Watch this EW - theory. We´ve had a ABCDE - correction wave from ATH to 150$, followed by 5 part impulse wave.
And actually we´re in a ABC-correction wave form, precisely in the c-wave which could lead us to the last low at 150$.
Please give comments, when I´ve made mistakes in my EW-wave analysis. Thx.
Monero is also in a triangle pattern and has just broken the lower limit of this triangle. A fall to the fib retracement at 23.6% (177$, red line) = support is very possible. This would confirm the c-wave.
After reaching the lowest point and turning upwards, Monero has the potential to rise up to the descending trend line (red), now at around 340$. There are several resistance lines between and we´ll see if EW-theory can help us on the way up.
Indicators:
RSI: low - but not oversold
ADX: momentum of negative DI is rising
Volume: low
EMA 50: Monero far below
conclusion: we could see a small recover on the fib retracement at 177$ (23.6%) before continueing to lower levels
This analysis fails if Monero climbs above the swing trend line (orange) 208$.
And actually we´re in a ABC-correction wave form, precisely in the c-wave which could lead us to the last low at 150$.
Please give comments, when I´ve made mistakes in my EW-wave analysis. Thx.
Monero is also in a triangle pattern and has just broken the lower limit of this triangle. A fall to the fib retracement at 23.6% (177$, red line) = support is very possible. This would confirm the c-wave.
After reaching the lowest point and turning upwards, Monero has the potential to rise up to the descending trend line (red), now at around 340$. There are several resistance lines between and we´ll see if EW-theory can help us on the way up.
Indicators:
RSI: low - but not oversold
ADX: momentum of negative DI is rising
Volume: low
EMA 50: Monero far below
conclusion: we could see a small recover on the fib retracement at 177$ (23.6%) before continueing to lower levels
This analysis fails if Monero climbs above the swing trend line (orange) 208$.
تم فتح الصفقة
أغلقت الصفقة: تم الوصول للهدف:
We´ve finished the corective wave and have just entered in the first motive wave.