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By tradinglounge · Posted
Wheat Elliott Wave Analysis Function - Counter Trend Mode - Corrective Structure -Zigzag for wave (B) Position - Wave A of (B) Direction - Wave A is still in play Details - Wave A of (B) is about to complete and thus, we should see a bullish correction for wave B soon. Wheat prices are currently retreating, but as long as they do not breach the March 2024 low, there is a significant chance that the recovery from March will continue. The long-term trend remains bearish, and the current recovery phase is retracing this trend and may extend much higher. Daily Chart Analysis: On the daily chart, the bearish trend that extended from March 2022 to March 2024 completed an impulse wave structure. From the low of 523’4 in March 2024, a bullish correction began as expected. The initial response off 523’4 completed an impulse rally, indicating that this corrective phase could evolve into either a zigzag or a double zigzag structure. Thus, we expect at least a zigzag pattern composed of waves (A), (B), and (C). The surge from the March 2024 low completed wave (A) with an impulse, and the price is now correcting this in wave (B). After the completion of wave (B), we should see another leg higher in wave (C). This is the minimum expectation for the current recovery phase in Wheat. H4 Chart Analysis: The H4 chart focuses on wave (B). The decline from the wave (A) top at 720’4 completed an impulse. A pullback for wave (B) is expected to be a corrective structure. However, the decline so far has completed an impulse wave, which could now be labeled as wave A of (B). This suggests that wave (B) should continue its formation in the near term. It is likely that wave (B) will take the form of another zigzag pattern (A-B-C), as long as the 523’6 low is not breached. If this level is breached, it would imply that the long-term bullish correction has either completed very shallowly, or a more complex scenario must be considered to better understand the situation. Summary: Wheat prices are retreating but as long as the March 2024 low of 523’4 remains intact, the recovery from March is likely to continue. The long-term trend is bearish, and the current recovery is a retracement of this trend, which may extend much higher. On the daily chart, the bearish impulse wave from March 2022 to March 2024 completed at 523’4, initiating a bullish correction. The initial rally completed wave (A) with an impulse, and the price is now correcting this in wave (B). We expect at least a zigzag pattern (A-B-C) for this corrective phase. On the H4 chart, the decline from wave (A) at 720’4 completed an impulse, which is likely wave A of (B). Wave (B) should continue forming, likely as a zigzag pattern, as long as the 523’6 low is not breached. If the low is breached, it would indicate that the long-term bullish correction is either complete or a more complex scenario needs to be considered to accurately read the market conditions. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
DAX (Germany) Elliott Wave Analysis Trading Lounge Day Chart DAX (Germany) Elliott Wave Technical Analysis FUNCTION: Trend MODE: corrective STRUCTURE:orange wave 4 POSITION:navy blue wave 3 DIRECTION NEXT HIGHER DEGREES: orange wave 5 DETAILS After orange wave 3 now orange wave 4 of navy blue wave 3 still is in play and looking near to end. Wave Cancel invalid level: 16997.26. The DAX Germany Elliott Wave analysis on the day chart provides insights into the current market trend using a corrective mode. The focus is on the structure and progression of the waves within the Elliott Wave framework. The analysis identifies the structure as orange wave 4, which is positioned within the larger navy blue wave 3. The function of this analysis is to track the ongoing trend in the DAX market, currently characterized by a corrective phase. The corrective mode indicates a temporary counter-trend movement that interrupts the primary trend direction, typical in Elliott Wave theory. This corrective phase is part of the broader navy blue wave 3. The direction for the next higher degrees is identified as orange wave 5. This suggests that once the corrective phase of orange wave 4 concludes, the market is expected to resume its upward trend into orange wave 5, continuing the larger impulsive movement within navy blue wave 3. The detailed analysis reveals that after completing orange wave 3, the market has entered orange wave 4 of navy blue wave 3. This corrective wave is still in play but appears to be nearing its end. The conclusion of orange wave 4 will likely mark the transition to the next impulsive phase, orange wave 5, within the ongoing trend. A critical aspect of this analysis is the wave cancel invalid level, set at 16997.26. This level serves as an essential benchmark for validating the current