AAVE/USD (AAVEUSD) Elliott Wave Analysis TradingLounge1D Chart
AAVEUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave ((A))
Direction Next Higher Degrees: Wave (IV) of Impulse
Wave Cancel Invalid Level: 125.280
Details:
The sub-waves within Wave IV are categorized as an A-B-C Correction Pattern:
- Wave A: Initiates a downward price movement.
- Wave B: Expected to show a minor upward correction before continuing downward in Wave C.
AAVE/USD Trading Strategy
The current wave structure is undergoing a correction phase (Wave IV) following the completion of Wave III, which exhibited a strong uptrend.
The sub-waves within Wave IV display an A-B-C Correction Pattern:
- Wave A: Initiates a downward correction.
- Wave B: Anticipated to be a small upward correction before the price declines further in Wave C.
- Wave Cancel Invalid Level: If the price falls below 178.995064, the current wave count becomes invalid.
Main Outlook:
- Short-term: Bearish until the correction within Wave IV concludes.
- Long-term: Upon the completion of Wave IV, the price is likely to resume its uptrend (Wave V) in a larger timeframe.
AAVE/USD (AAVEUSD) Elliott Wave Analysis TradingLounge 4H Chart
AAVEUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave ((A))
Direction Next Higher Degrees: Wave (IV) of Impulse
Wave Cancel Invalid Level: 125.280
Details:
The sub-waves within Wave IV are characterized by an A-B-C Correction Pattern:
- Wave A: Begins with a downward correction.
- Wave B: Projected to see a small upward correction before further price decline in Wave C.
AAVE/USD Trading Strategy
The current wave structure is part of a correction phase (Wave IV) after the culmination of a strong Wave III uptrend.
The sub-waves within Wave IV follow an A-B-C Correction Pattern:
- Wave A: Signals the start of a downward correction.
- Wave B: Expected to show a minor upward correction before further decline in Wave C.
- Wave Cancel Invalid Level: A break below 178.995064 invalidates the current wave count.
Main Outlook:
- Short-term: Bearish until the correction in Wave IV completes.
- Long-term: Once Wave IV ends, the price is likely to re-enter its uptrend (Wave V) on a broader scale.
Technical Analyst: Kittiampon Somboonsod
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