JP Morgan Chase & Co.(JPM:NYSE) Elliott Wave Technical Analysis 27 October 23
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By tradinglounge · Posted
CAC 40 (France) Elliott Wave Analysis Trading Lounge Day Chart CAC 40 (France) Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Gray wave 2 Position: Orange wave 3 Direction Next Higher Degrees: Gray wave 3 Details: Gray wave 1 appears completed. Now, gray wave 2 of orange wave 3 is in play. Wave Cancel Invalid Level: 7,031.04 The CAC 40 Elliott Wave analysis for the daily chart shows that the index is currently experiencing a counter-trend in a corrective mode. The structure being monitored is gray wave 2, while its position is within orange wave 3. This indicates the market is in a corrective phase before potentially resuming its next impulsive movement. Gray wave 1 seems to be complete, and gray wave 2 of orange wave 3 is now unfolding. This means the market is currently in a retracement or consolidation period, which is typical for a wave 2 under Elliott Wave theory. Once this corrective wave is finished, the index is expected to resume its upward movement in gray wave 3, within the broader context of orange wave 3. The analysis further highlights the next higher degree movement, signaling gray wave 3 after the completion of the ongoing corrective wave. This anticipated gray wave 3 would likely mark a return to a bullish trend once the correction concludes. A key point in this analysis is the wave cancellation level set at 7,031.04. Should the price drop below this level, the current wave count will become invalid, necessitating a reanalysis of the structure. However, as long as the price remains above this invalidation level, the current wave count stays intact, and the market is expected to continue progressing through gray wave 2, leading to the onset of gray wave 3. In summary, the CAC 40 is in gray wave 2 of orange wave 3. After this correction concludes, the market is likely to enter gray wave 3. The wave count remains valid unless the price falls below 7,031.04. CAC 40 (France) Elliott Wave Analysis Trading Lounge Weekly Chart CAC 40 (France) Elliott Wave Technical Analysis Function: Bullish Trend Mode: Impulsive Structure: Orange wave 3 Position: Navy blue wave 3 Direction Next Higher Degrees: Orange wave 3 (started) Details: Orange wave 2 appears completed. Now, orange wave 3 of 3 is in play. Wave Cancel Invalid Level: 7,031.04 The CAC 40 Elliott Wave analysis on the weekly chart highlights that the index is currently in a bullish trend with an impulsive mode. The analysis focuses on orange wave 3, with the current position being within navy blue wave 3. This suggests that the index is progressing through a strong upward phase, characterized by impulsive movements typical of wave 3. Based on the analysis, orange wave 2 seems to have completed, and now orange wave 3 of 3 is unfolding. This transition indicates that the market has moved out of its corrective phase and is now in an impulsive wave, pushing the index higher. The primary focus remains on the continuation of the bullish trend as orange wave 3 develops further. The next higher degree direction points to the continuation of orange wave 3, which has already begun. This suggests that upward momentum is expected to continue in the near future as the index moves through different stages of wave 3. The wave cancellation level is set at 7,031.04. If the price drops below this level, the current wave structure and bullish outlook would become invalid, requiring a reassessment of the wave count. However, as long as the index remains above this level, the impulsive wave count stays valid, and the index is expected to continue rising as orange wave 3 progresses. In summary, the CAC 40 weekly chart shows a strong bullish trend, with orange wave 3 currently in play. The index is positioned within navy blue wave 3, and as long as the price stays above 7,031.04, the impulsive upward movement is expected to continue. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
U.S. Dollar / Swiss Franc (USDCHF) – Day Chart USDCHF Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Orange Wave 2 Position: Navy Blue Wave 3 Next Lower Degree: Orange Wave 3 Details: Orange wave 1 is complete, and now orange wave 2 is in progress and nearing its conclusion. Wave Cancel Invalid Level: 0.87486 The Elliott Wave analysis for USDCHF on the daily chart shows that the market is in a counter-trend phase, moving in a corrective pattern. Currently, the structure under observation is orange wave 2, with the market positioned in navy blue wave 3. This suggests that the market is in a temporary correction before it resumes a more impulsive movement. Orange wave 1 has already been completed, and now orange wave 2 is unfolding. This correction appears to be nearing its end, indicating that the market may soon transition into orange wave 3. Once orange wave 2 completes, it is expected that the market