Elliott Wave Analysis TradingLounge Daily Chart for VeChain/ U.S. dollar(VETUSD)
The VeChain/U.S. dollar(VETUSD) trading market is currently experiencing some interesting movements according to Elliott Wave Analysis TradingLounge. The technical analysis suggests that the market is in a corrective phase, with a flat structure in Wave ((C)).
The direction for the next higher degrees is Wave II of Impulse, with a wave cancel invalid level at 0.2100. The details indicate that Wave II is equal to 50% of Wave I at 0.0270. This suggests that there may be a short-term retracement to retest the 50% level of the first wave at 0.0270, with a potential further fall before resuming the uptrend.
Technical indicators show that the price is currently above the MA200, indicating a downtrend, and the Wave Oscillator is showing bearish momentum. This suggests that traders should wait for the correction to complete before rejoining the uptrend.
In the 4H chart, the analysis remains consistent with a corrective mode in Wave ((C)), with Wave C equal to 161.8% of Wave A at 0.0265. The trading strategy remains the same, with a short-term retracement expected before a potential continuation of the uptrend.
Overall, the technical analysis provided by Kittiampon Somboonsod suggests that traders should be cautious and wait for the correction to complete before making any significant moves in the VeChain/U.S. dollar(VETUSD) market.
