VeChain Elliott Wave technical analysis [Video]
![VeChain Elliott Wave technical analysis [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/VeChain/vechain-150x150logo-637399983192838290_XtraLarge.png)
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.
VET/USD 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.
VET/USD technical indicators
The price is below the MA200 indicating a downtrend, the wave oscillator is a bearish momentum.
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.
VET/USD 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.
VET/USD technical indicators
The price is below the MA200 indicating a downtrend, the wave oscillator is a bullish momentum.
VET/USD Elliott Wave technical analysis [Video]
Author
Peter Mathers
TradingLounge
Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.
