Jump to content

Euro/British Pound (EURGBP) 4 Hour Chart Elliott Wave Technical Analysis 16 August 23

Recommended Posts

EURGBP Elliott Wave Analysis Trading Lounge 4 Hour Chart, 16 August 23

Euro/British Pound (EURGBP) 4 Hour Chart

EURGBP Elliott Wave Technical Analysis

Function: Counter Trend

Mode: impulsive

Structure:3 of C

Position: Wave C of Y

Direction Next lower Degrees:subwave 3 of C continue  

Details:blue corrective wave 2 completed at 0.86689 , Wave “3” hits our confirmation level at 0.85887 . Wave Cancel invalid level: 0.86693

The Elliott Wave analysis of the Euro to British Pound currency pair (EURGBP) for August 16, 2023, is performed on the 4-hour chart, with a specific focus on counter-trend impulsive movements. This analysis delves into the market's structure, wave degrees, and key positioning of waves, aiming to provide valuable insights for traders.

The primary objective of this analysis is to uncover counter-trend impulsive movements within the EURGBP market, where price fluctuations deviate from the prevailing trend. The impulsive mode signifies the presence of rapid and substantial price changes, creating trading opportunities for attentive traders.

The market structure is defined as 3 of C, shedding light on the sequence of waves and corrective phases that compose the market's trajectory. Understanding this structure is vital for anticipating future price actions and making informed trading decisions.

This analysis places particular emphasis on the positioning of Wave C of Y, a wave with significance in the hierarchy of wave degrees. Traders can utilize this insight to comprehend the relationships between various waves and identify potential trading scenarios.

The analysis also notes the continuous progression of subwave 3 of C, indicating that the market is in an ongoing phase of development. This underscores the need for traders to remain vigilant and responsive to unfolding market dynamics.

A critical element of this analysis is the completion of the blue corrective wave 2 at 0.86689 and the subsequent confirmation of Wave “3” hitting the 0.85887 level. These milestones serve as reference points for traders, facilitating entry and exit decisions while aligning with their trading strategies.

Furthermore, a Wave Cancel invalid level at 0.86693 is provided, indicating a threshold beyond which the current wave analysis might necessitate reevaluation. This underscores the importance of robust risk management strategies and the readiness to adapt to evolving market conditions.

In conclusion, the 4-hour chart Elliott Wave analysis of EURGBP showcases counter-trend impulsive movements and their implications for traders. This analysis equips traders with insights to refine their strategies, identify optimal trading points, and make informed decisions based on the prevailing market structure. However, integrating fundamental analysis and market sentiment is essential to achieving a comprehensive trading approach and effective risk management. Traders should also remain adaptable to potential shifts in the market, which could necessitate adjustments to their strategies.


Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • This is like the Super Bowl for crypto folks, right?  My expectations are cautiously optimistic; we've seen history repeat itself with previous halving events leading to price surges, so let's hope the pattern holds true this time.
    • CRM Elliott Wave Analysis Trading Lounge Daily Chart, Salesforce Inc., (CRM) Daily Chart CRM Elliott Wave Technical Analysis   FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION:  Intermediate wave (4) DIRECTION: Bottom in wave (4). DETAILS: We are reacting off TL3 at 300$, in what we labelled as wave (3) of Primary 1. We experienced a long term correction in wave IV which appears to be complete, and we are now looking for continuation higher.       CRM Elliott Wave Analysis Trading Lounge 4Hr Chart, Salesforce Inc., (CRM) 4H Chart CRM Elliott Wave Technical Analysis   FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Flat POSITION: Wave C of (4).   DIRECTION: Bottom in wave C. DETAILS: We seem to have a three wave move so far in wave (4), with a sideways wave B which because of its characteristics it gives us additional confidence we could be in a corrective structure.       Here's the latest on Salesforce Inc. (CRM) from our Elliott Wave Analysis Trading Lounge, examining both the daily and 4-hour chart.   * CRM Elliott Wave Technical Analysis – Daily Chart* Salesforce is currently exhibiting behavior typical of a counter trend phase with a corrective mode and flat structure, positioned in Intermediate wave (4). The direction is indicating a potential bottom in wave (4). We've observed a reaction off the key level, TL3 at $300, which we have identified as wave (3) of Primary 1. Following a prolonged correction in wave IV, which now appears complete, the outlook suggests a potential continuation higher. * CRM Elliott Wave Technical Analysis – 4hr Chart* The 4-hour chart further supports the daily findings but focuses on the specifics of the ongoing correction in Wave C of (4). This phase is also characterized as counter trend, corrective, and flat. The chart shows a three-wave structure for wave (4), with a sideways wave B. The nature of wave B provides additional confidence that we are indeed in a corrective structure, setting up expectations for a bottom in wave C.   Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!  
    • Rising geopolitical tensions in the Middle East and expectations of higher US interest rates for longer have dampened risk appetite in financial markets. This led to a sell-off in Asian stocks, a strengthening US dollar, and further weakness in the Japanese yen to levels not seen since the mid-1990s against the dollar. European markets are expected to open sharply lower, with a focus on UK labour and wage data for clues on when the Bank of England may start cutting rates. Markets see August as most likely for BoE rate cuts to begin. The Federal Reserve is seen as unlikely to rush rate cuts after strong US retail sales data. Market pricing now sees less than two Fed rate cuts in 2024 instead of the six expected earlier. Safe-haven flows are boosting demand for the US dollar and gold amid Middle East tensions. China's GDP beat estimates but weak March data raised concerns about its economic recovery. UK employment data showed a rise in the unemployment rate for February, to 4.2%, while wage growth remained steady at 5.6%.   
  • Create New...