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AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart, 4 December 2023Australian Dollar/Japanese Yen(AUDJPY) 4 Hour ChartAUDJPY Elliott Wave Technical AnalysisFunction: Counter TrendMode: Corrective Structure: purple wave 4 of CPosition: Zof BDirection Next Higher Degrees: purple wave 5 of C Details: purple wave 4 is in play as sideways (triangle) , Wave Cancel invalid level: 98.839The “AUDJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart” dated 4 December 23, provides a comprehensive examination of the Australian Dollar/Japanese Yen (AUDJPY) currency pair within a four-hour timeframe, utilizing Elliott Wave principles for technical analysis.The primary “Function” identified in the analysis is “Counter Trend,” indicating a focus on understanding and navigating potential corrective movements in the market. This implies an awareness of the probability of a temporary deviation from the prevailing trend.The specified “Mode” is “Corrective,” suggesting that the market is currently displaying characteristics of a corrective wave. Corrective waves often involve price retracements or sideways movements, providing an opportunity for traders to anticipate potential trend resumptions.The main “Structure” under scrutiny is “purple wave 4 of C,” indicating a corrective sub-wave within the larger C wave of the Elliott Wave structure. This implies a detailed analysis of the ongoing correction and its potential implications for the broader trend.The designated “Position” is “Z of B,” signifying the specific wave position within the larger degree of the correction. This suggests an in-depth analysis of the sub-wave within the broader corrective structure.The directional guidance for “Next Higher Degrees” is “purple wave 5 of C,” implying an anticipation of the resumption of the larger corrective wave after the completion of the current wave (purple wave 4).Regarding “Details,” the analysis notes that “purple wave 4 is in play as sideways (triangle).” This provides traders with insight into the nature of the correction, indicating a potential triangular pattern, which is a specific type of corrective structure.The “Wave Cancel invalid level” is set at 98.839, serving as a crucial reference point for potential invalidation of the current wave count. This level acts as a guide for traders, helping them identify potential points of trend confirmation or reversal.In conclusion, the AUDJPY Elliott Wave Analysis on the 4-hour chart suggests that the market is currently undergoing a corrective phase (purple wave 4 of C), characterized by a sideways movement, potentially forming a triangle. Traders are provided with insights into specific wave positions and a key reference level for potential trend reversals or confirmations in the broader corrective structure.Technical Analyst: Malik AwaisMore By This Author:Elliott Wave Technical Analysis: THETA Token/USD – December 4
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