Jump to content

U.S.Dollar/Swiss Franc(USDCHF) Day Chart Elliott Wave Technical Analysis 8 January 24

Recommended Posts

USDCHF Elliott Wave Analysis Trading Lounge Day  Chart, 8 January 24  

U.S.Dollar/Swiss Franc(USDCHF) Day Chart

USDCHF Elliott Wave Technical Analysis

Function:   Trend

Mode: corrective as wave 4  

Structure: likely zigzag

Position:  Red wave C

Direction Next Higher Degrees: black wave 5 of C

Details: blue wave 5 of 3 completed at 0.83335 . Now corrective wave 4 is in play  .  Wave Cancel invalid level: 0.88897

The "USDCHF Elliott Wave Analysis Trading Lounge Day Chart" dated 8 January 24, provides a comprehensive analysis of the U.S. Dollar/Swiss Franc (USDCHF) currency pair, utilizing Elliott Wave theory. The analysis is designed to offer insights into the prevailing market conditions and potential future movements for traders.

The identified "Function" is labeled as "Trend," indicating a focus on understanding the overarching trend in the market. The specified "Mode" is "Corrective as wave 4," suggesting that the current market movement is part of a corrective phase within the larger Elliott Wave structure. Traders are alerted to the fact that the market is currently in a corrective state.

The primary "Structure" is described as a "likely zigzag." Zigzag patterns are a common corrective structure in Elliott Wave theory, characterized by a three-wave pattern labeled A-B-C. Recognizing this structure is crucial for traders as it provides a framework for understanding the unfolding correction.

The identified "Position" is labeled as "Red wave C," signifying the current position of the market within the broader Elliott Wave count. This information helps traders contextualize the ongoing correction within the larger wave sequence.

In terms of "Direction Next Higher Degrees," the analysis points to the anticipated "black wave 5 of C," suggesting that the market is expected to resume an impulsive move after the completion of the corrective wave 4. This insight is valuable for traders to align their strategies with the expected direction of the market.

The "Details" section states that "blue wave 5 of 3" has completed at 0.83335, and the market is currently in a corrective wave labeled as "wave 4." This information guides traders in preparing for potential entry and exit points based on the corrective structure.

The "Wave Cancel invalid level" is identified as "0.88897." This level serves as a critical point at which the current wave count would be invalidated, prompting a reevaluation of the market analysis.

In summary, the USDCHF Elliott Wave Analysis for the day chart on 8 January 24, indicates that the market is currently in a corrective phase labeled as "wave 4." Traders are advised to monitor the completion of this correction and prepare for a potential impulsive move in the direction of "black wave 5 of C." The invalidation level at 0.88897 provides a reference point for assessing the accuracy of the Elliott Wave count.

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...