AUDUSD Elliott Wave Analysis Trading Lounge, 28 February 24
Australian Dollar/U.S.Dollar (AUDUSD) Day Chart Analysis
AUDUSD Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: blue wave 1
POSITION: black wave 3
DIRECTION NEXT LOWER DEGREES: Blue wave 2
DETAILS: Black wave 2 looks completed at 0.64434. Now blue wave 1 of black wave 2 is in play. Wave Cancel invalid level: 0.64434
The "AUDUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 28 February 24, provides a comprehensive analysis of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair within the framework of Elliott Wave theory. The analysis is conducted on the daily chart.
The identified "FUNCTION" is "Trend," signifying a focus on identifying and participating in the prevailing market direction. This suggests a strategic approach to capitalize on sustained and directional movements in the market.
The specified "MODE" is "Impulsive," indicating that the market is currently characterized by strong, forceful, and directional price movements. This environment is conducive to trend-following strategies.
The described "STRUCTURE" is "Blue wave 1," denoting the specific wave within the Elliott Wave hierarchy. Blue wave 1 typically represents the initial phase of a larger impulsive move, suggesting the commencement of a new trend.
The identified "POSITION" is "Black wave 3," indicating the current position within the broader Elliott Wave pattern. Black wave 3 is usually a powerful and extended wave within the impulse sequence, reflecting a strong and sustained trend.
Regarding "DIRECTION NEXT LOWER DEGREES," the focus is on "Blue wave 2," suggesting the anticipated correction within the larger impulsive move (Black wave 3). This correction is expected to be a temporary pullback against the prevailing trend.
The "DETAILS" section notes that "Black wave 2 looking completed at 0.64434. Now blue wave 1 of black wave 2 is in play." This indicates that the corrective movement of Black Wave 2 is considered concluded, and the market is now in the early stages of the next impulsive move (Blue Wave 1).
The "Wave Cancel invalid level" is set at 0.64434, serving as a critical reference point. A breach beyond this level would invalidate the current wave count and prompt a reevaluation of the analysis.
In summary, the AUDUSD Elliott Wave Analysis for the daily chart on 28 February 24, suggests the completion of a corrective phase (Black Wave 2) and the initiation of a new impulsive move (Blue Wave 1). Traders are advised to monitor the invalidation level at 0.64434 for potential shifts in the wave count.
AUDUSD Elliott Wave Analysis Trading Lounge, 28 February 24
Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart Analysis
AUDUSD Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: red wave 2
POSITION: Blue Wave 1
DIRECTION NEXT HIGHER DEGREES: red wave 3
DETAILS: Red Wave 2 is in play and looking near to end between fib level 50.00 to 61.80. After that red wave 3 will start. Wave Cancel invalid level: 0.64434
The "AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 28 February 24, presents an in-depth analysis of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair using the Elliott Wave framework. The focus is primarily on the 4-hour timeframe.
The identified "FUNCTION" is "Trend," indicating the primary objective of identifying and capitalizing on the prevailing market direction. This suggests a focus on capturing sustained, directional movements in the market.
The specified "MODE" is "Impulsive," suggesting that the market is currently characterized by strong, forceful, and directional price movements. This environment is conducive to identifying and participating in the primary trend.
The described "STRUCTURE" is "Red wave 2," denoting the specific wave within the Elliott Wave hierarchy. Red wave 2 typically represents a corrective phase following an impulsive move, suggesting a temporary counter-trend movement.
The identified "POSITION" is "Blue wave 1," indicating the current position within the broader Elliott Wave pattern. Blue wave 1 typically represents the initial phase of a larger impulsive move, signifying the beginning of a new trend.
In terms of "DIRECTION NEXT HIGHER DEGREES," the analysis emphasizes "Red wave 3," suggesting the anticipation of the next sub-wave within the broader Elliott Wave structure, which would follow the completion of red wave 2.
The "DETAILS" section notes that "Red wave 2 is in play and looking near to end between fib level 50.00 to 61.80. After that, red wave 3 will start." This suggests that the corrective movement of red wave 2 is expected to conclude soon, with a likely impulsive move (red wave 3) to follow.
The "Wave Cancel invalid level" is set at 0.64434, serving as a critical reference point. A breach beyond this level would invalidate the current wave count and prompt a reevaluation of the analysis.
In summary, the AUDUSD Elliott Wave Analysis for the 4-hour chart on 28 February 24, indicates the potential completion of a corrective phase (red wave 2) and the imminent initiation of a new impulsive move (red wave 3). Traders are advised to monitor the completion of red wave 2 and consider the invalidation level at 0.64434.
Technical Analyst: Malik Awais
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