THETA / U.S. Dollar (THETAUSD) Elliott Wave Analysis – TradingLounge Daily Chart
THETAUSD Elliott Wave Technical Analysis
Function: Counter-Trend
Mode: Corrective
Structure: Zigzag
Position: Wave C
Direction (Next Higher Degrees): Awaiting Confirmation
Invalidation Level: Not Specified
THETA / U.S. Dollar (THETAUSD) Trading Strategy
Wave C of the Zigzag correction seems completed, signaling the potential beginning of a new bullish phase with Wave 1 forming. The emerging sub-waves suggest a transition into Wave 2, likely acting as a short-term retracement before the upward trend continues.
Trading Strategies
- Short-Term Outlook (Swing Trading):
A dip into the $0.88–$0.85 zone, accompanied by reversal confirmation, can offer a favorable buying opportunity. The initial upside target for this structure is projected near $1.50.
If THETAUSD breaks below the $0.71 support level, this would invalidate the bullish scenario and call for a reassessment of the current wave count.
THETA / U.S. Dollar (THETAUSD) Elliott Wave Analysis – TradingLounge H4 Chart
THETAUSD Elliott Wave Technical Analysis
Function: Counter-Trend
Mode: Corrective
Structure: Zigzag
Position: Wave C
Direction (Next Higher Degrees): Awaiting Confirmation
Invalidation Level: Not Specified
THETA / U.S. Dollar (THETAUSD) Trading Strategy
The Zigzag correction pattern within Wave C appears complete. THETAUSD is now forming Wave 1 of a new upward trend. Sub-wave formations are developing, indicating a potential Wave 2 retracement before the larger trend resumes upward.
Trading Strategies
- Short-Term Outlook (Swing Trading):
A price pullback into the $0.88–$0.85 range, paired with bullish reversal signs, may serve as a key entry point with a near-term price objective of $1.50.
Should price action drop beneath the $0.71 level, the bullish wave scenario would be invalidated, requiring a fresh Elliott Wave analysis.
Technical Analyst: Kittiampon Somboonsod
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