Image Source: Pixabay

Elliott Wave Analysis TradingLounge Daily Chart

Binance/ U.S. dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Triangle

Position: Wave ((E))

Direction Next higher Degrees: wave 4

Wave Cancel invalid level: 508

Details: Correction in Triangle pattern before rising again in Wave 5.

Binance/ U.S. dollar(BNBUSD)Trading Strategy:

The short-term correction in Wave 4 with the Triangle pattern continues in Wave E before an increase in Wave 5. So wait for the correction to complete to look for opportunities to join the trend again.

Binance/ U.S. dollar(BNBUSD)Technical Indicators:

The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.

Elliott Wave Analysis TradingLounge H4 Chart

Binance/ U.S. dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Triangle

Position: Wave ((E))

Direction Next higher Degrees: wave 4

Wave Cancel invalid level: 508

Details: Correction in Triangle pattern before rising again in Wave 5.

Binance/ U.S. dollar(BNBUSD)Trading Strategy:

The short-term correction in Wave 4 with the Triangle pattern continues in Wave E before an increase in Wave 5. So wait for the correction to complete to look for opportunities to join the trend again.

Binance/ U.S. dollar(BNBUSD)Technical Indicators:

The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Mineral Resources Limited - Min Stock Analysis & Elliott Wave Technical Forecast
USDJPY Forex Elliott Wave Technical Analysis
WTI Crude Oil Commodity Elliott Wave Technical Analysis