VETUSD Elliott Wave Analysis – TradingLounge Daily Chart
VeChain / U.S. Dollar (VETUSD) Daily Chart Analysis
VETUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Next Higher Degree Direction: Wave II of Impulse
Invalidation Level: N/A
Details: Wave II is potentially complete, signaling a potential price increase as Wave III begins.
VeChain / U.S. Dollar (VETUSD) Trading Strategy:
The current trend in VeChain appears to be concluding, as the price action in Wave 1 likely ends. The market is entering a corrective phase in Wave 2, which might test the 50-61.8% retracement level of Wave 1 before the next upward move in Wave 3. Traders should consider this as a potential opportunity to re-enter the trend.
VeChain / U.S. Dollar (VETUSD) Technical Indicators:
- The price is trading below the MA200, indicating a bearish trend.
- The Wave Oscillator suggests bearish momentum.
VETUSD Elliott Wave Analysis – TradingLounge 4-Hour Chart
VeChain / U.S. Dollar (VETUSD) 4-Hour Chart Analysis
VETUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Next Higher Degree Direction: Wave II of Impulse
Invalidation Level: N/A
Details: Wave II might be complete, which could lead to a price increase as Wave III develops.
VeChain / U.S. Dollar (VETUSD) Trading Strategy:
The VeChain trend seems to be reaching its end, as the price action in Wave 1 is likely concluding. The market is entering Wave 2, a corrective phase that could test the 50-61.8% retracement level of Wave 1 before continuing the upward movement in Wave 3. This scenario offers traders a potential opportunity to rejoin the trend.
VeChain / U.S. Dollar (VETUSD) Technical Indicators:
- The price is below the MA200, indicating a bearish trend.
- The Wave Oscillator shows bearish momentum.
Technical Analyst: Kittiampon Somboonsod
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