Dollar Surges, SPX Enters ‘Bear Market’, VIX and USDJPY Are the Measures to Watch
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10/06/21 10:53
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By tradinglounge · Posted
Analog Devices Inc., Elliott Wave Technical Analysis Analog Devices Inc., (ADI:NASDAQ): 4h Chart 29 November 23 ADI Stock Market Analysis: We have been looking for upside on Analog Devices as 183$ as been acting as tested support for some days now. Looking for continuation higher into Minor Group 2 and potentially all the way up into 200$. ADI Elliott Wave Count: Wave {iv} of 1. ADI Technical Indicators: Below 20EMA. ADI Trading Strategy: Looking for longs into wave {v}. TradingLounge Analyst: Alessio Barretta Source : Tradinglounge.com get trial here! Analog Devices Inc., ADI: 1-hour Chart 29 November 23 Analog Devices Inc., Elliott Wave Technical Analysis ADI Stock Market Analysis: Looking for some sort of complex correction into wave {iv} as we are moving sideways, alternating with the corresponding wave {ii}. ADI Elliott Wave count: Wave (y) of {iv}. ADI Technical Indicators: Above all averages. ADI Trading Strategy: Looking for longs into wave {v}. -
The poor performance of Chinese stocks continues, with the Hang Seng down sharply overnight, bucking a slightly more positive session for Asian markets. Previous Fed hawk Christopher Waller made waves by hinting that the Fed might begin to cut rates relatively soon if the decline in inflation continued, in order to engineer its much-vaunted 'soft landing' for the US economy. This gave risk appetite a lift in what was otherwise a generally quiet session. Australian inflation came in below forecasts, though the New Zealand central bank warned markets that more hikes could still be on the table if inflation did not ease. German inflation, the second estimate of US Q3 inflation and weekly EIA oil inventories are on the calendar for the day. -
By tradinglounge · Posted
USD/CAD Elliott Wave Analysis Trading Lounge Day Chart, 29 November 23 U.S.Dollar /Canadian Dollar(USD/CAD) Day Chart USD/CAD Elliott Wave Technical Analysis Function: Counter Trend Mode: corrective Structure: blue wave C of black wave B Position: black wave B Direction Next Higher Degrees:black wave C Details: Blue wave B looking completed at 1.37679 , now blue wave C of black wave B is in play and near to end between fib level 50.00 to 61.80 . Wave Cancel invalid level:1.30878 The "USD/CAD Elliott Wave Analysis Trading Lounge Day Chart" dated 29 November 23, delves into a detailed analysis of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair using Elliott Wave principles. This analysis is focused on a day chart, offering insights into longer-term trends and corrective movements. The primary "Function" identified in the analysis is "Counter Trend," suggesting a focus on potential reversals or corrective movements against the prevailing trend. The current "Mode" is classified as "corrective," indicating that the market is currently undergoing a correction rather than a strong, impulsive move. The specific "Structure" being examined is "blue wave C of black wave B." This indicates a meticulous exploration of the ongoing correction within the broader structure of black wave B. The identified "Position" is "black wave B," highlighting the larger degree wave within the Elliott Wave structure. This implies that the analysis is centered on a correction within a broader upward trend. The directional guidance for "Next Higher Degrees" is "black wave C," signaling that the broader corrective structure is expected to continue with the development of black wave C after the completion of blue wave B. Regarding "Details," the analysis notes that "Blue wave B looking completed at 1.37679," suggesting that the corrective wave at the lower degree (blue wave B) is potentially reaching its completion point. Additionally, "blue wave C of black wave B is in play and near to end between fib level 50.00 to 61.80." This indicates an expectation of the final stages of the corrective move within the specified Fibonacci retracement levels. The "Wave Cancel invalid level" is set at 1.30878, serving as a crucial reference point. This level acts as a guide for potential invalidation of the current wave count, providing traders with a key level to monitor for confirmation or reversal signals. In summary, the USD/CAD Elliott Wave Analysis on the day chart suggests that the currency pair is in a corrective phase within the broader upward trend. Traders are provided with insights into potential reversal levels and key reference points for decision-making over a more extended time horizon. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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