THETAUSD Elliott Wave technical analysis [Video]

THETAUSD Elliott Wave technical analysis

• Function: Counter trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave C.

• Direction (Next higher degrees): Pending.

• Invalidation level: Not defined.

THETA /US Dollar (THETAUSD) trading strategy

The correction within the Wave C structure appears complete, and THETAUSD is now entering a new Wave 1, indicating the beginning of a new uptrend. The sub-waves of this structure are emerging, with the asset likely to transition into Wave 2, which may act as a short-term retracement before resuming upward movement.

Trading Strategies

• For short-term traders (Swing trade):
  If THETAUSD falls to the $0.88–$0.85 range and shows signs of reversal, it could present a strong buying opportunity. The upside target for this move is around $1.50.

• Risk management:
  Should the price drop below the $0.71 support level, the current bullish scenario would be invalidated, requiring a reassessment of the wave structure.

THETAUSD Elliott Wave technical analysis

• Function: Counter trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave C.

• Direction (Next higher degrees): Pending.

• Invalidation level: Not defined.

THETA/US Dollar (THETAUSD) trading strategy

The corrective Wave C structure is now likely complete. THETAUSD is beginning a new Wave 1 of the upward trend. A sub-wave structure is currently forming, and a short-term Wave 2 pullback may follow before continuation of the overall upward movement.

Trading strategies

• For short-term traders (Swing trade):
  A decline to the $0.88–$0.85 area, followed by a reversal signal, could serve as a solid buying opportunity targeting $1.50.

• Risk management:
  If the price breaks below the $0.71 support, the bullish view is no longer valid and a new analysis may be needed.

Technical analyst: Kittiampon Somboonsod, CEWA.

THETAUSD Elliott Wave technical analysis [Video]