Market update: Australian dollar soars as traders turn bearish
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By tradinglounge · Posted
NVDA Elliott Wave Analysis Trading Lounge Daily Chart, NVIDIA Corp., (NVDA) Daily Chart NVDA Elliott Wave Technical Analysis FUNCTION: Counter trend MODE: Corrective STRUCTURE: Flat POSITION: Intermediate wave (4). DIRECTION: Downside in wave (4). DETAILS: At this point we are looking for a three wave move in wave (4), with equality of C vs. A as target at 84$. NVDA Elliott Wave Analysis Trading Lounge 1H Chart, NVIDIA Corp., (NVDA) 1H Chart NVDA Elliott Wave Technical Analysis FUNCTION: Countertrend MODE: Corrective STRUCTURE: Flat POSITION: Minor wave C. DIRECTION: Downside within wave C. DETAILS: Looking for further downside within wave C as we seem to be unfolding lower. We could expect a bounce in wave {iv} as we hit TL1 at 100$. This analysis provides an Elliott Wave interpretation for NVIDIA Corp. (NVDA) based on both the daily and 1-hour charts. It outlines the current corrective trend and the key levels to watch as the stock navigates through a significant wave (4) correction. * NVDA Elliott Wave Technical Analysis – Daily Chart* NVIDIA is in a corrective structure, likely a flat correction, unfolding as a three-wave move. Currently, the stock is moving lower within wave C, and the next target for wave (4) is set at 84$, where equality between wave C and wave A is expected. This suggests a deeper correction before the resumption of the long-term trend. * NVDA Elliott Wave Technical Analysis – 1H Chart* NVIDIA is currently progressing lower in wave C, and the next key support level is expected around 100$, near Trading Level1 (TL1). A bounce in wave {iv} of C could occur around this level before the final push lower to complete the correction. This would align with the structure's flat pattern, where wave C typically unfolds as a five-wave move. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
DOW JONES - DJI Elliott Wave Analysis (Day Chart) DOW JONES - DJI Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Orange wave 2 Position: Navy blue wave 5 Next Higher Degree Direction: Orange wave 3 Details: Orange wave 1 appears to have completed, and now orange wave 2 is active and nearing its end. The invalidation level for wave cancellation is set at 38,474.41. The DOW JONES (DJI) Elliott Wave Analysis on the day chart reveals a counter trend in progress, currently in a corrective phase. The primary structure under examination is orange wave 2, which is actively unfolding. Earlier, orange wave 1 was deemed complete, signaling the transition into the corrective stage of orange wave 2. Currently, the market is positioned within navy blue wave 5, which is a part of the larger wave structure. Expectations suggest that orange wave 2 is approaching its end. Once complete, the market is likely to shift into orange wave 3. This transition implies that, after the current correction, the index could resume a more impulsive upward movement in line with the larger wave pattern. The analysis indicates that the counter trend, which has temporarily paused the broader trend, is almost complete. The next significant move is projected to be an upward shift as the market transitions into orange wave 3. This phase is expected to continue the long-term bullish outlook for the DOW JONES index. Key Technical Levels: The wave cancel invalidation point is set at 38,474.41. If the market drops below this level, the current Elliott Wave structure will be invalid, requiring a reevaluation of the wave count and market position. Summary: The DOW JONES is nearing the end of a corrective phase, with orange wave 2 expected to finish soon. The next anticipated movement is the continuation of the bullish trend as orange wave 3 begins. This suggests potential upward momentum for the index following the current correction. DOW JONES - DJI Elliott Wave Analysis (Weekly Chart) DOW JONES - DJI Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Navy blue wave 5 Position: Gray wave 1 Next Lower Degree Direction: Gray wave 2 Details: Navy blue wave 4 appears completed, and now navy blue wave 5 is underway. The invalidation level for wave cancellation is set at 38,474.41. The DOW JONES (DJI) Elliott Wave Technical Analysis on the weekly chart suggests that the market is in a trending phase, characterized by an impulsive mode. The primary structure is navy blue wave 5, which indicates the continuation of the upward trend, with the market currently positioned in gray wave 1. This suggests that the current upward movement is part of the larger wave structure. Navy blue wave 4 is considered complete, and navy blue wave 5 is now unfolding. This phase points to further upward movement following the completion of wave 4. The current position within gray wave 1 signals the beginning of a new impulsive wave, though gray wave 2, a corrective phase, is expected to follow after the current upward movement. The anticipated gray wave 2 will bring a temporary correction before the potential resumption of the bullish trend. The analysis identifies a key invalidation level at 38,474.41. If the market drops below this point, the current Elliott Wave structure would be invalid, requiring a reassessment of the wave count and market outlook. However, as long as the market stays above this level, the upward trend within navy blue wave 5 is likely to continue. Summary: The DOW JONES index is in a bullish trend, currently moving within navy blue wave 5, following the completion of wave 4. The market is positioned in gray wave 1, with gray wave 2 expected to follow as a corrective phase. The invalidation level is 38,474.41, and remaining above this level supports the continuation of the upward trend. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
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