Ethereum/U.S. dollar(ETHUSD) Elliott Wave Technical Analysis 27 July 23
Elliott Wave Analysis TradingLounge Daily Chart, 27 July 23,
Ethereum/U.S. dollar(ETHUSD)
ETHUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 1620.15
Ethereum/U.S. dollar(ETHUSD)Trading Strategy: We continue to consider a decline in the blue wave (2). Retracement of wave ((2)) usually .50 or .618 x Length wave ((1)). Another rise in the blue wave (3) opens the possibility of joining the trend again.
Ethereum/U.S. dollar(ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are bullish momentum.
TradingLounge Analyst: Kittiampon Somboonsod, CEWA
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Elliott Wave Analysis TradingLounge 4H Chart, 27 July 23,
Ethereum/U.S. dollar(ETHUSD)
ETHUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: We are considering ending wave ((2)) from rising above 1905.41 level.
Wave Cancel invalid level: 1620.15
Ethereum/U.S. dollar(ETHUSD)Trading Strategy: Considering the end of the blue wave (2) is confirmed by a breakout. top parallel channel or an increase above the level of 1905.41
Ethereum/U.S. dollar(ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are bullish momentum.
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The corrective pattern is expected to complete in the near term, and the price is then expected to resume its uptrend.
The corrective pattern is a five-wave pattern, which is a common pattern in Elliott Wave Theory.
The Elliott Wave Analysis for ETHAUD suggests that the price is currently in a corrective pattern.