AUD/USD faces challenges: Chinese GDP and Australian jobs report in spotlight
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By tradinglounge · Posted
TATA MOTORS – Daily Chart Analysis Elliott Wave Technical Analysis Function: Counter Trend (Minute degree, Navy) Mode: Motive Structure: Potential Impulse within a larger degree corrective wave Position: Minute Wave ((iii)) Navy Details: Minute Wave ((iii)) Navy progressing lower within Minor Wave 1 or A against 1145-50. Invalidation point: 1145-50 Elliott Wave Analyst: Harsh Japee TATA Motors Daily Chart Technical Analysis and Potential Elliott Wave Counts: The wave structure of TATA Motors seems to be changing since the last week's update, with the stock breaking below the 1011 interim support. An alternative scenario might be unfolding with Intermediate Wave (5) Orange now likely complete around the 1180 high. Since the lows registered in December 2022, around the 375-80 range, the stock has rallied, subdividing into an impulse. Intermediate Wave (5) might have ended, and the stock remains under control as long as it stays below 1180. The Elliott Channel resistance has remained slightly below the 1180 level. If the current wave structure holds, TATA Motors is expected to stay under 1180 and move lower towards the 850-55 zone. This movement would signify the end of Minor Wave 4, indicating a potential deeper correction ahead. TATA MOTORS – 4H Chart Analysis Elliott Wave / Technical Analysis Function: Counter Trend (Minute degree, Navy) Mode: Motive Structure: Potential Impulse within a larger degree corrective wave Position: Minute Wave ((iii)) Navy Details: Minute Wave ((iii)) Navy progressing lower within Minor Wave 1 or A against 1145-50. Target: 855 in the medium term Invalidation point: 1145-50 TATA Motors 4H Chart Technical Analysis and Potential Elliott Wave Counts: The TATA Motors 4H chart has been adjusted accordingly, indicating that Wave (5) may have terminated around the 1180 high, which was registered on July 30, 2024. Additionally, Minor Wave 5 Grey could have subdivided into five waves, leading to its termination near 1180. Minute Waves ((i)) and ((ii)) have likely completed around the 1011 and 1045-50 range, respectively. If this analysis holds, the price should drop towards the 850 level as Minute Wave ((iii)) Navy progresses, while staying below the 1145-50 range. Conclusion: TATA Motors could be moving lower within Minute Wave ((iii)) Navy of Minor Wave 1 Grey, against the 1145-50 level. Elliott Wave Analyst: Harsh Japee Source : Tradinglounge.com get trial here! -
By Cryptowarrior · Posted
The cryptocurrency market is experiencing renewed selling pressure, and Dogwifhat (WIF) has felt the impact with an 8% price drop. Futures Open Interest Decline WIF’s Futures Open Interest has dropped 10% in the past 24 hours, indicating traders are either liquidating positions or hesitant to enter new ones. Currently, 53.4% of top traders hold short positions, while 46.6% are long. Bearish Sentiment Source : Coinglass The Long/Short Ratio for WIF is at 0.87, its lowest since August 2024. A ratio below 1 signals bearish market sentiment. Market Impact This decline follows a period of recovery, emphasizing ongoing challenges for WIF. At the time of writing Dogwifhat was trading at $1.56 with 0.38 dip in last 24 hours as per coinpedia markets data. WIF’s recent performance highlights cautious trader sentiment and declining open interest. For a full price prediction and further insights, read our complete analysis below. -
By tradinglounge · Posted
CAC 40 (France) Elliott Wave Analysis Trading Lounge Day Chart CAC 40 (France) Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Gray wave 2 Position: Orange wave 3 Direction Next Higher Degrees: Gray wave 3 Details: Gray wave 1 appears completed. Now, gray wave 2 of orange wave 3 is in play. Wave Cancel Invalid Level: 7,031.04 The CAC 40 Elliott Wave analysis for the daily chart shows that the index is currently experiencing a counter-trend in a corrective mode. The structure being monitored is gray wave 2, while its position is within orange wave 3. This indicates the market is in a corrective phase before potentially resuming its next impulsive movement. Gray wave 1 seems to be complete, and gray wave 2 of orange wave 3 is now unfolding. This means the market is currently in a retracement or consolidation period, which is typical for a wave 2 under Elliott Wave theory. Once this corrective wave is finished, the index is expected to resume its upward movement in gray wave 3, within the broader context of orange wave 3. The analysis further highlights the next higher degree movement, signaling gray wave 3 after the completion of the ongoing corrective wave. This anticipated gray wave 3 would likely mark a return to a bullish trend once the correction concludes. A key point in this analysis is the wave cancellation level set at 7,031.04. Should the price drop below this level, the current wave count will become invalid, necessitating a reanalysis of the structure. However, as long as the price remains above this invalidation level, the current wave count stays intact, and the market is expected to continue progressing through gray wave 2, leading to the onset of gray wave 3. In summary, the CAC 40 is in gray wave 2 of orange wave 3. After this correction concludes, the market is likely to enter gray wave 3. The wave count remains valid unless the price falls below 7,031.04. CAC 40 (France) Elliott Wave Analysis Trading Lounge Weekly Chart CAC 40 (France) Elliott Wave Technical Analysis Function: Bullish Trend Mode: Impulsive Structure: Orange wave 3 Position: Navy blue wave 3 Direction Next Higher Degrees: Orange wave 3 (started) Details: Orange wave 2 appears completed. Now, orange wave 3 of 3 is in play. Wave Cancel Invalid Level: 7,031.04 The CAC 40 Elliott Wave analysis on the weekly chart highlights that the index is currently in a bullish trend with an impulsive mode. The analysis focuses on orange wave 3, with the current position being within navy blue wave 3. This suggests that the index is progressing through a strong upward phase, characterized by impulsive movements typical of wave 3. Based on the analysis, orange wave 2 seems to have completed, and now orange wave 3 of 3 is unfolding. This transition indicates that the market has moved out of its corrective phase and is now in an impulsive wave, pushing the index higher. The primary focus remains on the continuation of the bullish trend as orange wave 3 develops further. The next higher degree direction points to the continuation of orange wave 3, which has already begun. This suggests that upward momentum is expected to continue in the near future as the index moves through different stages of wave 3. The wave cancellation level is set at 7,031.04. If the price drops below this level, the current wave structure and bullish outlook would become invalid, requiring a reassessment of the wave count. However, as long as the index remains above this level, the impulsive wave count stays valid, and the index is expected to continue rising as orange wave 3 progresses. In summary, the CAC 40 weekly chart shows a strong bullish trend, with orange wave 3 currently in play. The index is positioned within navy blue wave 3, and as long as the price stays above 7,031.04, the impulsive upward movement is expected to continue. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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