Market update: US dollar in holding pattern; key tech setups on EUR/USD, USD/JPY, GBP/USD
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By tradinglounge · Posted
TXN Elliott Wave Analysis Trading Lounge Daily Chart, Texas Instruments Inc., (TXN) Daily Chart TXN Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Minor 3 DIRECTION: Upside in Minor 3. DETAILS: Looking for at least equality of 3 vs. 1 as upside target, to eventually turn into an ABC in the worst of scenarios. TXN Elliott Wavse Analysis Trading Lounge 4Hr Chart, Texas Instruments Inc., (TXN) 4Hr Chart TXN Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave {ii} of 3. DIRECTION: Upside in {iii}. DETAILS: Looking for acceleration in wave {iii}, with closing volume on Friday suggesting a bullish move to the upside. This detailed Elliott Wave analysis focuses on Texas Instruments Incorporated (TXN) as observed in both the daily and 4-hour charts on May 6, 2024. Our analysis aims to provide investors and traders with actionable insights into the stock’s current trends and potential future movements. *TXN Elliott Wave Technical Analysis – Daily Chart* The daily chart for TXN reveals that the stock is currently in an impulsive, motive wave pattern, identified as Minor wave 3. This suggests a strong upward trend, indicating potential for significant gains. The analysis targets at least equality between wave 3 and wave 1, pointing towards a robust upside potential. In less favorable scenarios, this movement might evolve into an ABC correction pattern, but the primary expectation remains bullish. * TXN Elliott Wave Technical Analysis – 4H Chart* Diving deeper into the 4-hour chart, TXN is positioned in Wave {ii} of Minor 3, forecasting an upcoming surge in Wave {iii}. The closing volume on the previous trading day (Friday) indicated a significant bullish sentiment, which aligns with expectations for an acceleration in Wave {iii}. This provides an excellent setup for traders looking to capitalize on the next upward move. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
Cocoa Elliott Wave Analysis Function - Counter-trend Mode - Corrective Structure - Not yet defined Position - Blue wave ‘a’ Direction - Blue wave ‘b’ Details - Bearish impulse from the top appears to have completed the last leg. The current bounce for blue wave ‘b’ can extend toward the 10,000 key resistance. Cocoa, after reaching an all-time high, has undergone a substantial decline, marking its most significant price drop since September 2022. This descent signals a pivotal shift in market sentiment, hinting at further downward movement in the ensuing weeks. However, amidst this bearish momentum, there exists the possibility of a temporary rebound, potentially leading to a retest of the crucial 10,000 major level. In this comprehensive analysis, we aim to delve into both the long-term and medium-term trajectory of this commodity. Examining the daily chart reveals a remarkable rally of over 420% from its September 2022 low of 2198 to achieve a fresh all-time high through an evident impulse wave. Before this surge, the price exhibited sideways movement for approximately six months. Presently, the ongoing decline from the peak appears to be forming the culmination of an impulse wave on the H4 charts. Consequently, we anticipate the emergence of either a continuation of this downward impulse or, at the very least, a corrective 3-wave pullback, potentially manifesting as a flat or zigzag pattern, with the latter being the more probable scenario. On the H4 chart, the impulse from the all-time high seems to be nearing completion with wave (v). Alternatively, it's plausible that the current upward movement could be part of wave (v), suggesting that the impulse for blue wave ‘a’ may extend further downwards. Regardless, it is anticipated that following this impulse, a corrective bounce for blue wave ‘b’ will likely occur, possibly reaching the 10,000 mark or its vicinity, before the subsequent downward impulse unfolds. The intensity of the third leg of this pattern will play a decisive role in determining whether a zigzag (blue wave ‘c’) or an impulse (blue wave ’3’) materializes from the peak. Should the third leg terminate at or before the 161.8% Fibonacci extension level, particularly around the 100% mark, the likelihood of a zigzag pattern increases. Conversely, if the extension surpasses the 161.8% threshold, the probability of an impulse wave strengthens. The latter scenario portends a deeper sell-off compared to the former, indicating the potential for a more pronounced downward movement in the market. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
