The daily chart analysis of the TASI INDEX reveals a bullish outlook. Price action is currently moving impulsively, marking the early phase of a larger upward trend. The wave count identifies Navy Blue Wave 1, which is part of the broader Gray Wave 3, now underway. This suggests a new bullish sequence has begun.

Following the completion of Gray Wave 2, the market has likely transitioned into Navy Blue Wave 1 of 3. This signals the beginning of a new impulsive wave, indicating a strong directional move. After this wave completes, a correction (Navy Blue Wave 2) is anticipated before resuming the upward trend.

Current technical indicators point to continued bullish momentum, with strong buying interest supporting the move. The index appears well-positioned for further gains within the ongoing Gray Wave 3 advance.

TASI Index Elliott Wave analysis

Function: Bullish Trend.

Mode: Impulsive.

Structure: Gray Wave 3.

Position: Orange Wave 3.

Next higher degrees direction: Gray Wave 3 (In Progress).

Details: Gray Wave 2 seems complete. Gray Wave 3 of Orange Wave 3 is unfolding.

On the weekly chart, the TASI INDEX remains in a strong bullish phase. The structure identifies Gray Wave 3 developing within the broader Orange Wave 3, typically known for extended price rallies. The impulsive mode and positioning suggest the index is in its most dynamic growth stage.

With Gray Wave 2 concluded, the current action signals the onset of Gray Wave 3 of 3 – often the strongest portion of any Elliott Wave sequence. This phase is usually characterized by strong buying momentum and fewer retracements.

The technical framework supports sustained growth, with the potential for significant gains as Gray Wave 3 continues to unfold in the coming weeks.

TASI Index 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 stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.