Jump to content

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


Recommended Posts

Posted

AUDJPY Elliott Wave Analysis Trading Lounge Day Chart,16 February 24

Australian Dollar / Japanese Yen(AUDJPY) Day 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 Day Chart" dated 16 February 24, provides a comprehensive examination of the Australian Dollar/Japanese Yen (AUDJPY) currency pair using Elliott Wave theory. This analysis focuses specifically on the day chart, offering insights into potential longer-term price movements for traders navigating the forex market.

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

The specified "MODE" is "Corrective," indicating that the market is currently undergoing a corrective wave. Corrective waves are essential 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 day chart on 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

 

 

5e0d11b59e592a6089c3f4d6736a167c

 

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

    • With the recent excitement in crypto markets, especially as Bitcoin continues breaking new all-time highs, it's no surprise there's been a lot of attention on DOGEGOV. Memecoins are riding this wave too, and DOGEGOV could be positioning itself as the next contender, similar to how DOGE initially surged. DOGE current market cap is already half of Solana's, and with a trading volume twice that of both BNB and SOL, it's still a leader. Since DOGEGOV came on the scene post-election, some are speculating it might challenge DOGE. Its growth has been impressive at around 150%, and with names like Elon Musk and Donald Trump connected in the buzz, it has potential. Whether it outpaces Neiro or even rivals DOGE in the long run is yet to be seen, but it's definitely worth watching. Now that it's been listed on several Centralized exchange got mine on BingX.
    • JSW STEEL – JSWSTEEL (1D Chart) Elliott Wave Technical Analysis Function: Counter Trend (Minor Degree Grey) Mode: Corrective Structure: Potential impulse within larger degree correction Position: Minute Degree is still unfolding  Details: The proposed wave structure has changed as the stock breaks below 960 mark. Minor Wave 4 Grey has also been adjusted with Wave 5 potentially complete around 1075. Only a push through 1075 will bring bulls back in control. Invalidation point: 1075 JSW STEEL Daily Chart Technical Analysis and potential Elliott Wave Counts: JSW STEEL daily chart is indicating a larger degree trend terminating at 1075 high. The Intermediate Wave (5) Orange is complete and stock prices have already turned lower towards 850 mark at a Minor degree. The stock is already trading around 932 at the time of writing. JSW STEEL had terminated Intermediate Wave (4) Orange around 520 mark in May 2022. The religious rally after than can be clearly sub divided into five waves labelled Minor Wave 1 through 5 on the daily chart. Not labelled on the daily chart yet but a larger degree correction is underway against 1075   JSW STEEL – JSWSTEEL (4H Chart) Elliott Wave Technical Analysis: Function: Counter Trend (Minor Degree Grey) Mode: Corrective Structure: Potential impulse within larger degree correction Position: Minute Degree is still unfolding Details: The proposed wave structure has changed as the stock breaks below 960 mark. Minor Wave 4 Grey has also been adjusted with Wave 5 potentially complete around 1075. Only a push through 1075 will bring bulls back in control. Also present a potential corrective drop A-B-C on the chart, where Wave C cold be progressing lower. Invalidation point: 1075 JSW STEEL 4H Chart Technical Analysis and potential Elliott Wave Counts:  JSW STEEL 4H chart indicates adjusted wave counts since Minor Wave 4 terminated around 855 mark in August 2024. The drop since 1075 high could be a Minor degree correction A-B-C or more complex pattern. At the moment bears are in control and looking to drag towards the 850 mark. Will change the proposed count if needed in our next update.     Conclusion:  JSW STEEL is producing a corrective drop at Minor Degree against 1075 high. Elliott Wave Analyst: Harsh Japee Source : Tradinglounge.com get trial here,!  
    • This reward pool looks good, i will check it out 
×
×
  • Create New...
us