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AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart, 15 September 23

Australian Dollar / Japanese Yen (AUDJPY) 4 Hour Chart

AUDJPY Elliott Wave Technical Analysis

Function: Counter Trend

Mode: corrective

Structure: likely zigzag

Position: wave 2 of C

Direction Next lower Degrees: wave (3 of C)  

Details: wave C of blue corrective wave 2 is in play. Wave Cancel invalid level:97.704

The AUDJPY Elliott Wave Analysis for 15 September 23, is conducted on the 4-hour chart of the Australian Dollar/Japanese Yen (AUDJPY) currency pair. This analysis utilizes the Elliott Wave theory to provide traders with insights into potential market movements.

The primary function of this analysis is described as "Counter Trend," suggesting that the primary objective is to identify potential corrective movements in the market. Counter-trend trading involves capitalizing on price retracements within the broader trend.

The Mode of the market is identified as "corrective," signifying that the market is currently undergoing a corrective phase. Corrective phases are characterized by price movements that run counter to the prevailing trend. Traders often seek to enter positions during these phases, anticipating a potential reversal or retracement.

The market structure is inferred to be a "likely zigzag." A zigzag is a specific type of corrective pattern within the Elliott Wave theory, typically characterized by three waves labeled A, B, and C. Recognizing the structure aids traders in identifying potential entry and exit points within the corrective wave.

The Position within the Elliott Wave pattern is pinpointed as "wave 2 of C." This indicates that the analysis is focused on the second wave within the corrective structure labeled C. Traders can use this information to anticipate potential price movements as the corrective wave unfolds.

Regarding the Direction Next Lower Degrees, it is implied that "wave (3 of C)" may be forthcoming. This suggests that after the completion of wave 2 of C, the market may transition into the third wave of the corrective pattern. Traders often watch for the initiation of such waves as they can present trading opportunities.

In summary, the AUDJPY Elliott Wave Analysis for 15 September 23, provides traders with insights into potential corrective movements within the AUDJPY currency pair. By considering the Function, Mode, Structure, Position, and Direction, traders can develop a comprehensive understanding of the market's dynamics. However, it's important to combine this analysis with other technical and fundamental indicators and implement sound risk management practices when making trading decisions.

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