VeChain Elliott Wave technical analysis [Video]
|VET/USD Elliott Wave technical analysis
Function: Counter trend.
Mode: Corrective.
Structure: Double Corrective.
Position: Wave ((Y)).
Direction Next higher Degrees: Wave II of Impulse.
Wave cancel invalid level: 0.2100.
Details: Wave II May is complete and the price increase again in Wave III.
VeChain / U.S. dollar (VETUSD) trading strategy: VeChain's trend seems to be over as the price action in Wave 1 is likely to be over. The price is entering a correction in Wave 2, which is likely to test the 50-61.8% level of Wave 1 before rising again in Wave 3. So, look for an opportunity to rejoin the trend.
VeChain / U.S. dollar (VETUSD) technical indicators: The price is below the MA200 indicating a Downtrend, The Wave Oscillator is a Bullish Momentum.
VET/USD Elliott Wave technical analysis four-hour chart
Function: Counter trend.
Mode: Corrective.
Structure: Double Corrective.
Position: Wave Y.
Direction next higher degrees: Wave (2) of Impulse.
Wave cancel invalid level: 0.2100.
Details: Wave(2)I May is complete and the price increase again in Wave (3).
VeChain / U.S. dollar (VETUSD) trading strategy: VeChain's trend seems to be over as the price action in Wave 1 is likely to be over. The price is entering a correction in Wave 2, which is likely to test the 50-61.8% level of Wave 1 before rising again in Wave 3. So, look for an opportunity to rejoin the trend.
VeChain / U.S. dollar (VETUSD) technical indicators: The price is below the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.
VeChain Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.