Jump to content

British Pound/U.S.Dollar (GBPUSD) 4 Hour Chart Elliott Wave Technical Analysis 19 October 23

Recommended Posts

GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 19 October 23
British Pound/U.S.Dollar (GBPUSD) 4 Hour Chart
GBPUSD Elliott Wave Technical Analysis
Function:Counter Trend
Mode: impulsive
Structure: wave 5 of C
Position:   2/B
Direction;Next Higher  Degrees: wave 3/C
Details: blue wave 4 of black wave C completed at 1.23374. Now wave 5 of C is in play . Wave Cancel invalid level: 1.23391
The GBPUSD Elliott Wave Analysis for the 4-hour chart dated 19 October 23, provides a comprehensive overview of the British Pound/US Dollar (GBPUSD) currency pair's market dynamics. This analysis is a valuable resource for traders and investors seeking insights into market trends and price movements, enabling them to make informed trading decisions.
The analysis categorizes the market function as a counter-trend, indicating that it is currently moving against the primary trend. This can provide potential trading opportunities, especially for traders looking to capitalize on price corrections within the broader trend.
Furthermore, it identifies the mode as impulsive, signifying that the counter-trend movement is unfolding in a strong and decisive manner. Impulsive modes can often lead to significant price changes, making them attractive to traders who want to take advantage of short- to medium-term trends.
The main focus of this analysis is on "wave 5 of C," which denotes a specific phase within the overall market structure. According to Elliott Wave theory, wave 5 typically represents the final phase of a price movement within a broader wave structure. It is characterized by strong momentum and can be a potential trading opportunity.
The analysis highlights that "blue wave 4 of black wave C completed at 1.23374." This suggests that a corrective phase (wave 4) has concluded, and the market is now transitioning to the next phase, "wave 5 of C." Corrective phases can often be complex and challenging for traders, so the completion of wave 4 is a significant development.
"Wave Cancel invalid level: 1.23391" is a critical reference point in the analysis. This level is essential for traders to manage risk and make well-informed trading decisions. It

serves as a guide for determining when a wave structure is invalidated, signaling that the market dynamics have changed.
In summary, the GBPUSD Elliott Wave Analysis for 19 October 23, provides a valuable perspective on the GBPUSD currency pair. It identifies the current phase, wave 5 of C, following the completion of wave 4. Traders are advised to closely monitor the market for potential trading opportunities as wave 5 unfolds and to be aware of the specified invalidation level for risk management.
Technical Analyst Malik Awais
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 04/12/23 11:30
  • Posts

    • If you ever need advice or assistance in navigating the complexities of the mortgage market, I usually consult with Mortgage Broker Chelmsford for all my financial matters. They've been a great resource for me, and I highly recommend reaching out to experts like them for guidance.Let's hope the extension of the scheme provides some relief to first-time buyers and helps stimulate the housing market.
    • Going by what i see on the weekly TF, BTC is heading to $46-48k major price zone level. If it breaks and holds above this zone, then $51-52k is the next minor zone, since its a minor zone, BTC might rally at this zone before deciding to go all the way up or coming back down. Though, I am still mindful of the bearish flag pattern, so there is tendency that BTC could start dumping from any of this zones yah. Lets see how it plays out yah.
    • Interesting update. I also withdrew my funds from Binance and deposited it on Bitget and Bybit exchange just to be safe. Though, personally, I believe Binance will bounce back from this set back. It is no news that both CZ and Binance has contributed immense to the growth of the crypto space and continues to do so.. More so, their case is a different from FTX as you clearly stated. I am optimistic Binance is going no where, not any time soon yah.
  • Create New...