Markets driven by USD, which may see some weakness ahead
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By tradinglounge · Posted
ETN Elliott Wave Analysis Trading Lounge Eaton Corp PLC, (ETN) Daily Chart ETN Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Minor DIRECTION: Upside within {v} of 5. DETAILS: We are looking for at least one more leg higher in wave (v) of {v} of 5 to then end a larger uptrend. Ideally the top of MG2 at around 380$ could provide resistance. Eaton Corp PLC, (ETN) 1H Chart ETN Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave iii of (v). DIRECTION: Upside in wave (v). DETAILS: Looking at a three wave move in what appears to be wave (iv) which also found support on top of the parallel trend channel. AS we are trading above MG1, we could expect 350 to be the next target. This analysis focuses on the current trend structure of Eaton Corp PLC, (ETN) utilizing the Elliott Wave Theory on both the daily and 1-hour charts. Below is a breakdown of the stock's position and potential future movements. * ETN Elliott Wave Technical Analysis – Daily Chart* The daily chart indicates that Eaton is in the final stages of Minor wave 5, specifically in wave (v) of {v}. This suggests that at least one more leg higher is expected to complete the overall uptrend. The next significant resistance is projected to be around the Trading Level MG2, close to $380, where we could see a potential top form before a larger correction. * ETN Elliott Wave Technical Analysis – 1H Chart* On the 1-hour chart, ETN is in the process of completing wave iii of (v). The market appears to be working through wave (iv), which has shown a three-wave corrective structure and found support along a parallel trend channel. As long as the price holds above Trading Level MG1, the next target to the upside is $350, as wave (v) continues to push higher. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
By Muhaammaadd · Posted
The world of decentralized finance (DeFi) has witnessed the emergence of innovative solutions that aim to enhance the user experience and maximize returns. Liquid staking, a mechanism that allows users to stake their assets and receive liquid tokens, has gained traction within the Ethereum ecosystem. Platforms like Lido Finance and Rocket Pool have been at the forefront of this trend, offering users the ability to earn staking rewards while maintaining liquidity. However, a new player, Swell Network, is entering the arena with a unique proposition. Swell's unique approach involves leveraging innovative protocols to maximize yield potential for stalkers. Swell has secured $3.75 million in a seed round and plans to launch its own Ethereum layer-2 chain in H2 2024, while it aims to attract both seasoned DeFi users and newcomers. As the Ethereum ecosystem continues to evolve, liquid staking solutions like Swell is unlocking new opportunities for its community with multiple events hosted by tier 1 CEXs like Bitget and even a premarket trading. How do you see the future of liquid staking shaping the DeFi landscape? -
By tradinglounge · Posted
Swiss Market Index (SMI) Day Chart Analysis Elliott Wave Analysis for SMI - Day Chart Index: Swiss Market Index (SMI) Chart Focus: Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Wave Structure: Gray Wave 2 Position: Within Orange Wave 3 Direction for Next Higher Degree: Transition to Gray Wave 3 Details: Gray Wave 1 has completed, and Gray Wave 2 is nearing its end. Current SMI Elliott Wave Overview The daily Elliott Wave analysis of the Swiss Market Index indicates an ongoing counter-trend correction phase in gray wave 2 following the completion of gray wave 1. This current phase is in corrective mode, with orange wave 3 positioned within the structure and aligning toward a broader movement toward gray wave 3, the anticipated higher-degree bullish trend. Gray wave 2 represents a corrective stage after the previous upward movement and is close to completion. This phase suggests that the SMI may soon transition back to an upward trajectory, potentially beginning gray wave 3. The wave cancel invalid level is at 11,419.25; a move below this threshold would invalidate the current corrective wave structure and could indicate a shift from the anticipated trend continuation. Key Levels and Immediate Trend Focus The primary focus is on the approaching end of gray wave 2, which could transition into gray wave 3 and resume the upward movement. Traders may watch for signs of this shift near the invalidation level of 11,419.25, as staying above this level supports the bullish outlook. Summary In summary, the SMI is currently in a corrective gray wave 2 phase, with gray wave 1 previously completed. The next major phase is expected to be gray wave 3, pointing to a potential return to a bullish trend. The invalidation level at 11,419.25 remains critical; any breach of this level could negate the current wave structure and signal a possible trend shift. The market is monitoring the conclusion of gray wave 2, anticipating a resumption of the upward trend if the corrective structure holds. Swiss Market Index (SMI) Weekly Chart Analysis Elliott Wave Analysis for SMI - Weekly Chart Index: Swiss Market Index (SMI) Chart Focus: Elliott Wave Technical Analysis Function: Bullish Trend Mode: Impulsive Wave Structure: Orange Wave 3 Position: Within Navy Blue Wave 3 Direction for Next Higher Degree: Ongoing Orange Wave 3 Details: Orange Wave 2 has completed, and Orange Wave 3 is currently in progress. Current SMI Elliott Wave Overview The weekly Elliott Wave analysis for the Swiss Market Index reflects a bullish trend in an impulsive phase, centered on orange wave 3 after completing orange wave 2. Within this advancing trend, navy blue wave 3 aligns with the momentum in orange wave 3, supporting a continued bullish outlook for the SMI. This phase in orange wave 3 suggests sustained upward momentum as part of the broader bullish trend. With orange wave 2 complete, the SMI is anticipated to continue its advance in the impulsive phase of orange wave 3, reflecting a strong bullish trend in line with higher-degree wave analysis. The wave cancel invalid level at 11,419.25 is crucial to monitor; any movement below this threshold would invalidate the current wave structure and imply a potential shift from the bullish trend. Key Levels and Immediate Trend Focus With orange wave 3 active, traders and investors may focus on signals of sustained upward momentum. Holding above the 11,419.25 invalidation level reinforces the bullish structure, supporting potential continued gains in navy blue wave 3. Summary In summary, the SMI is advancing within the impulsive phase of orange wave 3, following the completion of orange wave 2. This bullish trend’s continuation depends on maintaining levels above the critical invalidation threshold of 11,419.25. The analysis suggests a positive outlook, expecting further upward movement as the SMI progresses within its current bullish structure. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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