Elliott Wave Technical Analysis: S&P/TSX 60 Index - Friday, Jan. 31
S&P/TSX 60 Elliott Wave Analysis – Day Chart
S&P/TSX 60 Elliott Wave Technical Analysis
Technical Overview
- Function: Trend
- Mode: Impulsive
- Structure: Orange Wave 5
- Position: Navy Blue Wave 3
- Direction Next Lower Degrees: Navy Blue Wave 4
- Details:
- Orange Wave 4 appears completed.
- Orange Wave 5 is currently developing.
- Wave cancellation invalid level: 1,463.86
S&P/TSX 60 Elliott Wave Analysis Overview
The S&P/TSX 60 Elliott Wave Analysis on the daily chart presents a detailed technical perspective on the index’s current trend.
Market Trend & Structure
- The analysis identifies the market as being in an impulsive mode, indicating a strong and sustained directional movement.
- The current structure is labeled as Orange Wave 5, which is a sub-wave within Navy Blue Wave 3, part of a larger Elliott Wave cycle.
Key Observations
- Orange Wave 4 appears to have completed, and Orange Wave 5 is now in progress, signaling continued upward momentum.
- The next anticipated move at a lower degree is Navy Blue Wave 4, typically a corrective phase following the completion of an impulsive wave.
- Traders should closely monitor Orange Wave 5, as its completion may trigger the start of Navy Blue Wave 4.
- The wave cancellation invalid level is set at 1,463.86, meaning if the price falls below this level, the current wave count becomes invalid, requiring a revised analysis.
Conclusion
The S&P/TSX 60 is currently in an impulsive phase, labeled as Orange Wave 5, within a larger trend inside Navy Blue Wave 3. The completion of Orange Wave 4 has set the stage for a continuation of the current trend.
Traders should monitor the progression of this wave and observe the invalidation level at 1,463.86 to confirm the wave structure’s validity. This analysis provides a structured framework to understand the market’s current position and anticipate future price movements within the ongoing trend.
S&P/TSX 60 Elliott Wave Analysis – Weekly Chart
S&P/TSX 60 Elliott Wave Technical Analysis
Technical Overview
- Function: Trend
- Mode: Impulsive
- Structure: Orange Wave 5
- Position: Navy Blue Wave 3
- Direction Next Lower Degrees: Navy Blue Wave 4
- Details:
- Orange Wave 4 appears completed.
- Orange Wave 5 is currently developing.
- Wave cancellation invalid level: 1,463.86
S&P/TSX 60 Elliott Wave Analysis Overview
The S&P/TSX 60 Elliott Wave Analysis on the weekly chart provides a comprehensive technical perspective on the index’s current trend.
Market Trend & Structure
- The analysis identifies the market as being in an impulsive mode, indicating a strong and sustained directional movement.
- The current structure is labeled as Orange Wave 5, which is a sub-wave within Navy Blue Wave 3, part of a larger Elliott Wave cycle.
Key Observations
- Orange Wave 4 appears to have completed, and Orange Wave 5 is now in progress, signaling continued upward momentum.
- The next anticipated move at a lower degree is Navy Blue Wave 4, typically a corrective phase following the completion of an impulsive wave.
- Traders should closely monitor Orange Wave 5, as its completion may trigger the start of Navy Blue Wave 4.
- The wave cancellation invalid level is set at 1,463.86, meaning if the price falls below this level, the current wave count becomes invalid, requiring a revised analysis.
Conclusion
The S&P/TSX 60 is currently in an impulsive phase, labeled as Orange Wave 5, within a larger trend inside Navy Blue Wave 3. The completion of Orange Wave 4 has set the stage for a continuation of the current trend.
Traders should monitor the progression of this wave and observe the invalidation level at 1,463.86 to confirm the wave structure’s validity. This analysis provides a structured framework to understand the market’s current position and anticipate future price movements within the ongoing trend.
Technical Analyst : Malik Awais
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