Image Source: PixabayElliott 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 likely to move down in wave C with a target at the support level of 5.3691 which is a 78.6% Fibonacci level. After the end of wave C and the wave (II) structure, price is expected to enter a new uptrend in wave (III).(Main Outlook):• Short term: Price remains in a downtrend in wave C.• Long term: After the end of the correction, the price has a chance to enter a new uptrend in wave (III), which is the main trend in the major structure.
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 likely to move down in wave C with a target at the support level of 5.3691 which is a 78.6% Fibonacci level. After the end of wave C and the wave (II) structure, price is expected to enter a new uptrend in wave (III).(Main Outlook):• Short term: Price remains in a downtrend in wave C.• Long term: After the end of the correction, the price has a chance to enter a new uptrend in wave (III), which is the main trend in the major structure.
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