for "Next Higher Degrees" is "black wave 3," indicating an anticipation of the continuation of the broader uptrend after the completion of the current corrective wave.
Regarding "Details," the analysis notes that "blue wave C of 2 is in play and looking near to end between fib level 50.00 to 61.80." This provides traders with a specific range of Fibonacci retracement levels within which the current corrective wave is expected to conclude.
The "Wave Cancel invalid level" is set at 0.84930, serving as a critical reference point for potential invalidation of the current wave count. Traders can use this level as a guide for confirmation or reversal signals.
In summary, the EURGBP Elliott Wave Analysis on the 4-hour chart suggests that the currency pair is undergoing a corrective phase within the broader uptrend. Traders are provided with insights into potential reversal levels and key reference points for decision-making within a shorter time frame.
Technical Analyst: Malik Awais
Source: Tradinglounge.com get trial here!
EURGBP Elliott Wave Analysis Trading Lounge Day Chart, 30 November 23
Euro/British Pound(EURGBP) Day Chart
EURGBP Elliott Wave Technical Analysis
Function: Trend
Mode: corrective
Structure: wave C of 2
Position: Black wave 2
Direction Next Higher Degrees:back wave 3
Details:blue wave C of 2 is in play and looking near to end between fib level 50.00 to 61.80 . Wave Cancel invalid level: 0.84930
The "EURGBP Elliott Wave Analysis Trading Lounge Day Chart" dated 30 November 23, provides an insightful examination of the Euro/British Pound (EURGBP) currency pair within a daily timeframe. This analysis is particularly focused on identifying trends and corrective movements in a broader time frame, offering traders a more comprehensive perspective on potential market developments.
The specified "Function" of the analysis is "Trend," suggesting that the primary goal is to identify and understand the prevailing trend in the market. Despite being in a corrective mode, the market is considered to be trending, indicating that this corrective movement is occurring within the context of a larger directional bias.
The designated "Mode" is "corrective," signifying that the analysis is centered around a phase where the market is undergoing adjustments within the Elliott Wave structure. A corrective mode implies a temporary divergence from the primary trend, indicating a potential pause or reversal in the overarching market direction.
The specific "Structure" under scrutiny is "wave C of 2," indicating that the market is currently within the third and final wave of a corrective structure. This provides insights into the potential completion of this corrective wave on a daily scale.
The specified "Position" is "Black wave 2," highlighting the broader-degree wave within the Elliott Wave structure. This implies that the analysis is primarily concerned with a correction within a larger uptrend, with the expectation that the current movement is part of the second wave in a potential uptrend.
The directional guidance for "Next Higher Degrees" is "black wave 3," suggesting an anticipation of the continuation of the broader uptrend after the completion of the current corrective wave.
Regarding "Details," the analysis notes that "blue wave C of 2 is in play and looking near to end between fib level 50.00 to 61.80." This offers traders a specific range of Fibonacci retracement levels within which the current corrective wave is expected to conclude.
The "Wave Cancel invalid level" is set at 0.84930, serving as a crucial reference point for potential invalidation of the current wave count. Traders can use this level as a guide for confirmation or reversal signals.
In conclusion, the EURGBP Elliott Wave Analysis on the daily chart suggests that the currency pair is undergoing a corrective phase within the broader uptrend. Traders are provided with insights into potential reversal levels and key reference points for decision-making on a longer time frame.
Technical Analyst: Malik Awais
Source: Tradinglounge.com get trial here!
