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By tradinglounge · Posted
Silver XAGUSD Elliott Wave Technical Analysis Function -Counter-Trend Mode - Corrective Structure -Double Zigzag for wave B (circled) Position - Wave (Y) of B Direction - Wave 1 of (1) of C (circled) Details - It appears wave B (circled) has been completed and wave C (circled) is now emerging upside. We are now counting wave 1 of (1) or wave (1). Silver continues to recover from the pullback that began in late May 2024. This recovery is expected to lead to another series of rallies, continuing the year-long bullish impulse cycle. Both long-term and medium-term Elliott Wave forecasts support further rallies for this precious metal. Daily Chart Analysis On the daily chart, we identified that the impulse wave sequence starting in January 2024 completed in May 2024, followed by a corrective pullback. This bearish corrective structure, which lasted for five weeks, appears to have concluded with a double zigzag pattern. However, the correction is relatively shallow, suggesting the possibility of another leg lower. Yet, if the impulse reaction from late June continues to rise and does not turn corrective, it would indicate that the market has accepted the shallow nature of the pullback. Overall, it is likely that Silver will continue to climb, potentially reaching new highs in 2024. H4 Chart Analysis On the H4 chart, the impulse response is in the process of completing the first sub-wave, or wave 1. Currently, wave iv (circled) might experience one more leg lower before reversing upwards to complete wave v (circled), thereby finishing wave 1. Following this, a larger pullback for wave 2 is expected. Conversely, if the current dip extends below $30, we may consider the high on July 5, 2024, as the end of wave 1 and the current dip as wave 2. In either scenario, provided that Silver's price does not approach $28.5, the price action supports further rallies from the dip, continuing the year-long bullish sequence. Conclusion Both the daily and H4 charts indicate a continued bullish trend for Silver, with several opportunities for traders to position themselves for further gains. By closely monitoring the development of wave 1 on the H4 chart and the overall impulse sequence on the daily chart, traders can identify strategic entry points to maximize their returns amidst this upward movement. The shallow nature of the recent correction suggests that Silver's bullish momentum remains intact, and further rallies are likely as the metal continues its long-term ascent. Technical Analyst : Sanmi Adeagbo Source : TradingLounge.com get trial here! -
By tradinglounge · Posted
KOSPI Composite Elliott Wave Analysis - Day Chart Overview Function: Trend Mode: Impulsive Current Wave Structure: Gray wave 3 Position: Orange wave 3 Next Lower Degree Direction: Gray wave 4 Wave Cancel Invalid Level: 2636.93 Detailed Analysis The KOSPI Composite Elliott Wave Analysis on the day chart provides a comprehensive view of the current trend and wave structure of the KOSPI index. The analysis identifies the market as being in a clear, directional trend, with the mode being impulsive, indicating a strong market movement. Current Wave Structure: The market is currently in gray wave 3, which suggests a significant and forceful move. Within this structure, the position is orange wave 3, part of the larger gray wave 3, indicating a robust and pronounced wave within the broader impulsive wave. Next Lower Degree Direction: After the completion of the current wave, the market is expected to transition into gray wave 4, a corrective phase. This phase will likely follow the completion of the ongoing impulsive wave. Details: Gray wave 2 has completed, marking the end of the previous corrective phase. Now, gray wave 3 of 3 is active, indicating a strong upward movement. The wave cancel invalid level is set at 2636.93, meaning if the index falls below this level, the current wave analysis becomes invalid. Summary The KOSPI Composite index is in an impulsive trend on the day chart, with gray wave 3 currently active. Following the completion of gray wave 2, the index has entered gray wave 3 of 3, indicating a significant upward movement. Traders and analysts use this information to predict market behavior and make informed trading decisions. They anticipate the transition to gray wave 4 after the current wave completes. The critical point for validating the current wave analysis is the wave cancel invalid level at 2636.93. KOSPI Composite Elliott Wave Analysis - Weekly Chart Overview Function: Trend Mode: Impulsive Current Wave Structure: Orange wave 3 Position: Navy blue wave 3 Next Lower Degree Direction: Orange wave 4 Wave Cancel Invalid Level: 2636.93 Detailed Analysis The KOSPI Composite Elliott Wave Analysis on the weekly chart provides a comprehensive view of the current trend and wave structure of the KOSPI index. The analysis identifies the market as being in a clear, directional trend, with the mode being impulsive, indicating a strong market movement. Current Wave Structure: The market is currently in orange wave 3, signifying a dynamic and forceful phase. Within this structure, the position is navy blue wave 3, part of the larger orange wave 3, indicating a vigorous and pronounced upward movement within the broader impulsive