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By tradinglounge · Posted
NIFTY 50 (INDIA) Elliott Wave Analysis - Daily Chart NIFTY 50 (INDIA) Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Orange Wave 1 Position: Navy Blue Wave 3 Direction Next Lower Degrees: Orange Wave 2 Details: Navy Blue Wave 2 appears complete, with Orange Wave 1 of Navy Blue Wave 3 now in play. Wave Cancel Invalidation Level: 23,826.0 The NIFTY 50 (India) Elliott Wave analysis on the daily chart suggests the market is currently in a trending phase. The overall movement is categorized as impulsive, and the structure under observation is Orange Wave 1. This signifies the early development of a larger wave formation, indicating that the market is embarking on a new upward cycle within the Elliott Wave framework. At present, the market is positioned within Navy Blue Wave 3, which follows the completion of Navy Blue Wave 2. Historically, Wave 3 within Elliott Wave theory tends to exhibit strong upward momentum, aligning with the impulsive nature of the broader trend. The shift from Wave 2 to Wave 3 often signals the beginning of a more powerful and sustained movement in the direction of the overall trend. Key Observations: Navy Blue Wave 2 is now presumed complete. Orange Wave 1 of Navy Blue Wave 3 is currently unfolding, suggesting the market is in the early stages of a potentially significant upward move. The impulsive structure indicates that further upward progression is likely, with Orange Wave 2 expected to follow once Orange Wave 1 concludes. Wave Invalidation Level: The invalid level for the current wave scenario is set at 23,826.0. If the price drops below this threshold, the existing wave pattern would be considered invalid, requiring a reevaluation of the market structure. As long as the price remains above this level, the ongoing impulsive trend is expected to persist, with Orange Wave 1 continuing its formation within Navy Blue Wave 3. Summary: On the daily chart, the NIFTY 50 is in an impulsive phase, with Orange Wave 1 of Navy Blue Wave 3 actively progressing. The bullish trend is anticipated to continue, provided the price does not break below the invalidation level of 23,826.0. NIFTY 50 (INDIA) Elliott Wave Analysis - Weekly Chart NIFTY 50 (INDIA) Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Navy Blue Wave 3 Position: Gray Wave 5 Direction Next Higher Degrees: Navy Blue Wave 3 (continuing) Details: Navy Blue Wave 2 of 5 appears complete, with Navy Blue Wave 3 now unfolding. Wave Cancel Invalidation Level: 23,826.0 The NIFTY 50 (India) Elliott Wave analysis on the weekly chart indicates the market is in a strong upward trend, classified as impulsive. The structure being analyzed is Navy Blue Wave 3, which is part of the larger Gray Wave 5. This setup suggests the market is in the midst of a significant upward cycle, with further upward potential as Wave 3 progresses. Currently, the market is positioned within Navy Blue Wave 3, following the completion of Navy Blue Wave 2 of 5. This implies that the correction phase linked to Wave 2 has concluded, and the market has entered the impulsive phase of Wave 3. Historically, Wave 3 often represents a robust and extended movement in the trend's direction, aligning with the current market conditions. Key Insights: Navy Blue Wave 3 is expected to push the market further upward, continuing the momentum from the impulsive phase. The market’s trend is not only sustained but appears to be strengthening as it progresses through Navy Blue Wave 3. Wave Invalidation Level: The invalidation level for this wave count is set at 23,826.0. If the price were to drop below this level, the existing Elliott Wave scenario would be invalid, and the market structure would need to be reassessed. However, as long as the price stays above this threshold, the current upward trend, driven by Navy Blue Wave 3, is expected to persist. Summary: In the weekly chart, NIFTY 50 is experiencing an impulsive upward trend, with Navy Blue Wave 3 actively forming within the larger structure of Gray Wave 5. The completion of Navy Blue Wave 2 marks the beginning of a stronger upward movement in Wave 3, provided the price holds above the invalidation level of 23,826.0. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
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By tradinglounge · Posted
Euro/British Pound (EURGBP) – Day Chart Overview EURGBP 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 3 (started) Details: Navy blue wave 2 appears completed, with navy blue wave 3 now in play. Wave Cancellation Invalidation Level: 0.84005 The EURGBP Elliott Wave analysis on the daily chart points to the market being in a counter-trend phase, characterized by impulsive movement. The focus is on navy blue wave 3, indicating that the market is moving in line with this wave, a crucial element of the Elliott Wave pattern. Currently, the market is situated within gray wave C, which forms part of the broader navy blue wave 3 development. This transition marks the conclusion of navy blue wave 2, and the initiation of the impulsive phase of wave 3. In Elliott Wave theory, wave 3 is typically a strong and extended movement, suggesting the market will likely move with significant momentum in the current trend's direction. The analysis indicates that navy blue wave 2 is complete, and navy blue wave 3 is now driving the market forward, continuing the impulsive move. This shift from corrective wave 2 to impulsive wave 3 suggests a strong continuation of the trend. The invalidation level for this wave count is at 0.84005, meaning if the price drops below this threshold, the current Elliott Wave analysis would no longer be valid, prompting a reevaluation of the wave structure. However, as long as the price stays above this level, the impulsive wave 3 is expected to proceed undisturbed. Summary The EURGBP pair on the daily chart is progressing through an impulsive phase, with navy blue wave 3 currently unfolding. As long as the price remains above the invalidation level of 0.84005, the impulsive movement is expected to continue without interruption. Euro/British Pound (EURGBP) – 4 Hour Chart Overview EURGBP 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 3 (started) Details: Navy blue wave 2 appears completed, and navy blue wave 3 is now in play. Wave Cancellation Invalidation Level: 0.84181 The EURGBP Elliott Wave analysis on the 4-hour chart indicates that the market is in a counter-trend phase, operating within an impulsive mode. The main focus is on navy blue wave 3, which signifies that the market is gaining momentum in line with this wave's direction. Currently, the market is situated within gray wave C, which forms part of the larger navy blue wave 3 development. Following the completion of navy blue wave 2, the market has now transitioned into the impulsive phase of wave 3. According to Elliott Wave theory, wave 3 typically represents a strong directional movement, and the analysis reflects this, suggesting that the current trend is likely to continue in this direction. The navy blue wave 2 has been marked as completed, and the market is now unfolding navy blue wave 3, which follows wave 2’s corrective phase. Wave 3 is typically the most powerful wave in the Elliott Wave sequence, indicating the potential for strong market movements in the current trend's direction. The invalidation level for this wave count is set at 0.84181, meaning that if the price falls below this point, the current Elliott Wave analysis would be invalid, requiring a reassessment of the wave structure. However, as long as the price remains above this level, navy blue wave 3 is expected to continue without interruption. Summary The EURGBP pair is currently in an impulsive phase, with navy blue wave 3 unfolding after the completion of wave 2. The market is expected to continue in alignment with this wave unless the price breaches the invalidation level of 0.84181. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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