The GBPAUD Elliott Wave Analysis for the daily chart on 8 March 24, provides a comprehensive view of the potential price movements in the British Pound/Australian Dollar currency pair. Employing Elliott Wave principles, the analysis aims to discern the unfolding patterns and project likely future trends.

The specified "FUNCTION" is "Counter Trend," signaling an approach that seeks to capitalize on corrective movements against the prevailing trend. This indicates an expectation of a temporary reversal or retracement in the market.

The identified "MODE" is "Corrective," suggesting that the market is currently in a corrective phase characterized by price adjustments rather than a strong, impulsive trend. Corrective phases often involve sideways or counter-trend movements.

The described "STRUCTURE" is "Blue wave B," which is part of a larger corrective pattern. Blue wave B represents an upward correction within the broader Elliott Wave count.

The specified "POSITION" is "Black wave 2," indicating the current placement within the overarching Elliott Wave structure. Black wave 2 typically represents a correction within the primary uptrend.

Regarding "DIRECTION NEXT HIGHER DEGREES," the analysis emphasizes "Blue wave C," anticipating an additional corrective wave following the completion of blue wave B. This implies a potential continuation of the counter-trend move.

In the "DETAILS" section, it is mentioned that "blue wave B of 2 is in play," indicating the current development of the correction. The analysis notes that after the completion of blue wave B, "Wave C of black wave 2 will start."

The "Wave Cancel invalid level" is set at 1.99747. This level serves as a crucial reference point, and a breach beyond it would invalidate the current wave count, prompting a reassessment of the analysis.

In summary, the GBPAUD Elliott Wave Analysis for the daily chart on 8 March 24, underscores a counter-trend corrective strategy. The focus is on the ongoing development of blue wave B within the broader corrective structure, with an anticipation of the initiation of Wave C of black wave 2. The Wave Cancel invalid level at 1.99747 is identified as a key level for monitoring potential shifts in the wave count and trend dynamics.

GBP/AUD day chart

GBP/AUD Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Blue wave B

Position: Black wave 2

Direction next higher degrees: Blue wave C

Details: Blue wave B of 2 is in play , after that Wave C of black wave 2 will start . Wave Cancel invalid level: 1.85875

The GBPAUD Elliott Wave Analysis for the 4-hour chart on 8 March 24, provides insights into the potential market dynamics of the British Pound/Australian Dollar currency pair. The analysis utilizes Elliott Wave principles to interpret price movements and identify possible future trends.

The "FUNCTION" specified in the analysis is "Counter Trend," indicating a strategic approach that seeks to capitalize on corrective movements against the prevailing trend. This suggests an expectation of a temporary reversal or retracement.

The identified "MODE" is "Corrective," signifying that the market is currently in a phase characterized by price adjustments rather than a strong, impulsive trend. Corrective phases often involve sideways or counter-trend movements.

The described "STRUCTURE" is "Blue wave B," which is part of a larger corrective pattern. Blue wave B represents an upward correction within the broader Elliott Wave count.

The specified "POSITION" is "Black wave 2," indicating the current placement within the overarching Elliott Wave structure. Black wave 2 typically represents a correction within the primary uptrend.

Regarding "DIRECTION NEXT HIGHER DEGREES," the focus is on "Blue wave C," suggesting an anticipation of an additional corrective wave following the completion of blue wave B. This implies a potential continuation of the counter-trend move.

In the "DETAILS" section, it is mentioned that "blue wave B of 2 is in play," indicating that the correction is currently unfolding. The analysis notes that after the completion of blue wave B, "Wave C of black wave 2 will start."

The "Wave Cancel invalid level" is set at 1.85875. This level serves as a critical reference point, and a breach beyond it would invalidate the current wave count, prompting a reassessment of the analysis.

In summary, the GBPAUD Elliott Wave Analysis for the 4-hour chart on 8 March 24, highlights a counter-trend corrective strategy. The focus is on the unfolding of blue wave B within the broader corrective structure, with an eye on the potential initiation of Wave C of black wave 2. The Wave Cancel invalid level at 1.85875 is identified as a key level for monitoring potential shifts in the wave count and trend dynamics.

GBP/AUD four hour chart

GBP/AUD Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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