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By tradinglounge · Posted
RUSSELL 2000 Elliott Wave Analysis - Trading Lounge Day Chart RUSSELL 2000 Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Gray wave 3 POSITION: Orange wave 3 DIRECTION NEXT HIGHER DEGREES: Gray wave 3 (in progress) DETAILS: Gray wave 2 appears to be completed, and now gray wave 3 is active. Wave Cancel Invalid Level: 203.76 The Russell 2000 Elliott Wave analysis on the daily chart shows the market currently in an impulsive trend mode, indicating strong directional movement. The wave structure being analyzed is gray wave 3, which suggests the market is in the third and typically most dynamic phase of the Elliott Wave cycle. This phase usually follows a corrective wave and is characterized by strong price momentum. According to the analysis, gray wave 2 has completed, and gray wave 3 is now in progress. The positioning of orange wave 3 within the overall wave structure reinforces that the market is currently in an impulsive trend. This alignment of wave 3 at both the gray and orange levels signals that the upward movement is expected to continue with significant strength. The next higher degree wave direction is also gray wave 3, further supporting the overall bullish trend in the market. When multiple wave degrees are aligned in the same direction, it typically increases confidence in the continuation of the trend. Gray wave 3 is often considered one of the strongest waves in the Elliott Wave sequence, indicating that the market could see further upward movement. The analysis highlights a wave cancellation invalidation level at 203.76. This threshold is critical; if the market falls below this level, it would invalidate the current wave count, suggesting the anticipated impulsive move may not occur as projected. In summary, the Russell 2000 is in an impulsive trend on the daily chart, with gray wave 3 in progress following the completion of gray wave 2. The market is expected to continue moving upward unless the invalidation level of 203.76 is breached. RUSSELL 2000 Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Orange wave 3 POSITION: Navy blue wave 3 DIRECTION NEXT HIGHER DEGREES: Orange wave 3 (in progress) DETAILS: Orange wave 2 appears to be completed, and now orange wave 3 is active. Wave Cancel Invalid Level: 203.76 The Russell 2000 Elliott Wave analysis on the weekly chart suggests the market is currently in an impulsive trend, indicating strong directional movement. The current wave structure being analyzed is orange wave 3, which is typically a powerful and extended phase in the Elliott Wave cycle, often reflecting the continuation of the overall trend. This structure follows the completion of orange wave 2, which was a corrective phase. The analysis shows that orange wave 3 has already started, meaning the market is likely to experience upward momentum in line with the impulsive nature of this wave. The position within this broader wave structure is navy blue wave 3, which is a subwave within orange wave 3. This confirms that the upward trend is strong and in progress. The next higher degree wave direction is also orange wave 3, indicating a continuation of the impulsive movement at multiple levels. This alignment of wave counts across different degrees reinforces the probability of further market gains and a sustained bullish trend. When wave counts are aligned in the same direction across different degrees, it usually signals a robust and reliable trend. The analysis specifies a wave cancel invalidation level at 203.76. This level is critical because if the market falls below this point, the current Elliott Wave count would be invalidated, possibly signaling a reversal or shift in the market's anticipated direction. In summary, the Russell 2000 weekly chart shows an impulsive trend with orange wave 3 in progress following the completion of orange wave 2. The upward momentum is expected to continue unless the market breaches the invalidation level of 203.76. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
USDCAD Elliott Wave Analysis Trading Lounge Day Chart, U.S. Dollar / Canadian Dollar (USDCAD) Day Chart USDCAD Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Gray Wave 3 Direction Next Lower Degrees: Gray Wave 3 (started) Details: Gray wave 2 appears completed, with gray wave 3 now in progress. Wave Cancel Invalid Level: 1.39456 The daily chart analysis of USDCAD using Elliott Wave Theory shows that the market is currently in an impulsive trend mode, indicating strong price action. The wave structure currently being tracked is gray wave 3, part of an impulsive wave sequence often observed during market trends. Gray wave 2 is considered to have completed, and gray wave 3 has now initiated. Gray wave 3 typically represents the most extended and dynamic phase of the Elliott Wave cycle, signaling a strong continuation in the market's prevailing trend. This wave usually follows a corrective phase, indicating that the market is poised for a more forceful move either upward or downward, depending on the overall trend. In this scenario, gray wave 3 has already begun, suggesting that USDCAD is likely to experience a strong price movement aligned with the trend. Both the higher and lower degrees are also moving within gray wave 3, showing that multiple time frames are in alignment. This convergence strengthens the confidence in the ongoing trend, increasing the likelihood that it will persist. An invalidation level has been set at 1.39456, meaning if the price falls below this point, the current wave structure would be considered invalid. In such a case, traders may need to reassess the wave count and adjust their trading strategy accordingly. In summary, USDCAD is in gray wave 3 of an impulsive trend on the daily chart. The trend is expected to continue robustly, with the invalidation level marked at 1.39456. A break below this level would necessitate a reevaluation of the wave count. U.S. Dollar / Canadian Dollar (USDCAD) 4-Hour Chart USDCAD Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Gray Wave 3 Direction Next Lower Degrees: Gray Wave 3 (started) Details: Gray wave 2 appears completed, and gray wave 3 is now in progress. Wave Cancel Invalid Level: 1.39456 The Elliott Wave analysis of the USDCAD 4-hour chart suggests that the market is currently in an impulsive mode, indicating a strong continuation of the trend. The wave structure being tracked is gray wave 3, which marks the beginning of an aggressive move, either upwards or downwards. With gray wave 2 now completed, the market has exited the corrective phase and is advancing into gray wave 3. Gray wave 3 is recognized for its sharp, rapid movements and often represents the most powerful part of the Elliott Wave cycle. As the wave in play, it indicates that USDCAD is in a strong trend, whether to the upside or downside, depending on the overall market direction. The analysis confirms that gray wave 3 has already begun, signaling the impulsive nature of the current market condition. Traders should anticipate further price acceleration in the direction of the trend during this phase. The lower degree wave is also in gray wave 3, reinforcing the strength of the ongoing trend. The invalidation level for this wave is set at 1.39456. If the price falls below this level, the current wave structure would be invalid, which may indicate a potential trend reversal or a need to reassess the wave count. In summary, USDCAD is in the impulsive phase of gray wave 3, following the completion of gray wave 2. The market is expected to maintain its strong trend, with the invalidation level set at 1.39456, beyond which the current Elliott Wave analysis may no longer hold. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
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