Jump to content

Euro/British Pound(EURGBP) Day Chart Elliott Wave Technical Analysis Elliott Wave Technical Analysis 13 October 23

Recommended Posts

EURGBP Elliott Wave Analysis Trading Lounge Day  Chart, 13 October 23
Euro/British Pound(EURGBP) Day Chart
EURGBP Elliott Wave Technical Analysis
EURGBP Elliott Wave Technical Analysis
Function:  Trend
Mode: impulsive  
Structure: 3 of 3
Position: blue wave 3
Direction Next higher Degrees:wave 3 of 3 started
Details:red wave 2 of 3 completed between fib level 50.00 to 61.80, now 3 of 3 in play . Wave Cancel invalid level: 0.85231
The EUR/GBP Elliott Wave Analysis on the daily chart, dated 13 October 23, provides a comprehensive insight into the market dynamics of the Euro/British Pound (EUR/GBP) currency pair. This analysis is rooted in the Elliott Wave theory, a renowned methodology for understanding market trends and price movements.
The primary purpose of this analysis is to recognize and ride the prevailing trend in the EUR/GBP market. It categorizes the market's function as trending and, more specifically, impulsive. Impulsive waves in Elliott Wave theory are associated with strong, sustained price movements, which can offer significant opportunities for traders.
The analysis zeroes in on the third wave within the broader wave structure, identified as "3 of 3." In Elliott Wave theory, the third wave is typically the longest and most powerful within a sequence, making it a focal point for traders and investors seeking significant price movements.
The specific wave under scrutiny is "blue wave 3," indicating the current wave's importance in driving price action. The analysis declares that "wave 3 of 3 started," suggesting that a potent and extended trend is potentially underway.
A critical detail provided in this analysis is the completion of "red wave 2 of 3" between the Fibonacci levels of 50.00 and 61.80. This is a crucial observation because it suggests the possible initiation of a powerful impulsive wave. These Fibonacci levels are often seen as critical levels of support and resistance, influencing traders' decisions.
The "Wave Cancel invalid level" for this analysis is pinpointed at 0.85231. This level serves as a valuable reference for traders to monitor and adjust their trading strategies and risk management.
In summary, the EUR/GBP Elliott Wave Analysis for 13 October 23, serves as a valuable guide for traders and investors in the EUR/GBP market. It confirms the presence of a significant impulsive wave, "3 of 3," and highlights the completion of a corrective wave, "red wave 2 of 3," providing insights into the potential onset of a powerful impulsive wave. Traders and investors should consider this analysis when making trading decisions in the EUR/GBP 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
  • image.png

  • Posts

    • Bitget reported a phenomenal first quarter of 2024, experiencing explosive growth across key metrics. Both spot and futures trading volumes skyrocketed, with spot exceeding $160 billion (up 113%) and futures reaching a staggering $1.4 trillion (up 146%). This surge propelled Bitget to become the third-largest derivatives exchange by volume in March. The user base also experienced a significant increase, reaching over 25 million globally. Bitget's native token, BGB, mirrored the exchange's success. It surpassed its all-time high in February, hitting $1 for the first time. The daily trading volume for BGB also saw impressive growth, peaking at $83 million. This positive momentum signifies the increasing demand for BGB, fueled by successful launchpool events and enticing new token listings. Ready to join a winning team? Sign up on Bitget today and experience the future of crypto trading!
    • Just recently, I wrote an article about how a Solana blockchain art project (Artrade) is helping artists raise their earnings and even further transforming their physical works into RWA essentially NFTs. With that in mind, I came across Rarible, a marketplace that focuses on digital art and NFTs and the similarities of the platforms caught my attention. Rarible allows artists to sell their creations as NFTs, essentially digital certificates of ownership and cuts out middlemen, connecting artists directly with buyers. Beyond trading, Rarible offers a somewhat user-friendly interface for creating NFTs, even for beginners.   The platform unlike Artrade is built on the Ethereum blockchain and uses its own token, RARI, for governance and rewarding active users. In the long term they seem building with the goal of becoming a DAO in the future While it’s still early days, I have no doubt Rarible offers a unique approach to buying, selling, and creating digital art, and the recent listing on Bitget will further expose it to new communities and potential investors.   Do you think RARI's approach will be sustainable as a marketplace for NFTs?
    • Soybeans Elliott Wave Analysis  Function - Trend  Mode - Impulse  Structure - Impulse for (5)  Position - Wave 1 of (5) Direction - Wave 2 of (5) Details - Wave 1 of (5) completing with a diagonal. Wave 2 bounce is emerging before the price turns downside for 3 of (5). Invalidation now at 1226’6. Not much has changed since the last update.   Soybean Price Analysis: Elliott Wave Perspective Signals Continued Downward Trend   In the realm of commodity trading, Soybean has recently undergone a significant downturn, marking a nearly 7% drop since March 21st. This decline appears to be part of a broader trend that commenced back in June 2022. However, before this recent descent, there was a brief period of respite characterized by a corrective bounce starting in late February.    Delving deeper into the price action, an Elliott Wave analysis sheds light on the intricacies of Soybean's movement. The daily chart's decline since June 2022 reveals a corrective pattern, delineated into waves A-B-C, as denoted by blue annotations.   The initial wave, labeled as Blue Wave 'A', terminated at 1249 in October 2023, exhibiting a distinct diagonal pattern. Subsequently, a modest rebound ensued, marked by Blue Wave 'B', which concluded at 1398 in November 2023. However, the ascendancy was short-lived as the bears regained control, manifesting in the ongoing development of Blue Wave 'C'. This wave, evolving into an impulse wave, has currently progressed to wave (5) following the completion of wave (4) in March 2024.   Zooming in on the H4 chart, a granular analysis reveals the sub-waves of wave (5). Wave 1 of (5) concluded with a diagonal structure, followed by a corrective phase as the price undergoes a temporary upside correction to complete wave 2. Despite uncertainties regarding whether wave 2 has fully concluded or will undergo another upward leg, the overarching trajectory remains clear – a downward break is anticipated to continue wave 3 of (5), leading to further downside movement.   In light of this analysis, the prevailing sentiment favors sellers, who continue to assert dominance over the commodity market. As long as the price remains below 1226’6, the outlook remains skewed towards further downside potential, with the possibility of reaching the lowest price point since November 2020.   In conclusion, the Elliott Wave perspective offers valuable insights into Soybean's price dynamics, signaling a continued bearish trajectory in the near term. While short-term fluctuations may occur, the broader trend suggests that sellers are likely to maintain control, shaping the commodity's price action in the foreseeable future.   Technical Analyst : Sanmi Adeagbo   Source : Tradinglounge.com get trial here!        
  • Create New...