will experience a stronger directional move, potentially continuing or reversing the current trend. The next lower degree wave, orange wave 3, is anticipated to begin following the completion of orange wave 2. Traders are closely watching this transition, as it is expected to shift the market out of its corrective phase and into a more decisive trend. This upcoming phase is critical for determining the future direction of the USDCHF. A wave cancellation level has been set at 0.87486. If the price drops to or below this level, the current wave count will be invalid, meaning the corrective wave structure will need to be reassessed. As long as the price remains above this invalidation level, the wave count holds, and the market is expected to move from orange wave 2 into orange wave 3. In summary, the USDCHF is currently in the corrective phase of orange wave 2, which is nearing its end. The next expected move is into orange wave 3, assuming the price does not fall below 0.87486. U.S. Dollar / Swiss Franc (USDCHF) – 4-Hour Chart USDCHF Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Orange Wave 2 Position: Navy Blue Wave 3 Next Lower Degree: Orange Wave 3 Details: Orange wave 1 is complete, and orange wave 2 is currently unfolding and nearing its end. Wave Cancel Invalid Level: 0.87486 The Elliott Wave analysis for USDCHF on the 4-hour chart indicates the market is moving in a counter-trend phase, operating in a corrective mode. The structure under analysis is orange wave 2, with the market positioned in navy blue wave 3, suggesting a correction within a larger trend. Orange wave 2 remains in progress. Orange wave 1 appears to have completed, and now orange wave 2 is actively developing. The analysis suggests that orange wave 2 is approaching its conclusion, indicating that the market could soon transition into orange wave 3. This next phase would likely lead to a more impulsive move, resulting in stronger directional momentum once the correction finishes. The next lower degree involves orange wave 3, which is expected to begin following the completion of orange wave 2. As the correction of orange wave 2 winds down, traders are watching for a potential impulsive wave that could take the market either higher or lower, depending on the emerging trend after the correction. A wave cancellation level is marked at 0.87486. If the price falls to or below this level, the current wave count becomes invalid, meaning the existing corrective wave structure would need to be reassessed. As long as the price remains above this level, the wave count holds, and the market is expected to move from orange wave 2 into orange wave 3. In summary, USDCHF is in a corrective phase with orange wave 2 currently unfolding. The market is nearing the end of this correction, preparing to transition into orange wave 3. The analysis remains valid unless the price falls below 0.87486. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
ASX: SOUTH32 LIMITED – S32 Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Today's Elliott Wave analysis provides an update on the Australian Stock Exchange (ASX) SOUTH32 LIMITED – S32. We observe S32 continuing to decline within the (Y)-orange wave. ASX: SOUTH32 LIMITED – S32 Elliott Wave Technical Analysis ASX: SOUTH32 LIMITED – S32 1D Chart (Semilog Scale) Analysis Function: Major trend (Minor degree, grey) Mode: Motive Structure: Impulse Position: Wave ((v))-navy of Wave A-grey Details: The ((v))-navy wave seems to be pushing lower. However, if the price rises above 3.17, it would signal that the ((v))-navy wave concluded earlier than anticipated, completing the five-wave sequence (Wave A-grey). At that point, a larger corrective wave (Wave B-grey) would unfold, pushing prices higher. Invalidation point: 3.17 ASX: SOUTH32 LIMITED – S32 Elliott Wave Technical Analysis TradingLounge (4-Hour Chart) ASX: SOUTH32 LIMITED – S32 4-Hour Chart Analysis Function: Major Trend (Minute degree, navy) Mode: Motive Structure: Impulse Position: Wave (ii)-orange of Wave ((v))-navy Details: Wave ((iv))-navy appears to have completed as an Expanded Flat. Now, Wave ((v))-navy seems to be unfolding and pushing lower. However, there is weakness in this count, with recent price action nearing the 3.17 level. Should the price exceed this point, a reassessment of the situation would be necessary. Invalidation point: 3.17 Conclusion: Our analysis and forecast for ASX: SOUTH32 LIMITED – S32 offer insights into the ongoing market trends, guiding traders on how to capitalize on these movements. We provide clear price points as validation or invalidation signals for our wave counts, strengthening confidence in our analysis. Combining these factors allows us to present an objective and professional perspective on the current market conditions. Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation). Source: Tradinglounge.com – Get your trial here!
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