wave structure. If the market price drops below this level, it would invalidate the current wave count, necessitating a reevaluation of the Elliott Wave analysis and potentially altering the market outlook. In summary, the DAX Germany day chart analysis indicates that the market is currently in a corrective phase within orange wave 4, which is part of the larger navy blue wave 3. With the completion of orange wave 3, the market has transitioned into the corrective phase of orange wave 4, which is nearing its end. The wave cancel invalid level at 16997.26 is crucial for confirming the current wave count and guiding future market expectations based on Elliott Wave principles. DAX (Germany) Elliott Wave Analysis Trading Lounge Weekly Chart, DAX (Germany) Elliott Wave Technical Analysis FUNCTION: Trend MODE: corrective STRUCTURE:orange wave 4 POSITION:navy blue wave 3 DIRECTION NEXT HIGHER DEGREES: orange wave 5 DETAILS After orange wave 3 now orange wave 4 of navy blue wave 3 still is in play and looking near to end. Wave Cancel invalid level: 16944.47. The DAX Germany Elliott Wave analysis on the weekly chart provides a detailed view of the market trend, applying the principles of Elliott Wave theory in a corrective mode. The structure under focus is orange wave 4, positioned within the larger navy blue wave 3. The function of this analysis is to monitor the ongoing market trend, which is currently experiencing a corrective phase. In Elliott Wave terms, a corrective mode indicates a temporary pause or counter-trend movement that interrupts the primary trend direction. Here, the primary trend is navy blue wave 3, and the market is currently navigating through the corrective phase of orange wave 4. The next higher degree direction is identified as orange wave 5, suggesting that once the corrective phase of orange wave 4 concludes, the market is anticipated to resume its upward trend, moving into orange wave 5. This would continue the impulsive movement within the broader navy blue wave 3. The analysis details that after completing orange wave 3, the market has now entered orange wave 4 of navy blue wave 3. This corrective wave is still active but appears to be nearing its end. Once orange wave 4 concludes, the market is expected to transition into the next impulsive phase, orange wave 5, in alignment with the ongoing trend. A critical element of this analysis is the wave cancel invalid level, set at 16944.47. This level acts as a vital benchmark for confirming the current wave structure. If the market price drops below this level, it would invalidate the existing wave count, necessitating a re-evaluation of the Elliott Wave analysis and potentially altering the market outlook. In summary, the DAX Germany weekly chart analysis indicates that the market is currently in a corrective phase within orange wave 4, which is part of the larger navy blue wave 3. After completing orange wave 3, the market has transitioned into the corrective phase of orange wave 4, which is nearing its end. The wave cancel invalid level at 16944.47 is crucial for validating the current wave count and guiding future market expectations based on Elliott Wave principles. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial 6! -
The overnight session in Asia saw stocks hovering near two-year highs, as investors awaited more policy clues from the US. The pound was steady ahead of the Bank of England's meeting, where interest rates are expected to remain unchanged. The dollar index was little changed, while the euro held steady against the dollar. The euphoria around AI has fueled a surge in tech stocks, driving US indices to record highs and boosting Asian markets as well. US markets were closed for the Juneteenth holiday, leading to a quiet session on Wednesday for European markets, but reopen today, with the Nasdaq 100 now above 20,000 for the first time. Today's calendar sees the release of weekly US jobless claims, eurozone consumer confidence and EIA crude oil inventories (delayed from yesterday), as well as the Bank of England's latest rate decision.
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Question
Guest KasperElsborg
Hi there. I'm curious if anyone else has the same problem as me and perhaps a solution or other information regarding this. In my DEMO account it is not possible the activate Pro Order in PRT. It's very frustrating as I would like to do some live testing of my code in the demo account before actually go with it on the Live account. PRT is enabled under settings in the DEMO account, but has no option to enable Pro Order like in LIVE account.
The Pro Order works perfectly in the PRT LIVE account- so no issue there.
I have raised this issue 3 times with IG helpdesk but at last they send it to IT-Finance, but they never got back, and Its been a week now.
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