Market update: US dollar forecast, eyes on Q4 GDP - analysis of EUR/USD, USD/JPY, GBP/USD setups
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By tradinglounge · Posted
GX Uranium ETF (URA) Elliott Wave Analysis Function - Counter trend Mode - Corrective Structure - Zigzag for 4. Impulse for (A) Position - Wave 4 of (A) Direction - Wave 5 of (A) Details - Price continues to circle the 30 major level. We can now consider the blue wave ‘4’ of the primary degree to be a triangle Elliott wave pattern. Primary wave ’5’ (blue) is favored to break above 32.5. The GX Uranium ETF, a specialized exchange-traded fund (ETF), has been meticulously designed to capitalize on opportunities within the uranium industry. Uranium, a fundamental element in the production of nuclear energy, serves as the cornerstone of this ETF's investment strategy. By focusing on companies deeply entrenched in the uranium sector, ranging from miners to producers and exploration firms, the GX Uranium ETF aims to offer investors a conduit to the burgeoning potential of this industry. Over the past three months, spanning from February to April of 2024, the GX URA ETF has demonstrated a lateral movement in its price action. However, preceding this phase, the ETF embarked on a robust upward trajectory commencing from March 2023, and extending until the onset of February 2024. Remarkably, during this period, the ETF surged by an impressive 77%, only to encounter a sharp downturn, followed by a consolidation phase near the pivotal 30 major level. A discerning analysis of the daily chart unveils a compelling narrative of bullish momentum characterized by an impulse wave originating from July 2022. This bullish wave culminated in the completion of the third leg, denoted as the primary degree wave 3 (circled blue). Presently, the ETF finds itself ensconced within a lateral movement since the 1st of April, which corresponds to the emergence of the fourth wave, identified as the primary degree wave 4 (circled blue). This consolidation phase, while seemingly stagnant, portends an imminent breakout, heralding the resumption of the bullish trend and the charting of fresh highs for the year 2024. Zooming in on the H4 chart, the primary degree wave 4 appears to be nearing the culmination of a triangle pattern. Notably, the low of wave (C) serves as the critical level of invalidation, situated at 28.01. Unless the price breaches this crucial threshold, the prevailing bullish sentiment retains its potency, poised to propel the ETF towards its next peak after the completion and subsequent breakout of the triangle pattern, potentially targeting the 32.59 high. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
GBPAUD Elliott Wave Analysis Trading Lounge Day Chart, British Pound/ Australian Dollar (GBPAUD) Day Chart GBPAUD Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE Blue wave 😄 POSITION:black wave 2 DIRECTION NEXT HIGHER DEGREES:black wave 3 DETAILS: red wave C of B looking completed , now blue wave C of 2 is in play . Wave Cancel invalid level: 1.99747 The GBPAUD Elliott Wave Analysis for the Day Chart offers insights into the ongoing corrective movements in the British Pound/Australian Dollar (GBPAUD) pair. This analysis details the current wave structure and provides key information for traders seeking to understand potential trend reversals or continuations. ### Function The analysis describes the function as "Counter Trend," suggesting that the current market movement opposes the broader trend. This is a critical indication for traders who may be considering short-term trades within a larger trend context. ### Mode The mode is categorized as "Corrective," which indicates that the current wave pattern is part of a larger correction phase. Corrective waves tend to be more complex and less directional, often comprising various sub-waves that challenge the prevailing trend. ### Structure The structure is identified as "Blue wave C," indicating that the market is in the final stages of a corrective phase. This phase often precedes a shift in trend direction or the start of a new impulse wave sequence. ### Position The position within the wave structure is described as "black wave 2." This indicates that the current corrective wave is nearing completion, signaling that a new wave sequence, possibly an impulse wave, might be forming. ### Direction for the Next Lower Degrees The expected direction for the next lower degrees is "black wave 3." This suggests that after the current corrective phase, there could be a strong impulse wave, leading to significant directional movement in the market. ### Details The details section provides a deeper look into the current phase of the wave structure. According to the analysis, red wave C of B is considered completed, signaling the end of this specific wave sequence. Now, blue wave C of 2 is in play, indicating that the final corrective wave is unfolding. The "Wave Cancel invalid level" is set at 1.99747, which is a crucial reference point. If the price crosses this level, the current wave structure could be invalidated, suggesting