AUDJPY Elliott Wave Analysis Trading Lounge Day Chart,14 November 23Australian Dollar / Japanese Yen(AUDJPY) Day ChartAUDJPY Elliott Wave Technical AnalysisFunction: Counter TrendMode: impulsive  Structure: blue wave 1 of black wave C  Position:  Black wave CDirection Next lower Degrees: blue wave 1 (started)Details: black wave B completed at 97.615 , Now blue wave 1 of black wave C started. Wave Cancel invalid level: 97.615The “AUDJPY Elliott Wave Analysis Trading Lounge Day Chart” dated 14 November 23, provides a comprehensive overview of the Australian Dollar/Japanese Yen (AUDJPY) currency pair within the framework of Elliott Wave theory. This analysis is focused on the daily chart, offering a broader perspective for traders with longer-term horizons.The identified “Function” is labeled as “Counter Trend,” indicating that the current analysis is within the context of a corrective phase rather than a continuation of the prevailing trend. This suggests that the market is undergoing a temporary reversal against the larger trend.The “Mode” is described as “Impulsive,” which implies that the current counter-trend move is characterized by strong, trending movements. Despite being counter-trend, impulsive waves can exhibit significant price action.The “Structure” is identified as “Blue wave 1 of Black wave C.” This signifies that the current impulsive move is the initial wave within a larger corrective structure labeled as C.The “Position” is recognized as “Black wave C,” indicating that the ongoing impulsive move is part of a broader corrective wave labeled as C.Concerning the “Direction Next Lower Degrees,” the analysis suggests that “blue wave 1 (may have started).” This implies that the initial impulsive wave within the larger corrective structure is in progress.In terms of “Details,” the report notes that “Black wave B” completed at 97.615. This completion indicates the end of the preceding corrective wave, and now the market has transitioned into the impulsive phase with the initiation of “Blue wave 1 of Black wave C.”The “Wave Cancel invalid level” is set at 97.615, highlighting the significance of this level in validating the current wave count. A breach of this level could suggest a deviation from the expected wave structure.In summary, the AUDJPY Elliott Wave Analysis on the daily chart suggests an impulsive counter-trend move. The focus is on the development of the initial impulsive wave (Blue wave 1) within the larger corrective structure (Black wave C). Traders are advised to monitor the invalidation level for potential adjustments in their trading strategies.  More By This Author:Elliott Wave Technical Analysis : JP Morgan Chase & Co.- Monday, November 13
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