Image Source: Pexels

Elliott Wave Analysis - TradingLounge Daily Chart

THETA/ U.S. Dollar (THETAUSD)

THETAUSD Elliott Wave Technical Analysis

• Function: Counter-trend
• Mode: Corrective
• Structure: Zigzag
• Position: Wave ((C))
• Next Higher Degree Direction: Wave E of Triangle
• Wave Invalidation Level:

Details: THETAUSDT is approaching the final stage of the ABCDE Triangle pattern. If the price successfully breaks the 1.485 USD level, it will indicate a potential uptrend.

THETA/ U.S. Dollar (THETAUSD) Trading Strategy

The current strong correction follows an ABC Zigzag Correction structure, forming the E wave of the Triangle. This corrective move is nearing completion and could test the 1.052 USDT support level.

Trading Strategies:

• Long Strategy:

  • Buy at 1.052 USDT if a reversal signal appears.
  • Breakout Entry: Buy upon breaking 1.485 USD with increased volume.

• Risk Management:

  • Invalidation Point: Cut losses if the price drops below 0.899 USDT.

Elliott Wave Analysis - TradingLounge H4 Chart

THETA/ U.S. Dollar (THETAUSD)

THETAUSD Elliott Wave Technical Analysis

• Function: Counter-trend
• Mode: Corrective
• Structure: Zigzag
• Position: Wave ((C))
• Next Higher Degree Direction: Wave E of Triangle
• Wave Invalidation Level:

Details: THETAUSDT remains near the completion phase of the ABCDE Triangle pattern. If it successfully surpasses 1.485 USD, it will signal a bullish continuation.

THETA/ U.S. Dollar (THETAUSD) Trading Strategy

The strong corrective wave is identified as an ABC Zigzag Correction, forming Wave E of the Triangle. The price seems to be stabilizing around 1.052 USDT before making a potential move.

Trading Strategies:

• Long Strategy:

  • Buy on a rebound from 1.052 USDT if a reversal signal emerges.
  • Breakout Entry: Buy after breaking 1.485 USD with high volume confirmation.

• Risk Management:

  • Invalidation Point: Stop loss if the price drops below 0.899 USDT.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Source: Tradinglounge.com

More By This Author:

Unlocking ASX Trading Success: CSL Limited - Wednesday, Feb. 19
Elliott Wave Technical Analysis: Palo Alto Networks Inc. - Wednesday, Feb. 19
Elliott Wave Technical Analysis: U.S. Dollar/Japanese Yen - Wednesday, Feb. 19