Jump to content

U.S.Dollar /Canadian Dollar(USD/CAD) Day Chart Elliott Wave Technical Analysis 15 January 24

Recommended Posts

USD/CAD Elliott Wave Analysis Trading Lounge Day  Chart, 15 January 24

U.S.Dollar /Canadian Dollar(USD/CAD) Day Chart

USD/CAD Elliott Wave Technical Analysis

Function:   Counter Trend

Mode: Corrective  

Structure: likely zigzag in wave 4

Position: C of X

Direction Next Lower Degrees:blue wave 5 of C

Details: Blue wave 4 is in play , after that 5 of C expected. Wave Cancel invalid level:1.36274

The "USD/CAD Elliott Wave Analysis Trading Lounge Day Chart" dated 15 January 24, provides a comprehensive examination of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair using Elliott Wave analysis on a daily timeframe. The analysis focuses on understanding potential market movements, emphasizing corrective structures within the broader trend.

The identified "Function" is labeled as "Counter Trend," suggesting that the analysis is primarily concerned with evaluating corrective movements against the prevailing trend. Counter-trend analysis is crucial for traders seeking opportunities in market retracements or reversals.

The specified "Mode" is characterized as "Corrective," indicating that the current market phase is corrective in nature. Corrective waves involve price movements against the primary trend and are crucial for understanding potential reversals or retracements.

The primary "Structure" is described as a "likely zigzag in wave 4," indicating that the current corrective pattern is possibly forming a zigzag structure within the broader Elliott Wave count. Recognizing specific wave patterns is essential for traders to anticipate potential price movements accurately.

The identified "Position" is labeled as "C of X," signaling that the market is currently within a complex corrective structure labeled as C of X. Complex corrections often involve multiple sub-waves and can provide challenging but rewarding trading opportunities.

In terms of "Direction Next Lower Degrees," the analysis points to the anticipated "blue wave 5 of C." This signifies that, following the completion of the current corrective structure (C of X), the subsequent move is expected to be an impulsive wave labeled blue wave 5 of C.

The "Details" section notes that "Blue wave 4 is in play," indicating that the market is currently within the corrective phase of the broader Elliott Wave count. After the completion of blue wave 4, the expectation is for blue wave 5 of C.

The "Wave Cancel invalid level" is identified as "1.36274." This level serves as a crucial reference point, and if the market surpasses this level, it would invalidate the current wave count, prompting traders to reassess their analysis and potentially indicating a change in the anticipated market direction.

In summary, the USD/CAD Elliott Wave Analysis for the daily chart on 15 January 24, suggests that the market is currently undergoing a corrective phase (C of X), with a likely zigzag structure in wave 4. The anticipated direction for the next lower degree is blue wave 5 of C. Traders are advised to monitor the progression of the corrective wave and consider the invalidation level at 1.36274.

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

    • I'm intrigued by NADA Protocol's vision of integrating blockchain technology into the gaming experience. The prospect of owning and trading in-game items through NFTs adds an exciting dimension to gameplay, offering real rewards and enhancing immersion. The marketplace controlled by the NADA token seems promising, providing a platform for users to engage in trading activities within the gaming ecosystem. I'm optimistic about NADA's potential to carve a niche for itself in the competitive gaming world, especially with its focus on creating a fun and economically rewarding gaming environment. Looking forward to exploring this new gaming frontier!
    • I see DIMO's innovative platform as a game-changer in the automotive industry, offering a new level of connectivity and transparency. With DIMO, I can envision having access to valuable vehicle data that can enhance my driving experience and provide me with insights into the car's condition. This not only makes the car-buying process easier but also instills confidence in the vehicle's history and performance. Moreover, the listing of DIMO's native token on Bitget exchange is exciting news as it will create more exposure for the project, potentially leading to further advancements and adoption in the automotive space.    
    • The growth trajectory and innovative approach of Autonolas are indeed impressive, signaling its potential to disrupt both the crypto and AI sectors. With its unique blend of off-chain services and AI capabilities, Autonolas has positioned itself as a key player in the evolving landscape. Furthermore, the listing of its utility token OLAS on Bitget exchange, coupled with a favorable price trend and deposit rebate, adds to the project's appeal and growth prospects. Exciting times ahead for Autonolas and its investors.
  • Create New...