Elliott Wave Analysis TradingLounge Daily Chart, 23 January 24,
Polkadot / U.S. dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave A
Direction Next higher Degrees: wave (II) of Impulse
Wave Cancel invalid level: 3.566
Details: Wave (II) is Equal to 61.8% of wave (I) at 5.826
Polkadot / U.S. dollar(DOTUSD)Trading Strategy: Polkadot's rise appears to have ended at the 9.585 level, which was a five-wave Impulse rally in Wave 1. Therefore, the next price structure is a Wave 2 correction pattern with a retracement level of 61.8. % Wave 1, so wait for Wave 2 to complete for an opportunity to rejoin the uptrend.
Polkadot / U.S. dollar(DOTUSD)Technical Indicators: The price is Above the MA200 indicating an uptrend, Wave Oscillators a bullish Momentum.
TradingLounge Analyst: Kittiampon Somboonsod, CEWA
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Elliott Wave Analysis TradingLounge 4H Chart, 23 January 24,
Polkadot / U.S. dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave A
Direction Next higher Degrees: wave (II) of Impulse
Wave Cancel invalid level: 3.566
Details: Wave (II) is Equal to 61.8% of wave (I) at 5.826
Polkadot / U.S. dollar(DOTUSD)Trading Strategy: Polkadot's rise appears to have ended at the 9.585 level, which was a five-wave Impulse rally in Wave 1. Therefore, the next price structure is a Wave 2 correction pattern with a retracement level of 61.8. % Wave 1, so wait for Wave 2 to complete for an opportunity to rejoin the uptrend.
Polkadot / U.S. dollar(DOTUSD)Technical Indicators: The price is Above the MA200 indicating an uptrend, Wave Oscillators a bullish Momentum.