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By tradinglounge · Posted
Australian Dollar/U.S. Dollar (AUDUSD) - Day Chart AUDUSD Elliott Wave Technical Analysis Function: Bullish Trend Mode: Impulsive Structure: Orange wave 3 Position: Navy blue wave 1 Direction (Next Higher Degrees): Orange wave 3 (in progress) Invalidation Level: 0.66209 The AUDUSD Elliott Wave analysis on the daily chart shows that the pair is in a bullish trend. The market is in an impulsive mode, indicating strong movement in the direction of the overall trend. The key structure being analyzed is orange wave 3, which has already started. Currently, the price is within navy blue wave 1, a smaller wave inside the broader structure of orange wave 3. Details: The analysis suggests that orange wave 2 is likely completed, and orange wave 3 is now active. This means that the corrective phase has ended, and the market is resuming its upward movement. The impulsive wave is expected to push the pair higher in line with the broader bullish trend. As long as the pair stays above the invalidation level of 0.66209, the current Elliott Wave count remains valid, signaling further upward movement. Summary: Trend: Bullish Current Structure: Orange wave 3 (in progress) Completed Phase: Orange wave 2 Expected Movement: Continued upward Invalidation Level: 0.66209 If the price remains above the invalidation level, the bullish scenario stays intact, and the market is likely to continue its upward movement within the impulsive wave structure. Australian Dollar/U.S. Dollar (AUDUSD) - 4 Hour Chart AUDUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Gray wave 2 Position: Orange wave 3 Direction (Next Higher Degrees): Gray wave 3 Invalidation Level: 0.66209 The AUDUSD Elliott Wave analysis on the 4-hour chart shows the market is in a counter-trend phase, moving against the larger trend. This corrective mode indicates that the current movement is a temporary retracement within the broader trend. The structure being analyzed is gray wave 2, which follows the completion of gray wave 1. This means that the initial impulsive move of gray wave 1 has concluded, and the market is now in gray wave 2, a corrective phase. During this phase, the price may consolidate or retrace before the next impulsive wave begins. Details: The next expected movement is gray wave 3, which will resume the broader trend once gray wave 2 completes. Currently, the market is positioned within orange wave 3, part of the gray wave 2 corrective structure. This suggests that after the completion of gray wave 1, orange wave 3 is playing out as a sub-wave within the larger corrective wave. The invalidation level is set at 0.66209. If the price drops below this level, the current Elliott Wave count will be invalidated, requiring a reassessment of the wave pattern. Summary: Trend: Counter-trend (Corrective) Current Structure: Gray wave 2 (in progress) Completed Phase: Gray wave 1 Expected Movement: Gray wave 3 (after gray wave 2 completes) Invalidation Level: 0.66209 If the price stays above the invalidation level, the corrective structure will remain valid, with gray wave 3 expected to resume the broader trend once gray wave 2 completes. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By CryptoChamp · Posted
Cardano ADA has seen a 3.8% price increase in the past 24 hours, currently trading at $0.3482. This surge follows recent market recovery and increased whale activity. Whale Activity Boosts Confidence Data from IntoTheBlock shows that whale transactions increased by 10%, with 19.5 billion ADA coins moved, valued at $6.48 billion. When whales — investors holding large amounts of ADA — start moving coins, it often signals that big players are positioning themselves for gains. This recent spike suggests increased market confidence in ADA. Bullish Signs in the Charts Cardano is showing strong technical indicators. It has found support at the $0.32 level, a key area for nearly two years. The weekly Relative Strength Index (RSI) also shows a positive divergence for the first time in four years, suggesting that the bearish phase could be ending. Potential for Major Gains ADA has formed an inverse head and shoulders pattern, a classic bullish signal. If this trend continues, ADA could aim for a price of $0.61 or even its yearly high of $0.81. With ongoing innovations in DeFi, smart contracts, and NFTs, Cardano is well-positioned for growth and could deliver strong returns in the near future. -
By tradinglounge · Posted
ASX: SOUTH32 LIMITED – S32 Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) SOUTH32 LIMITED – S32. We see S32 continuing to push lower with (Y)-orange wave. ASX: SOUTH32 LIMITED – S32 1D Chart (Semilog Scale) Analysis Function: Counter trend (Minor degree, grey) Mode: Corrective Structure: Double Zigzag Position: Wave B-grey of Wave (Y)-orange Details: Since the high at 4.02 wave (Y)-orange is unfolding as a zigzag. Wave A-grey has completed, and wave B-grey is unfolding to push higher, targeting around the high at 3.50. After wave B-grey is completed, wave C-grey could return to push lower. While price must remain below the high at 4.02 to maintain this view. Invalidation point: 4.02 ASX: SOUTH32 LIMITED – S32 4-Hour Chart Analysis Function: Counter Trend (Minor degree, grey) Mode: Corrective Structure: Zigzag Position: Wave ©-navy of Wave B-grey Details: The shorter 4H chart, shows that the B-grey wave is unfolding to push higher, which itself is developing as a Zigzag, labeled ((a)),((b)),((c))-navy. Basically the ((c))-navy wave is almost done, it can continue to push higher, aiming for the nearest target at 3.31, breaking through this level will continue towards the target around 3.50. While price must always stay above 2.91 to maintain this view. Invalidation point: 4.02 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: SOUTH32 LIMITED – S32 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!
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