USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 26 January 24
U.S.Dollar /Canadian Dollar(USD/CAD) 4 Hour Chart
USD/CAD Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: impulsive
STRUCTURE: Elliot wave 5 of C
POSITION: black wave C
DIRECTION NEXT LOWER DEGREES :blue wave 5 (started)
DETAILS: blue wave 4 looking completed at 1.35428 . Now blue wave 5 of C is in play . Wave Cancel invalid level:1.35349
The "USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour Chart" for 26 January 24, provides a detailed analysis of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair using Elliott Wave theory, a popular tool in technical analysis.
The specified "Function" is identified as "Counter Trend," indicating that the analysis is focused on potential corrective movements against the prevailing trend. This suggests a temporary interruption in the primary downtrend.
The "Mode" is described as "Impulsive," suggesting that within the counter-trend context, the current phase involves forceful and directional price movements. This impulsive mode is often characterized by five-wave structures.
The "Structure" is designated as "Elliott Wave 5 of C," pointing to the specific wave count within the broader Elliott Wave pattern. Elliott Wave 5 is typically the final phase of the sequence, representing the last leg of the current trend.
The "Position" is noted as "black wave C," indicating the current phase in the Elliott Wave count. Black wave C is a subwave within the larger context of the Elliott Wave structure.
The "Direction Next Lower Degrees" highlights "blue wave 5 (started)," suggesting that the analysis is considering the ongoing subwave within the broader structure. This is essential for understanding the potential trajectory of the current movement.
In the "Details" section, it's mentioned that "blue wave 4 looking completed at 1.35428." This signals the end of a corrective phase within the broader Elliott Wave count. Additionally, the analysis indicates that "blue wave 5 of C is in play," signaling the initiation of the next impulsive phase.
The "Wave Cancel invalid level" is specified as "1.35349." This level serves as a critical reference point, suggesting that a breach of this level could invalidate the current wave count. Traders often use such levels to reassess their positions and adapt to changing market dynamics.
In summary, the USD/CAD Elliott Wave Analysis for the 4 Hour Chart on 26 January 24, indicates an impulsive counter-trend movement, with blue wave 5 of C in progress. Traders are advised to monitor the market closely, with a focus on the invalidation level at 1.35349.
Technical Analyst : Malik Awais
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