Jump to content

U.S.Dollar /Canadian Dollar(USD/CAD) Day Chart Elliott Wave Technical Analysis 11 October 23


Recommended Posts

USD/CAD Elliott Wave Analysis Trading Lounge Day  Chart, 11 October 23
U.S.Dollar /Canadian Dollar(USD/CAD) Day Chart
USD/CAD Elliott Wave Technical Analysis
USD/CAD Elliott Wave Technical Analysis
Function:   Counter Trend
Mode: corrective
Structure: Flat
Position: black wave 2
Direction Next Higher Degrees:Black wave 3  
Details:  blue wave C of  Wave “2” l in play.after that black wave 3 will start . Wave Cancel invalid level for 😄 1.34173
 
The USD/CAD Elliott Wave Analysis for 11 October 23, provides an in-depth assessment of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair using the Elliott Wave theory, with a focus on daily chart dynamics.
 
This analysis primarily serves a "Counter Trend" function. Counter-trend analysis is instrumental in identifying and navigating market movements that go against the prevailing trend. It's especially relevant for traders who aim to exploit opportunities during corrective phases that often follow significant price trends.
 
The mode of analysis is "corrective," which indicates a detailed examination of corrective wave patterns within the Elliott Wave framework. Corrective waves are pivotal for traders looking to anticipate potential reversals or changes in market direction, especially after strong price trends.
 
The market structure under scrutiny is classified as a "Flat." This pattern is a distinctive type of corrective structure within the Elliott Wave theory. Understanding the characteristics of the Flat pattern is crucial for traders aiming to decode market movements effectively.
 
The focal point of the analysis is "black wave 2." This signifies an intricate examination of the second wave within the broader Elliott Wave sequence. Analyzing wave 2 is critical for traders looking to gain insights into potential price movements and reversal points.
 
Regarding market direction, the analysis indicates that "blue wave C of Wave '2'" is currently in progress. This denotes the ongoing corrective phase within the context of wave 2. Understanding where the market is within this corrective process is crucial for traders looking to make well-informed decisions.
 
A noteworthy takeaway from this analysis is the identification of the "Wave Cancel invalid level for C" at 1.34173. This level plays a pivotal role for traders, serving as a reference point for assessing the validity of their trading strategies and effectively managing risk.
 
In summary, the USD/CAD Elliott Wave Analysis for 11 October 23, adopts a counter-trend approach to dissect the ongoing corrective phase within the Elliott Wave framework. Traders should closely observe the progression of black wave 2 and blue wave C, as it could provide potential trading opportunities. This analysis offers valuable insights for traders navigating the intricacies of the USD/CAD currency pair, especially in light of the corrective wave patterns currently in motion.
Technical Analyst : Malik Awais
 
Forex23(1).thumb.png.a6a11b01e69f9daff0b463e27c314e45.png
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
  • image.png

  • Posts

    • Stumbled onto $weETH recently, and it’s got me thinking. It’s more than just staking ETH for rewards weETH also restakes automatically in EigenLayer, so you’re maximizing yield without extra effort. What really caught my eye, though, is how they’ve designed it to keep everything in your control with non-custodial staking.  Add in some perks like loyalty points and compatibility with DeFi protocols on Arbitrum and Polygon, and it’s set up to go beyond the usual staking.  Anyone else looking at $weETH? Worth it, or just another token in the mix?
    • In a strategic move to further solidify its position in the global cryptocurrency market, Bitget, a leading CEX, has made a significant move by appointing Min Lin as its new Chief Business Officer. With a history of leadership at Binance and Goldman Sachs, Lin brings over a decade of expertise to Bitget's ambitious expansion in Latin America. His unique blend of traditional finance and blockchain experience positions him to navigate the complex market dynamics in the region.  Bitget's CEO, Gracy Chen, believes Lin’s expertise is crucial for their strategic vision. “Min’s track record in scaling cryptocurrency businesses aligns seamlessly with our growth goals,” says Chen. In his new role, Lin emphasizes his commitment to innovation and user-focused products. He aims to promote wider acceptance of blockchain technology while tailoring solutions to meet the unique needs of Latin American users. This move underscores Bitget’s commitment to emerging markets. With a 98% increase in active users in Latin America in 2024, the potential for growth is evident. The question remains: how will this move influence the competitive landscape in Latin America?
    • Exchange tokens are a good alternative investment. Unlike regular coins, they provide access to exclusive privileges, including: -Deduction of trading fees, whether in spot or futures trading -Participation in airdrop campaigns, such as Launchpool, Launchpad, PoolX, and others The benefits of holding an exchange token cannot be overstated, yet many users are still unaware of these advantages.  I currently hold some MX, BGB, BNB, and KCS in my portfolio, though I initially knew little about the privileges associated with them. After joining this Bitget online community, I was able to connect with other BGB holders, interact with them, and discover a lot more. The minimum requirement is 100 BGB to gain access to the community, and there's an ongoing campaign with a range of merchandise giveaways. We could take advantage of this campaign as we’re now in Moonvember if you’re holding more than the minimum required amount. I’m not a financial advisor, so always DYOR.
×
×
  • Create New...
us