Polkadot Elliott Wave technical analysis [Video]

Elliott Wave Analysis TradingLounge.

DOT/USD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave ((C)).

Direction Next higher degrees: Wave II.

DOT/ U.S. dollar (DOTUSD) Trading Strategy: Price is likely to move down in wave C with a target at the support level of 5.3691 which is a 78.6% Fibonacci level. After the end of wave C and the wave (II) structure, price is expected to enter a new uptrend in wave (III).

Main outlook

• Short term: Price remains in a downtrend in wave C.

• Long term: After the end of the correction, the price has a chance to enter a new uptrend in wave (III), which is the main trend in the major structure.

DOT/USD Elliott Wave technical analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave ((C))

Direction Next higher Degrees: Wave II

DOT/ U.S. dollar (DOTUSD) Trading Strategy: Price is likely to move down in wave C with a target at the support level of 5.3691 which is a 78.6% Fibonacci level. After the end of wave C and the wave (II) structure, price is expected to enter a new uptrend in wave (III).

Main outlook

• Short term: Price remains in a downtrend in wave C.

• Long term: After the end of the correction, the price has a chance to enter a new uptrend in wave (III), which is the main trend in the major structure.

Polkadot Elliott Wave technical analysis [Video]