Elliott Wave Analysis TradingLounge Daily Chart,

VeChain/ U.S. dollar(VETUSD)

VETUSD Elliott Wave Technical Analysis

Function: Counter trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction Next higher Degrees: wave II of Impulse

Wave Cancel invalid Level: 

Details: Wave II May is complete and the price increase again in Wave III.

VeChain / U.S. dollar(VETUSD)Trading Strategy:

VeChain's trend seems to be over as the price action in Wave 1 is likely to be over. The price is entering a correction in Wave 2, which is likely to test the 50-61.8% level of Wave 1 before rising again in Wave 3. So, look for an opportunity to rejoin the trend.

VeChain / U.S. dollar(VETUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.

Elliott Wave Analysis TradingLounge H4 Chart,

VeChain/ U.S. dollar(VETUSD)

VETUSD Elliott Wave Technical Analysis

Function: Counter trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Direction Next higher Degrees: wave II of Impulse

Wave Cancel invalid Level: 

Details: Wave II May is complete and the price increase again in Wave III.

VeChain / U.S. dollar(VETUSD)Trading Strategy:

VeChain's trend seems to be over as the price action in Wave 1 is likely to be over. The price is entering a correction in Wave 2, which is likely to test the 50-61.8% level of Wave 1 before rising again in Wave 3. So, look for an opportunity to rejoin the trend.

VeChain / U.S. dollar(VETUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bullish Momentum.

Technical Analyst: Kittiampon Somboonsod

More By This Author:

Elliott Wave Analysis: NDX, Apple, Tesla, Amazon, Nvidia, Microsoft, Meta, Netflix, Alphabet, Bitcoin
Elliott Wave Technical Analysis: Gold - Friday, Aug. 23
Elliott Wave Technical Analysis: McDonald’s Corp. - Friday, Aug. 23