Image Source: Upsplash

Elliott Wave Analysis TradingLounge Daily Chart

Theta/ U.S. dollar(THETAUSD)

THETAUSD Elliott Wave Technical Analysis 

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave 5

Direction Next higher Degrees: wave 5 of Impulse

Wave Cancel invalid Level:

Details: The increase again in Wave 5.

Theta/ U.S. dollar(THETAUSD)Trading Strategy:
This correction structure is a Triangle pattern which indicates the continuation of the previous trend. The uptrend correction wave is in the Consolidation Zone with a major support at 1.899 (W.C. Invalid). If the price holds above the support at 2.000 and breaks the resistance at 2.533. A Long position can be opened with a target at 3.877 and a Stop Loss level of 1.899.

Main Outlook:

* THETAUSDT has an uptrend if the price can break through 2.533 to confirm the start of Wave (5). The target is 3.877 but be careful if the price breaks below 1.899 as it will change the structure.

Elliott Wave Analysis TradingLounge 4hr Chart

Theta/ U.S. dollar(THETAUSD)

THETAUSD Elliott Wave Technical Analysis 

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave 5

Direction Next higher Degrees: wave 5 of Impulse

Wave Cancel invalid Level:

Details: The increase again in Wave 5.

Theta/ U.S. dollar(THETAUSD)Trading Strategy:
This correction structure is a Triangle pattern which indicates the continuation of the previous trend. The uptrend correction wave is in the Consolidation Zone with a major support at 1.899 (W.C. Invalid). If the price holds above the support at 2.000 and breaks the resistance at 2.533. A long position can be opened with a target at 3.877 and a Stop Loss level of 1.899

Main Outlook:

* THETAUSDT has an uptrend if the price can break through 2.533 to confirm the start of Wave (5). The target is 3.877 but be careful if the price breaks below 1.899 as it will change the structure.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Elliott Wave Technical Forecast: Westpac Banking Corporation
Elliott Wave Technical Analysis - Netflix Inc. (NFLX)
Elliott Wave Technical Analysis: Australian Dollar/Japanese Yen - Tuesday, Jan. 21