S&P/TSX 60 Elliott Wave Analysis Trading Lounge Day Chart
S&P/TSX 60 Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Orange Wave 3
POSITION: Navy Blue Wave 3
DIRECTION NEXT HIGHER DEGREES: Orange Wave 3 (started)
DETAILS: Orange Wave 2 of Navy Blue Wave 3 is completed. Now, Orange Wave 3 is in play.
WAVE CANCEL INVALID LEVEL: 1281.11
The S&P/TSX 60 Elliott Wave Analysis on the day chart indicates an impulsive trend movement, reflecting strong and directional market behavior. The structure under scrutiny is Orange Wave 3, situated within Navy Blue Wave 3. This positioning suggests the market is experiencing the third wave of a larger third wave, indicating significant and sustained momentum in the current trend direction.
The analysis specifies that the direction for the next higher degrees continues within Orange Wave 3, which has already started. This implies that the impulsive movement is expected to persist, reinforcing the strength of the ongoing trend.
S&P/TSX 60 Elliott Wave Analysis Trading Lounge Weekly Chart
S&P/TSX 60 Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Orange Wave 3
POSITION: Navy Blue Wave 3
DIRECTION NEXT LOWER DEGREES: Orange Wave 4
DETAILS: Orange Wave 2 of Navy Blue Wave 3 is completed. Now, Orange Wave 3 is in play.
WAVE CANCEL INVALID LEVEL: 1281.11
The S&P/TSX 60 Elliott Wave Analysis on the weekly chart identifies the current market behavior as a trend that is impulsive, indicating a strong and definitive direction. The wave structure under analysis is Orange Wave 3, situated within Navy Blue Wave 3, suggesting significant upward momentum within the larger third wave.
The direction for the next lower degrees is indicated as Orange Wave 4, implying that after the completion of the current impulsive wave, a corrective phase might follow. However, the market is currently focused on progressing within Orange Wave 3.
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