WAVESUSD on oversold 1W RSI. Buy signal to the 1W MA50 and $18.5

Waves has found support last week on the 1W MA200 (orange trend-line) and this is best illustrated on the 1W time-frame. This helps us get a much better understanding of its long-term Cycles using the Sine Waves tool.

As shown, WAVESUSD has so far had two Cycles that both started with an Accumulation Phase and got completed with a Parabolic Rally to a new All Time High (ATH). The first Cycle entered a Bear Market on an aggressive correction sequence. That sequence broke below the 1D MA50 (blue trend-line) and when the 1W RSI nearly hit the 30.000 oversold level, the price rapidly rebounded back to the 1W MA50.

Currently Waves is at a similar spot with the 1W RSI almost at 30.000, the lowest it has been since early December 2019! It appears it is halfway through its Correction Phase, so technically as long as the 1D MA200 holds, we should be expecting a strong rebound to the 1W MA50. That makes a good medium-term buy opportunity for +100% profit as the price is currently around 9.00 with the 1W MA50 sitting at 18.50.


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