The Trust Layer for Market Analysts

The analysis focuses on VeChain (VETUSD) using Elliott Wave theory and Fibonacci retracements on an hourly chart. It identifies a possible five-wave move up from the October 10th low, but uncertainty surrounds wave counting due to rapid sell-offs and recoveries. To make the chart actionable, the analyst considers the initial move as wave one. A pullback is anticipated with a support zone between $0.0119 and $0.0134. The analyst notes the price reacted to the golden ratio level. A three-wave move down is discussed as a possible wave two pullback, with a potential five-wave C wave. However, the analyst sees 3 waves move up with additional high is needed. Bulls needs to drive the price above $0.022 to breakout. Structural resistances are noted around $0.018 and $0.02. A high of $0.022 at October 10th created selling volume. The main concern is a break above $0.022.