Jump to content

Euro/U.S.Dollar(EURUSD) Day Chart Elliott Wave Technical Analysis 23 November 23

Recommended Posts

EURUSD Elliott Wave Analysis Trading Lounge Day  Chart, 23 November 23

Euro/U.S.Dollar(EURUSD) Day Chart

EURUSD Elliott Wave Technical Analysis

Function:  Counter Trend

Mode: corrective  

Structure:black wave A of Y

Position: wave 2/B

Direction Next lower Degrees: black wave A(started)

Details:blue  wave C of Y of X looking completed at 1.09661  , Now black wave A of Y may start  . Wave Cancel invalid level: 1.12748

The "EURUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 23 November 23, provides a comprehensive examination of the Euro/U.S. Dollar (EURUSD) currency pair using Elliott Wave theory. This analysis is conducted on a daily chart, offering a broader perspective on the market's movements.

The identified "Function" in this analysis is labeled as "Counter Trend," indicating a focus on potential corrective movements against the prevailing trend. The market is assessed to be in a "Corrective" mode, suggesting that the current price action may be part of a corrective pattern within the larger Elliott Wave structure.

The specific "Structure" under scrutiny is denoted as "Black wave A of Y." This signifies a detailed analysis of a sub-wave within the broader Elliott Wave structure, particularly the first wave of a potentially larger cycle.

The designated "Position" is clarified as "Wave 2/B." This indicates that the analysis is centered around the second corrective wave of the broader Elliott Wave structure, providing insights into the potential completion of the current correction.

Concerning the "Direction; Next Lower Degrees," the analysis points to "Black wave A (started)." This implies an expectation of a downward movement at a lower degree within the overarching Elliott Wave structure, suggesting a potential initiation of a bearish phase.

In terms of "Details," the report notes that "blue wave C of Y of X looking completed at 1.09661, Now black wave A of Y may start." This suggests a focus on the completion of a corrective phase (blue wave C) and the potential commencement of the next impulsive wave (black wave A). The "Wave Cancel invalid level" is set at 1.12748, providing a critical reference point.

A breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.

In summary, the EURUSD Elliott Wave Analysis on the daily chart indicates a potential counter-trend movement, with a focus on the completion of a corrective phase and the initiation of the next impulsive wave. The analysis provides traders with valuable insights for medium-to-long-term decision-making.

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
  • image.png

  • Posts

    • Hi KoketsoIG, Thank you for the clarification on that. Cheers
    • Dear @millennium_falcon, Hey there! Thank you for reaching out. Just a heads-up, you can only have one API key for each environment, either live or demo. No third API key can be created.  Thanks, KoketsoIG
    • To clarify my understanding. From my Usecase, I have three separate programs all operating interdependently from one another. A program to subscribe to tic data on a number of Epics via the LightStream API, another to grab historic on a number of Epics via the REST API, and finally another to manage positions via the REST API. I need to do this on my demo account initially to get API code stabilized. The IG website specifically says that I need separate API key for each distinct program connecting to IG over REST or LightStream. So in my understanding it looks like I need three API keys all for the demo account. Am I missing something or have I misunderstood how to use these API keys? I am aware of the API request limits and this is why I assumed you need a key per program. Currently I have one API key for the demo account and cannot seem to add more keys to the demo account? I have looked at the FAQ and cannot see an answer for my query.
  • Create New...