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REQUEST: RSI source value choice


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Please allow the RSI indicator to be based on other source values other than the CLOSE price.

A standard selection ought to include the following choices: OPEN, HIGH, LOW, CLOSE, HL2, HLC3, OHLC4

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    • IBEX 35 Elliott Wave Analysis - Trading Lounge Day Chart IBEX 35 (Spain) Daily Chart Analysis IBEX 35 Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Gray Wave 2 Position: Orange Wave 3 Direction (Next Higher Degrees): Gray Wave 3 Details: Gray wave 1 appears completed; gray wave 2 within orange wave 3 is active. Wave Cancellation Invalidation Level: 10,289.18 Analysis Overview The IBEX 35 Elliott Wave analysis on the daily chart by Trading Lounge indicates a counter-trend movement within the Spanish stock index, which is currently in a corrective mode. The analysis highlights that gray wave 2 is developing within the broader orange wave 3, signaling a corrective phase. This stage suggests a pause or temporary reversal in the broader upward trend, reflecting a shift in momentum. Wave Details Gray wave 1 appears complete, paving the way for gray wave 2 to progress as part of the larger wave structure. Within the Elliott Wave framework, wave 2 typically represents a counter-trend retracement, characterized by periods of consolidation or price correction. The ongoing corrective phase within orange wave 3 suggests the index may experience a temporary dip before resuming an upward trajectory in subsequent phases, particularly within the higher-degree gray wave 3. Key Level: Invalidation Threshold A crucial invalidation level is established at 10,289.18:   IBEX 35 Elliott Wave Analysis - Trading Lounge Weekly Chart IBEX 35 (Spain) Weekly Chart Analysis IBEX 35 Elliott Wave Technical Analysis Function: Bullish Trend Mode: Impulsive Structure: Orange Wave 3 Position: Navy Blue Wave 3 Direction (Next Higher Degrees): Continuation of Orange Wave 3 Details: Orange wave 2 appears complete; orange wave 3 within navy blue wave 3 is active. Wave Cancellation Invalidation Level: 10,289.18 Analysis Overview The IBEX 35 Elliott Wave analysis on the weekly chart by Trading Lounge highlights a bullish trend for the Spanish stock index, supported by an impulsive wave structure. Currently, orange wave 3 is advancing as part of the broader navy blue wave 3, suggesting sustained upward momentum in the IBEX 35 as the wave structure unfolds. Wave Details The completion of orange wave 2 has enabled the continuation of orange wave 3, which is typically one of the most significant and powerful phases in the Elliott Wave sequence. This phase often signals notable price increases, as wave 3 carries the strongest movements in the direction of the trend. Positioned within navy blue wave 3, the ongoing orange wave 3 further reinforces the positive outlook for IBEX 35, indicating a continuation of bullish momentum. Key Level: Invalidation Threshold The invalidation level is set at 10,289.18: If the IBEX 35 index falls to or below this level, the current wave structure will be invalidated. A drop below this threshold may signal a pause or reversal in the upward trend, necessitating a reassessment of the Elliott Wave structure and overall trend direction. This threshold is critical for confirming the continuation of the bullish trend and identifying any potential disruptions to the wave structure. Summary and Recommendations The weekly analysis presents a bullish outlook for the IBEX 35, with orange wave 3 actively progressing within navy blue wave 3, signaling further upward momentum. Traders should monitor the index closely in relation to the invalidation level at 10,289.18, as any movement below this point could challenge the current bullish wave structure. This level serves as a crucial checkpoint to validate the strength and continuity of the ongoing trend. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!  
    • EURUSD Elliott Wave Analysis - Trading Lounge Euro/ U.S. Dollar (EURUSD) Daily Chart Analysis EURUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Impulsive Structure: Navy Blue Wave 3 Position: Gray Wave C Direction (Next Higher Degrees): Navy Blue Wave 4 Details: Navy blue wave 2 appears completed; navy blue wave 3 is currently active. Wave Cancellation Invalidation Level: 1.08263 Analysis Overview The EURUSD Elliott Wave analysis on the daily chart provided by Trading Lounge identifies a counter-trend movement in the Euro against the U.S. Dollar. This analysis highlights the ongoing development of navy blue wave 3, which is part of the impulsive wave structure and positioned as gray wave C. This setup suggests a potential counter-trend within the broader market context. While this is classified as a counter-trend scenario, the impulsive nature of navy blue wave 3 indicates ongoing momentum, with price fluctuations anticipated as this wave