Jump to content

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

Recommended Posts

EURUSD Elliott Wave Analysis Trading Lounge Day  Chart, 10 October 23
Euro/U.S.Dollar(EURUSD) Day Chart
EURUSD Elliott Wave Technical Analysis
Function:  Counter Trend
Mode: corrective
Structure:subwaves of X
Position: wave 2
Direction Next Lower Degrees: Subwave wave Y
Details: black  wave C of red wave W completed at 1.04496 , now corrective wave X is in play . Wave Cancel invalid level for X: 1.04496
The EURUSD Elliott Wave Analysis for 10 October 23, takes a deep dive into the daily chart of the Euro/U.S. Dollar (EURUSD) currency pair, utilizing Elliott Wave theory to provide insights into potential market developments.
The primary function in focus is "Counter Trend," indicating that the analysis seeks to understand and navigate the current market dynamics, which are counter to the prevailing trend. Counter-trend analysis is crucial for traders aiming to identify opportunities during corrective phases, which often follow significant trends.
This analysis is conducted in "corrective" mode, signifying a comprehensive examination of the corrective waves within the Elliott Wave framework. Corrective waves are characterized by price movements that oppose the dominant trend, offering traders valuable insights into potential reversals or changes in market direction.
The central structural element under scrutiny is "sub waves of X," indicating a detailed 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 positional context centers on "wave 2," denoting a thorough investigation of the second wave within the correction, which is part of the broader Elliott Wave sequence. Analyzing wave 2 is vital for traders seeking to anticipate potential price movements and reversals.
Regarding market direction, the analysis suggests that "corrective wave X is in play." This implies that the market is currently in a corrective phase as part of the broader Elliott Wave structure. Understanding where the market is within its corrective journey is essential for traders aiming to position themselves effectively.
A critical 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 signifies the potential termination of the preceding wave and marks the onset of the corrective phase (wave X).
The analysis specifies the "Wave Cancel invalid level for X" as 1.04496. This level serves as a reference point for traders to evaluate the validity of their trade setups and manage risk effectively.
In summary, the EURUSD Elliott Wave Analysis for 10 October 23, adopts a counter-trend approach to examine 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.
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 01/12/23 01:50
  • Posts

    • Nice analysis, but none of these tokens retest their previous ATH or set a new one. $BGB has shown its potential by setting a new ATH and aiming to hit higher in the anticipated bull run. It is another token to include on your watchlist. 
    • Of course, here are a few exchanges with native tokens and their growth over the past 18 months: Binance BNB 239% Kinbase COIN 43% Kraken KRAKEN 194% FTH FTT 84% Uniswap EMU 167% It is important to note that these are only past performance figures and there is no guarantee that they will continue to hold up in the future. However, the growth of these exchanges suggests that their native tokens could be good investments in the next bull period. Here are some additional factors to consider when choosing an exchange token to invest in: Utility: Does the token have any utility beyond just being a store of value? For example, can it be used to pay commissions on an exchange or to receive discounts on services? Liquidity: How easy is it to buy and sell a token? Team: Does the exchange have a strong team with a proven track record? Community: Does the exchange have a large and active community? By considering these factors, you can make a more informed decision about which exchange token to invest in. I recently began to study crypto even more actively, created a new one wallet for business, with the help of which I will carry out calculations in my business. Crypto is the future, so study it and develop in this direction. Hope this helps!
    • Stock Market Report S&P 500 - NASDAQ 100 - RUSSELL 2000 - DAX 40 - FTSE 100 - ASX 200. Elliott Wave Analysis Summary: SP500 & Nasdaq 100 Wave 4 completed, looking at the first impulse wave to the upside developing. The pullback from this impulse wave the abc is the long trade setup - See video. The DAX is in line with US Indices and the FTSE 100 and the ASX200 have their own wave structures. Trading Strategies: If Friday appears bullish then look for long trades in line with the Elliott wave counts Video Chapters 00:00 SP 500 (SPX)  08:14 NASDAQ (NDX) 10:14 Russell 2000 (RUT) 11:20 DAX 40 (DAX) 13:52 FTSE 100 UKX (UK100) 15:56 ASX 200 (XJO) 22:21 End Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com   Access Trial #sp500 #nasdaq100 #russell2000 #dax40 #ftse100 #asx200 #analysis #news #trading #elliottwave #finance #stockmarket    
  • Create New...