AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart,14 November 23Australian Dollar / Japanese Yen (AUDJPY) 4 Hour ChartAUDJPY Elliott Wave Technical AnalysisFunction: Counter TrendMode: impulsive  Structure: red wave 3 of 1  Position:  Black wave CDirection Next lower Degrees: red wave 3 of 1 (continue)Details: Red wave 2 looking completed at 97.116 . Now red wave 3 of 1 is in play. Wave Cancel invalid level: 97.615The “AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart” dated 14 November 23, offers a detailed examination of the Australian Dollar/Japanese Yen (AUDJPY) currency pair using Elliott Wave theory. This analysis is specific to the 4-hour chart, providing insights for traders looking at shorter-term perspectives.The identified “Function” is labeled as “Counter Trend,” indicating that the current market sentiment is against the prevailing trend. In Elliott Wave terms, this suggests that the price movement being analyzed is part of a correction rather than the larger trend.The “Mode” is described as “Impulsive,” suggesting that the current corrective phase is characterized by strong, trending movements. Impulsive waves, even within a counter-trend context, can have significant price swings.The “Structure” is identified as “Red wave 3 of 1.” This signifies that the market is potentially in the third impulsive wave of a smaller degree within the broader corrective structure.The “Position” is recognized as “Black wave C,” indicating that the current impulsive move is part of a larger corrective wave labeled as C.Concerning the “Direction Next Lower Degrees,” the analysis suggests that “red wave 3 of 1 (may continue).” This implies that the ongoing impulsive move could persist further, providing potential trading opportunities within the broader counter-trend context.In terms of “Details,” the report notes the completion of “Red wave 2” at 97.116. This completion signifies the end of the second wave within the current corrective structure, and now the market is in the early stages of the third impulsive wave (red wave 3).The “Wave Cancel invalid level” is set at 97.615. This level serves as a crucial reference point for traders. If the price surpasses this level, it might indicate a deviation from the current wave count and could prompt a reassessment of the market structure.In summary, the AUDJPY Elliott Wave Analysis on the 4-hour chart suggests an impulsive counter-trend move. The focus is on the development of the third impulsive wave (red wave 3) within the larger corrective structure. Traders are advised to monitor the invalidation level for potential adjustments in their trading strategies.Technical Analyst : Malik AwaisSource : Tradinglounge.com get trial here!  More By This Author:Elliott Wave Technical Analysis : JP Morgan Chase & Co.- Monday, November 13
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