Nasdaq Elliott Wave Analysis Trading Lounge Day ChartNasdaq Elliott Wave Technical AnalysisFunction: Counter Trend
Mode: Corrective
Structure: Orange wave 2
Position: Navy blue wave 3
Direction Next Higher Degrees: Orange wave 3
Details:
The Nasdaq Elliott Wave Analysis for the day chart aims to identify the current market trend and wave structure. This analysis suggests a corrective counter-trend movement against the primary trend.Currently, the wave structure under review is orange wave 2, positioned within navy blue wave 3. This indicates the market is undergoing a corrective phase within a larger impulsive wave. Orange wave 1 is completed, marking the end of the initial impulsive move within navy blue wave 3. Now, orange wave 2 is in play, retracing part of the previous impulsive move.The direction for the next higher degrees is orange wave 3. After the completion of orange wave 2, the market is expected to resume its impulsive trend with orange wave 3, continuing the primary trend direction.The analysis sets a wave cancellation invalid level at 16972.0, a crucial benchmark for traders. If the market price exceeds this level, the current wave count is invalidated. This level is vital for risk management, helping traders reassess their positions if the market moves unexpectedly.
Summary:
Nasdaq Elliott Wave Analysis Trading Lounge Weekly ChartNasdaq Elliott Wave Technical AnalysisFunction: Counter Trend
Mode: Corrective
Structure: Orange wave 2
Position: Navy blue wave 3
Direction Next Higher Degrees: Orange wave 3
Details:
The Nasdaq Elliott Wave Analysis for the weekly chart provides insights into the market’s current behavior and wave structure. This analysis characterizes the market movement as a counter-trend, indicating a corrective phase within the broader trend.The wave structure being examined is orange wave 2, which is part of navy blue wave 3. This suggests the market is in a corrective phase within a larger impulsive wave. The analysis indicates that orange wave 1 appears to have completed, marking the end of an initial impulsive move within navy blue wave 3. Following this, the market is now experiencing orange wave 2, a corrective wave that typically retraces some of the gains made during the impulsive wave 1.The next higher degree direction is identified as orange wave 3. This implies that after the completion of orange wave 2, the market is expected to resume its impulsive trend with the start of orange wave 3. This phase would follow the corrective action of orange wave 2 and continue the primary trend.A key element of this analysis is the wave cancellation invalid level, set at 16972.0. This level is crucial for traders as it serves as a benchmark to determine the validity of the current wave count. If the market price exceeds this level, the current wave count would be invalidated, necessitating a reassessment of the market conditions and potential repositioning. This invalidation point is important for risk management, providing a clear point at which traders should reconsider their analysis and strategies.
Summary:
Technical Analyst : Malik AwaisMore By This Author:Unlocking ASX Trading Success: Rio Tinto Limited – Monday, July 15
Elliott Wave Technical Analysis: Australian Dollar/U.S. Dollar – Monday, July 15
Elliott Wave Technical Analysis: Bitcoin Crypto Price Today