progresses. Wave Details Navy blue wave 2 appears to have completed its formation. The development of navy blue wave 3, a typical strong wave in Elliott Wave theory, is now in motion. Despite its counter-trend classification, wave 3 often displays robust and pronounced activity, which may lead to short-term downward momentum within the overall corrective pattern. Key Level: Invalidation Threshold An invalidation level is identified at 1.08263, serving as a pivotal reference point for traders. If the EURUSD price reaches or drops below this threshold: The current wave structure may be deemed invalid. A break below this level could signal the weakening of the projected counter-trend, necessitating a re-evaluation of the wave pattern and trend outlook. This threshold is a crucial marker for confirming the integrity of the ongoing counter-trend setup. Summary and Recommendations The analysis projects a counter-trend outlook for EURUSD, with navy blue wave 3 actively evolving within the impulsive structure of gray wave C. Traders should monitor price action closely concerning the invalidation level at 1.08263, as any break below this level could challenge the current structure. Observing this key point is essential for validating the counter-trend wave framework.   Euro/ U.S. Dollar (EURUSD) 4-Hour Chart Analysis EURUSD Elliott Wave Technical Analysis Function: Bearish Trend Mode: Impulsive Structure: Orange Wave 3 Position: Navy Blue Wave 3 Direction (Next Higher Degrees): Orange Wave 4 Details: Orange wave 2 is completed; orange wave 3 within navy blue wave 3 is active. Wave Cancellation Invalidation Level: 1.08263 Analysis Overview The EURUSD Elliott Wave analysis on the 4-hour chart from Trading Lounge identifies a bearish trend in the Euro against the U.S. Dollar. The impulsive wave structure highlights the active development of orange wave 3, situated within the larger navy blue wave 3. This configuration underscores sustained downward momentum in EURUSD and supports a bearish outlook as the wave structure progresses. Wave Details The completion of orange wave 2 has set the stage for the continuation of orange wave 3 within navy blue wave 3. Within the Elliott Wave framework, wave 3 typically signifies a strong and directional movement in an impulsive sequence, reinforcing the bearish outlook. The ongoing positioning within navy blue wave 3 further supports expectations for continued short-term downward movement. Key Level: Invalidation Threshold A critical invalidation level is identified at 1.08263. If EURUSD reaches or exceeds this level: The existing wave structure would be invalidated. A rise above this threshold would signal a potential weakening of the bearish trend and necessitate a re-evaluation of the wave structure. This invalidation level is vital for confirming the integrity of the ongoing downtrend. Any movement above it could indicate a shift or potential reversal in the trend. Summary and Recommendations The analysis reinforces a bearish outlook for EURUSD, with orange wave 3 advancing within navy blue wave 3 to maintain downward momentum. Traders should closely monitor price action concerning the invalidation level at 1.08263, as a move above this level could challenge the current bearish structure. This threshold is a key point for validating the continuation of the ongoing bearish pattern. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!  
    • ASX: RAMSAY HEALTH CARE LIMITED - RHC Elliott Elliott Wave Technical Analysis TradingLounge Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) RAMSAY HEALTH CARE LIMITED - RHC. We see RHC.ASX continue to push lower to complete the entire corrective wave. After that, we will be back in the impulse wave to move up with the main trend. ASX: RAMSAY HEALTH CARE LIMITED - RHC 1D Chart (Semilog Scale) Analysis Function: Major trend (Minute degree, navy) Mode: Motive Structure: Impulse Position: Wave (c)-orange of Wave ((v))-navy Details: Wave C-grey is developing as an Ending Diagonal, and its wave ((v))-navy is almost done pushing lower as a Zigzag. Wave (a),(b)-orange is complete, and wave (c)-orange is also moving a little lower. Invalidation point: 43.47 ASX: RAMSAY HEALTH CARE LIMITED - RHC 4-Hour Chart Analysis Function: Major trend (Minor degree, grey) Mode: Motive Structure: Diagonal Position: Wave (c)-orange of Wave ((v))-navy of Wave C-grey Details: The (c)-orange wave of the ((v))-navy wave of the C-grey wave is continuing to push lower. While the price must remain below 43.47 to maintain this view. On the other hand, when the price pushes above 39.72, it is a first sign that suggests that the C-grey wave may be over, and the larger impulse wave may be gradually returning to the main trend. Invalidation point: 43.47 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: RAMSAY HEALTH CARE LIMITED - RHC 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! #RHC #ASX #ASXStocks #Stocks #ElliottWave #TradingLounge  
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