Jump to content

Euro/U.S.Dollar(EURUSD) 4 Hour Chart Elliott Wave Technical Analysis 7 February 24


Recommended Posts

EURUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 7 February 24

Euro/U.S.Dollar(EURUSD) 4 Hour Chart

EURUSD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: blue wave 1

POSITION: Black wave 3

DIRECTION NEXT HIGHER DEGREES: blue wave 1 (started)

DETAILS: blue wave y of 2 looking completed at 1.07132 . Now blue wave 1 of 3 looking started . Wave Cancel invalid level: 1.04499

The "EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 7 February 24, provides a comprehensive Elliott Wave Technical Analysis for the Euro/U.S. Dollar (EURUSD) currency pair.

The identified "FUNCTION" is "Trend," indicating that the analysis is oriented towards understanding and trading in the direction of the prevailing market trend. This suggests a focus on potential opportunities aligned with the broader upward movement in the market.

The specified "MODE" is "Impulsive," implying that the current market structure is exhibiting characteristics of an impulsive wave. Impulsive waves are typically associated with strong, directional price movements in the direction of the prevailing trend.

The "STRUCTURE" is defined as "Blue wave 1," signaling that the market is in the early stages of a new impulsive wave. This is a key element for traders using Elliott Wave principles to anticipate and capitalize on directional moves.

The "POSITION" is labeled as "Black wave 3," indicating the current position within the broader wave count. Black wave 3 is particularly significant, as third waves are often the longest and most powerful within the Elliott Wave sequence.

In terms of "DIRECTION NEXT HIGHER DEGREES," the analysis points to "Blue wave 1 (started)," suggesting that the broader Elliott Wave count anticipates the initiation of a significant upward movement.

The "DETAILS" section highlights that "blue wave y of 2" is considered completed at 1.07132. The analysis now indicates that "blue wave 1 of 3" has started, signaling the potential beginning of a strong upward impulse.

The "Wave Cancel invalid level" is specified as "1.04499." 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 EURUSD Elliott Wave Analysis for the 4 Hour Chart on 7 February 24, suggests an impulsive structure with the initiation of blue wave 1 of 3. Traders are advised to closely monitor the market dynamics, especially the specified invalidation level at 1.04499, for potential shifts in the market sentiment.

Technical Analyst : Malik Awais

 

 

731fcaa4345b36b9620b0ae52ffa5dc7

 

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

    • Coffee Elliott Wave Analysis Function - Counter-Trend Mode - Correction Structure - Double Zigzag for blue Y Position - Wave C of (B) Direction - Wave C of (B) is still in progress Details - We recounted Coffee on all time frames. However, we expect the commodity to ascend after completing the zigzag wave (B) around the Fibonacci reversal zone of 212.9-203.9. Invalidation level is at 192.30. Coffee Elliott Wave Analysis Overview: In the long term, Coffee prices have been on a bullish run since October 2023. Despite several pullbacks, each previous top has been consistently breached. The last top was made in April 2024 at 245.5, followed by a decline to 192.3 within three weeks, extending to May 7th. Notable recoveries started from there. However, prices have yet to breach 245.5 to confirm the continuation of the bullish sequence from October 2023.   Daily Chart Analysis: Since January 2023, a double zigzag structure has been unfolding. Wave W (circled) finished on April 18th at 245.5, and the corresponding wave X (circled) was completed at 192.3 on May 7th, where wave Y (circled) began. Wave (A) of Y appears to have concluded with the impulse surge to the current peak in June 2024. Prices are now correcting into wave (B). If wave (B) completes above 192.3, buyers should gain the advantage to push prices higher, especially above the 245.5 top.   H4 Chart Analysis: On the H4 chart, wave (B) is subdividing into a zigzag structure, potentially completing around the 212.9-203.9 Fibonacci zone before turning upside in wave (C) above 245.5. Alternatively, prices might move sideways between the 245.5 and 192.3 extremes, suggesting a triangle structure for wave X (circled).   Summary: In conclusion, Coffee prices remain bullish with potential for further gains, contingent on the completion of the current corrective wave (B). Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!  
    • I have not tried AI for analysis; it is exciting to me, but unclear. It would be interesting to see some kind of training video with an example of use.
    • Thank you for the in-depth and detailed analysis with the graph.
×
×
  • Create New...
us