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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 likely to move down in wave C with a target at the support level of 5.3691 which is a 78.6% Fibonacci level. After the end of wave C and the wave (II) structure, price is expected to enter a new uptrend in wave (III).

(Main Outlook):

• Short term: Price remains in a downtrend in wave C.

• Long term: After the end of the correction, the price has a chance to enter a new uptrend in wave (III), which is the main trend in the major structure.

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 likely to move down in wave C with a target at the support level of 5.3691 which is a 78.6% Fibonacci level. After the end of wave C and the wave (II) structure, price is expected to enter a new uptrend in wave (III).

(Main Outlook):

• Short term: Price remains in a downtrend in wave C.

• Long term: After the end of the correction, the price has a chance to enter a new uptrend in wave (III), which is the main trend in the major structure.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

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