Image Source: PexelsElliott Wave Analysis TradingLounge Daily ChartTHETA/ U.S. dollar(THETAUSD)THETAUSD Elliott Wave Technical AnalysisFunction: Follow trendMode: MotiveStructure: ImpulsePosition: Wave 5Direction Next higher Degrees: wave 5 of ImpulseWave Cancel invalid Level:Details: The increase again in Wave 5.
THETA/ U.S. dollar(THETAUSD)Trading Strategy:Short-term: Price is expected to continue moving up in wave 3 to test resistance levels near 3.249-3.567. Medium-term: After the end of wave 3, the price is expected to correct down in wave 4 followed by a final uptrend in wave 5.Main Outlook:• Short-term: Price is likely to continue in wave 3• Long-term: Uptrend of wave (5) will continue with target above 4.352
Elliott Wave Analysis TradingLounge 4hr ChartTHETA/ U.S. dollar(THETAUSD)THETAUSD Elliott Wave Technical AnalysisFunction: Counter trendMode: CorrectiveStructure: ZigzagPosition: Wave ADirection Next higher Degrees: wave (2) of ImpulseWave Cancel invalid Level:Details:The corrective of wave 2 before rising again in wave 3
THETA/ U.S. dollar(THETAUSD)Trading Strategy:Price is moving up in wave 1 of wave (3) with increasing buying power. After wave 1 ends, price is likely to correct in wave 2 which is not expected to break below the important support level of 1.896. In the long term, price is likely to continue to adjust up in wave (3) with the important target at the level of 3.349.Main Outlook:• Short-term: Price will continue to rise in wave 1 before consolidating in wave 2• Long-term: Uptrend in wave (3) will continue with target above 3.567
Technical Analyst: Kittiampon SomboonsodSource: Tradinglounge.comMore By This Author:Expert Elliott Wave Analysis And Trading Strategies: SP500, Nasdaq, DAX, FTSE, ASX
Unlocking ASX Trading Success: Rio Tinto Limited – Wednesday, Jan. 15
Elliott Wave Analysis – Caterpillar Inc.
