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Asian stocks were cautious on Tuesday as investors assessed the political uncertainty in Europe after right-wing gains in elections and a potential snap poll in France, raising concerns over the cohesion of the European Union. The euro, French stocks, and government debt were impacted by the possibility of the far-right National Rally winning the potential snap election in France, although without a clear majority. Markets had a muted reaction to Apple's AI strategy announcement, with the company's shares declining slightly in after-hours trading. US stock futures edged lower, with markets proving resilient despite the jump in US yields and diminished prospects for Federal Reserve rate cuts this year after the strong jobs report. The Federal Reserve is expected to keep interest rates unchanged at its upcoming policy meeting, with the focus on whether it maintains projections for three rate cuts in 2023 or reduces it to two. The euro steadied after hitting a one-month low against the U.S. dollar, while the Japanese yen remained weak, raising expectations of potential bond-buying tapering by the Bank of Japan. Oil prices consolidated after a 3% rally, with expectations of strong summer demand and potential US crude purchases for its petroleum reserve. -
By tradinglounge · Posted
Hang Seng Index Elliott Wave Analysis Trading Lounge Day Chart, Hang Seng Index Elliott Wave Technical Analysis FUNCTION: Trend MODE: corrective STRUCTURE:orange wave 2 POSITION: navy blue wave 3 DIRECTION NEXT HIGHER DEGREES: orange wave 3 DETAILS:orange wave 2 still is in play, after that orange wave 3 will start. Wave Cancel invalid level: 16044.39 The Hang Seng Index Elliott Wave analysis on the weekly chart focuses on identifying the trend within a corrective phase. The current wave structure is classified as orange wave 2, which is part of the larger navy blue wave 3. This analysis suggests that the market is undergoing a corrective wave before potentially resuming its primary trend direction. The function of this analysis is to track the trend, with the mode specified as corrective. This indicates that the market is experiencing a reversal or consolidation within the larger trend. The specific structure under observation is orange wave 2, indicating that the correction is still ongoing and has not yet concluded. The current market activity is positioned within navy blue wave 3, which typically follows a significant upward movement marked by navy blue wave 2. The market is expected to complete the corrective phase of orange wave 2 before transitioning into the next phase, orange wave 3, which usually signifies a return to the primary trend direction. The direction for the next higher degrees is identified as orange wave 3, suggesting an anticipated upward movement following the completion of the current corrective wave. This implies that once orange wave 2 concludes, the market should resume its upward trend, moving into a more impulsive phase. A critical aspect of this analysis is the wave cancel invalid level, set at 16044.39. This level is essential for maintaining the validity of the current wave count. If the market price drops below this level, it would invalidate the existing wave structure, necessitating a reassessment of the Elliott Wave analysis and potentially altering the expected market direction. In summary, the Hang Seng Index weekly chart analysis indicates the market is in a corrective phase, specifically within orange wave 2 of navy blue wave 3. This phase is expected to conclude before the market resumes its primary trend direction with orange wave 3. The wave cancel invalid level at 16044.39 is crucial for the validity of the current wave count, guiding traders in anticipating future market movements based on the Elliott Wave principles. Hang Seng Index Elliott Wave Analysis Trading Lounge Weekly Chart, Hang Seng Index Elliott Wave Technical Analysis FUNCTION: Trend MODE: impulsive STRUCTURE:navy blue wave 3 POSITION: gray wave 1 DIRECTION NEXT HIGHER DEGREES: navy blue wave 3(continue) DETAILS:navy blue wave looking completed at 16044.39, now navy blue wave 3 is in play. Wave Cancel invalid level: 16044.39 The Hang Seng Index Elliott Wave analysis on the weekly chart identifies the trend within an impulsive phase. The current wave structure is classified as navy blue wave 3, which is positioned within gray wave 1. This analysis indicates that the market is experiencing an upward movement, characteristic of an impulsive wave pattern. The function of this analysis is to track the trend, with the mode specified as impulsive. This suggests that the market is in a strong, directional phase, typically associated with significant price movements. The specific structure under observation is navy blue wave 3, indicating that the market is in the midst of an upward trend. The current market activity is positioned within gray wave 1, which marks the beginning of the next impulsive sequence within navy blue wave 3. This placement suggests that the market has recently completed a significant movement, as indicated by the completion of navy blue wave 2, and is now progressing through navy blue wave 3. The direction for the next higher degrees is identified as the continuation of navy blue wave 3. This indicates that the market is expected to maintain its upward trajectory, reinforcing the impulsive nature of the current wave structure. Traders can anticipate further upward movement as the market progresses through this phase. A critical aspect of this analysis is the wave cancel invalid level, set at 16044.39. This level is essential for maintaining the validity of the current wave count. If the market price drops below this level, it would invalidate the existing wave structure, necessitating a reassessment of the Elliott Wave analysis and potentially altering the expected market direction. In summary, the Hang Seng Index weekly chart analysis shows the market is in an impulsive phase, specifically within navy blue wave 3 of gray wave 1. This phase is expected to continue, with further upward movement anticipated. The wave cancel invalid level at 16044.39 is crucial for the validity of the current wave count, guiding traders in their expectations of future market movements based on the Elliott Wave principles. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
