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GBPJPY Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 5 December 2023

British Pound/Japanese Yen(GBPJPY) 4 Hour Chart

GBPJPY Elliott Wave Technical Analysis

Function:  Counter Trend

Mode: Corrective

Structure:  A of red wave 4

Position: red wave 4

Direction Next Higher Degrees: B of 4

Details: Black wave A of 4 is in play, after that b of 4 expected. Wave Cancel invalid level:188.657

The "GBPJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart" for December 5, 2023, provides insights into the British Pound/Japanese Yen (GBPJPY) currency pair within a four-hour timeframe. The technical analysis is grounded in Elliott Wave principles, offering a comprehensive understanding of the current market dynamics.

The identified "Function" is "Counter Trend," indicating that the analysis is focused on discerning movements contrary to the prevailing trend. In this context, the emphasis is likely on a corrective phase within the broader trend, presenting opportunities for traders to navigate potential reversals or retracements.

The specified "Mode" is "Corrective," highlighting the nature of the current market movement. Corrective waves are characterized by temporary price adjustments or sideways movements, suggesting a deviation from the primary trend.

The primary "Structure" under examination is "A of red wave 4," indicating that the focus is on a specific sub-wave (A) within the broader corrective structure (red wave 4). This detailed analysis allows for a nuanced understanding of the ongoing correction.

The designated "Position" is "red wave 4," providing information about the wave's location within the larger degree of correction. This suggests a focus on the specific phase of the broader corrective pattern.

The directional guidance for "Next Higher Degrees" is "B of 4," indicating an anticipation of the next upward wave within the larger corrective structure (red wave 4). This provides traders with insights into the expected progression of the correction.

Regarding "Details," the analysis notes that "Black wave A of 4 is in play." This suggests that the current phase involves the unfolding of the A wave within the larger corrective structure (red

wave 4). Additionally, it mentions that after the completion of A, the expectation is for "b of 4," signifying the anticipation of the subsequent sub-wave.

In conclusion, the GBPJPY Elliott Wave Analysis on the 4-hour chart for 5 December 23, offers a detailed examination of a corrective phase (A of red wave 4) within the broader trend. Traders are provided with insights into the current wave position, the expected next wave (B of 4), and key levels for wave cancellation.

Technical Analyst: Malik Awais

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