Theta Elliott Wave technical analysis [Video]

THETA/USD – Elliott Wave technical analysis

Function: Following the trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Direction next higher degrees: -
Wave cancel invalid level: -

THETA/USD trading strategy

In early April, THETA established a strong base by completing wave 5 and starting a fresh uptrend with wave 1. Since then, the price entered a consolidation phase in wave 2, retracing to test the 61.8% Fibonacci support level. It rebounded sharply from this area, signaling a possible beginning of a strong wave 3.

• Upon confirmation of a reversal above $0.74 with increased volume, traders may consider opening long positions aiming for wave 3.
• Wave cancelation (invalid level): If the price drops below $0.60, the wave structure would be invalid.

Trading strategies:

Strategy

• For short-term traders (swing trade): Wait for confirmation of a breakout above $0.74 before entering long positions.

Risk management

• Place stop-loss orders below $0.60 to manage risk if the bullish scenario fails.

THETA/USD – Elliott Wave technical analysis

Function: Following the trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Direction next higher degrees: -
Wave cancel invalid level: -

THETA/USD trading strategy

During early April, THETA formed a significant base by finalizing wave 5, launching a new uptrend with wave 1. The asset has been consolidating within wave 2, recently dipping to the 61.8% Fibonacci retracement before surging upwards, suggesting the early stages of wave 3.

• Traders should look to go long if a reversal above $0.74 is confirmed along with volume increases.
• Wave cancelation (invalid level): A decline under $0.60 would invalidate the current wave setup.

Trading strategies:

Strategy

• For short-term traders (swing trade): Enter long trades only after a confirmed break above $0.74 with strong volume.

Risk management

• Close positions if price falls below $0.60, as this would invalidate the bullish wave structure.

THETA/USD – Elliott Wave technical analysis [Video]