AAVEUSD Elliott Wave Analysis: Daily Chart (8th February 2024)
AAVE / U.S. dollar(AAVEUSD)
TradingLounge AAVEUSD Elliott Wave Technical Analysis
In our Elliott Wave analysis for AAVEUSD on the daily chart, we observe a corrective pattern underway, characterized by a Zigzag structure within Wave ((C)). This suggests a counter-trend movement with a corrective mode. Currently, the price is approaching a critical level, with Wave II of the Impulse anticipated as the next higher degree. Keep an eye on the invalidation level at 47.34.
Trading Strategy: AAVE's correction seems to be nearing completion, with pivotal support identified at 79.2910. Watch closely for a potential five-wave rally, signaling the termination of the correction.
Technical Indicators: The price is currently below the MA200, indicating a downtrend. Additionally, Wave Oscillators signal a bearish momentum, aligning with the corrective structure.
Analyst Insights: Provided by Kittiampon Somboonsod, CEWA, from TradingLounge.
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AAVEUSD Elliott Wave Analysis: 4H Chart (8th February 2024)
AAVE / U.S. dollar(AAVEUSD)
TradingLounge AAVEUSD Elliott Wave Technical Analysis
On the 4-hour chart for AAVEUSD, we continue to observe the corrective Zigzag pattern within Wave ((C)), suggesting a counter-trend movement. Similar to the daily chart, Wave II of the Impulse is expected as the next higher degree, with the invalidation level at 47.34.
Trading Strategy: As AAVE's correction unfolds, monitor key support at 79.2910 for potential reversal signals. Look for confirmation through a five-wave rally, indicating the completion of the correction phase.
Technical Indicators: Consistent with the daily chart, the price remains below the MA200, signaling a downtrend. Additionally, Wave Oscillators reflect a bearish momentum, reinforcing the corrective structure.
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