Jump to content

British Pound/U.S.Dollar (GBPUSD) 4 Hour Chart Elliott Wave Technical Analysis 18 September 23

Recommended Posts

GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 18 September 23
British Pound/U.S.Dollar (GBPUSD) 4 Hour Chart
GBPUSD Elliott Wave Technical Analysis
Function:Counter Trend
Mode: corrective
Structure: wave 5 of C
Position: W of 2/B
Direction;Next higher  Degrees: X of 2/B
Details:  Red wave 5 of blue wave C  in play . Wave X Confirmation level: 1.25583
The GBPUSD Elliott Wave Analysis conducted on 18 September 23, is based on the 4-hour chart of the British Pound/U.S. Dollar (GBPUSD) currency pair. This analysis employs the Elliott Wave theory to provide insights into potential market movements, focusing on a shorter time frame.
The primary Function of this analysis is identified as "Counter Trend." This indicates that the analysis is primarily concerned with identifying potential corrective movements within the market. Counter-trend trading aims to take advantage of price retracements or corrections within the context of the broader trend.
The Mode of the market is categorized as "corrective," suggesting that the market is currently in a phase of correction rather than a strong impulsive move. Corrective phases are characterized by price movements that oppose the prevailing trend, often presenting trading opportunities when the correction is complete.
The market Structure is described as "wave 5 of C," signifying that the analysis is focusing on the fifth wave within the broader corrective structure labeled C. Understanding the specific wave within a corrective pattern helps traders anticipate potential price movements and reversal points.
The Position within the Elliott Wave pattern is defined as "W of 2/B." This means that the analysis is centered on the W wave within the broader corrective pattern labeled 2/B. Traders can use this information to gauge their position within the overall corrective pattern.
In terms of the Direction Next Higher Degrees, the analysis points to "X of 2/B" as the potential development. This suggests that, following the completion of wave W, the market may transition into the X wave within the broader corrective pattern.
The analysis provides specific Details, mentioning that "Red wave 5 of blue wave C" is currently in play. It also highlights the "Wave X Confirmation level" at 1.25583. This level is crucial for traders as it signifies a potential confirmation point for the commencement of the next wave within the corrective pattern.
In summary, the GBPUSD Elliott Wave Analysis for 18 September 23, focuses on potential corrective movements within the GBPUSD currency pair. Traders should consider the Function, Mode, Structure, Position, and Direction to make informed trading decisions. Combining this analysis with other technical and fundamental indicators while practicing sound risk management is essential in the volatile foreign exchange market.

Technical Analyst : Malik Awais



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 30/09/23 09:25
  • 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...