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Binnance /U.S.dollar(BNBUSD) Elliott Wave Technical Analysis 9 May 23

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Elliott Wave Analysis TradingLounge Daily Chart, 9 May 23,  

Binnance /U.S.dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave III

Direction Next higher Degrees: wave (I) of Motive

Details: Wave 3 is equal to 1.618 multiplied Length of wave 1 at 568.8

Wave Cancel invalid level: 220

Binnance /U.S.dollar(BNBUSD)Trading Strategy: The second wave retracement tends to be .618 of the first wavelength. Therefore, there is important support around 270, waiting for the correction to complete to consolidate the trend.

Binnance /U.S.dollar(BNBUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend MACD and RSI are Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA




Elliott Wave Analysis TradingLounge 4H Chart, 9 May 23,  

Binnance /U.S.dollar(BNBUSD)

BNBUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Double Combined

Position: Wave Y

Direction Next higher Degrees: wave (2) of Motive

Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

Wave Cancel invalid level: 265.0

Binnance /U.S.dollar(BNBUSD)Trading Strategy: There is still a risk of a correction of wave (2), which corresponds to prices below the MA200 line indicating a downtrend. before rising again Wait for the correction to complete.

Binnance /U.S.dollar(BNBUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are Bearish momentum.


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