Jump to content

Australian Dollar / Japanese Yen(AUDJPY) 4 Hour Chart Elliott Wave Technical Analysis 16 February 24


Recommended Posts

AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart,16 February 24

Australian Dollar / Japanese Yen(AUDJPY) 4 Hour Chart

AUDJPY Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: blue wave D of triangle

POSITION:  black wave X  

DIRECTION NEXT LOWER DEGREES: blue wave E

DETAILS:blue wave D is in play  looking near to end  . Wave Cancel invalid level: 98.594

The "AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated Australian Dollar / Japanese Yen(AUDJPY) 4 Hour Chart Elliott Wave Technical Analysis 16 February 24, provides a detailed examination of the Australian Dollar/Japanese Yen (AUDJPY) currency pair using Elliott Wave theory. This analysis is specifically focused on the 4-hour chart, offering insights into potential price movements for traders navigating the forex market.

The identified "FUNCTION" is "Counter Trend," indicating that the analysis is primarily concerned with a corrective phase within the broader market trend. This is essential information for traders looking to capitalize on countertrend opportunities or position themselves for potential trend reversals.

The specified "MODE" is "Corrective," signaling that the market is currently undergoing a corrective wave. Corrective waves are instrumental in understanding temporary price movements that deviate from the primary trend, providing traders with opportunities for strategic decision-making.

The described "STRUCTURE" is "blue wave D of triangle," suggesting that the ongoing price action is part of a larger triangular pattern. Triangles are corrective patterns characterized by converging trendlines and typically precede a continuation of the prior trend. In this case, blue wave D is highlighted as the current segment of the triangle in play.

The designated "POSITION" is "black wave X," indicating the current position within the Elliott Wave hierarchy. In the context of corrective patterns like triangles, wave X often represents a connecting wave between different legs of the correction.

Concerning "DIRECTION NEXT LOWER DEGREES," the analysis points to "blue wave E," indicating the expected direction of the next lower-degree wave. Traders can use this information to anticipate potential future price movements within the context of the larger correction.

In the "DETAILS" section, it is emphasized that "blue wave D" is currently in play and is approaching its conclusion. The analysis suggests that wave D is "looking near to end." Additionally, a critical "Wave Cancel invalid level" is specified at "98.594." This level serves as a key reference point, with a breach potentially indicating a shift in the anticipated wave count or pattern.

In conclusion, the AUDJPY Elliott Wave Analysis for the 4-hour chart on Australian Dollar / Japanese Yen(AUDJPY) 4 Hour Chart Elliott Wave Technical Analysis 16 February 24, suggests that the market is in a corrective phase, specifically within the context of a triangle. Traders are advised to closely monitor the ongoing wave D, considering its potential completion, and pay attention to the specified invalidation level at 98.594 for potential shifts in market dynamics.

Technical Analyst : Malik Awais

 

 

36211092b38681fc116aeb97d89f859c

 

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

    • As a meme fan, I have been waiting patiently for the Bull trend that happened to BTC recently to get to all the alts and so we can have what we had back then in 2021 to happen again, but time the strength of the uptrend has not been able to match up with what I am expecting and I do hope that the halving will help, but looking at the hype that is usually expected from the meme community. I don't think I'll be able to wait for the trend to resume and so I am taking more steps ahead of the game, taking up all the opportunities I believe would help the price-trend of my holdings, especially for the DOGE memes and I have found this DOGEDAY event ongoing and it really made a lot of sense to me, because if we look at how the DOGE coins have performed in the past. I believe if we can have a Bitcoin day to celebrate the first cryptocurrency, then we should be able to have a DOGEDAY too looking at the success rate of the meme and the support from the community. For me, this is something special that is worth the energy, vibes and hype and worth participating it. There are different sections to the event, which include the Twitter part, where Bitget is sharing $3,00 to those participating(https://twitter.com/bitgetglobal/status/1780495739984150962) and the telegram event, and I believe this will favour those that love to bet on the price of coins. They are sharing 100BGB tokens for this and the Discord event has a 90BGB token to be shared.  If we can have Bitcoin's day, then this DOGEDAY should be observed in all the DOGE communities and I will admonish meme lovers to observe events like this because it reflects the nature of memecoin and the hype around it.
    • Would love to grab it below 100!
×
×
  • Create New...
us