AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 22 January 24
Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart
AUDUSD Elliott Wave Technical Analysis
Function: Trend
Mode: impulsive
Structure: Sub Waves of black wave 3
Position: Red wave 3
Direction Next Higher Degrees: black wave 3(started)
Details: black wave 2 looking completed at 0.65239 . Now black wave 3 may be starting . Wave Cancel invalid level: 0.62738
The "AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 22 January 24, offers a detailed examination of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair using Elliott Wave theory. This technical analysis approach seeks to identify patterns and trends in financial markets based on repetitive wave structures.
The declared "Function" is "Trend," signifying the primary focus on identifying and understanding the prevailing direction of the market. In this context, the analysis aims to capture the ongoing trend in the AUDUSD currency pair.
The identified "Mode" is "Impulsive," which suggests a motive wave in progress. Impulsive waves, labeled as 1, 2, 3, 4, 5, are characterized by strong and directional price movements in the direction of the prevailing trend.
The recognized "Structure" is "Sub Waves of black wave 3." This implies a more granular analysis within the larger structure of black wave 3, suggesting that the analyst is examining the internal sub waves to gain a finer understanding of the ongoing trend.
The "Position" is noted as "Red wave 3," indicating the specific phase within the Elliott Wave count. Black wave 3 is a subwave within the larger structure of Red wave 3.
Regarding "Direction Next Higher Degrees," the emphasis is on the anticipated "black wave 3 (started)." This indicates that the analyst expects the commencement of the third major wave within the larger degree structure.
In the "Details" section, it is highlighted that "black wave 2 looking completed at 0.65239." This signifies the end of the second corrective wave within the broader trend, with the expectation that the market is now transitioning into the impulsive phase of black wave 3.
The "Wave Cancel invalid level" is identified as "0.62738." This level serves as a critical reference point; a breach of this level could invalidate the current wave count, prompting a reevaluation of the analysis and suggesting a potential shift in the anticipated market direction.
In summary, the AUDUSD Elliott Wave Analysis for the 4-hour chart on 22 January 24, indicates an impulsive trend, with the completion of black wave 2 and the potential initiation of black wave 3. Traders are advised to monitor the market closely, with attention to the invalidation level at 0.62738.
Technical Analyst: Malik Awais
Source: Tradinglounge.com get trial here!
AUDUSD Elliott Wave Analysis Trading Lounge Day Chart, 22 January 24
Australian Dollar/U.S.Dollar (AUDUSD) Day Chart
AUDUSD Elliott Wave Technical Analysis
Function: Trend
Mode: impulsive
Structure: Subwaves of black wave 3
Position: Red wave 3
Direction Next Higher Degrees: black wave 3(started)
Details: black wave 2 looking completed at 0.65239 . Now black wave 3 may be starting . Wave Cancel invalid level: 0.62738
The "AUDUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 22 January 24, provides a comprehensive analysis of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair using Elliott Wave theory. Elliott Wave analysis is a technical approach that seeks to identify repetitive wave patterns in financial markets to forecast potential future price movements.
The identified "Function" in this analysis is "Trend," indicating a primary focus on understanding and capturing the prevailing direction of the market. The emphasis is on identifying and riding the impulsive waves that represent strong and directional price movements.
The declared "Mode" is "Impulsive," suggesting that the market is currently in a phase characterized by strong, directional moves. Impulsive waves typically consist of five sub waves, labeled 1, 2, 3, 4, 5, with waves 1, 3, and 5 representing the directional phases.
The recognized "Structure" involves the examination of "Sub Waves of black wave 3." This implies a detailed analysis of the internal sub waves within the larger structure of black wave 3, providing a more nuanced understanding of the ongoing trend.
The "Position" is specified as "Red wave 3," indicating the current phase within the Elliott Wave count. Black wave 3 is a subwave within the larger structure of Red wave 3.
In terms of "Direction Next Higher Degrees," the focus is on the expected initiation of "black wave 3 (started)." This suggests that the analyst anticipates the commencement of the third major wave within the larger degree structure.
The "Details" section highlights that "black wave 2 looking completed at 0.65239," indicating the conclusion of the second corrective wave within the broader trend. The implication is that the market is transitioning into the impulsive phase of black wave 3.
The "Wave Cancel invalid level" is identified as "0.62738." This level serves as a crucial reference point, indicating that a breach of this level could invalidate the current wave count, necessitating a reassessment of the analysis and potentially signaling a change in the anticipated market direction.
In summary, the AUDUSD Elliott Wave Analysis for the day chart on 22 January 24, points to an impulsive trend, with black wave 2 concluded and the potential initiation of black wave 3. Traders are advised to closely monitor the market, with particular attention to the invalidation level at 0.62738.
Technical Analyst: Malik Awais
Source: Tradinglounge.com get trial here!
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