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Elliott Wave Analysis TradingLounge Daily Chart

AAVE/ U.S. dollar(AAVEUSD)

AAVEUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave ((A))

Direction Next higher Degrees: Wave (IV) of Impulse

Wave Cancel invalid Level: 125.280

Details: The sub-waves within wave IV are identified as an A-B-C Correction pattern: Wave A: Begins a downward correction. Wave B: Expected to be a small upward correction before the price continues down in wave C.

AAVE/ U.S. dollar(AAVEUSD)Trading Strategy: 
The current wave structure is in a correction phase, Wave IV after the end of Wave III which was a strong uptrend. The sub-waves within Wave IV are identified as an A-B-C Correction pattern. Wave A: Begins a downward correction. Wave B: Expected to be a small correction up before the price continues down in Wave C. W.C Invalid: The 178.995064 level is a level below which the current wave count will be invalid.

(Main Outlook):

• Short-term: Bearish until the correction in wave IV is complete

• Long-term: After wave IV is complete, price is likely to re-enter the uptrend (wave V) in a larger timeframe.

Elliott Wave Analysis TradingLounge 4hr Chart

AAVE/ U.S. dollar(AAVEUSD)

AAVEUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave ((A))

Direction Next higher Degrees: Wave (IV) of Impulse

Wave Cancel invalid Level: 125.280

Details: The sub-waves within wave IV are identified as an A-B-C Correction pattern: Wave A: Begins a downward correction. Wave B: Expected to be a small upward correction before the price continues down in wave C.

AAVE/ U.S. dollar(AAVEUSD)Trading Strategy: 
The current wave structure is in a correction phase, Wave IV after the end of Wave III which was a strong uptrend. The sub-waves within Wave IV are identified as an A-B-C Correction pattern. Wave A: Begins a downward correction. Wave B: Expected to be a small correction up before the price continues down in Wave C. W.C Invalid: The 178.995064 level is a level below which the current wave count will be invalid.

(Main Outlook):

• Short-term: Bearish until the correction in wave IV is complete

• Long-term: After wave IV is complete, price is likely to re-enter the uptrend (wave V) in a larger timeframe.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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