Details: Looking for upside resumption as we have found support on Medium Level 150$ and we are now trading above previous resistance and we have broken it with increasing volume suggesting the move is trend establishing, rather than corrective.

PG Elliott Wave Analysis Trading Lounge 4Hr Chart, 9 February 24.

The Procter & Gamble Company, (PG) 4Hr Chart.

PG Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (i) of {iii}.

Direction: Upside into wave v of (i).

Details: Looking for continuation higher on the intraday as every pullback to the downside seems to be a three wave move and therefore corrective in nature. Looking for a top soon in what could be either wave (i) of {iii} or else wave {iii}.

Welcome to our PG Elliott Wave Analysis Trading Lounge, your trusted source for comprehensive insights into The Procter & Gamble Company (PG) through Elliott Wave Technical Analysis. As of the Daily Chart on 9th February 2024, we uncover pivotal trends guiding the market.

*PG Elliott Wave Technical Analysis – Daily Chart*

In terms of wave dynamics, we discern a dominant impulse function with a motive structure. The current position is in Minor wave 1 of (3), indicating acceleration in wave (3). Our focus is on the resumption of upside momentum, particularly as we find support at the Medium Level of $150. Notably, trading above previous resistance with increasing volume suggests a trend-establishing move rather than a corrective one.

*PG Elliott Wave Technical Analysis – 4Hr Chart*

Here, the wave function remains impulsive with a motive structure. The present position is in Wave (i) of {iii}, signaling an upside movement into wave v of (i). We anticipate continued upward momentum intraday, especially as pullbacks to the downside manifest as three-wave moves, indicative of corrective nature. We remain vigilant for a potential top, which could signify either wave (i) of {iii} or wave {iii}.

Technical Analyst: Alessio Barretta.

Author

Peter Mathers

TradingLounge

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

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.