Theta Elliott Wave technical analysis [Video]

THETA/USD – Elliott Wave technical analysis

Function: Trend-following.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Direction next higher degrees: -
Wave cancel invalid level: -

THETA/USD trading strategy

THETA/USD built strong support near $0.67 (61.8% Fibonacci level) in early April, then accelerated upward through wave 3. After clearing the Fibonacci 1.618x extension of wave 1 at $1.084, the price suggests wave 3 completion. A consolidation into wave 4 is expected before pushing higher into wave 5, with medium-term targets above $1.20.

Trading strategies:

Strategy

• For short-term swing traders: Wait for confirmed correction in wave 4 to enter long positions targeting wave 5.

Risk management

• Invalidation occurs below key support (red line) – reassess structure if breached.

THETA/USD – Elliott Wave technical analysis

Function: Trend-following.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Direction next higher degrees: -
Wave cancel invalid level: -

THETA/USD trading strategy

The 4-hour chart confirms strong momentum from the $0.67 base. With wave 3 potentially completing above $1.084, a wave 4 correction could offer entry opportunities before wave 5 targets $1.20 or higher.

Trading strategies:

Strategy

• For short-term swing traders: Enter long positions after wave 4 stabilizes, preferably near 38.2-50% Fibonacci retracement levels.

Risk management

• Close positions if price breaks below dynamic support at $0.90.

THETA/USD – Elliott Wave technical analysis [Video]