Elliott Wave Technical Analysis: Monero (XMRUSD) - Thursday, Oct. 20

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XMRUSD Elliott Wave Technical Analysis

Function: Counter trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction Next higher Degrees: Wave (2) of Motive

Details: The price is still on a short-term downtrend. There is an opportunity to trade below 134.00 but must not pull back above 152.597.

Wave Cancel invalid Level: 150.756

Monero (XMRUSD) Trading Strategy: The price tends to move sideways to form a triangle.

Trading during this period may have to wait for the triangle pattern to complete for an opportunity to open a short-term Short on wave A.

Monero (XMRUSD) Technical Indicators: The price is below the MA200 and MASO line. momentum is Bearish.

Analyst: Kittiampon Somboonsod

Function: Counter trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction Next higher Degrees: Wave (2) of Motive

Details: The price is still on a short-term downtrend. There is an opportunity to trade below 134.00 but must not pullback above 152.597

Wave Cancel invalid Level: 150.756

Monero (XMRUSD) Trading Strategy: The price tends to move sideways to form a triangle. Trading during this period may have to wait for the triangle pattern to complete for an opportunity to open a short-term Short on wave A.

Monero (XMRUSD) Technical Indicators: The price is below the MA200 and MASO line. momentum is Bearish.


More By This Author:

Elliott Wave Technical Analysis: Intel, Oct. 19
Elliott Wave Analysis: Australian Markets
Elliott Wave Technical Analysis: Ripple, Oct. 19

Disclosure: As with any trading or investment opportunity there is a risk of making losses especially in day trading or investments that Trading Lounge expresses opinions on. Note: Historical ...

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