Jump to content

U.S.Dollar /Canadian Dollar(USD/CAD) 4 Hour Chart Elliott Wave Technical Analysis 9 February 24


Recommended Posts

USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 9 February 24

U.S.Dollar /Canadian Dollar(USD/CAD) 4 Hour Chart

USD/CAD Elliott Wave Technical Analysis

FUNCTION:   Counter Trend

MODE: impulsive  

STRUCTURE: blue wave 5  

POSITION: black wave C

DIRECTION NEXT LOWER DEGREES:blue wave 5 (started)

DETAILS: red wave Y of blue wave 4 looking completed at 1.35485. Now blue wave 5 of C is in play . Wave Cancel invalid level:1.35485

The "USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 9 February 24, delves into the intricacies of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair using Elliott Wave analysis, a method that seeks to understand market movements in terms of recurring wave patterns.

The identified "FUNCTION" is "Counter Trend," indicating that the analysis is focused on a potential reversal or corrective move against the prevailing trend. This suggests that traders may be exploring opportunities in the context of a counter trend move.

The specified "MODE" is "Impulsive," revealing that the current market structure displays characteristics of an impulsive wave. Impulsive waves are typically associated with strong and directional price movements that align with the dominant trend.

The "STRUCTURE" is defined as "Blue wave 5," providing insight into the current position within the Elliott Wave sequence. This indicates that the analysis is honing in on the fifth wave within the larger structure.

The "POSITION" is labeled as "Black wave C," giving traders information about the subwave count within the broader structure. Understanding these nested waves is crucial for Elliott Wave analysts seeking to identify potential turning points.

In terms of "DIRECTION NEXT LOWER DEGREES," the analysis points to "Blue wave 5 (started)," indicating the anticipated direction of the next lower-degree wave. This nested wave structure is key for traders employing Elliott Wave principles.

The "DETAILS" section notes that "red wave Y of blue wave 4" is considered completed at 1.35485. This suggests that a potential reversal or continuation of the larger structure may be in progress, with "blue wave 5 of C" now in play.

The "Wave Cancel invalid level" is specified as "1.35485." This level serves as a critical reference point, and a breach of this level may prompt a reassessment of the current wave count and market trajectory.

In summary, the USD/CAD Elliott Wave Analysis for the 4 Hour Chart on 9 February 24, suggests a potential counter trend move with the initiation of "blue wave 5 of C." Traders are advised to monitor the market closely, particularly the specified invalidation level at 1.35485, for potential shifts in the market sentiment.

Technical Analyst : Malik Awais

 

 

1adc1de3198f3cb96939bfa48a41bb01

 

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

    • Ever feel like you're stuck in crypto traffic? Slow transactions and outrageous fees are the bane of using blockchains like Ethereum at their core (Layer 1). These networks can only handle a limited number of transactions per second, causing major congestion during peak hours. The result? Frustratingly slow processing and expensive fees for users.   But wait, there's hope! Layer 3 rollups are here to revolutionize the game. Imagine them as express lanes built on top of existing bypass roads (Layer 2 solutions). Layer 2 already helps by alleviating some of the traffic on the main highway (Layer 1). Layer 3 rollups take it a step further, adding dedicated express lanes to these bypass roads for super-fast processing. This innovative approach tackles Layer 1's congestion by distributing the workload across multiple layers, ultimately leading to faster, cheaper, and more scalable blockchain applications.   While specific layer 3 implementations are still under development, some projects are paving the way. Immutable X (IMX token) built on StarkNet (a Layer 2 scaling solution) and dYdX (DYDX token), a decentralized exchange on StarkNet, are both exploring layer 3 rollups to achieve even smoother transactions. Keep an eye out for zkLink Nova, a major player in the scalability game. This cutting-edge technology leverages the strengths of existing solutions to deliver groundbreaking performance. Backed by leading crypto institutions with over $23 million invested in the zkLink ecosystem, zkLink Nova is generating serious buzz ahead of its ZKL token listing on Bitget. Get ready for a smoother ride on the crypto highway!
    • Well, I didn't mine $PIXFI but I was able to make good profit from Bitget Poolx. 
    • This partnership further shows Bitget continuous passion for massive crypto adoption 
×
×
  • Create New...
us