Elliott Wave Analysis - TradingLounge Daily Chart

TRX/USD (TRXUSD)

TRXUSD Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Corrective
• Structure: Double Corrective
• Position: Wave ((Y))
• Next Higher Degree Direction: Wave IV of Impulse
• Wave Cancellation Level: Not specified

Details:
The price is currently in Wave IV (Cycle Degree) following the completion of Wave III. If the price remains above this level, there is a strong likelihood of initiating an uptrend in Wave V.

TRX/USD (TRXUSD) Trading Strategy

The market is positioned in Wave IV (Cycle Degree) after marking the peak of Wave III. Currently, the price is moving within a consolidation phase, either in Wave (X) or (Y). If the price holds at this level, an uptrend towards Wave V is probable. However, if the price drops below $0.198, further correction to lower zones may occur.

Trading Strategies

• Long Strategy
  • Buy when the price pulls back to the key support level (Pullback Entry).
    • Wait for a confirmed reversal signal at the support level before entering.
• Risk Management
  • If the price falls below $0.198, the bullish structure is invalidated.

Elliott Wave Analysis - TradingLounge H4 Chart

TRX/USD (TRXUSD)

TRXUSD Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Corrective
• Structure: Flat
• Position: Wave C
• Next Higher Degree Direction: Wave (2) of Impulse
• Wave Cancellation Level: Not specified

Details:
TRX/USD is currently positioned in a potential reversal zone within the Wave (3) structure.

TRX/USD (TRXUSD) Trading Strategy

The price is in Wave (2), forming an ABC correction. The key support level is Fibonacci 0.618 ($0.2176), which could serve as a reversal point. If the price stays above this level, the potential for an uptrend toward Wave (3) increases.

Trading Strategies

• Long Strategy
  • Buy when the price dips to the key support level (Pullback Entry).
    • Wait for a confirmation signal of reversal at support before entering.
• Risk Management
  • If the price falls below $0.198, the bullish structure is invalidated.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

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