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By tradinglounge · Posted
EURUSD Elliott Wave Analysis - Daily Chart EURUSD Elliott Wave Technical Analysis Trend Function: Trend Mode: Corrective Structure: Orange Wave 2 Position: Navy Blue Wave 3 Direction for Next Lower Degrees: Orange Wave 3 Details: Orange Wave 1 is completed at 1.06672, now Orange Wave 2 is near its end. Wave Cancel Invalid Level: 1.09170 The EURUSD Elliott Wave analysis on the daily chart indicates that the trend function is currently in a corrective mode. This suggests a temporary market reversal or consolidation instead of a continuation of the primary direction. Wave Structure: Orange Wave 2: Follows the completion of Orange Wave 1. Navy Blue Wave 3 Position: Indicates the market's preparation to transition into the third wave of a larger navy blue wave sequence. Key Points: Wave 2 is generally a retracement phase, correcting the initial impulse wave (Wave 1) before continuing the primary trend. Wave 3 is often the most dynamic and extended wave, characterized by significant movement in the direction of the trend. Next Direction: Orange Wave 3: Once Orange Wave 2 is complete, the market is expected to begin a strong upward movement as part of Orange Wave 3. This wave is typically the most powerful, indicating a continuation of the primary trend. Analysis Details: Orange Wave 1 is considered complete at 1.06672. Orange Wave 2 is in play and nearing its end, signaling the end of the corrective phase and the start of Orange Wave 3. Wave Cancel Invalid Level: Set at 1.09170. If the market exceeds this level, the current wave count will be invalidated, requiring a reassessment of the wave structure. Summary: The EURUSD on the daily chart is in a corrective phase within Orange Wave 2, which is nearing completion. The market is expected to start Orange Wave 3, indicating a strong upward movement. The wave cancel invalid level is 1.09170, beyond which the current analysis would need to be reconsidered. EURUSD Elliott Wave Analysis - 4-Hour Chart EURUSD Elliott Wave Technical Analysis Trend Function: Trend Mode: Corrective Structure: Orange Wave 2 Position: Navy Blue Wave 3 Direction for Next Lower Degrees: Orange Wave 3 Details: Orange Wave 1 completed at 1.06672. Orange Wave 2 is in play and nearing its end. Wave Cancel Invalid Level: 1.09170 The EURUSD Elliott Wave analysis on the 4-hour chart suggests that the market is currently in a trend function. This trend is in a corrective mode, indicating a temporary reversal or consolidation rather than a continuation of the primary trend. Wave Structure: Orange Wave 2: Part of the corrective phase following the completion of Orange Wave 1. Navy Blue Wave 3 Position: The market is expected to transition into the third wave of a larger navy blue wave sequence. Key Points: Wave 2 is typically a retracement phase, correcting the initial impulse wave (Wave 1) and setting the stage for Wave 3. Wave 3 is usually the most dynamic and extended wave, characterized by significant movement in the trend’s direction. Next Direction: Orange Wave 3: After the completion of Orange Wave 2, the market is anticipated to begin a strong upward movement as part of Orange Wave 3. This wave is generally the most powerful in the Elliott Wave cycle. Analysis Details: Orange Wave 1 completed at 1.06672. Orange Wave 2 is in play and nearing its end, signaling the conclusion of the corrective phase and the onset of Orange Wave 3. Wave Cancel Invalid Level: Set at 1.09170. If the market exceeds this level, the current wave count will be invalidated, requiring a reevaluation of the wave structure. Summary: The EURUSD on the 4-hour chart is currently in a corrective phase within Orange Wave 2. This wave is nearing completion, and the market is expected to start Orange Wave 3, indicating a strong upward movement. The wave cancel invalid level is 1.09170, beyond which the current analysis would need to be reassessed. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
ASX: V300AEQ ETF UNITS – VAS Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with V300AEQ ETF UNITS – VAS. We see that wave 2-grey has ended and wave 3-grey is unfolding to push higher, subwaves are developing in the form of wave ((i)), and wave ((ii))-navy appears to be nearing completion, allowing wave ((iii))-navy to return to push higher later. ASX: V300AEQ ETF UNITS – VAS Elliott Wave Technical Analysis ASX: V300AEQ ETF UNITS – VAS 1D Chart (Semilog Scale) Analysis Function: Major trend (Minor degree, grey) Mode: Motive Structure: Impulse Position: Wave c-grey of Wave (y)-orange of Wave ((ii))-navy Details: The short-term outlook shows that wave ((ii))-navy is lasting longer than expected, it is unfolding as a Double Zigzag, wave (y)-orange seems to be nearing completion, and will be followed by wave ((iii) ))-navy may return to push higher Invalidation point: 92.93 ASX: V300AEQ ETF UNITS – VAS Elliott Wave Technical Analysis TradingLounge (4-Hour Chart) ASX: V300AEQ ETF UNITS – VAS Elliott Wave Technical Analysis ASX: V300AEQ ETF UNITS – VAS 4-Hour Chart Analysis Function: Major trend (Minute degree, navy) Mode: Motive Structure: Impulse Position: Wave c-grey of Wave (y)-orange of Wave ((ii))-navy Details: The shorter-term outlook shows wave ((ii))-navy developing as a Double Zigzag, wave (y)-orange unfolding as an ABC Zigzag, waves a,b-grey completed, and wave c- gray seems to be fulfilling its role of continuing to push lower. After wave ((ii))-navy completes, wave ((iii))-navy will return to push even higher. Invalidation point: 92.93 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: V300AEQ ETF UNITS – VAS aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends. Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation). Source : Tradinglounge.com get trial here! -
Asian stocks rose on Wednesday following Fed Chair Powell's comments suggesting upcoming US rate cuts. The yen remained near 38-year lows against the dollar, raising intervention concerns. Powell's remarks about disinflation and the need for more data before rate cuts sent Treasury yields lower and weakened the dollar. Traders now anticipate a 69% chance of a Fed rate cut in September. Chinese stocks fell slightly, while Hong Kong's Hang Seng rose, following an eight-month low for the Caixin services PMI. Today sees a huge volume of US data, including the ADP payroll report and Fed minutes, while initial jobless claims are released today due to tomorrow's holiday. The S&P 500 closed above 5500 and the Nasdaq 100 finished above 20,000 on Tuesday, hitting new record highs
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