USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 25 September 23

U.S.Dollar /Canadian Dollar(USD/CAD) 4 Hour Chart

USD/CAD Elliott Wave Technical Analysis

Function:   Counter Trend

Mode: corrective

Structure: likely zigzag in wave 2

Position: wave 2 of A

Direction Next lower Degrees:corrective wave C of 2

Details:  Blue  Wave “A” of 2 completed. now corrective wave B of 2 in play ,after that wave C of 2 expected . Wave Cancel invalid level: 1.36982

The USD/CAD Elliott Wave Analysis on 25 September 23, provides insights into the 4-hour chart of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair. It utilizes Elliott Wave theory to assess potential market movements and trends.

The Function outlined for this analysis is "Counter Trend," indicating its focus on identifying and analyzing market movements that run counter to the prevailing trend. In this context, "counter trend" suggests that the analysis is looking for potential reversals or corrections within the market.

The Mode is described as "corrective," which implies that the market is currently undergoing a corrective phase. Corrective phases often follow strong trends and are characterized by price movements that aim to retrace or adjust the prior trend.

The Market Structure is suggested to be a "likely zigzag in wave 2." A zigzag pattern is a specific corrective wave pattern within Elliott Wave theory, typically composed of three waves labeled A, B, and C. In this analysis, the focus is on the second wave (wave 2) within the zigzag pattern.

The Position indicates that the analysis is centered on "wave 2 of A." This highlights the importance of wave 2 within the broader wave structure, suggesting that it may offer significant trading opportunities.

The Direction Next Lower Degrees suggests that the analysis is attentive to "corrective wave C of 2." This implies that the focus is on the development of wave C within the second wave of the Elliott Wave sequence.

In the Details section, it is noted that "Blue Wave 'A' of 2" has been completed. Currently, the market is in the phase of "corrective wave B of 2," with an expectation of "wave C of 2" following. The "Wave Cancel invalid level" is specified as 1.36982, serving as a reference point for traders.

In summary, the USD/CAD Elliott Wave Analysis on 25 September 23, suggests that the market is in a corrective phase, with a focus on the second wave (wave 2) of a likely zigzag pattern. Traders are encouraged to monitor the development of wave C of 2 and be attentive to the specified invalid level for potential trading opportunities. Risk management remains crucial when implementing any trading strategy.

(Click on image to enlarge)

More By This Author:

Stock Trading: AAPL, AMZN, NVDA, TSLA, GOOGL, META, NFLX, MSFT
Elliott Wave Technical Analysis: AAVEUSD - Friday, Sept 22
Day Chart Elliott Wave Technical Analysis: GBPJPY - Friday Sept 22