TRXUSD Elliott Wave Analysis TradingLounge Daily Chart
In this detailed Elliott Wave analysis of the Tron/US dollar (TRXUSD) trading pair, we aim to provide traders with an in-depth look into the current trends and potential future movements based on both daily and H4 charts. By breaking down the wave structures and examining technical indicators, this analysis will serve as a valuable tool for those looking to leverage the Elliott Wave theory in their trading strategy.
Tron/ U.S. dollar(TRXUSD) Daily Chart Analysis
TRXUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Direction Next higher Degrees: wave I of Impulse
Wave Cancel invalid Level:
Details: Wave IV may be complete and the price increase again in Wave V.
Tron/ U.S. dollar(TRXUSD)Trading Strategy:
Tron's fourth wave correction appears to be complete at the level. 0.1051 and the price is rising again in the fifth wave. But there may be a correction in wave 2 of the fifth wave before increasing. Therefore, the overall price is entering the trend again. Looking for opportunities to open long positions.
Tron/ U.S. dollar(TRXUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum.
TRXUSD Elliott Wave Analysis TradingLounge H4 Chart
Tron/ U.S. dollar(TRXUSD) H4 Chart Analysis
TRXUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Direction Next higher Degrees: wave I of Impulse
Wave Cancel invalid Level:
Details: Wave IV may be complete and the price increase again in Wave V.
Tron/ U.S. dollar(TRXUSD)Trading Strategy:
Tron's fourth wave correction appears to be complete at the level. 0.1051 and the price is rising again in the fifth wave. But there may be a correction in wave 2 of the fifth wave before increasing. Therefore, the overall price is entering the trend again. Looking for opportunities to open long positions.
Tron/ U.S. dollar(TRXUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum.
Technical Analyst: Kittiampon Somboonsod
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
Previous: Pokadot/ U.S. dollar(DOTUSD) Chart Analysis
Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here
Access 6 Analysts covering over 150 Markets. Chat Room With Support
Conclusion
The TRXUSD pair exhibits a clear zigzag corrective structure on both daily and H4 charts, suggesting a temporary counter-trend before a likely continuation of the main bullish trend. With Wave IV completed and Wave V in progress, the trading strategy focuses on long positions, particularly after the brief correction in Wave 2 of Wave V. Technical indicators like the MA200 and the Wave Oscillator reinforce the bullish outlook, making it an opportune time for traders to engage with the market.