KOSPI Composite Elliott Wave technical analysis

Function: Bullish Trend.

Mode: Impulsive.

Structure: Orange wave 3.

Position: Navy blue wave 1.

Direction next higher degrees: Orange wave 3 (started).

Cancel invalid level: 2381.93.

The KOSPI Composite Elliott Wave analysis on the daily chart indicates a bullish trend is present. The market is currently in an impulsive mode, indicating strong upward movement in the price.

The structure under observation is orange wave 3, with the present position in navy blue wave 1. This pattern suggests the early stages of a larger upward movement.

At this point, orange wave 2 appears to be completed. Now, orange wave 3 has started and is actively progressing. This wave continues the bullish trend, pointing to a further upward price movement. The end of wave 2 marks a transition from the corrective phase back into the impulsive and bullish direction.

The next higher degrees align with the ongoing orange wave 3, signifying that the market is anticipated to continue rising. Typically, wave 3 is the strongest and most extended in an Elliott Wave sequence, hinting at substantial upward momentum ahead.

A crucial level to monitor is the wave cancellation invalidation point, set at 2381.93. If the price falls below this level, it would invalidate the current Elliott Wave structure, necessitating a reevaluation of the market trend. However, as long as the price stays above this level, the bullish scenario remains in place, with the potential for continued upward gains.

In summary, the KOSPI Composite is currently experiencing a bullish trend with orange wave 3 in progress. The completion of orange wave 2 signals the start of further upward momentum. As long as the price remains above the invalidation level of 2381.93, the bullish outlook remains valid.

Chart

KOSPI Composite Elliott Wave technical analysis

Function: Bullish Trend

Mode: Impulsive

Structure: Orange wave 3

Position: Navy blue wave 1

Direction next higher degrees: Orange wave 3 (started)

Cancel invalid level: 2381.93

The KOSPI Composite Elliott Wave analysis on the weekly chart highlights a bullish trend. The market is in impulsive mode, reflecting strong upward momentum. The structure currently under observation is orange wave 3, with the present position at navy blue wave 1, indicating that the upward movement is still in its early stages.

Orange wave 2 seems to have completed, and now orange wave 3 has begun, signaling the continuation of bullish momentum. Orange wave 3, being a key component of the Elliott Wave structure, often corresponds with substantial upward price movement, suggesting that the market may experience significant gains during this phase.

The next higher degrees follow the ongoing orange wave 3, which indicates that the market is likely to sustain its upward trend. This wave is typically the strongest and longest in the Elliott Wave sequence, making it vital for confirming the bullish outlook.

A critical invalidation level is set at 2381.93. Should the price fall below this level, the current Elliott Wave structure would be invalidated, raising doubts about the strength of the bullish trend. However, as long as the price remains above this level, the bullish trend continues, with the potential for further upward movement.

In summary, the KOSPI Composite is in a bullish trend on the weekly chart, with orange wave 3 actively in progress. The completion of orange wave 2 supports the beginning of a new upward phase. As long as the price stays above the invalidation level of 2381.93, the market is expected to maintain its strong bullish movement.

Chart

KOSPI Composite Index Elliott Wave technical analysis [Video]

Share: Feed news

As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.

Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.

The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Next on the downside comes 0.6500

AUD/USD: Next on the downside comes 0.6500

Further gains in the US Dollar kept the price action in commodities and the risk complex depressed on Tuesday, motivating AUD/USD to come close to the rea of the November low near 0.6500.

AUD/USD News
EUR/USD pierces 1.06, finds lowest bids in a year

EUR/USD pierces 1.06, finds lowest bids in a year

EUR/USD trimmed further into low the side on Tuesday, shedding another third of a percent. Fiber briefly tested below 1.0600 during the day’s market session, and the pair is poised for further losses after a rapid seven-week decline from multi-month highs set just above 1.1200 in September.

EUR/USD News
Gold struggles to retain the $2,600 mark

Gold struggles to retain the $2,600 mark

Following the early breakdown of the key $2,600 mark, prices of Gold now manages to regain some composure and reclaim the $2,600 level and beyond amidst the persistent move higher in the US Dollar and the rebound in US yields.

Gold News
Ripple could rally 50% following renewed investor interest

Ripple could rally 50% following renewed investor interest

Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. XRP could rally nearly 50% if it sustains a firm close above the neckline resistance of an inverted head and shoulders pattern.

Read more
Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out

Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out Premium

What a week – the US election lived up to their hype, at least when it comes to market volatility. There is no time to rest, with politics, geopolitics, and economic data promising more volatility ahead.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures