VETUSD Elliott Wave Analysis - TradingLounge Daily Chart
VETUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Direction Next Higher Degrees: Wave II of Impulse
Wave Cancel Invalid Level: 0.2100
Details: Wave II may be complete, and the price could rise again in Wave III.
VeChain / U.S. Dollar (VETUSD) Trading Strategy
VeChain's current trend appears to have ended, as the price action in Wave 1 seems complete. The price is now entering a corrective phase in Wave 2, which may test the 50-61.8% retracement level of Wave 1 before moving upwards in Wave 3. This presents a potential opportunity to rejoin the trend.
VeChain / U.S. Dollar (VETUSD) Technical Indicators
The price is currently below the MA200, indicating a downtrend. The Wave Oscillator shows bullish momentum.
VETUSD Elliott Wave Analysis - TradingLounge H4 Chart
VETUSD Elliott Wave Technical Analysis (H4 Chart)
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave Y
Direction Next Higher Degrees: Wave (2) of Impulse
Wave Cancel Invalid Level: 0.2100
Details: Wave (2) may be complete, with an expected price increase in Wave (3).
VeChain / U.S. Dollar (VETUSD) Trading Strategy
VeChain's trend seems to have concluded, as the price action in Wave 1 is likely finished. The market is entering a corrective phase in Wave 2, potentially testing the 50-61.8% level of Wave 1 before resuming an upward trajectory in Wave 3. Look for a buying opportunity to reenter the trend.
VeChain / U.S. Dollar (VETUSD) Technical Indicators
The price is below the MA200, indicating a downtrend, while the Wave Oscillator signals bearish momentum.
Technical Analyst: Kittiampon Somboonsod
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See Previous:Cardano / U.S. Dollar (ADAUSD) Elliott Wave Technical Analysis
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