NZDUSD Elliott Wave Analysis Trading Lounge Day Chart, New Zealand Dollar/U.S.Dollar(NZDUSD) Day Chart NZDUSD Elliott Wave Technical Analysis FUNCTION: Trend MODE: impulsive STRUCTURE: red wave 3 POSITION: blue wave 1 DIRECTION NEXT HIGHER DEGREES: red wave 4 DETAILS red wave 2 of 1 looking completed at 0.58748, now red wave 3 of 1 is in play . Wave Cancel invalid level: 0.58748 The NZD/USD Elliott Wave Analysis for the Day Chart provides a technical examination of the New Zealand Dollar against the U.S. Dollar, focusing on Elliott Wave patterns to predict market trends and determine key levels of market movement. This analysis encompasses the function, mode, structure, position, and key details relevant to understanding the current market phase. ### Function The function is identified as "Trend," suggesting that the broader market movement is expected to continue in a general direction, likely upward, with the use of Elliott Wave theory to guide this interpretation. ### Mode The mode is described as "impulsive," indicating that the current structure is part of a larger upward momentum, typically consisting of five sub-waves. This pattern suggests that the market is currently experiencing a drive toward higher levels, with minor corrective phases along the way. ### Structure The structure is categorized as "red wave 3," signifying that this is the third wave within a broader Elliott Wave pattern. Impulsive structures, like wave 3, often represent the strongest and most directional phases of a trend. ### Position The position within the structure is "blue wave 1," indicating that the current pattern represents an initial upward thrust in the broader trend. This implies that the market has resumed its upward trajectory following the completion of "red wave 2 of 1," suggesting a continuation of the overall impulsive trend. ### Direction for the Next Higher Degrees The direction for the next higher degrees is "red wave 4," indicating that after the completion of "red wave 3," a smaller corrective phase is anticipated, followed by further upward movement. ### Details The details section highlights that "red wave 2 of 1" is either completed or very close to completion at a level of 0.58748, suggesting that the corrective phase has concluded. With "red wave 3 of 1" currently in play, the market is expected to continue its upward momentum. The Wave Cancel invalid level is set at 0.58748, indicating that a move below this level would invalidate the current wave structure, necessitating a re-evaluation of the Elliott Wave pattern. In summary, the NZD/USD Elliott Wave Analysis for the Day Chart indicates an impulsive upward trend, with "red wave 3 of 1" leading the current movement. The analysis suggests that this wave will continue its upward trajectory, with a subsequent correction in "red wave 4" before resuming its broader trend. The Wave Cancel invalid level at 0.58748 is a critical point for determining if the current trend remains valid. NZDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, New Zealand Dollar/U.S.Dollar(NZDUSD) 4 Hour Chart NZDUSD Elliott Wave Technical Analysis FUNCTION: Trend MODE: corrective STRUCTURE: black wave 2 POSITION: red wave 3 DIRECTION NEXT HIGHER DEGREES: black wave 3 DETAILS black wave 1 of 3 looking completed at 0.60486, now black wave 2 of 3 is in play . Wave Cancel invalid level: 0.58748 The NZD/USD Elliott Wave Analysis for the 4-Hour Chart provides insights into the market behavior of the New Zealand Dollar against the U.S. Dollar, using the Elliott Wave theory to identify patterns, trends, and key market levels. This summary focuses on the overall function, mode, structure, and position within the Elliott Wave cycle, while emphasizing crucial details that define the current market situation. ### Function The function of the current wave pattern is classified as "Trend," indicating that the overall market direction is part of a broader Elliott Wave sequence. This suggests that the trend is generally upward, with corrections occurring within this larger trend. ### Mode The mode is described as "corrective," indicating that the ongoing wave structure represents a period of consolidation or retracement within a broader impulsive trend. Corrective waves typically consist of three sub-waves and suggest a temporary pullback before the trend resumes. ### Structure The structure is identified as "black wave 2," indicating that the current corrective wave is part of a larger Elliott Wave pattern. This implies that the trend is undergoing a pause or consolidation phase after the completion of "black wave 1." ### Position The position within the structure is "red wave 3," suggesting that the broader trend is experiencing a corrective phase, but with an overall upward direction. This indicates that "red wave 3" has completed its initial phase, with "black wave 2" currently in play. ### Direction for the Next Higher Degrees The direction for the next higher degrees is "black wave 3," indicating that once the current corrective phase completes, the trend is expected to continue its upward momentum. ### Details The details section specifies that "black wave 1 of 3" appears to have completed at 0.60486, indicating that the initial impulsive wave of the broader trend has ended. Currently, "black wave 2 of 3" is in play, suggesting a corrective or sideways movement before the trend resumes. The Wave Cancel invalid level is set at 0.58748, indicating that if the market price drops below this level, the existing wave structure may be invalidated, suggesting a possible shift in market direction. In summary, the NZD/USD Elliott Wave Analysis for the 4-Hour Chart indicates a broader upward trend with a temporary corrective phase (black wave 2 of 3). This phase is expected to end soon, with a continuation of the impulsive trend. The Wave Cancel invalid level at 0.58748 serves as a critical threshold, guiding further analysis and adjustments to the Elliott Wave structure if breached. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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