British Pound/ U.S. Dollar (GBPUSD) Forex Elliott Wave Technical Analysis
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By tradinglounge · Posted
DR REDDY S LABORATORIES – DRREDDY (1D Chart) Elliott Wave Technical Analysis Function: Counter Trend (Minor degree, Grey) Mode: Corrective Structure: Zigzag/Flat unfolding Position: Impulse drop complete at Minuette Degree. Not labelled Details: A Minuette impulse wave looks complete within Minor Wave 4 Grey against 7110-20 mark. If correct, expect slight pullback higher before turning lower again. Invalidation point: 7110-20 Dr Reddy s Laboratories Daily Chart Technical Analysis and potential Elliott Wave Counts: Dr Reddy s Laboratories daily chart is indicative of a potential correction underway towards 5600 levels as Minor Wave 4 progresses. Minor Wave 3 Grey looks complete at 7110, which was registered on August 21, 2024. Ideally, a zigzag is underway against that high. Dr Reddy s had registered a low around 2645 mark in March 2022, terminating Intermediate Wave (4) Orange. Since then, Intermediate Wave (5) is progressing and has completed Minor Waves 1 through 3. Minute Wave ((iii)) is extended as marked on the chart, terminating around 6500-10 zone. If the above proposed count is correct, Minor Wave 4 might be progressing towards 5600-10 range, the previous 4th wave of a lesser degree against 7110. Alternatively Minute Wave ((v)) is still progressing higher within Minor Wave 3 and could push above 7110-20 mark. DR REDDY S LABORATORIES – DRREDDY (4H Chart) Elliott Wave Technical Analysis Function: Counter Trend (Minor degree, Grey) Mode: Corrective Structure: Zigzag/Flat unfolding Position: Impulse drop complete at Minuette Degree. Not labelled Details: A Minuette impulse wave looks complete within Minor Wave 4 Grey against 7110-20 mark. This could be Wave (a) of a potential Zigzag. If correct, expect slight pullback higher before turning lower again. Invalidation point: 7110-20 Dr Reddy s Laboratories 4H Chart Technical Analysis and potential Elliott Wave Counts: Dr Reddy s Laboratories 4H chart is highlighting he sub waves within Minute Wave ((v)) of Minor Wave 3 and further. The above could be seen as an impulse and complete around 7110-20. Thereafter, the drop towards 6490 looks an impulse at Minuette degree. If correct, prices should ideally push higher from here towards 6790 to complete a correction, before turning lower again. Conclusion: Dr Reddy s Laboratories is progressing lower within a counter trend zigzag to terminate Minor Wave 4 Grey around 5600 levels. Once complete, the larger degree uptrend would resume higher towards 7110-20. Technical Analyst : Harsh Japee Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
Bovespa Index Elliott Wave Analysis - Trading Lounge Day Chart Bovespa Index Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Gray Wave 2 POSITION: Orange Wave 3 DIRECTION NEXT HIGHER DEGREES: Gray Wave 3 DETAILS: Gray wave 1 appears to have completed, and now gray wave 2 is currently in play. Wave Cancel Invalid Level: 123065.21 The Elliott Wave analysis for the daily chart of the Bovespa Index indicates that the market is presently in a counter-trend movement. This implies that the price is moving against the larger prevailing trend. The analysis mode is corrective, suggesting the market is undergoing a temporary retracement before continuing its primary trend. The wave structure under review is gray wave 2, part of the corrective phase. The market is currently positioned in orange wave 3, signaling that, once the corrective phase concludes, an upward move is anticipated. The next significant wave movement points toward gray wave 3, expected to be an impulsive upward movement following the completion of gray wave 2. Further details show that gray wave 1 has already been completed, with gray wave 2 currently in progress. This indicates the market is experiencing a pullback after the upward movement in wave 1. The invalidation level for this wave count is set at 123065.21. If the price falls below this level, the current analysis becomes invalid and will require revision. Conclusion: The Bovespa Index is in a corrective phase within gray wave 2 after the completion of gray wave 1. The market is expected to resume its upward trajectory once the correction ends, leading into orange wave 3 and eventually gray wave 3. This analysis remains valid as long as the price remains above 123065.21. Bovespa Index Elliott Wave Analysis - Trading Lounge Weekly Chart Bovespa Index Elliott Wave Technical Analysis FUNCTION: Bullish Trend MODE: Impulsive STRUCTURE: Orange Wave 3 POSITION: Navy Blue Wave 3 DIRECTION NEXT HIGHER DEGREES: Orange Wave 3 (Started) DETAILS: Orange wave 2 appears to have been completed, and now orange wave 3 is in progress. Wave Cancel Invalid Level: 123065.21 The Elliott Wave analysis for the weekly chart of the Bovespa Index reveals that the current market is in a bullish trend, indicating an upward direction. The analysis is in impulsive mode, meaning that the market is moving strongly in line with the main trend, showcasing momentum. The primary structure under analysis is orange wave 3, which is part of this larger bullish movement. Currently, the market is positioned in navy blue wave 3, which falls within the broader structure of orange wave 3. This confirms that the market is in an upward phase, continuing its impulsive advance. The analysis indicates that orange wave 3 has already begun and is actively unfolding, pointing to continued upward potential. The analysis further details that orange wave 2 has concluded, meaning the corrective phase has ended. The market has now entered orange wave 3, which represents a strong upward move aligned with the ongoing bullish trend. The invalidation level for this wave is set at 123065.21. If the price dips below this level, the current wave structure will become invalid and require revision. Summary: The Bovespa Index is in a bullish trend, with orange wave 3 currently in progress following the completion of orange wave 2. The market is expected to continue its upward momentum, advancing further through navy blue wave 3. This analysis remains valid as long as the price stays above 123065.21, supporting the continuation of the bullish phase. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
I reached TV's support and they say even you see it on your panel it's Australian Clients only for now...
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