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

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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