wave. Next Lower Degree Direction: After the completion of the current wave, the market is expected to transition into orange wave 4, a corrective phase. This phase will likely follow the completion of the ongoing impulsive wave. Details: Orange wave 2 has completed, marking the end of the previous corrective phase. Now, orange wave 3 of 3 is active, indicating a strong upward movement. The wave cancel invalid level is set at 2636.93, meaning if the index falls below this level, the current wave analysis becomes invalid. Summary The KOSPI Composite index is in an impulsive trend on the weekly chart, with orange wave 3 currently active. Following the completion of orange wave 2, the index has entered orange wave 3 of 3, indicating significant upward momentum. Traders and analysts use this information to predict market behavior and make informed trading decisions. They anticipate the transition to orange wave 4 after the current wave completes. The critical point for validating the current wave analysis is the wave cancel invalid level at 2636.93. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
USD/JPY Elliott Wave Analysis - Day Chart USD/JPY Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Orange Wave 5 Position: Navy Blue Wave 3 Direction Next Lower Degrees: Navy Blue Wave 4 Details: Orange wave 4 completed at 155.721, now orange wave 5 is in play. The USD/JPY Elliott Wave analysis on the day chart identifies the current trend and wave structure of the currency pair. This analysis indicates that the function is trend, meaning the market is moving in a specific direction with clear momentum. The mode is impulsive, highlighting strong and definite movement in the market. The wave structure under examination is orange wave 5, which is part of a larger wave pattern. The current position within this structure is navy blue wave 3, indicating that the pair is in the third wave of a larger degree wave. This wave generally shows significant and pronounced movement, reflecting robust market momentum. The direction for the next lower degrees is navy blue wave 4. This suggests that after the current wave completes, the market will transition into navy blue wave 4. The analysis notes that orange wave 4 has been completed at the level of 155.721. This completion marks the end of a corrective phase and the beginning of the final impulsive wave in this sequence. Currently, orange wave 5 is in play, indicating that the market is expected to continue its upward movement. This wave is essential as it represents the last push in the current impulsive sequence before a potential correction or trend reversal might occur. Traders and analysts use this information to predict market behavior and make strategic decisions about their trading positions. In summary, the USD/JPY pair is in an impulsive trend on the day chart, with orange wave 5 currently active. This follows the completion of orange wave 4 at 155.721, marking the shift into the final wave of the sequence. The analysis suggests that the market is likely to continue its upward movement as part of navy blue wave 3, moving towards the completion of orange wave 5. USD/JPY Elliott Wave Analysis - 4 Hour Chart USD/JPY Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Orange Wave 5 Position: Navy Blue Wave 3 Direction Next Lower Degrees: Navy Blue Wave 4 Details: Orange wave 4 completed at 155.721, now orange wave 5 is in play. The USD/JPY Elliott Wave Analysis on the 4-hour chart focuses on identifying the current trend and wave structure of the currency pair. The analysis designates the function as trend, indicating that the market is moving in a specific direction rather than fluctuating randomly. The mode is classified as impulsive, which signifies strong and clear directional momentum. The wave structure under scrutiny is orange wave 5, which is part of a larger wave pattern. Specifically, the position within the wave structure is navy blue wave 3, indicating that the pair is in the third wave of the larger degree wave. This wave typically exhibits significant movement, reflecting strong market momentum. The next lower degree of the wave structure is navy blue wave 4, suggesting that once the current wave completes, the market will transition to this next wave. The analysis highlights that orange wave 4 has been completed at the level of 155.721. This completion signals the end of a corrective phase and the beginning of the final impulsive wave within this sequence. Currently, orange wave 5 is in play, indicating that the market is expected to continue its upward movement. This wave is crucial as it represents the final push in the current impulsive sequence before a potential correction or trend reversal occurs. Traders and analysts use this information to anticipate market behavior and make informed decisions about entry and exit points. In summary, the USD/JPY pair is in an impulsive trend on the 4-hour chart, with orange wave 5 currently active. This follows the completion of orange wave 4 at 155.721, marking the transition into the final wave of the sequence. The analysis indicates that the market is likely to continue its upward movement as part of navy blue wave 3, moving towards the completion of orange wave 5. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!
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