Jump to content

U.S.Dollar/Swiss Franc (USD/CHF) 4 Hour Chart Elliott Wave Technical Analysis 24 August 23

Recommended Posts

USD/CHF Elliott Wave Analysis Trading Lounge 4 Hour Chart, 24 August 23
U.S.Dollar/Swiss Franc (USD/CHF)  4 Hour Chart
USD/CHF Elliott Wave Technical Analysis
Function:  Counter Trend
Mode: Corrective
Structure: Flat
Position: New Black Wave 1
Direction Next higher Degrees: wave (3 of 1)  
Details:  Blue corrective wave 2 likely end between 50.00 to 61.80 . Wave Cancel invalid level: 0.85542
The USD/CHF Elliott Wave Analysis for 24 August 23, presents an in-depth examination of the 4-hour chart of the U.S. Dollar/Swiss Franc currency pair. The analysis primarily focuses on counter-trend movements within the context of a corrective wave structure, offering traders valuable insights for making informed trading decisions.
The central theme of the analysis is counter-trend trading, which involves capitalizing on price movements that go against the prevailing trend. In this scenario, the corrective structure is highlighted, specifically a flat correction pattern. Corrective patterns often appear as temporary price consolidations within a larger trend, providing traders with opportunities to take advantage of short-term price movements.
One of the key components discussed is the progression of the blue corrective wave 2. The analysis points out that this corrective wave is likely to conclude within the fib level range of 50.00 to 61.80. Fibonacci retracement levels are essential tools in technical analysis for predicting potential reversal or continuation points. Traders can use these levels to identify entry and exit points and to set profit targets.
The concept of the Wave Cancel invalid level is also highlighted in the analysis. This level serves as a critical marker for traders to adjust their strategies or positions in response to unexpected price movements that could invalidate the anticipated wave pattern. This risk management approach is crucial for protecting trading capital and minimizing potential losses.
The analysis provides a forecast for the next higher degree, indicating that the new Black Wave 1 is expected to lead to wave (3 of 1). Understanding the hierarchical structure of waves and their degrees is fundamental for navigating Elliott Wave analysis effectively, as it helps traders anticipate potential price movements and trends.
In conclusion, the USD/CHF Elliott Wave Analysis for August 24, 2023, offers traders valuable insights into counter-trend trading strategies within a corrective wave structure. By recognizing corrective patterns, fib levels, and Wave Cancel invalid levels, traders can make well-informed decisions that align with their trading objectives. However, traders are advised to complement this analysis with other market research, fundamental analysis, and proper risk management practices to create a comprehensive trading strategy.


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
  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    Joined 29/09/23 19:22
  • Posts

    • The crypto market appears to be showing signs of recovery, with significant improvements in the Sharpe Ratios of Bitcoin, BGB, and Ethereum, according to an article published on Friday.  The Sharpe Ratio, a measure used to understand the return of an investment compared to its risk, has seen a notable increase for both cryptocurrencies. Bitcoin's Sharpe Ratio has risen from -2.4 to 0.68, while Ethereum and BGB have also experienced a similar uptrend. This change signifies higher returns at lower risk, which is expected to attract more investors to the crypto market. In addition to the improved Sharpe Ratios, increased network activity and trading volume as shown on CEXs like Bitget, Binance, and a few DEXs are suggesting a healthier market state. The current trading prices of Bitcoin, reflect this overall positive market sentiment. As of Friday, Bitcoin was trading at $27,069.73, BGB at $0.454 and Ethereum at $1,677.89. These developments are significant as they indicate reduced risk in the crypto market. The increase in the Sharpe Ratios for Bitcoin, BGB, and Ethereum suggests that these cryptocurrencies are becoming less risky investments, which could potentially lead to an influx of new investors into the market.  Could this rise in Sharpe Ratios coupled with increased network activity and trading volume point towards a recovering and less risky crypto market?
    • Hi, That's great, thank you very much. Very helpful! Many thanks.
    • Texas Instruments Inc., Elliott Wave Technical Analysis Texas Instruments Inc., (TXN:NASDAQ): Daily Chart, 29 September 23 TXN Stock Market Analysis: We have been moving lower as expected from the previous forecast. Looking for continuation lower as there is an incomplete bullish sequence. Looking for extension lower in wave {iii}. Downside target stands below wave (W). TXN Elliott Wave Count: Wave {iii} of C. TXN Technical Indicators: Below al averages.   TXN Trading Strategy: Looking for shorts on the way down.   TradingLounge Analyst: Alessio Barretta Source : Tradinglounge.com get trial here!       Texas Instruments Inc., TXN: 4-hour Chart, 29 September 23 Texas Instruments Inc., Elliott Wave Technical Analysis TXN Stock Market Analysis: As we are getting an overlapping structure in what could be a wave {iii} there is a high chance we will see an acceleration lower to then see a series of fours and fives.   TXN Elliott Wave count:  Wave (iii) of {iii}. TXN Technical Indicators: 20EMA as resistance. TXN Trading Strategy: Looking for shorts on the way down.
  • Create New...