Jump to content

Euro/U.S.Dollar(EURUSD) Day Chart Elliott Wave Technical Analysis 24 January 24


Recommended Posts

EURUSD Elliott Wave Analysis Trading Lounge Day  Chart, 24 January 24

Euro/U.S.Dollar(EURUSD) Day Chart

EURUSD Elliott Wave Technical Analysis

Function:  Trend

Mode: impulsive  

Structure:subwaves of black wave 3

Position: Red wave 3

Direction Next Higher Degrees: black wave 3 (may started)

Details: Blue wave C of black wave 2 looking completed at 1.08224 . Now sub waves of black wave 3 may start Wave Cancel invalid level: 1.04499

The "EURUSD Elliott Wave Analysis Trading Lounge Day Chart" for 24 January 24, delves into a detailed examination of the Euro/U.S. Dollar (EURUSD) currency pair using the Elliott Wave theory, a methodology widely employed in technical analysis.

The declared "Function" is to identify the prevalent "Trend," signifying an emphasis on understanding and leveraging the current directional movement in the market. This aligns with traders' objectives of aligning their strategies with the prevailing trend for optimal trading outcomes.

The specified "Mode" is "Impulsive," implying a phase characterized by strong and decisive market movements. In the context of Elliott Waves, impulsive waves typically consist of five sub waves, labeled 1, 2, 3, 4, 5, indicating directional strength.

The identified "Structure" involves the examination of "sub waves of black wave 3," suggesting a meticulous analysis of the internal subwave patterns within the overarching structure of black wave 3. This approach allows for a granular understanding of the ongoing trend.

The "Position" is defined as "Red wave 3," indicating the current phase within the Elliott Wave count. Black wave 3 is a subwave within the larger structure of Re wave 3.

Concerning the "Direction Next Higher Degrees," the focus is on the potential initiation of "black wave 3 (may have started)." This suggests an anticipation that the broader trend of black wave 3 might be in its early stages, indicating the possibility of sustained upward movement.

In the "Details" section, it is highlighted that "Blue wave C of black wave 2 looking completed at 1.08224." This suggests the conclusion of a corrective phase (wave 2) with the completion of blue wave C.

The "Wave Cancel invalid level" is identified as "1.04499." This level serves as a critical reference point, indicating that a breach of this level could invalidate the current wave count. This breach might prompt a reassessment of the analysis and could suggest a potential change in the anticipated market direction.

In summary, the EURUSD Elliott Wave Analysis for the Day Chart on 24 January 24, suggests an impulsive trend, with the completion of a corrective phase (wave 2) and the potential initiation of the impulsive phase of black wave 3. Traders are advised to remain vigilant, with a focus on the invalidation level at 1.04499.

Technical Analyst : Malik Awais

 

 

3438b96d83e49313b937a925c5afe7a8

 

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

    • Crypto trading is a bit complicated when it comes to understanding the dynamics in profit making. Some people are more inclined to technical analysis which of course has been the widely used trading tool but some are more inclined to fundamentals but sticking to fundamentals alone could be highly risky in my own opinion even though crypto is also financial instrument that often respond to news updates.  A blend of the two could provide a safety net for traders in minimizing losses compared to potential profit. The above case scenario is largely attributed to perp futures trading and other derivatives. TA and FA could also be very useful for spot trading but I feel timely listing of projects could largely determine one's profit from investing in a project. These may not be for all projects cos some are **** coins. This could be a personal perspective but I have noticed listing speed is also another important factor to consider along with project fundamentals when trading and if we are to include listing speed as a factor for choosing trade then it will affect our choice of trading platform cos some are more inclined to top cap projects while others are more inclined low cap gems.   My experience with ORDI has proven this trading skill rewarding. ORDI was first listed on Bitget before other exchange joined the listing party after it saw rapid adoption reflecting in it significant MCap growth. This chart should give us a glimpse of my experience with this strategy.
    • In a stunning display of market momentum, the PANDORA token, the first of its kind, has skyrocketed an astonishing 4872% from its introduction on February 2nd to February 7th. This remarkable performance has not only caught the attention of cryptocurrency enthusiasts but has also solidified PANDORA’s position as a groundbreaking asset in the digital currency landscape. Pandora's ERC-404 protocol revolutionizes the token landscape by seamlessly blending the qualities of ERC20 and ERC721 standards. This experimental mixed implementation enables persistent liquidity and non-fungibility for NFTs, unlocking a realm of possibilities previously unexplored. Adding to the excitement, Bitget Wallet is gearing up to introduce a specialized section dedicated to ERC-404 token market listings. This feature creates a hub for tokens that blend the best of both worlds—the liquidity of ERC-20s and the uniqueness of ERC-721 NFTs. I have come to believe that, the electrifying surge of PANDORA token and the innovative ERC-404 standard is not just a fleeting trend but a window into the future of cryptocurrency.
    • A significant turning point in the #PORTALxBitget collaboration is the listing of $PORTAL on Bitget through the Candybomb event, which opens up benefits and synergistic prospects like 1. Diversified Trading choices: Users now have access to a wide range of trading choices thanks to $PORTAL's listing on the exchange, including cutting-edge leveraged trading capabilities and spot trading. This gives customers the freedom to interact with $PORTAL in a way that suits their preferred level of risk and trading techniques. 2. Community Synergy: By uniting the exchange users and the pre-existing $PORTAL community, the Candybomb event stimulates community engagement. Through this synergy, a positive environment surrounding #PORTALxBitget may be developed, encouraging cooperation, information exchange, and sustained interest in the project. Could this recent collab stimulate the  stage for a fruitful and mutually beneficial relationship between #PORTAL and exchange.
×
×
  • Create New...
us