Jump to content

U.S.Dollar /Canadian Dollar(USD/CAD) Day Chart Elliott Wave Technical Analysis 26 January 24


Recommended Posts

USD/CAD Elliott Wave Analysis Trading Lounge Day Chart, 26 January 24

U.S.Dollar /Canadian Dollar(USD/CAD) Day Chart

USD/CAD Elliott Wave Technical Analysis

FUNCTION:   Counter Trend

MODE: impulsive  

STRUCTURE: Elliot wave 5 of C

POSITION: black wave C

DIRECTION NEXT LOWER DEGREES :blue wave 5 (started)

DETAILS: blue  wave 4 looking  completed at 1.35428 . Now blue wave 5 of C is in play . Wave Cancel invalid level:1.35349

The "USD/CAD Elliott Wave Analysis Trading Lounge Day Chart" for 26 January 24, delves into the technical analysis of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair using the Elliott Wave theory, a methodology widely employed for forecasting market trends.

The analysis categorizes the market's "Function" as "Counter Trend," implying that the focus is on potential corrective movements against the primary trend. This suggests an expectation of a temporary reversal within the overarching downtrend.

The "Mode" is described as "Impulsive," indicating that the current market phase involves forceful and directional price movements. Impulsive waves are often characterized by five-wave structures, representing the strong directional move.

The "Structure" is specified as "Elliott Wave 5 of C," suggesting the wave count within the broader Elliott Wave pattern. In Elliott Wave theory, Wave 5 is typically the final phase of the sequence, marking the last leg of the current trend.

The "Position" is identified as "black wave C," indicating the current wave within the Elliott Wave count. Black wave C is a subwave within the larger context of the Elliott Wave structure.

In terms of the "Direction Next Lower Degrees," the analysis highlights "blue wave 5 (started)," which suggests that within the broader Elliott Wave 5 of C, the subwave of blue wave 5 has commenced. This is crucial for understanding the potential trajectory of the ongoing movement.

The "Details" section notes that "blue wave 4 looking completed at 1.35428." This signifies the end of a corrective phase within the Elliott Wave count. Furthermore, the analysis points out that "blue wave 5 of C is in play," indicating the initiation of the next impulsive phase.

The "Wave Cancel invalid level" is specified as "1.35349." This level serves as a critical reference point, indicating that a breach of this level could invalidate the current wave count. Such levels are essential for risk management and decision-making in trading.

In summary, the USD/CAD Elliott Wave Analysis for the Day Chart on 26 January 24, indicates an impulsive counter-trend movement, with blue wave 5 of C in progress. Traders are advised to closely monitor the market, with a focus on the invalidation level at 1.35349.

Technical Analyst : Malik Awais

 

 

0a2eae3590a3fb7b5ee0bc0d14eb9e3e

 

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

    • I'm intrigued by NADA Protocol's vision of integrating blockchain technology into the gaming experience. The prospect of owning and trading in-game items through NFTs adds an exciting dimension to gameplay, offering real rewards and enhancing immersion. The marketplace controlled by the NADA token seems promising, providing a platform for users to engage in trading activities within the gaming ecosystem. I'm optimistic about NADA's potential to carve a niche for itself in the competitive gaming world, especially with its focus on creating a fun and economically rewarding gaming environment. Looking forward to exploring this new gaming frontier!
    • I see DIMO's innovative platform as a game-changer in the automotive industry, offering a new level of connectivity and transparency. With DIMO, I can envision having access to valuable vehicle data that can enhance my driving experience and provide me with insights into the car's condition. This not only makes the car-buying process easier but also instills confidence in the vehicle's history and performance. Moreover, the listing of DIMO's native token on Bitget exchange is exciting news as it will create more exposure for the project, potentially leading to further advancements and adoption in the automotive space.    
    • The growth trajectory and innovative approach of Autonolas are indeed impressive, signaling its potential to disrupt both the crypto and AI sectors. With its unique blend of off-chain services and AI capabilities, Autonolas has positioned itself as a key player in the evolving landscape. Furthermore, the listing of its utility token OLAS on Bitget exchange, coupled with a favorable price trend and deposit rebate, adds to the project's appeal and growth prospects. Exciting times ahead for Autonolas and its investors.
×
×
  • Create New...
us