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EURGBP Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 11 September 2023

Euro/British Pound (EURGBP) 4 Hour Chart

EURGBP Elliott Wave Technical Analysis

Function:  Counter Trend

Mode: impulsive in blue wave C

Structure: C of black wave B

Position: Wave B of Y

Direction Next lower Degrees: Wave C of Y

Details: red corrective Wave “2” looking completed, now red wave 3 in play. Wave Cancel invalid level: 0.85247

The EURGBP Elliott Wave Analysis conducted on 11 September 23, examines the 4-hour chart of the Euro/British Pound currency pair (EURGBP). This analysis aims to provide traders with valuable insights into potential market movements and wave patterns based on the Elliott Wave theory.

The Function of this analysis is categorized as counter-trend, indicating that the primary objective is to identify potential counter-trend movements within the market. Counter-trend analysis is essential for traders seeking opportunities to capitalize on price corrections or reversals against the prevailing trend.

The Mode is described as impulsive in blue wave C, signifying that within the corrective structure (black wave B), a strong and forceful market movement is currently underway. Impulsive modes often indicate significant price action and trading opportunities that align with the prevailing corrective wave.

The Structure is identified as C of black wave B, which provides insights into the current phase within the broader Elliott Wave pattern. Specifically, it signifies that the market is presently within the C wave of the larger black wave B. Understanding the market's position within this Elliott Wave structure is essential for traders to make informed decisions.

The Position information highlights that the market is currently within Wave B of Y, indicating its position within the larger corrective pattern. This insight helps traders comprehend the market's current position within the overall Elliott Wave structure.

The Direction Next Lower Degrees specifies that the market is currently in wave C of Y. This information prepares traders for the continuation of the corrective phase within the broader Elliott Wave pattern.

The analysis notes that the red corrective Wave "2" is looking completed, and now red Wave 3 is in play. This implies that the market has likely completed a corrective phase and is potentially resuming its counter-trend movement in the direction of red Wave 3.

The Wave Cancel invalid level is specified as 0.85247, serving as a reference point for traders to gauge the validity of their analysis. This level helps traders assess whether their trading strategies align with the current market conditions.

In summary, the EURGBP Elliott Wave Analysis for 11 September 23, provides traders with insights into potential counter-trend movements within the EURGBP currency pair. By examining the Function, Mode, Structure, Position, Direction, and key wave levels, traders can make informed trading decisions. However, it's essential to complement this analysis with other technical and fundamental indicators for comprehensive decision-making and risk management.

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