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U.S.Dollar /Canadian (USD/CAD) Day Chart Elliott Wave Technical Analysis 18 August 23

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USD/CAD Elliott Wave Analysis Trading Lounge Day Chart, 18 August 23

U.S.Dollar /Canadian (USD/CAD) Day Chart

USD/CAD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: impulsive

Structure: 5 of 1

Position: Black wave 1

Direction Next HIgher Degrees:blue wave 5 in play

Details: Corrective wave 4 looking completed at 1.33704 between fib level 38.20 to 50.00 .Now wave 5 in play and likely near to end. Wave Cancel invalid level: 1.32426.After wave 1 corrective move in wave 2 expected.

The USD/CAD Elliott Wave analysis for August 18, 2023, is centered on the 4-hour chart, highlighting counter-trend impulsive movements that can provide valuable insights for traders. By analyzing the structure, positions, and directional indicators of waves, traders can better understand potential market shifts and make informed trading decisions.

Counter-trend impulsive movements are essential to recognize, as they signify significant price shifts that oppose the prevailing market trend. These movements offer traders unique opportunities for short-term gains by capitalizing on market fluctuations.

The core of this analysis is the identification of the 5th wave of 1, denoted as the black wave 1. This wave reflects an impulsive phase characterized by substantial price movements. By focusing on this phase, traders can anticipate short-term price shifts and identify potential entry and exit points.

Emphasis is placed on the culmination of the corrective wave 4, pinpointed at 1.33704 and situated within the fib level range of 38.20 to 50.00. This completion marks a significant juncture, as the market transitions from a retracement phase to a new impulsive phase.

Traders are alerted to the ongoing progression of the blue wave 5, which is currently in play. This wave indicates a continued impulsive phase, suggesting that further price movements are likely to unfold in the same direction. Being attuned to these developments can help traders devise effective strategies to capitalize on short-term market dynamics.

Importantly, the Wave Cancel invalid level at 1.32426 serves as a critical threshold. Breaching this level could necessitate a reconsideration of the current wave analysis, prompting traders to adapt their trading strategies and risk management techniques accordingly.

In conclusion, the USD/CAD Elliott Wave analysis for August 18, 2023, centers on counter-trend impulsive movements during the development of the 5th wave of 1, denoted as the black wave 1. This analysis equips traders with insights to navigate short-term price fluctuations, anticipate impulsive phases, and make well-informed trading decisions in line with prevailing market.

conditions. Traders should supplement this analysis with additional market data, fundamental information, and sentiment analysis to ensure a comprehensive trading approach. Furthermore, adaptable strategies and robust risk management practices remain essential for achieving consistent success in the dynamic world of trading.


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