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By tradinglounge · Posted
RUSSELL 2000 Elliott Wave Analysis Trading Lounge Day Chart RUSSELL 2000 Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Orange wave 3 POSITION: Navy blue wave 3 DIRECTION NEXT HIGHER DEGREES: Orange wave 3 (started) DETAILS: Orange wave 2 completed between Fibonacci levels 61.80 to 78.60, now orange wave 3 is active. Wave cancel invalid level: 191.19 The Elliott Wave analysis for the Russell 2000 index on the daily chart offers insights into the current market trend and its future movements based on Elliott Wave Theory. This analysis classifies the market function as a trend, indicating a specific directional movement rather than stagnation or sideways motion. The market mode is identified as impulsive, characterized by strong and decisive movements in the primary trend direction. Impulsive waves typically represent the main market direction, followed by corrective waves moving against the trend. The market structure is labeled as orange wave 3. In Elliott Wave Theory, this denotes a powerful and extended wave within the larger trend cycle, representing significant price movements in the trend direction. The position within this structure is navy blue wave 3, indicating the market is in the third wave of a larger trend cycle. The third wave is usually the strongest and longest in the Elliott Wave sequence, suggesting robust market activity. The next higher degree direction is orange wave 3, which has already started. This implies the market is in an impulsive phase, expected to continue moving strongly in the trend direction. Details of the analysis show that orange wave 2 appears completed between Fibonacci levels 61.80 to 78.60. These levels commonly identify potential market reversal points, indicating support and a move into the next impulsive phase. Currently, orange wave 3 is active, suggesting significant upward movement in the market as part of the ongoing trend. A critical aspect is the wave cancellation invalid level set at 191.19. If the market moves below this point, the current wave count is invalidated, necessitating a reassessment of the wave structure. In summary, the Russell 2000 daily chart analysis indicates an impulsive trend phase within orange wave 3, positioned in navy blue wave 3. The market completed orange wave 2 between Fibonacci levels 61.80 to 78.60, and orange wave 3 is now active. The wave cancel invalid level is set at 191.19, crucial for validating the current wave count. RUSSELL 2000 Elliott Wave Analysis Trading Lounge Weekly Chart RUSSELL 2000 Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Orange wave 3 POSITION: Navy blue wave 3 DIRECTION NEXT HIGHER DEGREES: Orange wave 3 (started) DETAILS: Orange wave 2 completed between Fibonacci levels 61.80 to 78.60, now orange wave 3 is active. Wave cancel invalid level: 191.19 The Elliott Wave analysis for the Russell 2000 index on the weekly chart reveals a clear and strong market trend. The function of the market is identified as a trend, indicating consistent directional movement rather than random or sideways activity. The market mode is impulsive, characterized by strong, directional movements. Impulsive waves typically signify the market's primary direction. The market structure is defined as orange wave 3. In Elliott Wave Theory, this represents a significant and extended movement in the trend direction, indicating strong market momentum. The position within this structure is navy blue wave 3, suggesting the market is in the third wave of a larger trend cycle. The third wave is often the most powerful and longest, signifying robust and sustained market activity. The direction for the next higher degrees is orange wave 3, which has already begun. This implies the market is currently in an impulsive phase, expected to continue its strong upward movement as part of the ongoing trend. Details indicate that orange wave 2 is completed between Fibonacci levels 61.80 to 78.60. These levels commonly identify potential reversal points, suggesting the market has found support and is advancing into the next impulsive phase. Currently, orange wave 3 is active, indicating significant upward movement, expected to drive the market higher and continue the existing trend. A crucial aspect is the wave cancellation invalid level set at 191.19. If the market moves below this point, the current wave structure would be invalidated, necessitating a reassessment of the wave count. In summary, the Russell 2000 weekly chart analysis shows the market in an impulsive trend phase within orange wave 3, positioned in navy blue wave 3. The market completed orange wave 2 between Fibonacci levels 61.80 to 78.60, and orange wave 3 is now in play. The wave cancel invalid level is set at 191.19, crucial for validating the current wave count. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
