Vechain/ U.S. Dollar (VETUSD) Elliott Wave Analysis - VETUSD Daily Chart
VETUSD Elliott Wave Technical Analysis
Function: Counter-trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Next Higher Degree Direction: Wave II of Impulse
Invalidation Level: Not specified
Details: Wave II correction may still be ongoing; price likely to remain below 0.01781.
VETUSD Trading Strategy
The wave II correction appears to be nearing its final decline phase, suggesting that a short-term correction may soon shift towards an uptrend in wave III. Traders may look for entry opportunities at the end of the correction to capitalize on the upcoming upward trend.
VETUSD Technical Indicators
- Moving Average: Price is below the 200-day MA, indicating a prevailing downtrend.
- Wave Oscillator: Shows bearish momentum, reinforcing the current downtrend.
Vechain/ U.S. Dollar (VETUSD) Elliott Wave Analysis - VETUSD 4-Hour Chart
VETUSD Elliott Wave Technical Analysis
Function: Counter-trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Next Higher Degree Direction: Wave II of Impulse
Invalidation Level: Not specified
Details: Wave II correction may not be complete; price is likely to stay below 0.01781.
VETUSD Trading Strategy
The wave II correction is approaching the end of its decline, suggesting that the correction could give way to an upward trend in wave III. Traders may look to enter the market once the corrective wave completes to take advantage of the anticipated upward movement.
VETUSD Technical Indicators
- Moving Average: The price remains below the MA200, indicating a persistent downtrend.
- Wave Oscillator: Signals bearish momentum, supporting the current corrective structure.
Technical Analyst: Kittiampon Somboonsod
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