Jump to content

British Pound/U.S.Dollar (GBPUSD) 4 Hour Chart Elliott Wave Technical Analysis 8 December 23


Recommended Posts

GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 8 December 23

British Pound/U.S.Dollar (GBPUSD) 4 Hour Chart

GBPUSD Elliott Wave Technical Analysis

Function: Trend

Mode: impulsive

Structure: red wave 5 of 3

Position:  black wave 3

Direction;Next Higher  Degrees: red wave 5(started)

Details:red wave 4 of blue wave 3 looking completed at 1.25442 Now wave red 5 of 3 is in play . Wave Cancel invalid level: 1.25092

The "GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 8 December 23, provides a detailed analysis of the British Pound/U.S. Dollar (GBPUSD) currency pair within a four-hour timeframe. Utilizing Elliott Wave principles, the analysis aims to offer traders insights into the current market trends, corrections, and potential future movements.

The identified "Function" of the market is labeled as "Trend," emphasizing a focus on recognizing and capitalizing on the existing directional movement. This aligns with the broader goal of understanding and trading in the direction of the prevailing trend.

The market "Mode" is characterized as "impulsive," indicating a dominant phase of strong and decisive price movements. Impulsive phases are often associated with the main trend and can present lucrative trading opportunities for those looking to ride strong directional moves.

The primary "Structure" is identified as "red wave 5 of 3," providing information about the ongoing impulsive wave within the larger Elliott Wave structure. This is crucial for traders to comprehend the current phase within the broader market context.

The specified "Position" is denoted as "black wave 3," offering insights into the current wave count within the overarching Elliott Wave sequence. Understanding the current position helps traders assess the potential risk and reward of their trades.

In terms of "Direction; Next Higher Degrees," the projection is "red wave 5 (started)," indicating that the fifth impulsive wave within the larger structure has begun. This provides a forward-looking perspective for traders preparing for potential market movements.

The "Details" section highlights that "red wave 4 of blue wave 3" is considered completed at 1.25442. This suggests the end of a corrective phase within the context of the third wave, with "red wave 5 of 3" now in play, signifying a potential resumption of the overall trend.

The "Wave Cancel invalid level" is identified as "1.25092." This level is crucial as it represents a point at which the current wave count would be invalidated, prompting a reevaluation of the prevailing market conditions.

In summary, the GBPUSD Elliott Wave Analysis for the 4 Hour Chart on 8 December 23, indicates an impulsive phase labeled as "red wave 5 of 3." The analysis provides insights into the wave structure, position, expected next wave, and a crucial level for potential wave cancellation within the broader trend. Traders can leverage this information to make informed decisions aligned with the prevailing market dynamics.

Technical Analyst : Malik Awais

 

 

ab941fba99c17456dbb49f9ab17a2945

 

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

    • I overheard a discussion between two friends and one was telling the other that Bitcoin is a scam and that a lot of people preached about the halving and how people could cashout from it. The other friend was trying to convince him to continue holding his asset but he refused and replied that nothing would stop him from selling the coins he's holding.  When I heard that man mentioned cashing out from the halving, I understood that he might know about Bitcoin but he's not properly enlightened concerning it. A lot of expectations were cut short after the halving event cause most people expected Bitcoin to set a new height of $80k but then it didn't even get close to the previous all time high and have reduced below $60k currently.  I think people shouldn't get discourage by that, though I didn't experience other halvings cause I had zero knowledge about Bitcoin then but i think something similar have occurred before in one of the previous halving where Bitcoin price didn't go up as expected but later traced back and went up after some period, a lot of people might begin to panic and sell their coins but I still see this an opportunity to buy more Bitcoin and for those who are not opportuned to do so, holding is the best option, please correct me if you think am wrong  
    • S&P 500, SPY, NASDAQ 100, QQQ, RUSSELL 2000, DAX 40, FTSE 100, ASX 200. Featuring Elliott Wave Technical Analysis Elliott Wave Analysis Indices: Triple Witching Friday 21 June - SP500 and NASDAQ 100: Both indices are in Elliott Wave v of (iii) of iii) of 3 of (5) of 3) of I. The ETFs SPY and QQQ share the same pattern. - RUT (IWM), DAX, and FTSE 100: These indices are struggling to lift off lows. They may need another low to complete their corrective patterns. We are looking for long trade setups if certain levels are met. - ASX 200: Needs to develop support at 7800 to confirm an uptrend and avoid a larger Elliott Wave Triangle pattern. Trading Strategies: - Holding long positions in SP500, NASDAQ, SPY, and QQQ, which are currently the best trade positions. Video Chapters  00:00 SP 500 (SPX), SPY ETF 07:27 NASDAQ (NDX), QQQ ETF 13:39 Russell 2000 (RUT) IWM ETF 15:15 DAX 40 (DAX) 16:33 FTSE 100 UKX (UK100) 19:18 S&P/ASX 200 (XJO) 25:39 End Analyst Peter Mathers TradingLounge  
    • Non-Playable Coin (NPC) is a weird and wonderful experiment that smashes together meme culture, NFTs, and DeFi. It's like someone threw a bunch of internet trends into a blender and hit puree. But hey, that's kind of what makes it interesting. So, NPC has a massive token supply - like, a whopping 7.9 billion. That's basically the entire global population. It's like they're trying to make ownership a thing for the masses. And then there's the Meme Fungible Token (MFT), which is like a token shape-shifter. It can switch between ERC20 and ERC1155 standards, making it a flexible little beast. So, is NPC the ultimate meme coin for the NFT generation just because it got listed on Bitget? Nah, let's not get ahead of ourselves. It's an innovative project, sure, but it's not the only game in town. There are other meme coin and NFT hybrid projects worth exploring. What do you think, folks? Is NPC a brilliant mashup of memes, NFTs, and DeFi, or just a fleeting fad? Share your thoughts in the comments!"
×
×
  • Create New...
us