Image Source: PexelsElliott Wave Analysis TradingLounge Daily ChartAAVE/ U.S. dollar(AAVEUSD)AAVEUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: FlatPosition: Wave ((A))Direction Next higher Degrees: Wave (IV) of ImpulseWave Cancel invalid Level: 125.280Details: The sub-waves within wave IV are identified as an A-B-C Correction pattern: Wave A: Begins a downward correction. Wave B: Expected to be a small upward correction before the price continues down in wave C.AAVE/ U.S. dollar(AAVEUSD)Trading Strategy:
The current wave structure is in a correction phase, Wave IV after the end of Wave III which was a strong uptrend. The sub-waves within Wave IV are identified as an A-B-C Correction pattern. Wave A: Begins a downward correction. Wave B: Expected to be a small correction up before the price continues down in Wave C. W.C Invalid: The 178.995064 level is a level below which the current wave count will be invalid.(Main Outlook):• Short-term: Bearish until the correction in wave IV is complete• Long-term: After wave IV is complete, price is likely to re-enter the uptrend (wave V) in a larger timeframe.
Elliott Wave Analysis TradingLounge 4hr ChartAAVE/ U.S. dollar(AAVEUSD)AAVEUSD Elliott Wave Technical AnalysisFunction: Counter TrendMode: CorrectiveStructure: FlatPosition: Wave ((A))Direction Next higher Degrees: Wave (IV) of ImpulseWave Cancel invalid Level: 125.280Details: The sub-waves within wave IV are identified as an A-B-C Correction pattern: Wave A: Begins a downward correction. Wave B: Expected to be a small upward correction before the price continues down in wave C.AAVE/ U.S. dollar(AAVEUSD)Trading Strategy:
The current wave structure is in a correction phase, Wave IV after the end of Wave III which was a strong uptrend. The sub-waves within Wave IV are identified as an A-B-C Correction pattern. Wave A: Begins a downward correction. Wave B: Expected to be a small correction up before the price continues down in Wave C. W.C Invalid: The 178.995064 level is a level below which the current wave count will be invalid.(Main Outlook):• Short-term: Bearish until the correction in wave IV is complete• Long-term: After wave IV is complete, price is likely to re-enter the uptrend (wave V) in a larger timeframe.
Technical Analyst: Kittiampon SomboonsodSource: Tradinglounge.comMore By This Author:Microsoft Inc. Stocks Elliott Wave Technical Analysis – Monday, January 13
Adani Ports And Sez Indian Stocks Elliott Wave Technical Analysis – Monday, January 13
S&P 500 Index Elliott Wave Technical Analysis – Monday, January 13
