AAVEUSD Elliott Wave Technical Analysis for June 2

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Double Combined

Position: Wave (Y)

Direction Next higher Degrees: Wave ((2)) of Motive

Details: Wave ((2)) may have ended at the level of 60.171. Five waves of rise and break of the level of 74.219 will support this idea.

Wave Cancel invalid Level: 60.171

AAVE Token/U.S.dollar(AAVEUSD)Trading Strategy: Wave ((2)) may end at the level of 60.171, five rising waves will support this idea. but even so Price Remains in Bear Market Control As it is below the MA200 line, there is still a risk of entering a long position.

AAVE Token/U.S.dollar(AAVEUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bearish momentum.

Elliott Wave Analysis 4H Chart, June 2 

AAVE Token/U.S.dollar(AAVEUSD)

Function: Follow Trend 

Mode: Motive 

Structure: Impulse

Position: Wave 3

Direction Next higher Degrees: Wave (1) of Motive

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

Wave Cancel invalid Level: 60.171

AAVE Token/U.S.dollar(AAVEUSD)Trading Strategy: Wave ((2)) may end at the level of 60.171, five rising waves will support this idea. but even so Price Remains in Bear Market Control As it is below the MA200 line, there is still a risk of entering a long position.

AAVE Token/U.S.dollar(AAVEUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bearish momentum.

More By This Author:

Elliott Wave Technical Analysis: United Parcel Service Inc. - Thursday, June 1
Elliott Wave Technical Analysis: Binance, June 1, 2023
Elliott Wave Technical Analysis: Analog Devices Inc. - Wednesday, May 31