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U.S.Dollar /Canadian Dollar(USD/CAD) 4 Hour Chart Elliott Wave Technical Analysis 11 October 23

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USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 11 October 23
U.S.Dollar /Canadian Dollar(USD/CAD) 4 Hour 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, presents a comprehensive assessment of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair, employing Elliott Wave theory to provide insights into potential market developments.
This analysis predominantly serves a "Counter Trend" function, which means it's geared towards understanding and navigating market dynamics that counter the prevailing trend. Such counter-trend analyses are valuable for traders seeking opportunities during corrective phases that often follow significant trends.
The analysis is executed in a "corrective" mode, implying an in-depth examination of the corrective waves within the Elliott Wave framework. Corrective waves are vital in identifying potential reversals or changes in market direction, especially after substantial price movements.
The structural aspect under scrutiny is the "Flat" pattern, indicative of a specific type of corrective structure within the Elliott Wave theory. Understanding the pattern's characteristics is crucial for traders looking to interpret market movements effectively.
The analysis is focused on "black wave 2," signifying a detailed examination of the second wave within the broader Elliott Wave sequence. Analyzing wave 2 is essential for traders seeking insights into potential price movements and reversals.
In terms of market direction, the analysis suggests that "blue wave C of Wave '2'" is currently in play. This denotes the ongoing corrective phase within the context of wave 2. Understanding where the market is within this corrective process is paramount for traders aiming to position themselves effectively.
One of the key takeaways from this analysis is that the "Wave Cancel invalid level for C" is identified as 1.34173. This level serves as a crucial reference point for traders, enabling them to assess the validity of their trade setups and manage risk prudently.
In summary, the USD/CAD Elliott Wave Analysis for 11 October 23, takes a counter-trend approach to analyze the ongoing corrective phase within the Elliott Wave structure. Traders are advised to closely monitor the progression of black wave 2 and blue wave C as it could offer trading opportunities. This analysis provides valuable insights for traders navigating the complexities of the USD/CAD currency pair, particularly in light of the corrective wave patterns currently in play.
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    • Coffee Elliott Wave Analysis Function - Counter-Trend Mode - Correction Structure - Double Zigzag for blue Y Position - Wave C of (B) Direction - Wave C of (B) is still in progress Details - We recounted Coffee on all time frames. However, we expect the commodity to ascend after completing the zigzag wave (B) around the Fibonacci reversal zone of 212.9-203.9. Invalidation level is at 192.30. Coffee Elliott Wave Analysis Overview: In the long term, Coffee prices have been on a bullish run since October 2023. Despite several pullbacks, each previous top has been consistently breached. The last top was made in April 2024 at 245.5, followed by a decline to 192.3 within three weeks, extending to May 7th. Notable recoveries started from there. However, prices have yet to breach 245.5 to confirm the continuation of the bullish sequence from October 2023.   Daily Chart Analysis: Since January 2023, a double zigzag structure has been unfolding. Wave W (circled) finished on April 18th at 245.5, and the corresponding wave X (circled) was completed at 192.3 on May 7th, where wave Y (circled) began. Wave (A) of Y appears to have concluded with the impulse surge to the current peak in June 2024. Prices are now correcting into wave (B). If wave (B) completes above 192.3, buyers should gain the advantage to push prices higher, especially above the 245.5 top.   H4 Chart Analysis: On the H4 chart, wave (B) is subdividing into a zigzag structure, potentially completing around the 212.9-203.9 Fibonacci zone before turning upside in wave (C) above 245.5. Alternatively, prices might move sideways between the 245.5 and 192.3 extremes, suggesting a triangle structure for wave X (circled).   Summary: In conclusion, Coffee prices remain bullish with potential for further gains, contingent on the completion of the current corrective wave (B). Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!  
    • I have not tried AI for analysis; it is exciting to me, but unclear. It would be interesting to see some kind of training video with an example of use.
    • Thank you for the in-depth and detailed analysis with the graph.
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