Image Source: Pixabay

Elliott Wave Analysis – TradingLounge Daily Chart

UNI/USD (UNIUSD)

UNIUSD Elliott Wave Technical Analysis

Function: Trend following

Mode: Motive

Structure: Impulse

Current Position: Wave 3

Next Directional Bias: Higher-degree bullish wave

Invalidation Level: N/A

UNI/USD Trading Strategy

Following over two months of corrective movement, UNI/USD now shows promising bullish behavior. The recent 1-2 wave formation appears completed, and a robust wave 3 is currently developing. The low recorded at 4.550 likely signals the conclusion of a major Zigzag corrective pattern. From this base, the market has begun forming a clear upward structure.

Trading Strategies

Approach:

For Swing Traders (Short-Term)

If the price is consolidating, consider entering on visible price action within a defined range.

Risk Management Tip:

A break below the $5.00 support level might indicate that the downward structure is not yet complete.

Elliott Wave Analysis – TradingLounge H4 Chart

UNI/USD (UNIUSD)

UNIUSD Elliott Wave Technical Analysis

Function: Trend following

Mode: Motive

Structure: Impulse

Current Position: Wave 3

Next Directional Bias: Higher-degree bullish wave

Invalidation Level: N/A

UNI/USD Trading Strategy

UNI/USD has emerged from a prolonged corrective phase, and bullish momentum is gaining strength. The completion of the initial 1-2 wave count suggests a strong wave 3 formation is now underway. The 4.550 price mark likely concludes the broader Zigzag correction, paving the way for a distinct bullish trend.

Trading Strategies

Approach:

For Swing Traders (Short-Term)

If price consolidates, watch for actionable signals in the zone before entering.

Risk Control Consideration:

A break of the $5.00 support could imply that bearish structures are still in play.

Analyst: Kittiampon Somboonsod, CEWA
Source: TradingLounge.com

More By This Author:

Elliott Wave Update: DAX, FTSE, ASX Lead Rally As S&P 500 & Nasdaq 100 Enter Wave 5
Unlocking ASX Trading Success: Car Group Limited - Wednesday, April 23
Elliott Wave Technical Analysis: Palo Alto Networks Inc. - Wednesday, April 23