Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart Elliott Wave Technical Analysis 21 September 23

[tradinglounge]

AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 21 September 23

Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart

AUDUSD Elliott Wave Technical Analysis

Function: main counter Trend

Mode: sideways in wave 4 of C

Structure: Wave 4 of C

Position: Main Red wave 2

Direction Next lower Degrees: blue wave 5  

Details:  blue wave 4 of C of 2 still in play as sideways.  Wave Cancel invalid level:  0.61697

 

The AUDUSD Elliott Wave Analysis on 21 September 23, focuses on the 4-hour chart of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair. Utilizing Elliott Wave theory, this analysis aims to provide insights into potential market movements.

 

The designated Function for this analysis is "counter Trend," indicating the primary objective of identifying potential counter trend movements. Counter-trend analysis seeks opportunities for reversals or corrections against the prevailing market direction.

 

The Market Mode is identified as "sideways in wave 4," suggesting that the market is currently in a consolidation or corrective phase known as "wave 4." Sideways market modes are often characterized by horizontal price movements, where the market lacks a clear trend direction.

 

The Market Structure is defined as "Wave 4 of C," highlighting that the analysis specifically focuses on the fourth wave within a larger wave sequence referred to as "C." Understanding the wave structure is essential for identifying potential reversal or continuation points within the market.

 

The Position within the Elliott Wave pattern is noted as "Main Red wave 2," indicating that the analysis examines a specific sub-wave within the second major wave of the Elliott Wave sequence. This level of detail helps traders gauge their position within the broader wave pattern.

 

Regarding the Direction Next Lower Degrees, the analysis mentions "blue wave 5," implying that the next significant wave to be anticipated is the fifth wave within the current wave structure. This suggests that once wave 4 is completed, traders may look for potential developments in wave 5.

 

The Details section specifies that "blue wave 4 of C of 2" is still in play and is exhibiting sideways price movement. Sideways phases often occur when the market is consolidating and traders are waiting for a breakout or further confirmation of the trend direction.

 

Additionally, the "Wave Cancel invalid level" is identified at 0.61697. This level serves as a reference point for traders and could become significant for assessing potential changes in market dynamics.

 

In summary, the AUDUSD Elliott Wave Analysis on 21 September 23, indicates that the market is currently in a corrective phase (wave 4) with sideways price movement. Traders should remain watchful for potential developments in wave 5, which could provide clarity on the future trend direction. The Wave Cancel invalid level is a crucial reference point for traders to monitor in their analysis. As with all trading, risk management is essential, and additional technical and fundamental analysis should be used to make informed trading decisions.