The near-term view is suggesting that the bigger correction against the all-time low unfolded as a double three structure where wave w ended at $36.28 low, wave x bounce ended at $132.41 high.
The near-term view is suggesting that the bigger correction against the all-time low unfolded as a double three structure where wave w ended at $36.28 low, wave x bounce ended at $132.41 high. While wave y ended at $24.59 low and with that the correction against all-time lows ended in wave (II) pullback. Up from there, rally higher took place as 5 waves impulse structure where cycle degree wave I ended at $533.87 high. Down from there, the Monero is doing a pullback in wave II to correct the cycle from March 2020 lows. The internals of that pullback unfolded as Elliott wave double three structure where wave ((W)) ended at $136.35 low & wave ((X)) ended at $343.87 high. Now as far as it fails below $289.67 more downside within wave ((Y)) is expected to reach $77.80- $27.84 area to the downside before the upside resumes.
Futures, options, and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you.
Disclaimer:This and other personal blog posts are not reviewed, monitored or endorsed by
TalkMarkets. The content is solely the view of the author and TalkMarkets is not
responsible for the content of this post in any way. Our curated content which is
handpicked by our editorial team may be viewed here.
Comments
Log in or sign up to join the conversation.