TRX/USD Elliott Wave technical analysis [Video]
|TRX/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Double Corrective.
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Position: Wave ((Y)).
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Next higher degree direction: Wave IV of Impulse.
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Wave cancellation level: Not specified.
Details:
The price is currently in Wave IV (Cycle Degree) following the completion of Wave III. If the price remains above this level, there is a strong likelihood of initiating an uptrend in Wave V.
TRX/USD trading strategy
The market is positioned in Wave IV (Cycle Degree) after marking the peak of Wave III. Currently, the price is moving within a consolidation phase, either in Wave (X) or (Y). If the price holds at this level, an uptrend towards Wave V is probable. However, if the price drops below $0.198, further correction to lower zones may occur.
Trading strategies
- Long strategy
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Buy when the price pulls back to the key support level (Pullback Entry).
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Wait for a confirmed reversal signal at the support level before entering.
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Risk management
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If the price falls below $0.198, the bullish structure is invalidated.
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TRX/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave C.
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Next higher degree direction: Wave (2) of Impulse.
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Wave cancellation level: Not specified.
Details:
TRX/USD is currently positioned in a potential reversal zone within the Wave (3) structure.
TRX/USD trading strategy
The price is in Wave (2), forming an ABC correction. The key support level is Fibonacci 0.618 ($0.2176), which could serve as a reversal point. If the price stays above this level, the potential for an uptrend toward Wave (3) increases.
Trading strategies
- Long strategy
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Buy when the price dips to the key support level (Pullback Entry).
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Wait for a confirmation signal of reversal at support before entering.
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Risk management
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If the price falls below $0.198, the bullish structure is invalidated.
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TRX/USD Elliott Wave technical analysis [Video]
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