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
• Direction Next Higher Degree: Orange Wave 5

Analysis Details

The S&P/TSX 60 daily chart indicates a counter-trend movement with a corrective wave structure. The market is currently within Orange Wave 4, suggesting a temporary pullback within the larger trend.

The previous Orange Wave 3 appears to be completed, and the market has now transitioned into Orange Wave 4. This phase represents a corrective movement before the potential resumption of the larger trend.

The current position is within Navy Blue Wave 3, indicating that the market is in an intermediate corrective phase within the broader wave structure. The next higher-degree wave in focus is Orange Wave 5, which is expected to develop after the completion of Orange Wave 4.

Summary

The S&P/TSX 60 daily chart reflects a corrective phase within a larger trend. Orange Wave 4 is currently unfolding following the completion of Orange Wave 3, indicating a temporary retracement before the expected continuation into Orange Wave 5.

The market remains in a counter-trend movement, with further developments needed to confirm the next directional move.

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
• Direction Next Higher Degree: Orange Wave 5

Analysis Details

The S&P/TSX 60 weekly chart indicates a counter-trend movement with a corrective wave structure. The market is currently in Orange Wave 4, representing a retracement phase within the broader trend.

The previous Orange Wave 3 appears to be completed, and the market has now transitioned into Orange Wave 4. This phase suggests a temporary pullback before a potential continuation of the larger trend.

The current position is within Navy Blue Wave 3, indicating that the market is in an intermediate corrective phase. The next higher-degree wave in focus is Orange Wave 5, which is expected to develop after the completion of Orange Wave 4.

Summary

The S&P/TSX 60 weekly chart reflects a corrective phase within a larger trend. Orange Wave 4 is currently unfolding following the completion of Orange Wave 3, signaling a temporary retracement before the anticipated move into Orange Wave 5.

The market remains in a counter-trend movement, with further developments required to confirm the next direction.

Technical Analyst : Malik Awais

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