TRX/USD (TRXUSD) Elliott Wave Analysis - TradingLounge Daily Chart

TRXUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Next Higher Degree Direction: Wave IV of Impulse

Wave Cancellation Level: Not specified

Details: TRX/USD is currently navigating through Wave IV (Cycle Degree) after completing Wave III. If the price sustains above this level, there is a strong probability of initiating an uptrend in Wave V, potentially leading to bullish momentum.

TRX/USD (TRXUSD) Trading Strategy
The market remains within Wave IV (Cycle Degree) following the peak of Wave III. Presently, the price is consolidating, oscillating within Wave (X) or (Y). If the price sustains this support level, the potential for an uptrend towards Wave V remains high. However, a drop below $0.198 could indicate extended correction toward lower levels.

TRXUSD Trading Strategies

✅ Long Strategy

Buy on price retracement to key support level (Pullback Entry).
Wait for a confirmed reversal signal at support before entering the trade.

🚨 Risk Management

The bullish wave structure is invalidated If the price falls below $0.198.

TRX/USD (TRXUSD) Elliott Wave Analysis - TradingLounge H4 Chart

TRXUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave C

Next Higher Degree Direction: Wave (2) of Impulse

Wave Cancellation Level: Not specified

Details: TRX/USD is currently positioned within a potential reversal zone, aligning with the Wave (3) structure. This zone may provide a bullish setup if key support levels hold.

TRX/USD (TRXUSD) Trading Strategy
The price is in Wave (2), forming an ABC corrective pattern. The Fibonacci 0.618 level ($0.2176) serves as a critical support zone. If the price remains above this level, an uptrend towards Wave (3) is likely.

TRX/USD Trading Strategies

✅ Long Strategy

Buy when the price dips to the key support level (Pullback Entry).
Wait for a confirmation signal of reversal at the support before entering.

🚨 Risk Management

If the price falls below $0.198, the bullish structure is invalidated.

Technical Analyst: Kittiampon Somboonsod

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

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