Vechain/U.S. dollar(VETUSD) Elliott Wave Technical Analysis 14 August 23

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Elliott Wave Analysis TradingLounge Daily Chart, 14 August 23,  
Vechain/U.S. dollar(VETUSD)
VETUSD  Elliott Wave Technical Analysis
Function: Counter trend    
Mode: Corrective
Structure: Zigzag
Position: Wave (B)
Direction Next higher Degrees: wave ((2)) of Impulse
Wave Cancel invalid Level: 0.01318
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

Vechain/U.S. dollar(VETUSD)Trading Strategy: VeChain looks like the downtrend has ended at 0.01318 and is entering a new uptrend. With five waves extending in the upward direction. This leads us to predict the rise of wave ((1)), which is currently in the range of a correction in wave ((2)), with a Zigzag Retracement of wave ((2)) usually .50 or .618 x Length. wave ((1)), when wave ((2)) ends, the price has a chance to trade above the level of 0.02126.

Vechain/U.S. dollar(VETUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, RSI below 50  are  Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA
Source : Tradinglounge.com get trial here!







Elliott Wave Analysis TradingLounge 4H Chart, 14  August 23,  
Vechain/U.S. dollar(VETUSD)
VETUSD  Elliott Wave Technical Analysis
Function: Counter trend    
Mode: Corrective
Structure: Zigzag
Position: Wave (B)
Direction Next higher Degrees: wave ((2)) of Impulse
Wave Cancel invalid Level: 0.01318
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

Vechain/U.S. dollar(VETUSD)Trading Strategy: VeChain looks like the downtrend has ended at 0.01318 and is entering a new uptrend. With five waves extending in the upward direction. This leads us to predict the rise of wave ((1)), which is currently in the range of a correction in wave ((2)), with a Zigzag Retracement of wave ((2)) usually .50 or .618 x Length. wave ((1)), when wave ((2)) ends, the price has a chance to trade above the level of 0.02126.

Vechain/U.S. dollar(VETUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, RSI below 50  are  Bearish momentum.