Elliott Wave Analysis TradingLounge Daily Chart, 2 February 24,
VETUSD Elliott Wave Technical Analysis
In this Elliott Wave Analysis from TradingLounge, we delve into the VeChain/U.S. dollar (VETUSD) pair, focusing on its potential trading opportunities.
Functioning within the framework of Elliott Wave theory, VETUSD exhibits a Motive Mode with an Impulse Structure, currently positioned at Wave ((5)). Anticipated movement suggests an upward trajectory, with Wave I of Impulse at the next higher degree.
Key technical details highlight a critical invalidation level at 0.2100, with Wave ((5)) mirroring 61.8% of Wave ((1)) through Wave ((3)) at 0.04095.
Trading Strategy: Following the completion of the fourth wave correction, a fifth wave of upward momentum is anticipated. The target level for this move is set at 0.04095, aligning with the 61.8% retracement level of Wave 1 through Wave 3.
Technical Indicators: Notably, the price remains above the MA200, indicating an uptrend, with Wave Oscillators reflecting bullish momentum.
TradingLounge Analyst: Kittiampon Somboonsod, CEWA
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Elliott Wave Analysis TradingLounge 4Hr Chart, 2 February 24,
For a comprehensive view of the market, let's also explore the Elliott Wave Analysis for Polkadot/U.S. dollar (DOTUSD) pair.
Functioning similarly to VETUSD, DOTUSD follows a Motive Mode with an Impulse Structure, currently positioned at Wave ((5)). Key levels and technical details mirror those of VETUSD, offering potential trading opportunities.
Trading Strategy: Likewise, DOTUSD anticipates a fifth wave increase following the completion of the fourth wave correction. The target level aligns with the 61.8% retracement level of Wave 1 through Wave 3.
Technical Indicators: Contrary to VETUSD, DOTUSD's price is below the MA200, indicating a downtrend. Additionally, Wave Oscillators reflect bearish momentum.
For a comprehensive analysis and potential trading setups, continue to monitor the Elliott Wave patterns and technical indicators.
TradingLounge Analyst: Kittiampon Somboonsod, CEWA
See Previous: Polkadot/U.S. dollar(DOTUSD)
