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 EURUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 10 November 2023Euro/U.S.Dollar(EURUSD) 4 Hour ChartEURUSD Elliott Wave Technical AnalysisFunction:  Counter TrendMode: corrective  Structure: Z of XPosition: wave 2/BDirection Next lower Degrees: Red wave Y(started)Details: black wave Z of red wave X looking completed at 1.07563. Confirmation level for A of Y: 1.06151. Wave Cancel invalid level: 1.07563The “EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart” dated 10 November 23, furnishes a comprehensive overview of the Euro/U.S. Dollar (EURUSD) currency pair. Employing Elliott Wave theory, the analysis provides key insights into potential market movements, catering particularly to traders aiming to navigate short to medium-term fluctuations.The analysis identifies the market’s “Function” as “Counter Trend,” indicating that the current price movement is contrary to the prevailing trend. This information is pivotal for traders seeking opportunities in counter trend movements.Characterizing the “Mode” as “Corrective” implies that the market is undergoing a temporary price correction rather than a sustained trend. This is vital information for traders, as corrective phases often precede the continuation of the dominant trend.The “Structure” is identified as “Z of X,” indicating that the market is likely within the final phase of a complex correction. In Elliott Wave terms, “Z” waves are often associated with the termination of complex corrections.The “Position” is recognized as “wave 2/B,” signifying a critical point within the corrective structure. “B” waves typically represent counter trend movements within a correction, preceding the final wave.In the “Direction Next lower Degrees,” the analysis mentions “Red wave Y (started),” suggesting that the broader trend might be resuming after the completion of the current corrective structure.The detailed aspect of “Details” indicates that “black wave Z of red wave X” is possibly completed at 1.07563. It provides a confirmation level for “A of Y” at 1.06151. These levels are significant as they offer specific points for traders to confirm or invalidate the current wave count.The “Wave Cancel invalid level” is highlighted at 1.07563, suggesting that a breach of this level might indicate a shift in the anticipated market structure.In conclusion, the EURUSD Elliott Wave Analysis on the 4 Hour Chart suggests a Counter Trend scenario with a Corrective Mode, specifically in the final phase of a complex correction (Z of X). Traders should be attentive to confirmation and invalidation levels as provided in the analysis for informed decision-making.Technical Analyst: Malik AwaisMore By This Author:Elliott Wave Technical Analysis: Tesla Inc. – Thursday, Nov. 9
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