AAVE/USD Elliott Wave Technical Analysis - TradingLounge 1D Chart
AAVE/USD Elliott Wave Technical Overview
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave V)
Key Invalid Level: 257.386
AAVE/USD Trading Strategy (1D Chart Perspective)
Wave IV appears to be a corrective phase, expected to complete around the support level of 257.386. Currently, Wave V is unfolding with the development of sub-waves (1) and (2). The Fibonacci extension projection for Wave V targets the 1.618 level at 493.609, indicating a potential bullish outlook.
Potential Trading Strategies
-
Long Entry Opportunity:
- Consider entering a long position within the price range of 303.653 - 317.999, contingent on a confirmed reversal signal.
-
Key Levels to Watch:
- If the price fails to break the 399.746 resistance level or drops below the 257.386 support level, the wave structure could undergo potential changes.
AAVE/USD Elliott Wave Technical Analysis - TradingLounge 4H Chart Analysis
AAVE/USD Elliott Wave Technical Overview
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave V)
Key Invalid Level: 257.386
AAVE/USD Trading Strategy (4H Chart Perspective)
Wave IV is identified as a corrective wave, projected to conclude near the support at 257.386. Wave V is progressing with sub-waves (1) and (2) forming within the broader trend. The Fibonacci extension target for Wave V stands at 1.618 level at 493.609, reinforcing a potential bullish continuation.
Potential Trading Strategies
-
Long Entry Opportunity:
- A possible long position could be considered within the 303.653 - 317.999 zone, provided a reversal signal confirms the trend.
-
Critical Price Levels:
- A failure to breach the 399.746 resistance level or a breakdown below 257.386 support might suggest a shift in the wave structure.
Technical Analyst: Kittiampon Somboonsod
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