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USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 29 November 2023U.S.Dollar /Canadian Dollar(USD/CAD) 4 Hour 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 1.37679, now blue wave C of black wave B is in play and near to end between fib level 50.00 to 61.80. Wave Cancel invalid level:1.30878The “USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour Chart” dated 29 November 23, provides a comprehensive analysis of the U.S. Dollar/Canadian Dollar (USD/CAD) currency pair using Elliott Wave principles. Focused on a 4-hour chart, the analysis is tailored to capture intermediate-term trends and corrective movements.The analysis identifies the primary “Function” as “Counter Trend,” indicating a focus on potential reversals or corrective movements against the prevailing trend. The current “Mode” is classified as “corrective,” suggesting that the market is undergoing a correction rather than a strong impulsive move.The specific “Structure” under consideration is “blue wave C of black wave B.” This indicates a detailed examination of the ongoing correction within the broader structure of black wave B.The identified “Position” is “black wave B,” highlighting the larger degree wave within the Elliott Wave structure. This implies that the analysis is centered on a correction within a broader upward trend.The directional guidance for “Next Higher Degrees” is “black wave C,” signaling that the broader corrective structure is expected to continue with the development of black wave C after the completion of blue wave B.Regarding “Details,” the analysis notes that “Blue wave B looking completed at 1.37679.” This suggests that the corrective wave at the lower degree (blue wave B) is reaching its potential completion point. Additionally, “blue wave C of black wave B is in play and near to end between fib level 50.00 to 61.80.” This indicates an expectation of the final stages of the corrective move within the specified Fibonacci retracement levels.The “Wave Cancel invalid level” is set at 1.30878, providing a critical reference point. This level serves as a guide for potential invalidation of the current wave count, offering traders a key level to watch for confirmation or reversal signals.In summary, the USD/CAD Elliott Wave Analysis on the 4-hour chart suggests that the currency pair is undergoing a corrective phase within the broader upward trend. Traders are provided with insights into potential reversal levels and key reference points for decision-making.Technical Analyst: Malik AwaisMore By This Author:
Elliott Wave Technical Analysis 4 Hour Chart: U.S. Dollar/Canadian Dollar – Wednesday, Nov. 29
