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AUDJPY Elliott Wave Analysis Trading Lounge Day Chart,24 November 2023Australian Dollar/Japanese Yen(AUDJPY) Day ChartAUDJPY Elliott Wave Technical AnalysisFunction: Counter TrendMode: impulsive Structure: red wave 3 of 1Position: black wave CDirection Next lower Degrees: red wave 3 of 1(may started) Details: red wave 2 completed at 98.256, now red wave 3 of 1 is in play. Wave Cancel invalid level: 98.599The “AUDJPY Elliott Wave Analysis Trading Lounge Day Chart” dated 24 November 23, provides a comprehensive evaluation of the Australian Dollar/Japanese Yen (AUDJPY) currency pair using the Elliott Wave theory. This analysis, conducted on a daily chart, aims to offer a more extended-term perspective and insights for strategic decision-making.The identified “Function” in this analysis is labeled as “Counter Trend,” indicating a focus on potential corrective movements against the prevailing trend. The market is assessed to be in an “Impulsive” mode, suggesting that the current price action may be part of an impulsive wave, possibly a sub-wave within a larger Elliott Wave structure.The specific “Structure” under scrutiny is denoted as “Red wave 3 of 1.” This signifies a detailed analysis of a specific wave within the broader Elliott Wave structure, specifically the third impulsive wave within what is likely the first wave of a larger cycle.The designated “Position” is clarified as “Black wave C.” This indicates that the analysis is centered around a sub-wave within the broader Elliott Wave structure, particularly the C wave of a corrective pattern.Concerning the “Direction Next Lower Degrees,” the analysis points to “Red wave 3 of 1 (may have started).” This implies an expectation of a downward movement at a lower degree within the overarching Elliott Wave structure, suggesting a potential initiation of a bearish phase.In terms of “Details,” the report notes that “red wave 2 completed at 98.256, now red wave 3 of 1 is in play.” This suggests a focus on the completion of a corrective phase (red wave 2) and the initiation of the next impulsive wave (red wave 3). The “Wave Cancel invalid level” is set at 98.599, providing a critical reference point.A breach of this level could challenge the current wave count, prompting traders to reassess their analysis and trading strategies.In summary, the AUDJPY Elliott Wave Analysis on the daily chart indicates a potential counter-trend movement, with a focus on the completion of a corrective phase and the initiation of the next impulsive wave. The analysis provides traders with valuable insights for medium-to-long-term decision-making.Technical Analyst: Malik AwaisMore By This Author:Elliott Wave Technical Analysis: THETAUSD – Friday. November 24
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