Image Source: Freepik
 

Elliott Wave Analysis TradingLounge Daily Chart, 2 October 2023.

VeChain/U.S. Dollar(VETUSD)

VETUSD Elliott Wave Technical Analysis

Function: Counter trend    

Mode: Corrective

Structure: Zigzag

Position: Wave (C)

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

Wave Cancel invalid Level: 0.01318

Details: Wave ((2)) may is end at 0.01460 and the price move to wave((3))

VeChain/U.S. Dollar(VETUSD) Trading Strategy: Wave 2nd looks like an ending, due to the price break out an upper channel which is a good signal in recovery but even so The price still below MA200 may be pressure from the seller so Trading during this period do it with caution

VeChain/U.S. Dollar(VETUSD) Technical Indicators: The price is below the MA200 indicating a downtrend, RSI is a Bullish divergence.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 2 October 2023.  

VeChain/U.S. Dollar(VETUSD)

VETUSD Elliott Wave Technical Analysis

Function: Counter trend    

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction Next higher Degrees: wave ((3)) of Impulse

Wave Cancel invalid Level: 0.01318

Details: Wave (2) may is end at 0.01628 and the price move to wave(3)

VeChain/U.S. Dollar(VETUSD) Trading Strategy: Wave 2nd looks like an ending, due to the price can be expanded to five-wave above the previous wave 4th which is a signal end of the trend, also the price above MA 200 helps support this idea,

VeChain/U.S. Dollar(VETUSD) Technical Indicators: The price is above the MA200 indicating an uptrend, RSI is a Bullish momentum.

More By This Author:

Elliott Wave Analysis Stocks - Sunday, October 1
Elliott Wave Technical Analysis: Texas Instruments Inc. - Friday, Sept. 29
Elliott Wave Technical Analysis Day Chart: British Pound/Australian Dollar - Friday, Sept. 29