KOSPI Composite Elliott Wave Analysis - Day Chart
KOSPI Composite Overview
Function: Trend
Mode: Impulsive
Current Wave Structure: Gray wave 3
Position: Orange wave 3
Next Lower Degree Direction: Gray wave 4
Wave Cancel Invalid Level: 2636.93
KOSPI Composite Elliott Wave Technical Analysis
The KOSPI Composite Elliott Wave Analysis on the day chart provides an in-depth look at the current trend and wave structure of the KOSPI index. The market is identified as being in a clear, directional trend, with an impulsive mode, indicating strong market movement.
Current Wave Structure: The market is in gray wave 3, suggesting a significant and forceful move. Within this structure, the position is orange wave 3, a robust and pronounced wave within the larger gray wave 3.
Next Lower Degree Direction: After the current wave, the market is expected to transition into gray wave 4, a corrective phase following the completion of the ongoing impulsive wave.
Details: Gray wave 2 has completed, marking the end of the previous corrective phase. Currently, gray wave 3 of 3 is active, indicating a strong upward movement. The wave cancel invalid level is set at 2636.93, meaning if the index falls below this level, the current wave analysis is invalid.
Summary
The KOSPI Composite index is in an impulsive trend on the day chart, with gray wave 3 active. After gray wave 2, the index entered gray wave 3 of 3, indicating significant upward movement. Traders and analysts use this to predict market behavior and make informed trading decisions. They anticipate the transition to gray wave 4 after the current wave completes. The critical point for validating the current wave analysis is the wave cancel invalid level at 2636.93.
KOSPI Composite Elliott Wave Analysis - Weekly Chart
KOSPI Composite Index Overview
Function: Trend
Mode: Impulsive
Current Wave Structure: Orange wave 3
Position: Navy blue wave 3
Next Lower Degree Direction: Orange wave 4
Wave Cancel Invalid Level: 2636.93
Detailed 4-hour Chart Analysis
The KOSPI Composite Elliott Wave Analysis on the weekly chart provides a comprehensive view of the current trend and wave structure of the KOSPI index. The market is identified as being in a clear, directional trend, with an impulsive mode, indicating strong market movement.
Current Wave Structure: The market is in orange wave 3, signifying a dynamic and forceful phase. Within this structure, the position is navy blue wave 3, part of the larger orange wave 3, indicating vigorous and pronounced upward movement within the broader impulsive wave.
Next Lower Degree Direction: After the current wave, the market is expected to transition into orange wave 4, a corrective phase following the completion of the ongoing impulsive wave.
Details: Orange wave 2 has completed, marking the end of the previous corrective phase. Now, orange wave 3 of 3 is active, indicating strong upward movement. The wave cancel invalid level is set at 2636.93, meaning if the index falls below this level, the current wave analysis is invalid.
Summary
The KOSPI Composite index is in an impulsive trend on the weekly chart, with orange wave 3 active. Following the completion of orange wave 2, the index entered orange wave 3 of 3, indicating significant upward momentum. Traders and analysts use this information to predict market behavior and make informed trading decisions. They anticipate the transition to orange wave 4 after the current wave completes. The critical point for validating the current wave analysis is the wave cancel invalid level at 2636.93.
Technical Analyst: Malik Awais
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
See previous: S&P 500 Elliott Wave Technical Analysis
Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here
Access 7 Analysts Over 170 Markets Covered. Chat Room With Support
