TASI Index Elliott Wave Analysis – Trading Lounge Day Chart
TASI Index Elliott Wave Technical Analysis
The Elliott Wave analysis for the TASI Index daily chart provided by Trading Lounge emphasizes a bullish trend, currently moving in an impulsive wave pattern. The active wave is identified as gray wave 3, which demonstrates strong upward momentum and resides within orange wave 3, aligning with a broader bullish sentiment for the index.
With the completion of gray wave 2, the market has transitioned into gray wave 3, often characterized by the most substantial momentum within the Elliott Wave structure. As gray wave 3 progresses within orange wave 3, it signals a continuation of positive price movement, further confirming the bullish trend.
A critical invalidation level at 11324.751 acts as a key threshold for traders. A decline to or below this level would invalidate the current Elliott Wave analysis, signaling a potential end to the bullish trend. This may indicate a corrective phase or a reversal, necessitating a re-assessment of the overall market structure.
Summary
- Bullish Outlook: Gray wave 3 is driving upward momentum within orange wave 3.
- Key Level: Monitor the invalidation point at 11324.751. A drop below this level could challenge the bullish trend, signaling a potential reversal or market correction.
TASI Index Elliott Wave Analysis – Trading Lounge Weekly Chart
TASI Index Elliott Wave Technical Analysis
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Function: Bullish Trend
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Mode: Impulsive
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Structure: Orange wave 3
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Position: Navy blue wave 3
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Direction Next Lower Degrees: Orange wave 4
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Details: Orange wave 2 is complete. Orange wave 3 is now active.
- Wave Cancel Invalid Level: 11324.751
The TASI Index weekly chart analysis from Trading Lounge highlights a bullish trend supported by an impulsive wave structure. The current development of orange wave 3 within the larger framework of navy blue wave 3 reflects sustained upward momentum, further solidifying the positive outlook for the index.
With the completion of orange wave 2, the market has moved into orange wave 3, a pivotal phase in the Elliott Wave cycle. This wave is often the most dynamic and characterized by significant upward price movement. The alignment within navy blue wave 3 strengthens the bullish case, indicating potential for further price appreciation as orange wave 3 unfolds.
The invalidation level of 11324.751 remains a crucial point for this analysis. A decline to or below this threshold would negate the current wave structure and could indicate a shift in trend or the beginning of a corrective phase. This level serves as a key reference for traders to monitor the strength and sustainability of the ongoing bullish trend.
Summary
- Bullish Trajectory: Orange wave 3 is advancing within the larger navy blue wave 3 framework.
- Key Level: The invalidation point at 11324.751 is critical for validating the bullish structure. A drop below this level would prompt re-evaluation and could signal a reversal or market correction.
Technical Analyst: Malik Awais
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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