USD/CAD Elliott Wave Analysis Trading Lounge Day Chart, 23 February 24
U.S.Dollar /Canadian Dollar(USD/CAD) Day Chart
USD/CAD Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: impulsive
STRUCTURE: blue wave 5
POSITION: black wave C
DIRECTION NEXT LOWER DEGREES:blue wave 5 (started)
DETAILS: red wave Y of blue wave 4 looking completed at 1.35895. Now blue wave 5 of C is in play . Wave Cancel invalid level:1.36335
The “USD/CAD Elliott Wave Analysis Trading Lounge Day Chart” dated 23 February 24, offers a comprehensive analysis of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair, employing Elliott Wave principles to gain insights into potential market dynamics. This analysis centers on a daily chart, providing a broader perspective for a more extended timeframe.
The identified “FUNCTION” is “Counter Trend,” indicating a focus on potential reversal or correction against the prevailing trend. This suggests that, at least in the short term, the analysis anticipates a counter-directional move against the primary trend.
The specified “MODE” is “Impulsive,” signifying that despite the counter-trend nature, the current market conditions are characterized by strong and forceful price movements. Impulsive waves are often associated with decisive and swift market actions.
The described “STRUCTURE” is “Blue wave 5,” denoting the current position within the larger Elliott Wave pattern. Wave 5 typically represents the final move in the sequence, and its completion often marks the end of a trend or a larger degree wave.
USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 23 February 24
U.S.Dollar /Canadian Dollar(USD/CAD) 4 Hour Chart
USD/CAD Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: impulsive
STRUCTURE: Red wave 3
POSITION: Blue wave 5
DIRECTION NEXT HIGHER DEGREES:Red wave 4
DETAILS: red wave 2 of blue wave 5 looking completed at 1.35402 . Now red wave 3 of 5 is in play . Wave Cancel invalid level:1.35846
The “USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour Chart” dated 23 February 24, provides an in-depth analysis of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair, utilizing Elliott Wave principles to derive insights into potential market movements. This analysis focuses on a 4-hour chart, allowing for a more detailed examination of short to intermediate-term trends.
The identified “FUNCTION” is “Trend,” indicating a primary emphasis on understanding and capitalizing on the prevailing directional movement in the market. Recognizing the trend is crucial for traders to align their strategies with the predominant market sentiment.
The specified “MODE” is “Impulsive,” suggesting that the market is currently characterized by strong, directional price movements. Impulsive waves are indicative of the core trend, and traders often seek to identify entry points during such phases.
Technical Analyst : Malik Awais
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