AUDUSD Elliott Wave Analysis Trading Lounge Day Chart, Australian Dollar/U.S.Dollar (AUDUSD) Day Chart AUDUSD Elliott Wave Technical Analysis FUNCTION: Trend MODE: corrective STRUCTURE: orange wave C POSITION: navy blue wave 2 DIRECTION NEXT HIGHER DEGREES: navy blue wave 3 DETAILS:orange wave C of navy blue wave 2 is in play. Wave Cancel invalid level: 0.63628 The AUDUSD Elliott Wave analysis on the day chart examines a trend within a corrective phase. The current wave structure is identified as orange wave C, which is part of the larger navy blue wave 2. This analysis indicates that the market is experiencing a corrective wave before potentially resuming its primary trend direction. The function of this analysis is to track the trend, with the mode specified as corrective. This means the market is currently undergoing a reversal or consolidation within the larger trend. The specific structure being observed is orange wave C, indicating that the correction is still in progress and has not yet concluded. In terms of positioning, the analysis places the current market activity within navy blue wave 2. This wave typically represents a retracement or pullback following an initial impulsive wave, in this case, likely navy blue wave 1. The market is expected to complete the corrective phase of orange wave C before transitioning into the next phase, navy blue wave 3, which usually signifies a return to the primary trend direction. The direction for the next higher degrees is identified as navy blue wave 3, suggesting an anticipated upward movement following the completion of the current corrective wave. This implies that once orange wave C concludes, the market should resume its upward trend, moving into a more impulsive phase. A critical aspect of this analysis is the wave cancel invalid level, set at 0.63628. This level is essential for maintaining the validity of the current wave count. If the market price drops below this level, it would invalidate the existing wave structure, necessitating a reassessment of the Elliott Wave analysis and potentially altering the expected market direction. In summary, the AUDUSD day chart analysis shows the market in a corrective phase, specifically within orange wave C of navy blue wave 2. This phase is expected to conclude before the market resumes its primary trend direction with navy blue wave 3. The wave cancel invalid level at 0.63628 is crucial for the validity of the current wave count, guiding traders in anticipating future market movements based on the Elliott Wave principles. AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart AUDUSD Elliott Wave Technical Analysis FUNCTION:Counter Trend MODE: corrective STRUCTURE: orange wave C POSITION: navy blue wave 2 DIRECTION NEXT HIGHER DEGREES: navy blue wave 3 DETAILS:orange wave C of navy blue wave 2 is in play. Wave Cancel invalid level: 0.63628 The AUDUSD Elliott Wave analysis on the 4-hour chart focuses on a counter-trend movement within a corrective phase. The analysis identifies the current wave structure as orange wave C, which is part of the larger navy blue wave 2. This positioning indicates that the market is in the midst of a corrective wave before potentially resuming its primary trend direction. The primary function of this wave analysis is to understand the counter-trend movement. The mode is corrective, meaning that the market is currently undergoing a temporary reversal or consolidation within the larger trend. The specific structure being observed is orange wave C, suggesting that the correction is still unfolding and has not yet completed. In terms of positioning, the analysis places the current market activity within navy blue wave 2. This wave typically represents a retracement or pullback after an initial impulsive wave, in this case, potentially navy blue wave 1. The market is expected to complete the corrective phase of orange wave C before transitioning into the next phase, navy blue wave 3, which usually signifies a return to the primary trend direction. The analysis highlights the direction for the next higher degrees as navy blue wave 3, indicating an anticipated upward movement following the completion of the current corrective wave. This suggests that once orange wave C concludes, the market should resume its upward trend, moving into a more impulsive phase. A critical aspect of this analysis is the wave cancel invalid level, set at 0.63628. This level is crucial for maintaining the validity of the current wave count. If the market price falls below this level, it would invalidate the existing wave structure, requiring a reassessment of the Elliott Wave analysis and potentially altering the expected market direction. In summary, the AUDUSD 4-hour chart analysis shows the market in a corrective phase, specifically within orange wave C of navy blue wave 2. This phase is expected to conclude before the market resumes its primary trend direction with navy blue wave 3. The wave cancel invalid level at 0.63628 is vital for the validity of the current wave count, guiding traders in anticipating future market movements based on the Elliott Wave principles. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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