Image Source: PexelsElliott Wave Analysis TradingLounge Daily ChartDOT/ U.S. dollar(DOTUSD)DOTUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: Zigzagposition: Wave ((C))Direction Next higher Degrees: wave IIWave Cancel invalid level:
DOT/ U.S. dollar(DOTUSD)Trading Strategy:Price is in a Wave II structure which has a Corrective (A-B-C) structure. Wave A: Strong correction from the high. Wave B: Rebounding. Wave C: Expected to continue correction in the lower target zone. Keep a close watch on the movement in the 5.3691 support zone to confirm that price is entering the end zone of Wave II.Main Outlook:* Short-term: Price is expected to correct down in Wave C with a chance to test support at 5.3691.* Mid-term: Downward correction in Wave C may test the support level of 0.650* Long term: If Wave II is completed, price is likely to start a new uptrend in the extended Wave III.
Elliott Wave Analysis TradingLounge 4hr ChartDOT/ U.S. dollar(DOTUSD)DOTUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: Zigzagposition: Wave ((C))Direction Next higher Degrees: wave IIWave Cancel invalid level:
DOT/ U.S. dollar(DOTUSD)Trading Strategy:Price is in a Wave II structure which has a Corrective (A-B-C) structure. Wave A: Strong correction from the high. Wave B: Rebounding. Wave C: Expected to continue correction in the lower target zone. Keep a close watch on the movement in the 5.3691 support zone to confirm that price is entering the end zone of Wave II.Main Outlook:* Short-term: Price is expected to correct down in Wave C with a chance to test support at 5.3691.* Mid-term: Downward correction in Wave C may test the support level of 0.650* Long term: If Wave II is completed, price is likely to start a new uptrend in the extended Wave III.
Technical Analyst: Kittiampon SomboonsodSource: Tradinglounge.comMore By This Author:S&P 500 Elliott Wave Analysis, Plus NDX, DAX, FTSE & ASX200
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