Elliott Wave Technical Analysis: Binance/U.S. Dollar - Tuesday, May 9

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Elliott Wave Analysis TradingLounge Daily Chart, 9 May 2023.

Binance/U.S. Dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave III

Direction Next higher Degrees: wave (I) of Motive

Details: Wave 3 is equal to 1.618 multiplied Length of wave 1 at 568.8

Wave Cancel invalid level: 220

Binance/U.S. Dollar (BNBUSD) Trading Strategy: The second wave retracement tends to be .618 of the first wavelength. Therefore, there is important support around 270, waiting for the correction to complete to consolidate the trend.

Binance/U.S. Dollar (BNBUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. MACD and RSI are bearish momentum.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 9 May 2023.

Binance/U.S. Dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Double Combined

Position: Wave Y

Direction Next higher Degrees: wave (2) of Motive

Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

Wave Cancel invalid level: 265.0

Binance/U.S. Dollar (BNBUSD) Trading Strategy: There is still a risk of a correction of wave (2), which corresponds to prices below the MA200 line indicating a downtrend. before rising again. Wait for the correction to complete.

Binance/U.S. Dollar (BNBUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. MACD and RSI are bearish momentum.