Australian Dollar / Japanese Yen(AUDJPY) 4 Hour Chart Elliott Wave Technical Analysis 17 January 24

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AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart,17 January 24

Australian Dollar / Japanese Yen(AUDJPY) 4 Hour Chart

AUDJPY Elliott Wave Technical Analysis

Function: Counter Trend

Mode: impulsive  

Structure: blue wave 3 of C

Position:  black wave C

Direction Next Lower Degrees: blue wave 3(started)

Details:blue wave 2  looking completed at 97.813 .Now blue wave 3 may start . Wave Cancel invalid level: 97.804.

The "AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 17 January 24, provides a detailed analysis of the Australian Dollar/Japanese Yen (AUDJPY) currency pair using the Elliott Wave theory on a four-hour timeframe. This analysis aims to decipher potential market movements with a specific focus on a counter-trend scenario.

The declared "Function" is identified as "Counter Trend," indicating that the analysis is focused on potential movements against the prevailing trend. Counter-trend analyses are crucial for traders looking to identify reversal points or corrective phases in the market.

The specified "Mode" is characterized as "Impulsive," suggesting that the market is exhibiting strong, directional movements. Impulsive phases are typically characterized by strong, swift price movements, making them essential for traders to identify potential trading opportunities.

The primary "Structure" is described as "Blue wave 3 of C," indicating that the current analysis is situated within the context of a larger Elliott Wave count. The Elliott Wave theory posits that financial markets move in repetitive patterns or waves, and the analysis is currently focusing on the development of the third wave within the larger corrective structure labeled C.

The identified "Position" is labeled as "Black wave C," suggesting that the current impulsive move (Blue wave 3) is part of a larger corrective pattern labeled as Black wave C. Corrective structures often consist of multiple sub-waves, and understanding their progression is crucial for traders.

In terms of "Direction Next Lower Degrees," the analysis points to the anticipated "Blue wave 3 (started)." This implies that, following the completion of the current corrective structure (Blue wave 2), the next impulsive move (Blue wave 3) is expected to begin.

The "Details" section notes that "blue wave 2 looking completed at 97.813." This suggests that the corrective wave labeled as Blue wave 2 likely concluded near the mentioned price level.

The "Wave Cancel invalid level" is identified as "97.804." This level serves as a critical 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 AUDJPY Elliott Wave Analysis for the 4-hour chart on 17 January 24, suggests that the market is in a counter-trend scenario, with the completion of a corrective wave (Blue wave 2) and the potential start of the next impulsive move (Blue wave 3). Traders are advised to monitor the progression of the impulsive move and consider the invalidation level at 97.804.

Technical Analyst : Malik Awais