DASH/USD Elliott Wave Analysis: Eyes towards 400-500 level

DSHUSD Eyes Towards 400-500 level
Be aware of Deep Correction after completing five waves move of 5 of5).

Gregor Horvat Wavetraders

Looking at the daily chart, DSHUSD is still on the rise, unfolding five waves up from March 2020 lows, but we can see it now trading in wave (5) after a running flat correction in wave (4). However, there's still room for more upside towards 400-500 area, but be aware of limited gains and watch out for a higher degree corrective decline, as we know that after every five waves, a three-wave setback follows.

DSHUSD Elliott Wave Analysis Daily Chart

On 4h chart, DSHUSD remains under bullish pressure and it's trying to continue higher back to highs for wave (5), ideally within a new five-wave cycle, where waves 4 and 5 are still missing. So, it can ideally stop somewhere in the 400-500 area and from where we should be aware of deeper, higher degree corrective decline.

DSHUSD Elliott Wave Analysis 4h Chart

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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