Theta Elliott Wave technical analysis [Video]

THETA/USD – Elliott Wave technical analysis

Function: Trend continuation.
Mode: Motive.
Structure: Impulse.
Position: Wave 1.
Direction next higher degrees: -
Wave cancel invalid level: -

THETA/USD trading strategy

Following a strong bounce within the corrective a-b-c formation, THETA/USD met resistance around the 0.618 Fibonacci retracement level and has since started to weaken. According to the Elliott Wave model, wave (b) appears close to completion, and the setup signals potential downside risk as wave (c) develops.

Trading strategies:

Strategy

• For swing traders (short-term): If the price drops under 90,817, the market could shift into wave (c), targeting a zone around 74,322 or possibly lower.

Risk management

• A decline below $0.56 (wave cancelation level) would invalidate wave 2 and require reanalysis of the broader structure.

THETA/USD – Elliott Wave technical analysis

Function: Trend continuation.
Mode: Motive.
Structure: Impulse.
Position: Wave 1.
Direction next higher degrees: -
Wave cancel invalid level: -

THETA/USD trading strategy

After bouncing in an a-b-c correction, THETA/USD recently touched the 0.618 Fibonacci retracement and is showing weakness. This aligns with the Elliott Wave scenario where wave (b) is finishing, and downside continuation in wave (c) may soon follow.

Trading strategies:

Strategy

• For swing traders (short-term): Watch for a break below 90,817; that move would confirm wave (c), with deeper downside targets toward 74,322 or even below.

Risk management

• Falling beneath $0.56 (invalid level) voids wave 2; structure reassessment would be necessary.

THETA/USD – Elliott Wave technical analysis [Video]