Image Source: Upsplash

Elliott Wave Analysis TradingLounge Daily Chart

DOT/ U.S. dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

position: Wave ((Y))

Direction Next higher Degrees: wave IV

Wave Cancel invalid level: 

Details: Wave IV is likely to be completed and price is likely to drop at 2.406

DOT/ U.S. dollar(DOTUSD)Trading Strategy:
Five wave retracement of wave (C) which we are in the final phase of wave V which tends to test the 2.406 level, so the overall picture remains in a downtrend.

DOT/ U.S. dollar(DOTUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bearish Momentum.

DOT/ U.S. dollar(DOTUSD) 4h Chart

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

position: Wave ((Y))

Direction Next higher Degrees: wave IV

Wave Cancel invalid level: 

Details: Wave IV is likely to be completed and price is likely to drop at 2.406

DOT/ U.S. dollar(DOTUSD)Trading Strategy:
Five wave retracement of wave (C) which we are in the final phase of wave V which tends to test the 2.406 level, so the overall picture remains in a downtrend.

DOT/ U.S. dollar(DOTUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bearish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Natural Gas Elliott Wave Technical Analysis
Caterpillar Inc. Elliott Wave Technical Analysis
Nestle India – Elliott Wave Technical Analysis