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S&P/TSX 60 Elliott Wave Analysis – Trading Lounge Day Chart

S&P/TSX 60 Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Corrective
• Structure: Orange Wave 4
• Position: Navy Blue Wave 3
• Next Higher Degree Direction: Orange Wave 5

Details:

The S&P/TSX 60 Elliott Wave Analysis for the day chart highlights a counter-trend scenario, indicating that the market is currently in a corrective phase. The analysis identifies the structure as orange wave 4, which forms part of a larger corrective pattern within navy blue wave 3. This suggests that the market is in an intermediate correction before resuming the broader trend. The next anticipated movement at a higher degree is orange wave 5, which is likely to develop once orange wave 4 is completed.

The analysis indicates that orange wave 3 has concluded, and the market is now transitioning into orange wave 4. This wave is expected to exhibit corrective characteristics, potentially including sideways or downward movements before the next impulsive wave, orange wave 5, begins. The completion of orange wave 4 will be a crucial point for traders, as it will signal the potential start of orange wave 5, which is anticipated to push the market back in line with the larger trend.

Conclusion

The S&P/TSX 60 is currently in a corrective phase within its Elliott Wave structure, with orange wave 4 now in play following the completion of orange wave 3. This corrective movement is part of navy blue wave 3, and the next significant development is expected to be orange wave 5.

Traders should closely monitor the completion of orange wave 4, as it will provide insights into the timing and direction of the next higher-degree wave. Understanding wave structures is crucial for anticipating market movements and optimizing trading strategies accordingly.

S&P/TSX 60 Elliott Wave Analysis – Trading Lounge Weekly Chart

S&P/TSX 60 Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Corrective
• Structure: Orange Wave 4
• Position: Navy Blue Wave 3
• Next Higher Degree Direction: Orange Wave 5

Details:

The S&P/TSX 60 Elliott Wave Analysis for the weekly chart highlights a counter-trend scenario, indicating that the market is currently in a corrective phase. The analysis identifies the structure as orange wave 4, which forms part of a larger corrective pattern within navy blue wave 3. This suggests that the market is undergoing an intermediate correction before resuming the broader trend. The next anticipated movement at a higher degree is orange wave 5, which is expected to develop following the completion of orange wave 4.

The analysis indicates that orange wave 3 has concluded, and the market is now transitioning into orange wave 4. This wave is expected to exhibit corrective characteristics, potentially including sideways or downward movements before the next impulsive wave, orange wave 5, begins. The completion of orange wave 4 will be a critical point for traders, as it will signal the potential start of orange wave 5, which is anticipated to drive the market back in line with the larger trend.

Conclusion

The S&P/TSX 60 remains in a corrective phase within its Elliott Wave structure, with orange wave 4 now in play following the completion of orange wave 3. This corrective movement is part of navy blue wave 3, and the next significant development is expected to be orange wave 5.

Traders should closely monitor the completion of orange wave 4, as it will provide insights into the timing and direction of the next higher-degree wave. Understanding wave structures is essential for anticipating market movements and optimizing trading strategies accordingly.

Technical Analyst: Malik Awais

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