U.S.Dollar/Japanese Yen (USDJPY) 4 Hour Chart Elliott Wave Technical Analysis 3 October 23
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By tradinglounge · Posted
HINDALCO INDUSTRIES – HINDALCO (1D Chart) Elliott Wave Technical Analysis Function: Larger Degree Trend Higher (Intermediate degree, orange.) Mode: Motive Structure: Impulse Position: Minor Wave 5 Grey Details: Minor Wave 5 Grey progressing higher within Intermediate Wave (5) against 595. No change. Invalidation point: 595-600 Hindalco Industries Daily Chart Technical Analysis and potential Elliott Wave Counts: Hindalco Industries daily chart indicates the stock is potentially pushing higher to terminate Minor Wave 5 Grey and subsequently Intermediate Wave (5) Orange above 720 mark. Alternatively, Wave 5 completed truncated around 715. The stock has been rallying within Intermediate Wave (5) Orange since June 2022, after printing lows around 310, Wave (4) termination. Minor Waves 1 through 3 look complete with third of third wave extended. Minor Wave 4 terminated as a flat just above 595 mark and the final wave is progressing higher now. If the above proposed structure is correct, prices should stay above 595 and continue pushing higher, going forward. A break lower would suggest re-look at the counts. HINDALCO INDUSTRIES – HINDALCO (4H Chart) Elliott Wave / Technical Analysis: Function: Larger Degree Trend Higher (Intermediate degree, orange.) Mode: Motive Structure: Impulse Position: Minor Wave 5 Grey Details: Minor Wave 5 Grey progressing higher within Intermediate Wave (5) against 595. Alternatively, Wave 5 terminated around 715, truncated. Invalidation point: 595-600 Hindalco Industries 4H Chart Technical Analysis and potential Elliott Wave Counts: Hindalco Industries 4H chart highlights sub waves within Minute Wave ((v)) of Minor Wave 3 Grey and further. Minor Wave 4 Grey could be marked as a running flat complete above 600 mark. If correct, Minor Wave 5 is underway with Minute Waves ((i)) and ((ii)) potentially complete. Conclusion: Hindalco Industries is progressing higher within Minute Wave ((iii)) of Minor Wave 5 Grey against 595 mark. Elliott Wave Analyst: Harsh Japee Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
NFLX Elliott Wave Analysis Trading Lounge Daily Chart, Netflix Inc., (NFLX) Daily Chart NFLX Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave 3 DIRECTION: Upside in wave 3. DETAILS: Looking for a bottom in wave 2 in place, with upside within wave 3 of (5Looking for a bottom in wave 2 in place, with upside within wave 3 of (5) with minimum target TL8 at 800$. ) with minimum target TL8 at 800$. Netflix Inc., (NFLX) 1H Chart NFLX Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave {i} of 3. DIRECTION: Upside in wave 3. DETAILS: We seem to have bottom in wave 2 and are resuming higher. It looks like we could be in either wave ii of (iii) or else we could be in wave (iv) of {i} as a leading diagonal. In this Elliott Wave analysis of Netflix Inc. (NFLX), we analyze its recent price action using Elliott Wave Theory to provide traders with insights into potential opportunities. Both the daily and 1-hour charts offer a detailed view of NFLX’s trend and wave structure. * NFLX Elliott Wave Technical Analysis – Daily Chart* In the daily chart, Netflix is in a clear impulsive mode, advancing within Wave 3 of (5). The stock has likely completed its Wave 2 correction and is now entering Wave 3, which typically represents the strongest and most extended move in an impulsive structure. The immediate upside target for this Wave 3 is TradingLevel8 (TL8) at $800, a significant psychological and technical level. * NFLX Elliott Wave Technical Analysis – 1H Chart* The wave structure shows that NFLX is likely in the early stages of a new impulsive phase, either completing a small correction before moving higher or advancing within a larger impulsive wave. Confirmation of a continued rally within Wave {i} of 3 would solidify the bullish outlook, with near-term resistance levels offering potential breakout points. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
NIKKEI 225 (N225) Elliott Wave Analysis Day Chart NIKKEI 225 (N225) Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Navy blue wave 2 POSITION: Gray wave 3 DIRECTION NEXT HIGHER DEGREES: Navy blue wave 3 DETAILS: Navy blue wave 1 appears completed, and currently, navy blue wave 2 is unfolding. Wave Cancel Invalid Level: 30,380 The Nikkei 225 Elliott Wave analysis on the day chart points to a corrective counter-trend movement. The analysis shows that the market is now in navy blue wave 2, which is part of a broader corrective pattern. Navy blue wave 1 has been completed, signaling that the initial phase of the larger wave structure has concluded, and the market has transitioned into the corrective phase represented by navy blue wave 2. Elliott Wave theory suggests that after wave 1 completes, a counter-trend correction typically follows, which is evident with the development of navy blue wave 2. This phase represents a temporary retracement or consolidation within the prevailing trend, allowing the market to pause before continuing its previous momentum. The corrective nature of navy blue wave 2 implies that this wave is moving against the direction of the earlier impulse wave (navy blue wave 1). Upon completion of this corrective phase, it is expected that navy blue wave 3 will resume the primary trend. Wave 3, according to Elliott Wave theory, is typically the most significant and prolonged wave in the cycle, often resulting in major market shifts. The wave cancel invalid level is set at 30,380. If the market price exceeds this level, the current Elliott Wave count would be invalid, and the corrective pattern would need reassessment. However, as long as the price remains below this threshold, the counter-trend correction of navy blue wave 2 is expected to continue. Conclusion: The Nikkei 225 day chart highlights that a corrective counter-trend in navy blue wave 2 is in progress, following the conclusion of navy blue wave 1. This bearish correction should persist unless the price surpasses the invalidation level of 30,380. NIKKEI 225 (N225) Elliott Wave Analysis Weekly Chart NIKKEI 225 (N225) Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Navy blue wave 2 POSITION: Gray wave 3 DIRECTION NEXT HIGHER DEGREES: Navy blue wave 3 DETAILS: Navy blue wave 1 appears completed, and currently, navy blue wave 2 is unfolding. Wave Cancel Invalid Level: 30,380 The Nikkei 225 Elliott Wave analysis on the weekly chart shows the market is in a counter-trend corrective phase. This phase is represented by the development of navy blue wave 2, following the completion of navy blue wave 1. The analysis indicates that the initial impulsive wave, navy blue wave 1, has concluded, and the market is now correcting within navy blue wave 2. According to Elliott Wave theory, after a strong impulsive wave, a corrective phase usually follows, allowing the market to retrace some prior gains before resuming the next trend phase. In this scenario, navy blue wave 2 represents this corrective movement, which is contrary to the dominant trend set by navy blue wave 1. Navy blue wave 2 is classified as corrective, indicating it is moving against the trend established by navy blue wave 1. This phase provides a period of consolidation or a pullback before the market is expected to resume its upward trajectory with the onset of navy blue wave 3. Elliott Wave theory suggests that wave 3 is often the strongest and most substantial wave in a cycle, likely resulting in a sharp upward movement after the corrective phase of wave 2 completes. The wave cancel invalid level is set at 30,380. If the price rises above this level, the current wave count would be invalidated, and the wave structure would need reassessment. As long as the price stays below this threshold, the corrective phase of navy blue wave 2 is expected to continue. Summary: The Nikkei 225 is presently in a counter-trend corrective phase, represented by navy blue wave 2, following the completion of navy blue wave 1. The market is expected to resume its upward trend with navy blue wave 3 after the corrective phase ends, unless the invalidation level of 30,380 is exceeded. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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