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EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 23 November 2023

Euro/U.S.Dollar(EURUSD) 4 Hour Chart

EURUSD Elliott Wave Technical Analysis

Function:  Counter Trend

Mode: impulsive  

Structure: black wave A of Y

Position: wave 2/B

Direction Next lower Degrees: black wave A(started)

Details: blue wave C of Y of X looking completed at 1.09661, Now black wave A of Y may start. Wave Cancel invalid level: 1.12748

The "EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 23 November 23, delves into the Euro/U.S. Dollar (EURUSD) currency pair, applying Elliott Wave theory to gain insights into potential price movements. This analysis is performed on a 4-hour chart, offering a nuanced perspective on the shorter-term dynamics of the market.

The identified "Function" is labeled as "Counter Trend," indicating that the focus of the analysis is on identifying potential corrective movements against the prevailing trend. The market is assessed to be in an "Impulsive" mode, signifying a strong and directional movement, albeit against the primary trend.

The specific "Structure" under scrutiny is denoted as "Black wave A of Y." This highlights a detailed examination of a sub-wave within the broader Elliott Wave structure, specifically the first wave of a potential larger cycle.

The designated "Position" is clarified as "Wave 2/B," indicating that the analysis is centered around the second corrective wave of the broader Elliott Wave structure, providing insights into the potential completion of the current correction.

Concerning the "Direction; Next Lower Degrees," the analysis points to "Black wave A (started)." This implies an expectation of a downward movement at a lower degree within the overarching Elliott Wave structure, suggesting a potential initiation of a bearish phase.

In terms of "Details," the report notes that "blue wave C of Y of X looking completed at 1.09661, Now black wave A of Y may start." This suggests a focus on the completion of a corrective phase (blue wave C) and the potential commencement of the next impulsive wave (black wave A). The "Wave Cancel invalid level" is set at 1.12748, providing a critical reference point. A

breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.

In summary, the EURUSD Elliott Wave Analysis on the 4-hour chart indicates a potential counter-trend movement, with a focus on the completion of a corrective phase and the initiation of the next impulsive wave. The analysis provides traders with valuable insights for short-to-medium-term decision-making.

Technical Analyst: Malik Awais

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