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.

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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.

GlobalIndices24(1).thumb.png.3e762b038048eabdfd73bb78107e7277.png

Technical Analyst : Malik Awais


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