Jump to content

U.S.Dollar /Canadian Dollar(USD/CAD) 4 Hour Chart Elliott Wave Technical Analysis 24 October 23


Recommended Posts

USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 24 October 23
 
U.S.Dollar /Canadian Dollar(USD/CAD) 4 Hour Chart
USD/CAD Elliott Wave Technical Analysis
Function:   Counter Trend
Mode: impulsive as C of flat
Structure: Flat
Position: black wave 2
Direction Next Higher Degrees:Black wave 3  
Details:  red wave 3 of blue wave C of Flat  starts . Wave Cancel invalid level : 1.37865
 
The USD/CAD Elliott Wave Analysis for the 4-hour chart on 24 October 23, offers valuable insights into the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair. This analysis helps traders understand potential market dynamics and trading opportunities.
 
The function is labeled as "Counter Trend," indicating that the current price movement is against the prevailing trend. This suggests a possible reversal or correction in the market, making it essential information for traders.
 
The "impulsive" mode implies that the counter-trend move is strong and powerful, potentially leading to significant price changes. This makes it a crucial area of interest for traders, especially those looking for short- to medium-term opportunities.
 
The analysis focuses on the "C of flat" structure, highlighting a specific phase within the broader market structure. Understanding this wave pattern is essential for traders seeking potential trend reversals or corrections.
 
The report indicates that "red wave 3 of blue wave C of Flat starts." This signals the beginning of a new impulsive phase, which could lead to notable price movements. Recognizing this transition is vital for traders, as it offers potential trading opportunities.
 
The "Wave Cancel invalid level: 1.37865" serves as a critical reference point. It indicates the level at which the described wave structure would be invalidated, suggesting a change in market dynamics.
 
In summary, the USD/CAD Elliott Wave Analysis for 24 October 23, provides significant insights into the USD/CAD currency pair. The commencement of red wave 3 of blue wave C of Flat is a key point of focus. Traders should closely monitor the market for potential trading opportunities, while also keeping an eye on the provided invalidation level to manage risk effectively.
 
Forex23.thumb.png.7e0881dadf097c3825495e6e7e50a243.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

    • Is there any update on A Dividend Reinvestment Plan ?    Thanks  
    • How Merlin Is Addressing Bitcoin Scalability With A Unique Layer 2 Approach If you've been around the crypto world for a while, you're likely familiar with the limitations of Bitcoin's Layer 1 and its scalability issues. Over time, we've seen various innovative proposals like Wormhole's unique approach to address these limitations. In this context, Merlin Chain caught my attention. It's a project that aims to tackle Bitcoin's scalability challenges by offering a Layer 2 solution built on the ZK-Rollups model. This translates to faster and cheaper transactions while maintaining security through a decentralized oracle network with anti-fraud measures. Developed by the well-established Bitmap Tech team, Merlin Chain boasts a market cap exceeding $500 million. Their key objective has always been to empower existing Bitcoin assets by enabling them to interact seamlessly on the Layer 2 network. I believe backing from 20+ prominent VC firms like OKX Ventures and ViaBTC suggests confidence in Merlin Chain's future. MERL was launched as the first token on Bitget's pre-market trade platform and had a commendable price action. Is Merlin Chain's Layer 2 solution a long-term solution to this issue? Let's hear your candid opinions in the comments section below! Cheers! #Bitcoin #btc #halving #transactions #merlin #merl #bitget #web3 #wormhole
    • As the crypto sector undergoes transformation, Asia emerges as a formidable player alongside the established giants of the US and Europe. With significant investments and a growing user base, the region's potential for dominance is unmistakable. Leading this movement is Dubai, pioneering crypto adoption with its favorable regulations, attracting crypto exchanges focused on the region. A standout in this field is Bitget, Asia's largest web3 wallet provider, boasting a user base of over 19 million. Through regular events, Bitget cultivates community engagement, recognizing and rewarding the trust and loyalty of its users. One such event, the ongoing "Bitget Super Savings," offers over $20,000 worth of hot tokens across various categories, providing users with an opportunity to enrich their crypto portfolios. For those in South Asia, Bitget extends an invitation to participate in this ongoing event. Seize the chance to earn free hot tokens before the event concludes on April 26th. Good luck!
×
×
  • Create New...
us