EURGBP Elliott Wave Analysis Trading Lounge Day Chart, Wednesday, December 13.

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Euro/British Pound (EURGBP) Day Chart

EURGBP Elliott Wave Technical Analysis

Function:  Trend

Mode: impulsive  

Structure: sub waves of blue wave 1

Position: Black wave 3

Direction Next Lower Degrees: blue wave 2

Details: Black wave 2 looking completed at fib level 78.60. Now blue wave 1 of black wave 3 is in play. Wave Cancel invalid level: 0.84931.

The "EURGBP Elliott Wave Analysis Trading Lounge Day Chart" for 13 December 23, provides a comprehensive analysis of the Euro/British Pound (EURGBP) currency pair within a daily timeframe, employing Elliott Wave principles. This analysis serves as a valuable tool for traders aiming to decipher market trends, corrective patterns, and potential future price movements.

The identified "Function" is "Trend," indicating that the analysis is centered on recognizing and capitalizing on the prevailing direction of the market. This acknowledgment is crucial for traders looking to align their strategies with the dominant trend.

The described "Mode" is "impulsive," suggesting that the current market phase is characterized by strong, directional price movements. Understanding the impulsive nature of the market is essential for traders to adjust their strategies in line with the prevailing momentum.

The primary "Structure" involves the "sub waves of blue wave 1," providing insights into the internal wave dynamics within the larger Elliott Wave structure. Recognizing these sub waves aids traders in understanding the intricacies of the ongoing market movement.

The specified "Position" is labeled as "Black wave 3," indicating the hierarchical position of the current wave count within the broader Elliott Wave framework. This information assists traders in assessing the potential risks and rewards associated with their positions.

In terms of "Direction Next Lower Degrees," the projection is "blue wave 2," suggesting the anticipated next corrective wave within the larger Elliott Wave structure. Traders can use this information to anticipate potential future market movements in the downward direction.

The "Details" section highlights that "Black wave 2 looking completed at fib level 78.60," indicating the completion of the corrective phase. Now, "blue wave 1 of black wave 3 is in play," signaling the initiation of the next impulsive wave. This insight is crucial for traders to adjust their positions and strategies accordingly.

The "Wave Cancel invalid level" is identified as "0.84931." This level serves as a critical point at which the current wave count would be invalidated, prompting a reassessment of the prevailing market conditions.

In summary, the EURGBP Elliott Wave Analysis for the Day Chart on 13 December 23, suggests a trend-oriented impulsive phase labeled as "Black wave 3," with insights into the internal sub waves and the anticipated corrective wave, "blue wave 2." The completion of Black wave 2 and the initiation of blue wave 1 of black wave 3 are highlighted, providing traders with valuable information to make informed decisions aligned with the prevailing market dynamics.

Technical Analyst: Malik Awais

Source: Tradinglounge.com 

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