The daily Elliott Wave chart of the KOSPI Composite shows a bullish trend. The index is moving impulsively, indicating strong momentum. Navy Blue Wave 1 is currently active, developing within the broader Gray Wave 3.

The completion of Gray Wave 2 marks the start of Navy Blue Wave 1, suggesting a new upward leg in the trend. The next expected movement is Navy Blue Wave 2, which typically follows Wave 1 as a corrective pullback before resuming upward movement.

The key level to monitor is 2280.59. A break below this would invalidate the current count and require reassessment. Unless breached, the pattern supports a continued uptrend.

The technical setup indicates KOSPI may experience continued gains. The impulsive structure reflects strong buying activity and supports a bullish outlook as Gray Wave 3 progresses.

KOSPI Composite Elliott Wave technical analysis

Function: Bullish Trend.

Mode: Impulsive.

Structure: Navy Blue Wave 1.

Position: Gray Wave 3.

Direction next lower degrees: Navy Blue Wave 2.

Details:

Gray Wave 2 has likely ended. Now, Navy Blue Wave 1 of 3 is advancing.

Wave cancel invalid level: 2280.59

The weekly Elliott Wave analysis confirms the bullish trend in KOSPI. With impulsive movement active, Navy Blue Wave 1 is forming within Gray Wave 3. This setup signals the beginning of a potentially large new uptrend.

The completed Gray Wave 2 confirms the transition into Navy Blue Wave 1. This phase is usually strong and fast-moving. Once Wave 1 completes, Wave 2 is expected as a corrective phase.

A critical level to watch remains 2280.59. Falling below it would void the current analysis. Until then, the trend favors continued upward development within Gray Wave 3.

The chart suggests a solid uptrend may be underway. Robust institutional interest and impulsive price action support the case for sustained gains in the medium to long term.

KOSPI Composite Elliott Wave 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.

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.