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Elliott Wave Analysis TradingLounge Daily Chart, 20 July 2023.

VeChain/U.S. Dollar(VETUSD)

VETUSD Elliott Wave Technical Analysis

Function: Counter trend    

Mode: Corrective

Structure: Zigzag

Position: Wave (B)

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

Wave Cancel invalid Level: 0.01318

Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

VeChain/U.S. Dollar(VETUSD) Trading Strategy: VeChain recovered well from the 0.01318 level and was able to form a strong five-wave structure, giving Chainlink a chance to form a new uptrend. Still, the price is still below the MA200 line, giving the price a chance to face selling pressure. Also, the price is still in the range of wave 2 correction, waiting for wave 2 to complete to join the trend again.

VeChain/U.S. Dollar(VETUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. Wave oscillators are bullish momentum.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 20 July 2023.

VeChain/U.S. Dollar(VETUSD)

VETUSD Elliott Wave Technical Analysis

Function: Counter trend    

Mode: Corrective

Structure: Zigzag

Position: Wave (B)

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

Wave Cancel invalid Level: 0.01318

Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

VeChain/U.S. Dollar(VETUSD) Trading Strategy: VeChain recovered well from the 0.01318 level and was able to form a strong five-wave structure, giving Chainlink a chance to form a new uptrend. But the price is likely to face selling pressure. As the price is still in the 2nd wave correction, wait for the 2nd wave to complete to join the trend again.

VeChain/U.S. Dollar(VETUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. Wave oscillators are bullish momentum.

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