Bitcoin / U.S. dollar(BTCUSD) Elliott Wave Technical Analysis 13 November 23
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By tradinglounge · Posted
S&P/ASX 200 Elliott Wave Analysis Trading Lounge Day Chart, S&P/ASX 200 Elliott Wave Technical Analysis FUNCTION: Trend MODE:impulsive STRUCTURE:black wave 5 POSITION: red wave 1 DIRECTION NEXT LOWER DEGREES: red wave 2 DETAILS:black wave 4 looking completed.Now black wave 5 of 1 is in play. Wave Cancel invalid level: 7495.3 The S&P/ASX 200 Elliott Wave analysis on the daily chart focuses on identifying and following the market trend. The analysis highlights an impulsive mode, indicating that the market is currently in a strong directional movement. Impulsive waves are characterized by five-wave structures that move in the direction of the larger trend. The current structure under examination is black wave five, suggesting that the market is in the fifth and final wave of an impulsive sequence. The position within this structure is identified as red wave one, indicating the beginning phase of a new wave cycle within the larger trend. The analysis further outlines the direction for the next lower degrees as red wave two. This implies that after the completion of the current impulsive phase (black wave five), the market is expected to enter a corrective phase, typically a three-wave structure, retracing part of the impulsive move. Detailed examination indicates that black wave four appears to be completed. Consequently, the market is now engaged in black wave five of red wave one. This final wave of the impulsive sequence suggests a continuation of the current trend until the wave completes. An important aspect of the analysis is the wave cancel invalid level, set at 7491.6. If the market surpasses this level, the current wave count would be invalidated, requiring a reassessment of the wave structure and potentially indicating a change in market behavior. In summary, the S&P/ASX 200 Elliott Wave analysis on the daily chart identifies a trending and impulsive market phase within black wave five. Currently, the market is in the initial stages of red wave one, with expectations of transitioning to red wave two following the completion of the current wave. The analysis provides a crucial invalidation level to monitor, guiding traders on potential trend continuation and correction phases. S&P/ASX 200 Elliott Wave Analysis Trading Lounge weekly Chart, S&P/ASX 200 Elliott Wave Technical Analysis FUNCTION: Trend MODE:impulsive STRUCTURE:black wave 5 POSITION: red wave 1 DIRECTION NEXT LOWER DEGREES: red wave 2 DETAILS:black wave 4 looking completed.Now black wave 5 of 1 is in play. Wave Cancel invalid level: 6748.2 The S&P/ASX 200 Elliott Wave analysis on the weekly chart provides a detailed examination of the market's trend dynamics. The analysis identifies the function as following a trend, indicating that the market is currently experiencing a strong directional movement. The mode of the trend is described as impulsive, which is characterized by five-wave structures moving in the direction of the larger trend. The current wave structure being analyzed is black wave five, suggesting that the market is in the final phase of an impulsive sequence. This phase typically culminates the larger trend before a corrective phase begins. The specific position within this wave structure is identified as red wave one. This denotes the initial phase of a new wave cycle within the larger impulsive sequence. Following this, the analysis indicates the next lower degrees direction as red wave two, implying that after the completion of the current impulsive phase, the market is expected to enter a corrective phase. This phase typically involves a three-wave structure that retraces a portion of the previous impulsive move. The analysis provides detailed observations that black wave four appears to be completed. As a result, the market is currently engaged in black wave five of red wave one. This indicates that the market is in the final push of the current impulsive phase, which will likely be followed by a corrective phase. An important component of the analysis is the wave cancel invalid level, set at 6748.2. This level serves as a critical threshold. If the market exceeds this level, the current wave count would be invalidated, necessitating a reassessment of the wave structure and potentially signaling a shift in market behavior. In summary, the S&P/ASX 200 Elliott Wave analysis on the weekly chart indicates that the market is in the final phase of an impulsive trend, specifically black wave five. Currently, the market is in the early stages of red wave one, with an expectation of transitioning to red wave two after the completion of the current wave. The analysis highlights a key invalidation level to monitor, guiding traders on potential trend continuation and corrective phases. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
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By tradinglounge · Posted
Cocoa Elliott Wave Analysis Function - Counter-trend Mode - Corrective Structure - Not yet defined Position - Blue wave ‘a’ Direction - Blue wave ‘a’ is still in play Details - The wave count has been adjusted. Blue wave ‘a’ is in sub-wave (v) that could extend lower. Afterward, the price could still return upside to correct blue wave ‘a’. Same as the previous update. Since April 22nd, cocoa prices have been retracing their long-term bullish trend, shedding over 35% from their recent peak. According to the Elliott wave theory, further declines are expected, and we will explore this bearish outlook in detail. Daily Chart Analysis On the daily chart, cocoa completed an extended bullish impulse wave from the September 2022 low of 2198. This impulse wave culminated in an all-time high of 11732, marking the end of a significant upward movement. From this high, we anticipate at least a three-wave corrective decline (A-B-C pattern), if not a full five-wave impulse decline. Currently, the first leg of this corrective phase, labeled as blue wave 'a', is nearing the end of its impulse phase. This suggests that after wave 'a' concludes, a corrective blue wave 'b' will likely follow, providing a temporary upward movement. However, the overall structure points to a further decline once wave 'b' completes, leading into the downward blue wave 'c'. H4 Chart Analysis On the H4 chart, the detailed structure of blue wave 'a' is more evident. The price is currently in wave (v) of blue wave 'a', indicating the final stage of the initial impulse decline from the 11732 high. Wave (v) signifies the last leg of this downward movement, and we anticipate further extensions lower towards the 6175-4362 range before a significant bullish correction takes place. The range of 6175-4362 is critical as it represents potential support levels where the market might find temporary respite before resuming its downward trajectory. A bullish correction against the 11732 high is expected following this decline, but it will likely be short-lived within the broader bearish context. Outlook Given this outlook, unless cocoa prices rally sharply and surpass the 11732 high, the near-term outlook remains bearish. For short-term and swing traders, the recommended strategy is to sell on bounces. This approach capitalizes on minor upward corrections within the larger downtrend, allowing traders to position themselves advantageously as the market continues its descent. In conclusion, the Elliott wave analysis indicates that cocoa prices are set for further declines. The immediate focus should be on the completion of wave (v) of blue wave 'a' and the subsequent correction in blue wave 'b'. Traders should remain cautious and look for selling opportunities on upward retracements to maximize their potential gains during this bearish phase. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!
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