a different interpretation. In summary, the GBPAUD Elliott Wave Analysis for the Day Chart indicates a counter-trend movement with a corrective mode. The red wave C of B is complete, and the blue wave C of 2 is now in play. The analysis points to a potential shift in market trends, with the invalidation point set at 1.99747. This analysis serves as a guide for traders looking to navigate the corrective phase and anticipate future market trends. GBPAUD Elliott Wave Analysis Trading Lounge 4 Hour Chart, British Pound/ Australian Dollar (GBPAUD) 4 Hour Chart GBPAUD Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: impulsive STRUCTURE Blue wave 😄 POSITION:black wave 2 DIRECTION NEXT LOWER DEGREES:black wave 3 DETAILS: red wave C of B looking completed , now blue wave C of 2 is in play . Wave Cancel invalid level: 1.90459 The GBPAUD Elliott Wave Analysis for the 4-Hour Chart provides insights into the counter-trend movements within the Elliott Wave framework. It outlines the expected wave structures, mode, and invalidation points, indicating areas of potential trend reversal or continuation. ### Function The analysis specifies the function as "Counter Trend," suggesting that the current market movement is in opposition to the prevailing broader trend. This information is useful for traders looking to identify corrective phases where reversals or minor trends occur. ### Mode The mode is described as "impulsive," indicating that the market movements are characterized by strong momentum and rapid shifts within the defined wave structure. This behavior is typical during phases where trends exhibit clear directionality. ### Structure The structure is defined as "Blue wave C," indicating that the analysis is observing the final wave in a corrective sequence. The completion of this wave generally leads to the beginning of a new cycle or a reversal in trend direction. ### Position The position within the wave structure is "black wave 2." This position signifies a pivotal point within a broader corrective phase, indicating that a new wave sequence might be forming or in progress. ### Direction for the Next Lower Degrees The expected direction for the next lower degrees is "black wave 3," suggesting that the analysis anticipates a significant shift toward a new impulse wave in the broader trend. This can lead to a strong directional movement in the market. ### Details The details offer a more in-depth look at the current phase of the wave structure. The red wave C of B is observed to be completed, signaling the end of a specific wave sequence. Now, the blue wave C of 2 is currently in play, suggesting that the final stages of this corrective structure are unfolding. The "Wave Cancel invalid level" is set at 1.90459, which is a crucial point for validating or invalidating the current wave structure. Crossing this level would suggest a different interpretation of the Elliott Wave structure. In summary, the GBPAUD Elliott Wave Analysis for the 4-Hour Chart points to a counter-trend movement with an impulsive mode. The analysis indicates that red wave C of B has concluded, leading to blue wave C of 2. This shift suggests that the market is nearing the end of the corrective phase, with an invalidation point at 1.90459. The analysis provides a roadmap for traders seeking to understand the current phase and anticipate future market movements. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
ASX: REA GROUP LTD – REA Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with REA GROUP LTD – REA. We identified that wave 2-red may have just ended, and wave 3-red could push much higher. ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis ASX: REA GROUP LTD – REA 1D Chart (Semilog Scale) Analysis Function: Major trend (Minor degree, red) Mode: Motive Structure: Impulse Position: Wave 3-red Details: The short-term outlook suggests that the 2-red wave appears to have recently completed as a Double Zigzag correction, and the 3-red wave may be ready to push higher. Further upward movement would confirm this outlook. Invalidation point: 140.50 ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis TradingLounge (4- Hour Chart) ASX: REA GROUP LTD – REA Elliott Wave Technical Analysis ASX: REA GROUP LTD – REA 4-Hour Chart Analysis Function: Major trend (Minuette degree, purple) Mode: Motive Structure: Impulse Position: Wave (iii)-purple Details: The near-term outlook suggests that the 2-red wave has concluded in the form of a Double Zigzag pattern at the low of 172.49, allowing for the possibility of the 3-red wave to resume and push higher. Currently, it is subdivided into the (i) and (ii)-purple waves, and it appears that the (ii)-purple wave has recently ended. The (iii)-purple wave may now be unfolding to push higher. Invalidation point: 172.49 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: REA GROUP LTD – REA aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends. Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation). Source : Tradinglounge.com get trial here!
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