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By tradinglounge · Posted
USDJPY Elliott Wave Analysis - Trading Lounge Day Chart U.S. Dollar / Japanese Yen (USDJPY) Day Chart USDJPY Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Navy blue wave 2 Position: Gray wave 1 Direction Next Lower Degrees: Navy blue wave 3 Details: Navy blue wave 1 appears completed, with navy blue wave 2 currently in progress. Wave Cancel Invalid Level: 161.963 The USDJPY Elliott Wave Analysis for the daily chart indicates that the market is in a counter-trend phase, signifying a corrective movement against the main trend. This phase is characterized as corrective, implying that the current market behavior represents a temporary retracement rather than a continuation of the primary trend. The structure under analysis is navy blue wave 2, following the completion of navy blue wave 1. At this point, the market is positioned in gray wave 1, while the corrective phase of navy blue wave 2 unfolds. Navy blue wave 1 has already concluded, and the market is now experiencing the retracement phase of navy blue wave 2. According to Elliott Wave Theory, wave 2 typically retraces part of wave 1’s movement, signaling that the market is pulling back from the previous impulsive wave. This phase is expected to be temporary, with the market likely resuming its primary trend after the completion of navy blue wave 2. The next anticipated movement is navy blue wave 3, which generally follows the completion of wave 2. Wave 3 is often the most robust and extended wave in an Elliott Wave sequence, indicating a significant movement in the direction of the main trend once the correction phase concludes. A critical level to observe is 161.963, the wave cancel invalidation point. If the market drops below this level, the current wave analysis will be rendered invalid, and a new evaluation of the structure will be necessary. This level is essential for determining whether the corrective phase remains intact. Summary: The USDJPY Elliott Wave Analysis points to the market being in a corrective phase, with navy blue wave 2 currently playing out. Traders should closely monitor the invalidation level of 161.963 to confirm the ongoing correction's validity. Once navy blue wave 2 concludes, navy blue wave 3 is expected to continue the primary trend with greater momentum. U.S. Dollar / Japanese Yen (USDJPY) 4 Hour Chart USDJPY Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Navy blue wave 2 Position: Gray wave 1 Direction Next Lower Degrees: Navy blue wave 3 Details: Navy blue wave 1 seems completed, with navy blue wave 2 now unfolding. Wave Cancel Invalid Level: 161.963 The USDJPY Elliott Wave Analysis for the 4-hour chart highlights a counter-trend movement, indicating that the market is in a correction phase. This phase is classified as corrective, signifying a temporary retracement against the main trend. The structure currently being examined is navy blue wave 2, following the completion of navy blue wave 1. At this point, the market is positioned in gray wave 1, while navy blue wave 2 is developing. Navy blue wave 1 has already been completed, and the market is now in the retracement phase of navy blue wave 2. According to Elliott Wave Theory, wave 2 typically corrects some of the movement from wave 1, indicating that the market is temporarily retracing previous price action. This suggests that the current movement is temporary, and the primary trend is expected to resume after navy blue wave 2 completes. The next anticipated phase is navy blue wave 3, which generally follows the corrective wave 2. Wave 3 is typically the strongest and most extended wave in an Elliott Wave sequence, signaling a return to the dominant trend with stronger momentum once the correction concludes. A crucial level to observe is 161.963, which serves as the wave cancel invalidation point. If the market falls below this level, the current Elliott Wave analysis will be invalidated, and a reevaluation of the trend will be required. This level is essential in confirming whether the correction remains valid. Summary: The USDJPY Elliott Wave Analysis shows the market is in a corrective phase with navy blue wave 2 in progress. Traders should closely monitor the invalidation level of 161.963 to verify the correction's validity. Once navy blue wave 2 is complete, navy blue wave 3 is expected to resume the primary trend with stronger momentum. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By Cryptowarrior · Posted
XRP, the digital token linked to Ripple, has recently seen a sharp drop in price, diverging from the broader cryptocurrency market’s trend. XRP is trading at $0.52, down over 13.97% in the last 24 hours as per Coinpedia markets data. This steep decline stands out among top-ranking digital assets, as most other tokens have seen only modest losses of around 3%. Why Is XRP Dropping? While the overall market is down, XRP’s dramatic loss is a key concern. The primary factor behind this crash is the U.S. Securities and Exchange Commission’s (SEC) decision to file an appeal in its legal case against Ripple. SEC Appeal: The Main Trigger The SEC’s appeal of a recent court ruling in favor of Ripple has sent shockwaves through the XRP market. The agency is challenging the ruling on Ripple’s programmatic sales of XRP, which Judge Analisa Torres had ruled in favor of Ripple. However, the SEC has agreed with the court’s finding that XRP is not a security, so the appeal focuses only on the sales aspect. Ripple CEO Responds: Sarcasm and Frustration Ripple CEO Brad Garlinghouse quickly responded to the price drop, tweeting sarcastically, "This is a chart that shows you how the SEC is protecting you." His remark highlights the frustration Ripple executives feel about the SEC’s ongoing actions, which they believe are harming investors rather than protecting them. SEC’s Appeal: A Disappointment for Ripple Ripple executives have expressed disappointment at the SEC’s decision to file an appeal. Garlinghouse criticized the SEC for spending taxpayer money on what he sees as a losing case. He stated, "I’m pissed that they are able to act without recourse or consequence," but emphasized that Ripple will continue fighting and remains confident in ultimately prevailing. Ripple's Legal Team on the SEC’s Actions Ripple’s Chief Legal Officer, Stuart Alderoty, also shared frustration with the SEC’s appeal, saying it only prolongs the embarrassment for the agency. Alderoty accused the SEC of not applying the law fairly and continuing its litigation against the crypto industry under its current leadership. What’s Next for XRP? With the SEC’s appeal in motion, XRP’s price may remain volatile. The legal battle is expected to influence XRP’s value in the short term, as market uncertainty often leads to price swings. For more in-depth analysis on XRP price prediction and the factors affecting its future, check out our detailed article on what’s ahead for XRP. -
By tradinglounge · Posted
ASX: BHP GROUP LIMITED - BHP Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart) Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) BHP GROUP LIMITED - BHP. We see BHP.ASX unfolding to push higher in the long term with wave 3-grey. ASX: BHP GROUP LIMITED - BHP 1D Chart (Semilog Scale) Analysis Function: Major trend (Minor degree, grey) Mode: Motive Structure: Impulse Position: Wave ((i))-navy of Wave 3-grey Details: Wave ((i))-navy of wave 3-grey is unfolding to push higher. It will continue to push higher, while price must remain above the 23.6% level to maintain this position. The push lower shows wave ((ii))-navy is unfolding. Invalidation point: 38.28 ASX: BHP GROUP LIMITED - BHP 4-Hour Chart Analysis Function: Major trend (Minute degree, navy) Mode: Motive Structure: Impulse Position: Wave (iii)-orange of Wave ((i))-navy Details: Since the low at 38.285, wave ((i))-navy is unfolding to push higher. It is itself subdividing into wave (iii)-orange. Basically wave (iii)-orange will be able to push higher, then wave (iv)-orange will unfold to pull back lower, and finally wave (v)-orange will unfold to push higher, to complete the entire wave ((i))-navy. Invalidation point: 38.28 Conclusion: Our analysis, forecast of contextual trends, and short-term outlook for ASX: BHP GROUP LIMITED - BHP 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!
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