U.S.Dollar /Canadian Dollar(USD/CAD) Forex Elliott Wave Technical Analysis
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By CryptoChamp · Posted
While major memecoins like Dogecoin and Shiba Inu have struggled, Floki ($FLOKI) has quietly gained 7% in recent weeks. Despite a market downturn, this rise highlights the strength behind Floki Inu price, driven by its dedicated community and smart strategies. Bullish Pennant Breakout After a strong rally earlier this year, Floki entered a period of consolidation, forming a bullish pennant pattern. This setup often signals a coming upward move. Now that the pennant has broken, many expect another bullish wave like before. What’s Fueling Floki’s Success? Floki’s community backing and new collaborations in late 2024 are driving its rise. These efforts have helped solidify its position in the memecoin market, giving it resilience in tough times. FLOKI Price Outlook for 2024 Currently, Floki is trading at 63% below its all-time high. But with ongoing developments and market shifts, it could see another surge. Predictions suggest it could hit $0.000500 by year’s end, though risks remain, with a potential low around $0.0000999. Floki’s resilience and strategic growth make it one to watch for investors looking to capitalize on the next big memecoin wave! -
By tradinglounge · Posted
Corn Elliott Wave Analysis Corn prices have experienced a notable rebound, rising approximately 14% since the late August 2024 low. This upward movement serves as a corrective phase against the broader decline that began in May 2024. While the short-term outlook suggests further upside potential, the medium-term analysis leans towards a bearish continuation, with prices expected to settle below the $475 mark. Daily Chart Analysis The prevailing bearish trend in corn began in April 2022. However, this decline appears to be corrective rather than impulsive, indicating a more complex wave structure. Unless we witness an impulsive recovery, the current upward movement is likely temporary and should reverse soon. Analyzing the price action from the April 2022 high reveals a double zigzag pattern at the cycle degree. The decline from $475 is identified as an impulse wave, specifically forming wave (A) of Y (circled) within the larger cycle wave y. The ongoing bounce is classified as wave (B) of Y (circled), which ideally needs to cap below $478 to validate the current Elliott Wave count. H4 Chart Analysis Delving into the H4 chart, the recent upward momentum appears to have completed wave A of (B). Confirmation of wave B's completion will occur if the price breaks above the wave A high. Should this happen, we can expect wave C of (B) to target the 450 level. While this short-term perspective supports a corrective bounce, it is essential to recognize that the broader bearish sequence remains incomplete. This suggests that the long-term downward trend could reassert itself following the top of wave (B). In summary, the Elliott Wave analysis of corn indicates a current corrective bounce that is likely to be short-lived. Traders should be cautious as the overall bearish trend persists, with the possibility of renewed downward movement looming as we approach critical resistance levels. Keeping an eye on wave structures and key price levels will be crucial for anticipating market shifts in the coming weeks. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
TATA STEEL – TATASTEEL (1D Chart) Elliott Wave Technical Analysis Function: Counter Trend (Minor degree, Grey) Mode: Corrective Structure: Impulse within Larger degree Zigzag Position: Minor Wave 2 Grey Details: Major top might be in place at 185 mark. Further the stock has dropped as an impulse to 142, terminating potential Minor Wave 1 Grey. Wave 2 Grey also could be complete just below 160 mark; if correct Wave 3 Grey is now underway. Alternatively, Wave 2 Grey might still push through 170 levels. Invalidation point: 185 TATA Steel Daily Chart Technical Analysis and potential Elliott Wave Counts: TATA Steel daily chart suggests a major top is in place around 185 mark on June 14, 2024. It is marked as Minor Wave 5 Grey of Intermediate Wave (5) Orange. Furthermore, the stock has carved an impulse Wave 1 Grey lower towards 142 and is unfolding potential Wave 2 Grey at the time of writing. The stock terminated its Intermediate Wave (4) Orange around 83 mark in June 2022. Since then, the rally can be sub divided in Minor Waves 1 through 5, which completed around 185 highs. Minor Wave 2 unfolded as a combination while Wave 3 was extended. If the above proposed wave structure holds well, TATA Steel is progressing within a counter trend zigzag at Minor degree at least. Also note that Minor Wave 1 is in place around 142 while Minor Wave 2 is either complete at 155 or could extend through 170 mark. TATA STEEL – TATASTEEL (4H Chart) Elliott Wave Technical Analysis Function: Counter Trend (Minor degree, Grey) Mode: Corrective Structure: Impulse within Larger degree Zigzag Position: Minor Wave 2 Grey Details: Major top might be in place at 185 mark. Further the stock has dropped as an impulse to 142, terminating potential Minor Wave 1 Grey. Wave 2 Grey also could be complete just below 160 mark; if correct Wave 3 Grey is now underway. Alternatively, Wave 2 Grey might still push through 170 levels within a Minuette (a)-(b)-(c) orange. Invalidation point: 185 TATA Steel 4H Chart Technical Analysis and potential Elliott Wave Counts: TATA Steel 4H chart reveals the recent wave count since 185 high registered in June 2024. The stock has unfolded an impulse through 142, terminating Minor Wave 1 Grey and is now progressing within Minor Wave 2 Grey. If correct, Minor Wave 3 Grey should be underway soon. Conclusion: TATA Steel is progressing within a counter trend Minor Wave 2 Grey, which could extend through 170 levels. The stock should then turn lower as Minor Wave 3 Grey resumes. Technical Analyst : Harsh Japee Source : Tradinglounge.com get trial here!
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