Unlocking ASX Trading Success: WESTPAC BANKING CORPORATION (WBC) Stock Analysis & Elliott Wave Technical Forecast
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By tradinglounge · Posted
DOW JONES - DJI Elliott Wave Analysis (Day Chart) DOW JONES - DJI Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Orange wave 2 Position: Navy blue wave 5 Next Higher Degree Direction: Orange wave 3 Details: Orange wave 1 appears to have completed, and now orange wave 2 is active and nearing its end. The invalidation level for wave cancellation is set at 38,474.41. The DOW JONES (DJI) Elliott Wave Analysis on the day chart reveals a counter trend in progress, currently in a corrective phase. The primary structure under examination is orange wave 2, which is actively unfolding. Earlier, orange wave 1 was deemed complete, signaling the transition into the corrective stage of orange wave 2. Currently, the market is positioned within navy blue wave 5, which is a part of the larger wave structure. Expectations suggest that orange wave 2 is approaching its end. Once complete, the market is likely to shift into orange wave 3. This transition implies that, after the current correction, the index could resume a more impulsive upward movement in line with the larger wave pattern. The analysis indicates that the counter trend, which has temporarily paused the broader trend, is almost complete. The next significant move is projected to be an upward shift as the market transitions into orange wave 3. This phase is expected to continue the long-term bullish outlook for the DOW JONES index. Key Technical Levels: The wave cancel invalidation point is set at 38,474.41. If the market drops below this level, the current Elliott Wave structure will be invalid, requiring a reevaluation of the wave count and market position. Summary: The DOW JONES is nearing the end of a corrective phase, with orange wave 2 expected to finish soon. The next anticipated movement is the continuation of the bullish trend as orange wave 3 begins. This suggests potential upward momentum for the index following the current correction. DOW JONES - DJI Elliott Wave Analysis (Weekly Chart) DOW JONES - DJI Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Navy blue wave 5 Position: Gray wave 1 Next Lower Degree Direction: Gray wave 2 Details: Navy blue wave 4 appears completed, and now navy blue wave 5 is underway. The invalidation level for wave cancellation is set at 38,474.41. The DOW JONES (DJI) Elliott Wave Technical Analysis on the weekly chart suggests that the market is in a trending phase, characterized by an impulsive mode. The primary structure is navy blue wave 5, which indicates the continuation of the upward trend, with the market currently positioned in gray wave 1. This suggests that the current upward movement is part of the larger wave structure. Navy blue wave 4 is considered complete, and navy blue wave 5 is now unfolding. This phase points to further upward movement following the completion of wave 4. The current position within gray wave 1 signals the beginning of a new impulsive wave, though gray wave 2, a corrective phase, is expected to follow after the current upward movement. The anticipated gray wave 2 will bring a temporary correction before the potential resumption of the bullish trend. The analysis identifies a key invalidation level at 38,474.41. If the market drops below this point, the current Elliott Wave structure would be invalid, requiring a reassessment of the wave count and market outlook. However, as long as the market stays above this level, the upward trend within navy blue wave 5 is likely to continue. Summary: The DOW JONES index is in a bullish trend, currently moving within navy blue wave 5, following the completion of wave 4. The market is positioned in gray wave 1, with gray wave 2 expected to follow as a corrective phase. The invalidation level is 38,474.41, and remaining above this level supports the continuation of the upward trend. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
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By tradinglounge · Posted
AUDUSD Elliott Wave Analysis Trading Lounge Day Chart, Australian Dollar/U.S. Dollar (AUDUSD) AUDUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Orange wave 2 Position: Navy blue wave 1 Next Higher Degree Direction: Orange wave 3 Details: Orange wave 1 is completed, and now orange wave 2 is in progress and nearing its conclusion. Wave Cancel Invalidation Level: 0.63494 The AUDUSD Elliott Wave Analysis on the Day Chart indicates that a corrective counter trend is currently in motion. The main structure being observed is orange wave 2, which is actively unfolding. Before this, orange wave 1 was marked as complete, leading into the development of wave 2. The analysis suggests that orange wave 2 is approaching its end, which will pave the way for the next market movement phase: orange wave 3. The market’s current position is within navy blue wave 1, marking the early stages of the overall Elliott Wave pattern. As orange wave 2 nears completion, the next expected movement is the initiation of orange wave 3, which is aligned with the higher-degree trend. In this corrective phase, the market is undergoing a retracement or consolidation period before resuming the broader impulsive trend, represented by orange wave 3. The critical invalidation level for the wave structure is noted at 0.63494. If the market drops below this point, the current wave configuration would be invalidated. Overall, the chart points to the near completion of the corrective wave 2 phase and anticipates the start of wave 3, potentially continuing the upward trend in AUDUSD. AUDUSD Elliott Wave Analysis Trading Lounge 4-Hour Chart, Australian Dollar/U.S. Dollar (AUDUSD) AUDUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Orange wave 2 Position: Navy blue wave 1 Next Higher Degree Direction: Orange wave 3 Details: Orange wave 1 is completed, and now orange wave 2 is in play and nearing its end. Wave Cancel Invalidation Level: 0.63494 The AUDUSD Elliott Wave analysis on the 4-hour chart highlights a counter-trend move within a corrective mode. The current structure being tracked is orange wave 2, which follows the completion of orange wave 1. The wave position is now at navy blue wave 1, indicating that the market is in a corrective phase. The next higher-degree movement is anticipated to bring orange wave 3. After the completion of the current orange wave 2, the market is expected to move into a new impulsive upward phase as part of orange wave 3. The analysis shows that orange wave 1 has already finished, and orange wave 2 is now nearing completion. The key invalidation level to watch is set at 0.63494. If the market drops below this point, it would invalidate the current wave count and require a reassessment of the market's wave structure. Until then, it is expected that once orange wave 2 completes, the market will shift into an upward trend with the development of orange wave 3. In summary, the AUDUSD 4-hour chart shows the market in a corrective phase within a counter-trend, with orange wave 2 nearing its end. Afterward, orange wave 3 is expected to take control, leading to upward price movement. The invalidation level of 0.63494 is crucial for traders to monitor, as a break below this level would negate the current wave structure. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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