Jump to content

Euro/U.S.Dollar (EURUSD) Elliott Wave Technical Analysis 5 March 24


Recommended Posts

EURUSD Elliott Wave Analysis Trading Lounge Day  Chart, 5 March 24  

Euro/U.S.Dollar (EURUSD) Day Chart

EURUSD Elliott Wave Technical Analysis

FUNCTION: Trend  

MODE: Impulsive  

STRUCTURE: Blue wave 1  

POSITION:black wave 3  

DIRECTION NEXT LOWER DEGREES:blue wave 2    

DETAILS: black  wave 2 looking completed at 1.06985  .Now blue wave 1 of 3 is in play . Wave Cancel invalid level: 1.06985  

The "EURUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 5 March 24, offers a comprehensive analysis of the Euro/U.S. Dollar (EURUSD) currency pair using the Elliott Wave methodology. Conducted on the daily chart, this analysis aims to provide insights into the prevailing trend dynamics and potential future price movements within the broader wave structure.

The identified "FUNCTION" is "Trend," indicating a primary focus on determining and navigating the existing trend in the EURUSD pair. This suggests an emphasis on identifying and capitalizing on sustained directional movements over an extended period.

The specified "MODE" is "Impulsive," suggesting that the current market conditions are characterized by forceful and decisive price movements aligned with the overall trend. This implies a strong and sustained directional momentum in the EURUSD pair, conducive to impulsive waves.

The described "STRUCTURE" is "Blue wave 1," representing a specific phase within the Elliott Wave pattern. The analysis concentrates on the development and progression of blue wave 1, indicating a significant upward movement within the broader wave structure.

The identified "POSITION" is "Black wave 3," highlighting the current placement within the larger Elliott Wave pattern. Black wave 3 signifies a powerful phase in the upward trend of the EURUSD pair and suggests a sustained directional move.

Regarding "DIRECTION NEXT LOWER DEGREES," the focus is on "Blue wave 2." This implies an anticipation of the next corrective phase within the Elliott Wave pattern, suggesting a temporary pullback or consolidation after the completion of the impulsive black wave 3.

In the "DETAILS" section, it is noted that "Black wave 2 looking completed at 1.06985." This signifies the conclusion of a specific subwave within the Elliott Wave pattern. It further states that "Now blue wave 1 of 3 is in play," indicating the initiation of the next higher-degree wave.

The "Wave Cancel invalid level" is set at 1.06985, serving as a crucial reference point. A breach beyond this level would invalidate the current wave count, necessitating a reassessment of the analysis.

In summary, the EURUSD Elliott Wave Analysis for the daily chart on 5 March 24, emphasizes the impulsive and trending nature of the market. The analysis anticipates the continuation of the upward trend, with specific attention to the completion of sub waves and the initiation of the next higher-degree wave. The Wave Cancel invalid level at 1.06985 serves as a critical marker for potential shifts in the wave count and trend dynamics.

 

ac69668fa69d1b6973884951691940f2

 

 

EURUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 5 March 24  

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

EURUSD Elliott Wave Technical Analysis

FUNCTION: Trend  

MODE: Impulsive  

STRUCTURE: red wave 3  

POSITION:blue wave 1  

DIRECTION NEXT LOWER DEGREES:Red wave 4    

DETAILS: Red  wave 2 of 1 looking completed at 1.07958  .Now Red wave 3 of blue wave 1 is in play . Wave Cancel invalid level: 1.06985  

The "EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 5 March 24, provides a detailed analysis of the Euro/U.S. Dollar (EURUSD) currency pair using the Elliott Wave methodology. The analysis is conducted on the 4-hour chart, aiming to discern the prevailing trend dynamics and forecast potential future movements within the broader wave structure.

The identified "FUNCTION" is "Trend," indicating that the analysis primarily focuses on identifying and navigating the existing trend in the EURUSD pair. The emphasis is on capturing the directional movement of prices over a more extended period.

The specified "MODE" is "Impulsive," suggesting that the current market conditions are characterized by forceful and decisive price movements aligned with the overall trend. This implies a strong and sustained directional momentum in the EURUSD pair.

The described "STRUCTURE" is "Red wave 3," representing a specific phase within the Elliott Wave pattern. The analysis focuses on the development and progression of red wave 3, indicating a significant upward movement within the broader wave structure.

The identified "POSITION" is "Blue wave 1," signifying the current placement within the larger Elliott Wave pattern. Blue wave 1 represents a higher-degree wave, suggesting a powerful phase in the upward trend of the EURUSD pair.

Regarding "DIRECTION NEXT LOWER DEGREES," the emphasis is on "Red wave 4." This highlights the anticipation of the next phase within the Elliott Wave pattern, suggesting a corrective move after the completion of the impulsive red wave 3.

The "DETAILS" section notes that "Red wave 2 of 1 looking completed at 1.07958." This signifies the completion of a specific subwave within the Elliott Wave pattern. It further states that "Red wave 3 of blue wave 1 is in play," indicating the continuation of the upward trend and the start of the next higher-degree wave.

The "Wave Cancel invalid level" is set at 1.06985, serving as a crucial reference point. A breach beyond this level would invalidate the current wave count, necessitating a reassessment of the analysis.

In summary, the EURUSD Elliott Wave Analysis for the 4-hour chart on 5 March 24, emphasizes the impulsive and trending nature of the market. The analysis anticipates the continuation of the upward trend, with specific attention to the completion of sub waves and the initiation of the next higher-degree wave. The Wave Cancel invalid level at 1.06985 serves as a critical marker for potential shifts in the wave count and trend dynamics.

Technical Analyst : Malik Awais

 

 

f7f8aa24869aad65657c17532bb1a629

 

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

    • Yes Goldenbrown, I think you make a good point about being careful when trading.  In my opinion, only trades which are calculated to have a high probability of being correct should be placed. DAX is a market that can look daunting at first, but after a lot of study and experience with it, I have found it to be easier than the others. If you would like to see the answers to your other points, please see my IG Community Profile. Best regards.
    • Renzo leads the charge in revolutionizing staking protocols through the implementation of EigenLayer. This pioneering approach streamlines user re-staking while addressing concerns regarding operator selection and reward management. Participants stake ETH and earn APR from both native and EigenLayer restaking, receiving ezETH tokens—liquid assets for DeFi. Renzo's vision extends to interoperability across Ethereum and Layer 2 chains like Arbitrum, Linea, Mode, Base, BNB, and OKX, ensuring accessibility across diverse ecosystems.Renzo's standout feature lies in the ezETH token's appreciation over time, driven by promised APR, potentially offering superior returns. Seamlessly integrated into DeFi liquidity pools and lending protocols, ezETH provides diversified earning avenues. Compared to similar projects, Renzo distinguishes itself with its innovative liquid staking and interoperability. Supported by investments from Binance Labs and OKX Ventures, Renzo's listing on exchanges like Bitget further solidifies its significance. With 10% allocated for ETH stakers, Renzo fosters community engagement.Eager to explore how Renzo's liquid staking model stacks up against traditional staking? Let's delve into the details!"    
    • I just cheeked my positions and it is now closed. I am guessing it was a time delay between the moment when the markets closed and the moment when the position closed ( about 30 min difference) when the options was still showing as an opened position and with the next day expiry (25)
×
×
  • Create New...
us