Polkadot Elliott Wave Technical Analysis - August 17, 2022

Elliott Wave Analyst - tradinglounge • Aug 17, 2022 at 4:17 AM EDT

Elliott Wave Technical Analysis of Polkadot for August 17, 2022

Polkadot (DOT-X)

DOTUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Diagonal

Position: Wave |

Direction Next higher Degrees: Wave (Ill) of Motive

Details: Diagonal price structure, once completed, the price will drop in the second wave.
beware of reversing

Wave Cancel invalid Level: 5.955

Polkadot Trading Strategy: Diagonal price structure when finished The price
will drop in the second wave. Be careful to reverse at 50% or 61.8% of the first wave.
Wait for another trend entry once the second wave completes.

Polkadot Technical Indicators: The price can pass through both w
MA20,MA50,MA100 It is a good signal to reverse the uptrend.


Elliott Wave Analysis TradingLounge 4H Chart, August 17, 2022

Polkadot

DOTUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Diagonal

Position: Wave |

Direction Next higher Degrees: Wave (Ill) of Motive

Details: Diagonal price structure, once completed, the price will drop in the second wave.
beware of reversing

Wave Cancel invalid Level: 6.00

Polkadot Trading Strategy: The retracement of the second wave is usually
50% or 61.8% of the first wave. This is the same level as the previous fourth wave,
which was the key level. Reversal in this area is an opportunity to rejoin the trend.
Polkadot Technical Indicators: The MA50 is above the MA200 showing an
uptrend.

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