Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart Elliott Wave Technical Analysis 6 February 24

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AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 6 February 24

Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart

AUDUSD Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: blue wave Y of 2

POSITION: Red wave 3

DIRECTION NEXT HIGHER DEGREES: black wave 3

DETAILS:blue wave X of B looking completed at 0.66268 . Now blue wave Y of B is in play and looking near to end . Wave Cancel invalid level: 0.62707

The "AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 6 February 24, offers a detailed Elliott Wave Technical Analysis of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair.

The identified "FUNCTION" is "Counter Trend," signaling a strategic approach that goes against the prevailing trend. Traders adopting this analysis may be exploring potential reversal opportunities or corrective movements rather than aligning with the dominant market direction.

The specified "MODE" is "Corrective," indicating that the current market structure is likely part of a corrective pattern. Corrective waves often involve price retracements or sideways movements that correct the preceding trend.

The "STRUCTURE" is defined as "Blue wave Y of 2," providing insight into the specific wave within the broader Elliott Wave framework. This level of detail is crucial for traders employing Elliott Wave principles to grasp the intricacies of the market movement.

The "POSITION" is labeled as "Red wave 3," denoting the current position within the broader wave count. Red wave 3 is significant as it represents a major wave degree and is part of the larger Elliott Wave hierarchy.

In terms of "DIRECTION NEXT HIGHER DEGREES," the analysis points to "Black wave 3." This suggests that, despite the current corrective structure, the broader expectation is for a resumption of the downtrend with the development of black wave 3.

The "DETAILS" section highlights that "blue wave X of B" is considered completed at 0.66268. The market is now anticipated to be in the early stages of "blue wave Y of B," which is described as "in play and looking near to end." This implies an expectation of the completion of the corrective structure.

The "Wave Cancel invalid level" is specified as "0.62707." This level serves as a critical reference point, and any breach of this level may prompt a reevaluation of the current wave count and market outlook.

In summary, the AUDUSD Elliott Wave Analysis for the 4 Hour Chart on 6 February 24, suggests a corrective structure with the expectation of completing blue wave Y of B. Traders are advised to closely monitor the market dynamics, especially the specified invalidation level at 0.62707, for potential shifts in the market sentiment.

 

Technical Analyst : Malik Awais