USDCHF Elliott Wave Analysis TradingLounge Day Chart, 14 December 2023 U.S.Dollar/Swiss Franc(USDCHF) Day ChartUSDCHF Elliott Wave Technical AnalysisFunction: Counter TrendMode: Corrective Structure: Red wave 5 of blue wave CPosition: Black wave 2Direction Next Higher Degrees: Black wave 3Details: red wave 5 blue wave C is in play and looking near to end . After that a new uptrend will start . Wave Cancel invalid level: 0.85528The “USDCHF Elliott Wave Analysis Trading Lounge Day Chart” dated 14 December 23, provides a detailed analysis of the U.S. Dollar/Swiss Franc (USDCHF) currency pair, focusing on the daily timeframe and utilizing Elliott Wave principles for technical analysis.The identified “Function” is “Counter Trend,” indicating that the analysis is oriented towards identifying potential reversals or corrections against the prevailing trend. This information is valuable for traders seeking opportunities in counter trend movements.The specified “Mode” is “Corrective,” suggesting that the current phase is characterized by corrective price actions. Corrective phases are typically characterized by price movements against the primary trend and often involve consolidation or retracement.The primary “Structure” involves “Red wave 5 of blue wave C,” signifying the position of the current wave within the broader Elliott Wave framework. Understanding the structure is essential for traders to anticipate potential price movements and formulate appropriate strategies.The described “Position” is labeled as “Black wave 2,” providing information about the current wave’s placement within the larger Elliott Wave structure. This context aids traders in comprehending the ongoing market dynamics and making informed decisions.In terms of “Direction Next Higher Degrees,” the projection is “Black wave 3,” indicating the expected next impulsive wave within the broader Elliott Wave structure. This information assists traders in anticipating potential future market movements in the upward direction.The “Details” section highlights that “red wave 5 of blue wave C is in play and looking near to end.” This suggests that the ongoing corrective wave is approaching completion, and after that,a new uptrend is anticipated. Traders can use this information to prepare for potential shifts in market dynamics.The “Wave Cancel invalid level” is identified as “0.85528.” This level serves as a critical point at which the current wave count would be invalidated, prompting a reassessment of the prevailing market conditions.In summary, the USDCHF Elliott Wave Analysis for the daily chart on 14 December 23, suggests a corrective phase labeled as “Red wave 5 of blue wave C,” with insights into the anticipated next impulsive wave, “Black wave 3.” The completion of red wave 5 indicates the potential end of the current corrective movement, with an expectation of a new uptrend. Traders should closely monitor the specified invalidation level for a comprehensive analysis of market conditions.Technical Analyst: Malik AwaisMore By This Author:Global Stock Markets – Elliott Wave Insights & Strategies
Elliott Wave Technical Analysis: The Coca-Cola Company – Wednesday, Dec. 13
Euro/British Pound Day Chart, Elliott Wave Technical Analysis, Wednesday, December 13
