Jump to content

British Pound/ Australian Dollar (GBPAUD) Elliott Wave Technical Analysis 8 March 24


Recommended Posts

GBPAUD Elliott Wave Analysis Trading Lounge Day Chart, 8 March 24  

British Pound/ Australian Dollar (GBPAUD) Day Chart

GBPAUD Elliott Wave Technical Analysis

FUNCTION: Counter Trend      

MODE: Corrective      

STRUCTURE:Blue wave B      

POSITION: Black wave 2      

DIRECTION NEXT HIGHER  DEGREES:blue wave C      

DETAILS: blue wave B of 2 is in play , after that Wave C of black wave 2 will start  . Wave Cancel invalid level: 1.99747      

The GBPAUD Elliott Wave Analysis for the daily chart on 8 March 24, provides a comprehensive view of the potential price movements in the British Pound/Australian Dollar currency pair. Employing Elliott Wave principles, the analysis aims to discern the unfolding patterns and project likely future trends.

The specified "FUNCTION" is "Counter Trend," signaling an approach that seeks to capitalize on corrective movements against the prevailing trend. This indicates an expectation of a temporary reversal or retracement in the market.

The identified "MODE" is "Corrective," suggesting that the market is currently in a corrective phase characterized by price adjustments rather than a strong, impulsive trend. Corrective phases often involve sideways or counter-trend movements.

The described "STRUCTURE" is "Blue wave B," which is part of a larger corrective pattern. Blue wave B represents an upward correction within the broader Elliott Wave count.

The specified "POSITION" is "Black wave 2," indicating the current placement within the overarching Elliott Wave structure. Black wave 2 typically represents a correction within the primary uptrend.

Regarding "DIRECTION NEXT HIGHER DEGREES," the analysis emphasizes "Blue wave C," anticipating an additional corrective wave following the completion of blue wave B. This implies a potential continuation of the counter-trend move.

In the "DETAILS" section, it is mentioned that "blue wave B of 2 is in play," indicating the current development of the correction. The analysis notes that after the completion of blue wave B, "Wave C of black wave 2 will start."

The "Wave Cancel invalid level" is set at 1.99747. This level serves as a crucial reference point, and a breach beyond it would invalidate the current wave count, prompting a reassessment of the analysis.

In summary, the GBPAUD Elliott Wave Analysis for the daily chart on 8 March 24, underscores a counter-trend corrective strategy. The focus is on the ongoing development of blue wave B within the broader corrective structure, with an anticipation of the initiation of Wave C of black wave 2. The Wave Cancel invalid level at 1.99747 is identified as a key level for monitoring potential shifts in the wave count and trend dynamics.

 

452a6616e8354bf22ddff8549b7c3ebd

 

 

GBPAUD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 8 March 24  

British Pound/ Australian Dollar (GBPAUD) 4 Hour Chart

GBPAUD Elliott Wave Technical Analysis

FUNCTION: Counter Trend      

MODE: Corrective      

STRUCTURE:Blue wave B      

POSITION: Black wave 2      

DIRECTION NEXT HIGHER  DEGREES:blue wave C      

DETAILS: blue wave B of 2 is in play , after that Wave C of black wave 2 will start  . Wave Cancel invalid level: 1.85875      

The GBPAUD Elliott Wave Analysis for the 4-hour chart on 8 March 24, provides insights into the potential market dynamics of the British Pound/Australian Dollar currency pair. The analysis utilizes Elliott Wave principles to interpret price movements and identify possible future trends.

The "FUNCTION" specified in the analysis is "Counter Trend," indicating a strategic approach that seeks to capitalize on corrective movements against the prevailing trend. This suggests an expectation of a temporary reversal or retracement.

The identified "MODE" is "Corrective," signifying that the market is currently in a phase characterized by price adjustments rather than a strong, impulsive trend. Corrective phases often involve sideways or counter-trend movements.

The described "STRUCTURE" is "Blue wave B," which is part of a larger corrective pattern. Blue wave B represents an upward correction within the broader Elliott Wave count.

The specified "POSITION" is "Black wave 2," indicating the current placement within the overarching Elliott Wave structure. Black wave 2 typically represents a correction within the primary uptrend.

Regarding "DIRECTION NEXT HIGHER DEGREES," the focus is on "Blue wave C," suggesting an anticipation of an additional corrective wave following the completion of blue wave B. This implies a potential continuation of the counter-trend move.

In the "DETAILS" section, it is mentioned that "blue wave B of 2 is in play," indicating that the correction is currently unfolding. The analysis notes that after the completion of blue wave B, "Wave C of black wave 2 will start."

The "Wave Cancel invalid level" is set at 1.85875. This level serves as a critical reference point, and a breach beyond it would invalidate the current wave count, prompting a reassessment of the analysis.

In summary, the GBPAUD Elliott Wave Analysis for the 4-hour chart on 8 March 24, highlights a counter-trend corrective strategy. The focus is on the unfolding of blue wave B within the broader corrective structure, with an eye on the potential initiation of Wave C of black wave 2. The Wave Cancel invalid level at 1.85875 is identified as a key level for monitoring potential shifts in the wave count and trend dynamics.

 

74d74e3627a6a3d4dd8d5700f6bc8597

 

Technical Analyst : Malik Awais

 

 

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

    • Certain centralised platforms have been very intentional about creating wealth for its users to this end CEXs like Bitget have built certain frameworks to aid this adequately.  Through the instrument of its launch pool, it lets users earn massive APR thus providing a good ground for wealth creation. The performance of some of the launchpool projects lends credence to this, the likes of $ENA, $ZKF $GRAPE and a host of others generated good APRs.  In an almost similar exactitude as the launchpool, the PoolX is the new framework that lets users earn by staking $BGB and $USDT to mine other tokens on the platform. From the products Bitget have brought forth it is safe to say the platform is playing a worthwhile part in wealth creation to every crypto enthusiast around the globe.  Personally, I have participated in these and i will say they are worthwhile opportunities to make fortunes off of, i will advise you jump on it too anon.
    • Certain centralised platforms have been very intentional about creating wealth for its users to this end CEXs like Bitget have built certain frameworks to aid this adequately.  Through the instrument of its launch pool, it lets users earn massive APR thus providing a good ground for wealth creation. The performance of some of the launchpool projects lends credence to this, the likes of $ENA, $ZKF $GRAPE and a host of others generated good APRs.  In an almost similar exactitude as the launchpool, the PoolX is the new framework that lets users earn by staking $BGB and $USDT to mine other tokens on the platform. From the products Bitget have brought forth it is safe to say the platform is playing a worthwhile part in wealth creation to every crypto enthusiast around the globe.  Personally, I have participated in these and i will say they are worthwhile opportunities to make fortunes off of, i will advise you jump on it too anon.
    • For example, look at today's 15/04/24,  DAX (Germany) 40 chart action. I predicted that the market would take off up from the very start and have a positive morning.
×
×
  • Create New...
us