USD/CAD Elliott Wave Analysis Trading Lounge Day Chart, 17 November 2023U.S.Dollar/Canadian Dollar(USD/CAD) 4 Day ChartUSD/CAD Elliott Wave Technical AnalysisFunction: Counter TrendMode: corrective Structure: blue wave C of black wave BPosition: black wave BDirection Next Higher Degrees: black wave CDetails: Blue wave B looking completed at 1.38537, now blue wave C of black wave B is in play. Wave Cancel invalid level:1.38561The “USD/CAD Elliott Wave Analysis Trading Lounge Day Chart” dated 17 November 23, provides a comprehensive examination of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair on a daily time frame, utilizing Elliott Wave theory. The purpose of this analysis is to offer traders insights into potential longer-term price movements.The identified “Function” is labeled as “Counter Trend,” indicating that the analysis is focused on a potential reversal or correction against the primary trend. In this scenario, it suggests that the current market dynamics are not in line with the broader trend and may represent a corrective phase.The “Mode” is described as “Corrective,” signifying that the market is undergoing a corrective phase. Corrective phases are characterized by price retracements or consolidations, providing traders with opportunities to assess potential entry or exit points.The “Structure” is identified as “Blue wave C of black wave B.” This implies that the ongoing corrective movement is part of a larger structure labeled as wave B, with the current internal movement being the third wave (C) of this corrective pattern.The “Position” is specified as “Black wave B,” suggesting that the current corrective structure is part of a broader wave count labeled as B.Regarding the “Direction Next Higher Degrees,” the analysis points to “Black wave C.” This suggests that upon the completion of the current corrective structure (Black wave B), the expectation is for a new trend to emerge, labeled as Black wave C.In terms of “Details,” the report notes that “blue wave B looking completed at 1.38537, now blue wave C of black wave B is in play.” This provides traders with information about the current phase of the corrective pattern and the anticipated direction of the next significant price movement.The “Wave Cancel invalid level” is set at 1.38561, serving as a critical reference point. A breach of this level could invalidate the current wave count, prompting traders to reconsider their analysis and potential trading strategies.In summary, the USD/CAD Elliott Wave Analysis on the daily chart indicates a corrective pattern, specifically Blue wave C of black wave B within the broader Black wave B structure. Traders are advised to monitor the completion of this corrective structure, with the expectation of a new trend labeled as Black wave C. The specified invalidation level provides a reference point for evaluating the validity of the current wave count.Technical Analyst: Malik AwaisMore By This Author:Stock Market Topping
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