VET/USD Elliott Wave technical analysis
Function: Counter trend.
Mode: Corrective.
Structure: Double Corrective.
Position: Wave ((Y)).
Direction next higher degrees: Wave II of Impulse.
Details: Wave II May is complete and the price increase again in Wave III.
VeChain / U.S. dollar (VETUSD) Trading Strategy: VeChain's trend seems to be over as the price action in Wave 1 is likely to be over. The price is entering a correction in Wave 2, which is likely to test the 50-61.8% level of Wave 1 before rising again in Wave 3. So, look for an opportunity to rejoin the trend.
VeChain / U.S. dollar(VETUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.
VETUSD one-day chart
VET/USD four-hour chart
Function: Counter trend.
Mode: Corrective.
Structure: Double Corrective.
Position: Wave ((Y)).
Direction next higher degrees: Wave II of Impulse.
Details: Wave II May is complete and the price increase again in Wave III.
VeChain / U.S. dollar (VETUSD) Trading Strategy: VeChain's trend seems to be over as the price action in Wave 1 is likely to be over. The price is entering a correction in Wave 2, which is likely to test the 50-61.8% level of Wave 1 before rising again in Wave 3. So, look for an opportunity to rejoin the trend.
VeChain / U.S. dollar(VETUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.
VeChain Elliott Wave technical analysis [Video]
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