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USD/CAD Elliott Wave Analysis Trading Lounge Day Chart, 29 November 2023

U.S. Dollar/Canadian Dollar(USD/CAD) Day Chart

USD/CAD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: corrective  

Structure: blue wave C  of black wave B

Position: black wave B

Direction Next Higher Degrees: black wave C

Details: Blue wave B looking completed at 1.37679, now blue wave C of black wave B is in play and near to end between fib level 50.00 to 61.80. Wave Cancel invalid level:1.30878

The "USD/CAD Elliott Wave Analysis Trading Lounge Day Chart" dated 29 November 23, delves into a detailed analysis of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair using Elliott Wave principles. This analysis is focused on a day chart, offering insights into longer-term trends and corrective movements.

The primary "Function" identified in the analysis is "Counter Trend," suggesting a focus on potential reversals or corrective movements against the prevailing trend. The current "Mode" is classified as "corrective," indicating that the market is currently undergoing a correction rather than a strong, impulsive move.

The specific "Structure" being examined is "blue wave C of black wave B." This indicates a meticulous exploration of the ongoing correction within the broader structure of black wave B.

The identified "Position" is "black wave B," highlighting the larger degree wave within the Elliott Wave structure. This implies that the analysis is centered on a correction within a broader upward trend.

The directional guidance for "Next Higher Degrees" is "black wave C," signaling that the broader corrective structure is expected to continue with the development of black wave C after the completion of blue wave B.

Regarding "Details," the analysis notes that "Blue wave B looking completed at 1.37679," suggesting that the corrective wave at the lower degree (blue wave B) is potentially reaching its completion point. Additionally, "blue wave C of black wave B is in play and near to end between fib level 50.00 to 61.80." This indicates an expectation of the final stages of the corrective move within the specified Fibonacci retracement levels.

The "Wave Cancel invalid level" is set at 1.30878, serving as a crucial reference point. This level acts as a guide for potential invalidation of the current wave count, providing traders with a key level to monitor for confirmation or reversal signals.

In summary, the USD/CAD Elliott Wave Analysis on the day chart suggests that the currency pair is in a corrective phase within the broader upward trend. Traders are provided with insights into potential reversal levels and key reference points for decision-making over a more extended time horizon.

Technical Analyst: Malik Awais

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