Image Source: Upsplash

Elliott Wave Analysis TradingLounge Daily Chart

AAVE/ U.S. dollar(AAVEUSD)

AAVEUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (4)

Direction Next higher Degrees: Wave I of Impulse

Wave Cancel invalid Level: 81.238

Details:: The Corrective of Wave (4) before the Increase in Wave (5)

AAVE/ U.S. dollar(AAVEUSD)Trading Strategy:
The fourth wave correction before another increase in the fifth wave, which tends to extend sideways with a Triangle pattern. So the overall picture is a short-term correction before another increase.

AAVE/ U.S. dollar(AAVEUSD)Technical Indicators:
The price is above the MA200 indicating an uptrend. The Wave Oscillator is a Bearish Momentum.

Elliott Wave Analysis TradingLounge 4hr Chart

AAVE/ U.S. dollar(AAVEUSD)

AAVEUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave (4)

Direction Next higher Degrees: Wave I of Impulse

Wave Cancel invalid Level: 81.238

Details:: The Corrective of Wave (4) before the Increase in Wave (5)

AAVE/ U.S. dollar(AAVEUSD)Trading Strategy:
The fourth wave correction before another increase in the fifth wave, which tends to extend sideways with a Triangle pattern. So the overall picture is a short-term correction before another increase.

AAVE/ U.S. dollar(AAVEUSD)Technical Indicators:
The price is above the MA200 indicating an uptrend. The Wave Oscillator is a Bearish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Elliott Wave Technical Analysis: Euro/U.S. Dollar - Monday, Oct. 21
Elliott Wave Technical Analysis: Alphabet Inc. - Monday, Oct. 21
Unlocking ASX Trading Success: Newmont Corporation