Elliott Wave Analysis TradingLounge Daily Chart, May 18

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VeChain /U.S. Dollar (VET-X)

VETUSD Elliott Wave Technical Analysis

Function: Counter trend    

Mode: Corrective

Structure: Double Corrective

Position: Wave (Y)

Direction Next higher Degrees: wave ((2)) of Impulse

Wave Cancel invalid Level: 0.01906

Details: Wave ((2)) is likely to end at the level of 0.01852 and a five-wave rise will support this idea.

VeChain /U.S. Dollar (VETUSD) Trading Strategy: We expect wave ((2)) to have ended at the 0.01852 level and a five-wave rise will support this idea. But even then, there is a risk of falling below the MA200.

VeChain /U.S. Dollar (VETUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bullish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, May 18

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 ((2)) of Impulse

Wave Cancel invalid Level: 0.01906

Details: Wave ((2)) is likely to end at the level of 0.01852, a five-wave rise. And breaking the 0.02294 level will support this idea.

VeChain /U.S. Dollar (VETUSD) Trading Strategy: We expect wave ((2)) to have ended at the 0.01852 level and a five-wave rise will support this idea. But even then, there is a risk of falling below the MA200.

VeChain /U.S. Dollar (VETUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bullish momentum.

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