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TRX/USD Elliott Wave technical analysis [Video]

TRX/USD Elliott Wave technical analysis [Video]
Peter MathersPeter MathersTradingLounge

TRX/USD Elliott Wave technical analysis

  • Function: Counter Trend.

  • Mode: Corrective.

  • Structure: Double Corrective.

  • Position: Wave ((Y)).

  • Next higher degree direction: Wave IV of Impulse.

  • Wave cancellation level: Not specified.

Details:

The price is currently in Wave IV (Cycle Degree) following the completion of Wave III. If the price remains above this level, there is a strong likelihood of initiating an uptrend in Wave V.

TRX/USD trading strategy

The market is positioned in Wave IV (Cycle Degree) after marking the peak of Wave III. Currently, the price is moving within a consolidation phase, either in Wave (X) or (Y). If the price holds at this level, an uptrend towards Wave V is probable. However, if the price drops below $0.198, further correction to lower zones may occur.

Trading strategies

  • Long strategy

    • Buy when the price pulls back to the key support level (Pullback Entry).

      • Wait for a confirmed reversal signal at the support level before entering.

  • Risk management

    • If the price falls below $0.198, the bullish structure is invalidated.

TRX/USD Elliott Wave technical analysis

  • Function: Counter Trend.

  • Mode: Corrective.

  • Structure: Flat.

  • Position: Wave C.

  • Next higher degree direction: Wave (2) of Impulse.

  • Wave cancellation level: Not specified.

Details:

TRX/USD is currently positioned in a potential reversal zone within the Wave (3) structure.

TRX/USD trading strategy

The price is in Wave (2), forming an ABC correction. The key support level is Fibonacci 0.618 ($0.2176), which could serve as a reversal point. If the price stays above this level, the potential for an uptrend toward Wave (3) increases.

Trading strategies

  • Long strategy

    • Buy when the price dips to the key support level (Pullback Entry).

      • Wait for a confirmation signal of reversal at support before entering.

  • Risk management

    • If the price falls below $0.198, the bullish structure is invalidated.

TRX/USD Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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