Elliott Wave Analysis TradingLounge Daily Chart, December 18, 2023Uniswap / U.S. dollar (UNIUSD) Elliott Wave Technical AnalysisFunction: Counter trendMode: CorrectiveStructure:Position: Wave (2)Direction Next higher Degrees: wave ((2)) of ImpulseWave Cancel invalid Level: 4.50Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))Uniswap / U.S. dollar(UNIUSD)Trading Strategy:The wave 1 increase appears to have ended at the 7.54 level, so when the five-wave increase was completed, It will be followed by a correction in a three-wave pattern. We therefore predict a retracement of Wave 2 at the level of 50-61.8% of Wave 1, where the price will return to the main trend again.Uniswap / U.S. dollar(UNIUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillators a Bullish Momentum.TradingLounge Analyst: Kittiampon Somboonsod, CEWA Elliott Wave Analysis TradingLounge 4H Chart, December 18, 2023Uniswap / U.S. dollar(UNIUSD) Elliott Wave Technical AnalysisFunction: Counter trendMode: CorrectiveStructure:Position: Wave (2)Direction Next higher Degrees: wave ((2)) of ImpulseWave Cancel invalid Level: 4.50Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))Uniswap / U.S. dollar(UNIUSD) Trading Strategy:The wave 1 increase appears to have ended at the 7.54 level, so when the five-wave increase was completed, It will be followed by a correction in a three-wave pattern. We therefore predict a retracement of Wave 2 at the level of 50-61.8% of Wave 1, where the price will return to the main trend again.Uniswap / U.S. dollar(UNIUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillators a Bullish Momentum.
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