Polkadot Elliott Wave technical analysis [Video]

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DOT/ U.S. dollar(DOTUSD).

DOT/USD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave ((C)).

Direction next higher degrees: Wave II.

Wave cancel invalid level:

DOT/ U.S. dollar(DOTUSD)Trading Strategy:

Price is in a Wave II structure which has a Corrective (A-B-C) structure. Wave A: Strong correction from the high. Wave B: Rebounding. Wave  Expected to continue correction in the lower target zone. Keep a close watch on the movement in the 5.3691 support zone to confirm that price is entering the end zone of Wave II.

Main outlook:

* Short-term: Price is expected to correct down in Wave C with a chance to test support at 5.3691.

* Mid-term: Downward correction in Wave C may test the support level of 0.650

* Long term: If Wave II is completed, price is likely to start a new uptrend in the extended Wave III.

DOT/ U.S. dollar(DOTUSD).

DOT/USD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave ((C)).

Direction next higher degrees: Wave II.

Wave cancel invalid level:

DOT/ U.S. dollar(DOTUSD)Trading Strategy:

Price is in a Wave II structure which has a Corrective (A-B-C) structure. Wave A: Strong correction from the high. Wave B: Rebounding. Wave  Expected to continue correction in the lower target zone. Keep a close watch on the movement in the 5.3691 support zone to confirm that price is entering the end zone of Wave II.

Main outlook:

* Short-term: Price is expected to correct down in Wave C with a chance to test support at 5.3691.

* Mid-term: Downward correction in Wave C may test the support level of 0.650

* Long term: If Wave II is completed, price is likely to start a new uptrend in the extended Wave III.

Technical analyst: Kittiampon Somboonsod.

DOT/USD Elliott Wave technical analysis [Video]