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Elliott Wave Analysis TradingLounge Daily Chart, 22 November 2022

Monero (XMRUSD)

XMRUSD Elliott Wave Technical Analysis

Function: Counter trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction Next higher Degrees: Wave (2) of Motive

Details: Decrease of wave C in the Zigzag Pattern but must not reverse below 96.770 in order to rise again

Wave Cancel invalid Level:96.770:

Monero (XMRUSD) Trading Strategy: With the drop in wave C, XMRUSD remains in a downtrend as prices remain below the MA50 MA200 even though the end is near. Entering a trade should wait for confirmation of a bullish reversal first. Because the price is still under pressure from selling.

Monero (XMRUSD) Technical Indicators: The price is below the MA200 MA50, indicating a downtrend. The Wave oscillator below Zero-Line Momentum is bearish.

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 22 November 2022,

Monero (XMRUSD)

XMRUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave 5

Direction Next higher Degrees: wave C of Zigzag

Details: With the decline of wave 5, the price is likely to trade below 116

Wave Cancel invalid Level: 135

Monero (XMRUSD)Trading Strategy: With the drop in wave 5, XMRUSD remains in a downtrend as prices remain below the MA50 MA200 even though the end is near. Entering a trade should wait for confirmation of a bullish reversal first. Because the price is still under pressure from selling.

Monero (XMRUSD) Technical Indicators: The price is below the MA200 MA50, indicating a clear downtrend. The Wave oscillator below Zero-Line Momentum is bearish.

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