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AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 1 September 2023

Australian Dollar / Japanese Yen (AUDJPY) 4 Hour Chart

AUDJPY Elliott Wave Technical Analysis

Function: Counter Trend

Mode: impulsive

Structure: 3 of red wave 3

Position: Red wave 3 of C

Direction Next lower Degrees: wave (3 of 3) of Motive continue

Details: purplle corrective wave 2 looking completed. Now wave 3 of red wave 3 has started. Wave Cancel invalid level:95.888

The AUDJPY Elliott Wave Analysis for 1 September 23, focuses on the 4-hour chart of the Australian Dollar/Japanese Yen currency pair, presenting a comprehensive analysis using the Elliott Wave theory.

The Function is identified as Counter Trend, which highlights the potential for a trend reversal. This information guides traders to consider strategies that go against the prevailing trend, offering insights into potential opportunities for contrarian trading.

The Mode is described as impulsive, signifying that the price movement is characterized by strong and swift directional moves. This mode is essential for traders to recognize, as it suggests the presence of significant price momentum.

The Structure is outlined as the 3rd wave of the red wave 3, indicating a deeper analysis of the wave sequence within the broader trend. This detailed analysis helps traders understand the specific phase of the wave structure they are currently observing.

The Position is designated as Red wave 3 of C, which provides context about the ongoing wave count and its alignment within the broader Elliott Wave pattern. This information is crucial for traders seeking to anticipate future market movements.

The Direction Next Lower Degrees is identified as wave (3 of 3) of Motive continue, indicating the continuation of the current impulsive move at a lower degree. This insight is valuable for traders aiming to align their trading strategies with the anticipated market direction.

The analysis highlights that the purple corrective wave 2 is likely completed. This detail is essential as it indicates a potential end to the corrective phase, possibly leading to a new impulsive wave. The commencement of wave 3 of the red wave 3 is noted, suggesting that the market is transitioning into a new phase of strong price movement.

The Wave Cancel invalid level is specified as 95.888, serving as a point of reference for traders to evaluate the validity of their analysis.

In conclusion, the AUDJPY Elliott Wave Analysis for 1 September 23, offers traders a comprehensive understanding of the market dynamics using Elliott Wave theory. By focusing on Function, Mode, Structure, Position, Direction, and critical wave levels, traders gain valuable insights to inform their trading decisions. However, traders are encouraged to supplement this analysis with other technical and fundamental indicators to make well-informed trading choices while implementing prudent risk management practices.

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