Image Source: UpsplashElliott Wave Analysis TradingLounge Daily Chart, 24 November 23,Theta Token / U.S. dollar(THETAUSD)THETAUSD Elliott Wave Technical AnalysisFunction: Counter trendMode: CorrectiveStructure: ZigzagPosition: Wave (2)Direction Next higher Degrees: wave ((2)) of ImpulseWave Cancel invalid Level:Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))Theta Token / U.S. dollar(THETAUSD)Trading Strategy: The rise in wave (1) seems to have concluded at the 1.190 level, and the price is entering a correction period in wave (2), where the retracement of wave (2) is typically at .50 or .618 x volatility. Therefore, Theta Token’s trend is still upward. A reversal is merely a correction to continue wave (3).Theta Token / U.S. dollar(THETAUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillators a Bullish Momentum.TradingLounge Analyst: Kittiampon Somboonsod, CEWASource : Tradinglounge.com
Elliott Wave Analysis TradingLounge 4H Chart, 24 November 23,Theta Token / U.S. dollar(THETAUSD)THETAUSD Elliott Wave Technical AnalysisFunction: Counter trendMode: CorrectiveStructure: ZigzagPosition: Wave (2)Direction Next higher Degrees: wave ((2)) of ImpulseWave Cancel invalid Level:Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))Theta Token / U.S. dollar(THETAUSD)Trading Strategy: The rise in wave (1) seems to have concluded at the 1.190 level, and the price is entering a correction period in wave (2), where the retracement of wave (2) is typically at .50 or .618 x volatility. Therefore, Theta Token’s trend is still upward. A reversal is merely a correction to continue wave (3).Theta Token / U.S. dollar(THETAUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillators a Bullish Momentum.
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