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Euro/U.S.Dollar(EURUSD) 4 Hour Chart Elliott Wave Technical Analysis 10 October 23

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EURUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 10 October 23
Euro/U.S.Dollar(EURUSD) 4 Hour Chart
EURUSD Elliott Wave Technical Analysis
Function:  Counter Trend
Mode: corrective
Structure:subwaves of X
Position: wave 2
Direction Next Higher Degrees: Subwave wave X started
Details: black  wave C of red wave W completed at 1.04496 , now corrective wave X is in play . Wave Cancel invalid level: 1.04496
The EURUSD Elliott Wave Analysis for 10 October 23, delves into the 4-hour chart of the Euro/U.S. Dollar (EURUSD) currency pair, employing Elliott Wave theory to decode potential market movements.
In this analysis, the primary function under consideration is "Counter Trend," indicating a focus on comprehending and navigating the current counter-trend dynamics in the market. Counter-trend analysis is essential for traders aiming to identify opportunities during corrective phases, which often follow strong trends.
The analysis is conducted in "corrective" mode, signifying a detailed examination of the corrective waves within the Elliott Wave structure. Corrective waves are characterized by price movements that counter the predominant trend, providing traders with insights into potential reversals.
The central structural element being examined is "sub waves of X." This denotes a meticulous assessment of the sub-waves within the larger corrective structure known as wave X. Elliott Wave theory relies on the identification of specific wave patterns to make informed trading decisions.
The analysis's positional context centers around "wave 2," indicating a thorough investigation of the second wave within the correction, which is part of the broader Elliott Wave sequence. This level of analysis is critical for traders looking to anticipate potential price movements and reversals.
In terms of market direction, the analysis suggests that "corrective wave X is in play." This implies that the market is currently experiencing a corrective phase as part of the broader Elliott Wave structure. Understanding where the market is within its corrective journey is essential for traders seeking to position themselves effectively.
A crucial observation made in the analysis is that "black wave C of red wave W" is considered to have concluded at the level of 1.04496. This is a significant point as it marks the potential end of the preceding wave and signals the beginning of the corrective phase (wave X).
The analysis specifies the "Wave Cancel invalid level" at 1.04496. This level serves as a reference point for traders to assess the validity of their trade setups and manage risk effectively.
To summarize, the EURUSD Elliott Wave Analysis for 10 October 23, employs a counter-trend approach to analyze the ongoing corrective phase within the broader Elliott Wave structure. Traders are advised to closely monitor the progression of wave X, as it could offer trading opportunities. This analysis provides valuable insights for traders navigating the complexities of the EURUSD currency pair.
Technical Analyst : Malik Awais
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