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By tradinglounge · Posted
British Pound/Japanese Yen (GBPJPY) Day Chart GBPJPY Elliott Wave Technical Analysis Function: Counter Trend Mode: Impulsive Structure: Gray Wave C Position: Orange Wave 4 Direction Next Higher Degree: Orange Wave 5 Details: Gray Wave B of Orange Wave 4 appears to be complete. Now, Gray Wave C of Wave 4 is unfolding. Invalidation Level: 208.092 The GBPJPY Elliott Wave analysis on the daily chart indicates a counter-trend movement within a larger impulsive structure. The current wave pattern is labeled as Gray Wave C, which signifies that the market is in the final stage of a corrective phase. The mode is impulsive, demonstrating strong momentum in the ongoing wave. This wave position, Orange Wave 4, is part of a larger degree structure that will eventually progress into Orange Wave 5. In this analysis, Gray Wave B of Orange Wave 4 is now considered complete. The market has transitioned into Gray Wave C, which is the final stage of Orange Wave 4. This indicates that the market is still in a corrective phase but is nearing the end of this correction. Once Gray Wave C is complete, the market is expected to resume its impulsive trend in Orange Wave 5. The invalidation level for this wave structure is set at 208.092. If the market exceeds this level, the current wave count will be invalidated, and a new analysis will be required to reassess the market's direction. Summary: The GBPJPY daily chart presents a counter-trend scenario, with Gray Wave C of Orange Wave 4 currently active. Gray Wave B has been completed, and the market is progressing through the final phase of correction before resuming the impulsive trend in Orange Wave 5. The wave count remains valid as long as prices stay below 208.092. British Pound/Japanese Yen (GBPJPY) 4-Hour Chart GBPJPY Elliott Wave Technical Analysis Function: Counter Trend Mode: Impulsive Structure: Navy Blue Wave 1 Position: Gray Wave C Direction Next Higher Degree: Navy Blue Wave 2 Details: Gray Wave B is considered complete. Now, Navy Blue Wave 1 of Gray Wave C is active. Invalidation Level: 208.092 The GBPJPY Elliott Wave analysis on the 4-hour chart shows a counter-trend movement, which indicates a corrective phase within a larger impulsive trend. The mode is impulsive, reflecting strong momentum in the current wave structure. The main structure in focus is Navy Blue Wave 1, which has started forming within Gray Wave C. The analysis concludes that Gray Wave B has completed, transitioning the market into Navy Blue Wave 1. This wave is part of the larger Gray Wave C and represents a crucial phase shift from the corrective Wave B to the impulsive Wave C, continuing the corrective trend on this timeframe. Looking forward, the next higher degree is Navy Blue Wave 2, which will follow after the completion of Navy Blue Wave 1. This phase will likely begin another stage in the ongoing counter-trend. Traders should expect further movement aligned with this wave structure as long as the wave count remains valid. The invalidation level is set at 208.092. If prices exceed this level, the current wave count will be invalidated, requiring a reassessment of the market direction and wave structure. Summary: The GBPJPY 4-hour chart analysis indicates the market is in a counter-trend mode with the impulsive formation of Navy Blue Wave 1 within Gray Wave C. Gray Wave B has completed, and the ongoing trend is expected to continue as long as prices remain below the 208.092 invalidation level. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with COMPUTERSHARE LIMITED. - CPU. We see CPU.ASX not ready to rally yet, there is a good chance that there will be another push lower before it really starts to move higher afterwards. ASX: COMPUTERSHARE LIMITED. - CPU 1D Chart (Semilog Scale) Analysis Function: Major trend (Minor degree, grey) Mode: Motive Structure: Impulse Position: Wave ((b))-navy of Wave 2-grey Details: Wave 1-grey has finished as a Diagonal, and wave 2-grey is unfolding to push lower, aiming for retracement targets at 50% - 61.8%, Diagonals are usually followed by deep and powerful moves. So this wave 2-grey will continue its role. And it is developing as a Zigzag, wave ((a))-navy is completed, now it is time for wave ((b))-navy to push a little higher. Invalidation point: 20.27 ASX: COMPUTERSHARE LIMITED. - CPU 4-Hour Chart Analysis Function: Counter trend (Minute degree, navy) Mode: Motive Structure: Zigzag Position: Wave ((b))-navy of Wave 2-grey Details: Looking closer, wave 1-grey has ended as a Diagonal, and wave 2-grey is unfolding to push lower. Usually, after Diagonals, price action is usually sharp and strong, so wave 2-grey will continue to push lower, aiming for targets around 24.16 - 23.18. Wave 2-grey itself is developing as a Zigzag, and its wave ((b))-navy is pushing a bit higher, circling targets at 26.5 -27.2 - 28, after which wave ((c))-navy will return and push lower. Invalidation point: 28.76 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: COMPUTERSHARE LIMITED. - CPU aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends. Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation). Source : Tradinglounge.com get trial here! Tags: #ElliottWave #Computershare #CPUASX #ASX200 #TradingLounge #ASXStocks #Stocks -
By CryptoChamp · Posted
Ethereum (ETH) has seen some significant price fluctuations lately. With a slight gain of 0.3% at press time, ETH is trading at $2,446. Investors and traders are now focusing on the ETH price prediction as market conditions remain volatile. Let's break down the key factors affecting Ethereum’s price action and what to watch for in the coming days. Recent Price Movements Ethereum’s intraday low was $2,400.51, and its high reached $2,470.91. Recent outflows of $8.19 million from Ethereum ETFs (as of October 8) are adding to the pressure. Whale Alert has reported large ETH dumps to Coinbase, increasing selling pressure. Ethereum’s current market cap stands at $294.32 billion. Facing Resistance Ethereum’s price was rejected at a key resistance level of $2,461 on Monday. This resistance zone aligns with: 50% price retracement at $2,487. The 50-day EMA around $2,546. As of Wednesday, ETH is trading slightly above $2,400 and is again approaching this crucial resistance level. What Happens If Resistance Holds? If Ethereum fails to break the $2,461 resistance, we could see a 12% decline from its current level, possibly retesting the September 6 low of $2,155. The RSI is currently at 46, signaling weakness and a continuation of the downward trend. Potential Upside If ETH breaks through the $2,461 resistance and closes above the 50-day EMA at $2,546, there is potential for further upward movement. In this scenario: ETH could rise to retest its August 25 high of $2,820. Key Support Levels to Watch Should Ethereum fail to clear the resistance and start declining, here are the support levels to monitor: Initial support sits near $2,420. Major support is found at $2,390, which also aligns with the 61.8% Fib retracement level (from the $2,310 swing low to the $2,519 high). A move below $2,390 could push prices toward $2,325. Further losses may send ETH down to $2,240. The next critical support level is at $2,120. Ethereum's price is in a tight spot, with both upside and downside possibilities. A breakout above $2,461 could spark a rally, while failing to break resistance may trigger a decline toward lower support levels. Keep an eye on these key levels as the next few days will be crucial for determining ETH’s price direction
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