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By tradinglounge · Posted
GBPUSD Elliott Wave Analysis Trading Lounge Day Chart British Pound/U.S. Dollar (GBPUSD) Day Chart Analysis GBPUSD Elliott Wave Technical Analysis Function: Trend Mode: Corrective Structure: Orange wave 2 Position: Navy blue wave 3 Next Lower Degrees Direction: Orange wave 3 Invalid Level: 1.28622 The GBPUSD Elliott Wave analysis on the daily chart provides insight into market movements and projections using Elliott Wave Theory. Here's a breakdown: Function: The market is in a trend, indicating directional movement rather than random or sideways patterns. Mode: The market is currently in a corrective phase, moving against the larger trend. This suggests a temporary pause or pullback, indicating consolidation before resuming the primary direction. Structure: The market is in orange wave 2, a retracement phase following an impulsive wave. This wave is part of a larger cycle, indicating a pullback from the previous trend. Position: The market is in navy blue wave 3, typically the most powerful and extended wave in Elliott Wave Theory. Next Lower Degrees Direction: After completing the current corrective phase (orange wave 2), the market is expected to enter an impulsive phase (orange wave 3), suggesting potential upward movement. Details: Orange wave 1 appears completed, marking the end of the initial move in the current trend phase. The market is now in the corrective phase of orange wave 2, representing a pullback or consolidation period before resuming the larger trend direction with orange wave 3. Wave Cancellation Invalid Level: The wave cancellation invalid level is set at 1.28622. If the market moves below this point, the current wave count would be invalidated, requiring a reassessment of the wave structure. Summary: The GBPUSD daily chart analysis shows the market in a corrective trend phase within orange wave 2, positioned in navy blue wave 3. The next lower degrees direction points to an upcoming impulsive phase, orange wave 3. The market has completed orange wave 1 and is currently in orange wave 2, with a crucial invalidation level at 1.28622. GBPUSD Elliott Wave Analysis Trading Lounge 4-Hour Chart British Pound/U.S. Dollar (GBPUSD) 4-Hour Chart Analysis GBPUSD Elliott Wave Technical Analysis Function: Trend Mode: Corrective Structure: Orange wave 2 Position: Navy blue wave 3 Next Lower Degrees Direction: Orange wave 3 Invalid Level: 1.28622 The GBPUSD Elliott Wave analysis on the 4-hour chart provides insights into the market conditions using Elliott Wave Theory. Here's a detailed breakdown: Function: The market is in a trend, suggesting a specific directional movement rather than random fluctuations or sideways patterns. Mode: The market is in a corrective phase, indicating a temporary pause or pullback within the larger trend. This phase typically precedes the resumption of the primary market direction. Structure: The market is in orange wave 2, a retracement phase within the larger Elliott Wave cycle. This phase follows the completion of the previous impulsive wave. Position: The market is currently in navy blue wave 3, which is part of the larger trend cycle and usually the most powerful wave in Elliott Wave Theory. Next Lower Degrees Direction: The analysis points to orange wave 3 as the next phase. After completing the current corrective phase (orange wave 2), the market is expected to enter an impulsive phase (orange wave 3), suggesting potential upward movement. Details: Orange wave 1 appears completed, marking the end of the initial move in the current trend phase. The market is now in orange wave 2, a corrective pullback phase before potentially resuming the larger trend direction with orange wave 3. Wave Cancellation Invalid Level: The wave cancellation invalid level is set at 1.28622. If the market falls below this level, the current wave count would be invalidated, necessitating a reassessment of the wave structure. Summary: The GBPUSD 4-hour chart analysis shows the market in a corrective trend phase within orange wave 2, positioned in navy blue wave 3. The next lower degrees direction suggests an upcoming impulsive phase, orange wave 3. The market has completed orange wave 1 and is now experiencing orange wave 2, with a critical invalidation level at 1.28622. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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