Image Source: PexelsElliott Wave Analysis TradingLounge Daily Chart
Polkadot/ U.S. dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave C
Direction Next higher Degrees: wave (II) of Impulse
Wave Cancel invalid level:
Details: Wave II Is equal to 61.8% of Wave I at 5.225Polkadot/ U.S. dollar(DOTUSD)Trading Strategy:
Polkadot is overall still in a period of correction. In wave (II) with a double corrective pattern, a short-term pullback is expected before rising again in wave (III). Wait for the correction to complete before rejoining the uptrend.Polkadot/ U.S. dollar(DOTUSD)Technical Indicators:
The price is below the MA200 indicating a downtrend. The Wave Oscillator is a Bearish Momentum.
Elliott Wave Analysis TradingLounge H4 Chart
Polkadot/ U.S. dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave C
Direction Next higher Degrees: wave (II) of Impulse
Wave Cancel invalid level:
Details: Wave II Is equal to 61.8% of Wave I at 5.225Polkadot/ U.S. dollar(DOTUSD)Trading Strategy:
Polkadot is overall still in a period of correction. In wave (II) with a double corrective pattern, a short-term pullback is expected before rising again in wave (III). Wait for the correction to complete before rejoining the uptrend.Polkadot/ U.S. dollar(DOTUSD)Technical Indicators:
The price is below the MA200 indicating a downtrend. The Wave Oscillator is a Bearish Momentum. Technical Analyst: Kittiampon SomboonsodSource: Tradinglounge.com
More By This Author:Commodities Market: Expert Elliott Wave Analysis & Profitable Trading Strategies
Elliott Wave Technical Analysis: Natural Gas – Tuesday, June 18
Elliott Wave Technical Analysis: MicroStrategy Inc. – Tuesday, June 18
