Jump to content

British Pound/ Australian Dollar(GBPAUD) 4 Hour Chart Elliott Wave Technical Analysis 1 February 24


Recommended Posts

GBPAUD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 1 February 24
British Pound/ Australian Dollar(GBPAUD) 4 Hour Chart
GBPAUD Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: impulsive as A
STRUCTURE :red wave 5 of A
POSITION: black wave 2
DIRECTION NEXT LOWER DEGREES:blue wave B of 2
DETAILS: red wave 4 of A completed , now red wave 5 of blue wave A is in play . Wave Cancel invalid level: 1.99748
The "GBPAUD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated February 1, 2024, provides a comprehensive analysis of the British Pound/Australian Dollar (GBPAUD) currency pair, focusing on the 4-hour chart and utilizing Elliott Wave Technical Analysis.
 
The identified "FUNCTION" is "Counter Trend," indicating that the analysis is geared towards identifying potential movements against the prevailing trend. This suggests a focus on counter trend trading opportunities, which can be crucial for traders looking to capitalize on corrective waves.
 
The specified "MODE" is "Impulsive as A," signifying that the current wave count is part of an impulsive movement within the context of a larger corrective structure. This information is valuable for understanding the character of the market movement.
 
The "STRUCTURE" is labeled as "Red wave 5 of A," providing insight into the specific wave count within the Elliott Wave framework. This indicates that the analysis is zooming into a particular degree of wave counts within the corrective structure labeled as "A."
 
The "POSITION" is defined as "Black wave 2," suggesting the current position within the broader wave count. This likely implies that the impulsive movement identified is part of a larger corrective structure labeled as "2."
 
In terms of "DIRECTION NEXT LOWER DEGREES," the analysis points to "Blue wave B of 2," anticipating the movement in the next lower degree of wave count. This suggests an expected correction following the completion of the current impulsive wave.
 
Regarding "DETAILS," it mentions that "red wave 4 of A completed," indicating the completion of a corrective wave and the initiation of a new impulsive movement, specifically "red wave 5 of blue wave A."
 
The "Wave Cancel invalid level" is specified as "1.99748." This serves as a crucial reference point, and a breach of this level could potentially invalidate the current wave count, signaling a shift in the anticipated market movements.
 
In summary, the GBPAUD Elliott Wave Analysis for the 4-hour chart on 1 February 24, 2024, suggests an ongoing impulsive movement (red wave 5 of A) following the completion of a corrective wave (red wave 4 of A). Traders are advised to closely monitor the market, particularly the invalidation level at 1.99748.
 
Technical Analyst Malik Awais
 
 
 
 
Forex24(2).thumb.png.6c6713c8875b89185b8b3209f847f810.png
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