Elliott Wave Analysis Daily Chart, Jan. 15, 2024

Polkadot / U.S. dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave A

Direction Next higher Degrees: wave (II) of Impulse

Wave Cancel invalid level: 3.566

Details: Wave (II) is Equal to 61.8% of wave (I) at 5.826

Polkadot / U.S. dollar(DOTUSD)Trading Strategy: Polkadot's rise appears to have ended at the 9.585 level, which was a five-wave Impulse rally in Wave 1. Therefore, the next price structure is a Wave 2 correction pattern with a retracement level of 61.8. % Wave 1, so wait for Wave 2 to complete for an opportunity to rejoin the uptrend.

Polkadot / U.S. dollar(DOTUSD)Technical Indicators: The price is Above the MA200 indicating an uptrend, Wave Oscillators a bullish Momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis 4H Chart, January 15

Polkadot / U.S. dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave A

Direction Next higher Degrees: wave (II) of Impulse

Wave Cancel invalid level: 3.566

Details: Wave (II) is Equal to 61.8% of wave (I) at 5.826

Polkadot / U.S. dollar(DOTUSD)Trading Strategy: Polkadot's rise appears to have ended at the 9.585 level, which was a five-wave Impulse rally in Wave 1. Therefore, the next price structure is a Wave 2 correction pattern with a retracement level of 61.8. % Wave 1, so wait for Wave 2 to complete for an opportunity to rejoin the uptrend.

Polkadot / U.S. dollar(DOTUSD)Technical Indicators: The price is Above the MA200 indicating an uptrend, Wave Oscillators a bullish Momentum.

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