ETHUSD Elliott Wave Technical Analysis 29 November 2022
4 Hour
Elliott Wave Analysis TradingLounge 4H Chart, 29 November 2022,
Ethereum(ETHUSD
ETHUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave (3)
Direction Next higher Degrees:
Details: The rise of wave 1, upon completion, the price will reverse in wave 2, but must not reverse below 1071.11
Wave Cancel invalid Level: 1071.11
Ethereum(ETHUSD) Trading Strategy: Price structure in wave 3 to trade above 1529, but because the price was pressured by selling pressure, causing it to be below the MA200, and MA50 line, trading during this period may have to wait for buying pressure to come back above the MA50 or MA200 line.
Ethereum(ETHUSD) Technical Indicators: The price is above the MA200 MA50, indicating a downtrend. The Wave oscillator has a Bullish divergence price slowing down
Daily
Elliott Wave Analysis TradingLounge Daily Chart, 29 November 2022,
Ethereum(ETHUSD)
ETHUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Double corrective
Position: Wave (Y)
Direction Next higher Degrees: Sub-wave of Wave 2
Details: decrease in wave Y but must not fall below 879
Wave Cancel invalid Level: 879
Ethereum(ETHUSD Trading Strategy: The structure in the big picture is scaled down by a Double Corrective pattern in the lower wave ((Y)), but the inner sub-waves of wave II tend to complete. Overall, there is still a chance to reverse the upward trend again but must not go below 1073.
Ethereum(ETHUSD Technical Indicators: The price is above the MA200 MA50, indicating a downtrend. The Wave oscillator has a Bullish divergence price slowing down
