EURUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 26 September 23

Euro/U.S.Dollar(EURUSD) 4 Hour Chart

EURUSD Elliott Wave Technical Analysis

Function:  Counter Trend

Mode: impulsive  

Structure: blue wave 3 of 3

Position: black wave 3

Direction Next lower Degrees: blue wave 3 of black wave 3 started

Details: blue  wave 2  looking completed at 1.07367,now blue wave 3 in play . Wave Cancel invalid level: 1.07367

The EUR/USD Elliott Wave Analysis on 26 September 23, focuses on the 4-hour chart of the Euro/U.S. Dollar (EUR/USD) currency pair. Employing Elliott Wave theory, the analysis aims to provide insights into potential market trends and movements.

The identified Function in this analysis is "Counter Trend," indicating a focus on identifying and interpreting market movements that are contrary to the prevailing trend. In this context, "counter trend" suggests the analysis is aimed at potential reversals or corrections within the market.

The Mode is described as "impulsive," which suggests that a strong and directional price movement is expected. In this case, the focus is on an impulsive wave sequence within the market.

The Market Structure is outlined as "blue wave 3 of 3." This indicates that the analysis is centered on the development of the third wave within the third larger wave structure, emphasizing its significance within the Elliott Wave sequence.

The Position specifies that the analysis is focused on "black wave 3." This suggests that the third wave within the broader wave structure is a key area of interest in the analysis.

The Direction Next Lower Degrees points to the initiation of "blue wave 3 of black wave 3." This indicates that the analysis is attentive to the development of the third sub-wave within the third wave, highlighting its potential impact on the market.

In the Details section, it is noted that "blue wave 2" is deemed to be completed at 1.07367, and the market is now in the phase of "blue wave 3." The "Wave Cancel invalid level" is specified as 1.07367, providing a reference point for traders.

In summary, the EUR/USD Elliott Wave Analysis on 26 September 23, suggests that the market is in a counter-trend phase, with a strong impulsive movement in progress, specifically focusing on the development of "blue wave 3 of 3" within the third wave structure. Traders are advised to monitor this sub-wave for potential trading opportunities, keeping in mind the specified invalid level as a reference for risk management.

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