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Elliott Wave Analysis TradingLounge Daily Chart, 10 July 2023.  

Monero/U.S.dollar(XMRUSD)

XMRUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Double Combined

Position: Wave Y

Direction Next higher Degrees: Wave (2) of Motive

Details Wave ((2)) may have ended at the level of 126.732. Five waves of rise will support this idea.

Wave Cancel invalid Level: 115.879

Monero/U.S. Dollar (XMRUSD) Trading Strategy: Monero recovered well from the 126.732 level and was able to form a strong five-wave structure, giving Monero a chance to form a new upward trend. Still, the price may be entering a wave correction (2), so wait for the wave reversal. (2) complete to join the trend again.

Monero/U.S. Dollar(XMRUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. Wave oscillators are bullish momentum.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 10 July 2023.  

Monero/U.S.dollar(XMRUSD)

XMRUSD Elliott Wave Technical Analysis

Function: Follow Trend 

Mode: Motive

Structure: Impulse

Position: Wave 5

Direction Next higher Degrees: Wave (1) of Motive

Details Wave 5 is equal to Wave 1 at 176.500

Wave Cancel invalid Level: 141.750

Monero/U.S. Dollar (XMRUSD) Trading Strategy: Monero has recovered well from the 126.732 level and is likely to form a strong five-wave structure, giving Monero the opportunity to form a new uptrend. Still, the Motive's increase predicts one more move in wave 5. On completion, the price reverses again in wave (2) on a larger scale. 

Monero/U.S. Dollar(XMRUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. Wave oscillators are bullish momentum.

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