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

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

U.S.Dollar /Canadian Dollar(USD/CAD) Day 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 Day Chart" dated 9 February 24, provides a comprehensive analysis of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair, employing Elliott Wave theory to discern potential market movements.

The identified "FUNCTION" is "Counter Trend," suggesting that the analysis is focused on a potential reversal or corrective move against the prevailing trend. Traders are likely exploring opportunities within the context of a countertrend scenario.

The specified "MODE" is "Impulsive," indicating that the current market structure exhibits characteristics of an impulsive wave. Impulsive waves are often associated with strong and directional price movements aligned with the dominant trend.

The "STRUCTURE" is defined as "Blue wave 5," offering insights into the current position within the Elliott Wave sequence. This suggests that the analysis is honing in on the fifth wave within the broader structure.

The "POSITION" is labeled as "Black wave C," providing information about the subwave count within the larger structure. Understanding these nested waves is essential 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 expected direction of the next lower-degree wave. This nested wave structure is pivotal for traders utilizing 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 Day Chart on 9 February 24, highlights the potential for a counter trend move with the initiation of "blue wave 5 of C." Traders are advised to closely monitor the market, especially the specified invalidation level at 1.35485, for potential shifts in market sentiment.

Technical Analyst : Malik Awais





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