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Elliott Wave Analysis TradingLounge Daily Chart

DOT/ U.S. dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

position: Wave ((C))

Direction Next higher Degrees: wave II

Wave Cancel invalid level:

DOT/ U.S. dollar(DOTUSD)Trading Strategy:

Price is in a Wave II structure which has a Corrective (A-B-C) structure. Wave A: Strong correction from the high. Wave B: Rebounding. Wave C: Expected to continue correction in the lower target zone. Keep a close watch on the movement in the 5.3691 support zone to confirm that price is entering the end zone of Wave II.

Main Outlook:

* Short-term: Price is expected to correct down in Wave C with a chance to test support at 5.3691.

* Mid-term: Downward correction in Wave C may test the support level of 0.650

* Long term: If Wave II is completed, price is likely to start a new uptrend in the extended Wave III.

Elliott Wave Analysis TradingLounge 4hr Chart

DOT/ U.S. dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

position: Wave ((C))

Direction Next higher Degrees: wave II

Wave Cancel invalid level:

DOT/ U.S. dollar(DOTUSD)Trading Strategy:

Price is in a Wave II structure which has a Corrective (A-B-C) structure. Wave A: Strong correction from the high. Wave B: Rebounding. Wave C: Expected to continue correction in the lower target zone. Keep a close watch on the movement in the 5.3691 support zone to confirm that price is entering the end zone of Wave II.

Main Outlook:

* Short-term: Price is expected to correct down in Wave C with a chance to test support at 5.3691.

* Mid-term: Downward correction in Wave C may test the support level of 0.650

* Long term: If Wave II is completed, price is likely to start a new uptrend in the extended Wave III.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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