SUMMARY
Veritaseum (VERI) is extremely oversold as shown by the daily MACD in the below chart. Not only that, but the MACD has made a lower low BUT price has NOT! Follow the yellow line and it shows. This is a divergence that shouldn't be ignored. The donward wedge pattern also has the price in very close proximity to the Apex. In a scenario of this type, do you think a crash is more likely or a breakout? In which direction would probability point?
The closeup shows a wxyxz for the overall correction. Yes, there are other ways of labeling this and yes, those otehr ways would be technical correct. However, the current labels shows the best form and fit just looks better. This is the bit of subjective nature for Elliott Waves. I've always said, you get two Ellioticians in a room with a chart, an argument is guaranteed to breakout. The white abc being subwaves of the red Z and the white 1,2,3,4,5 are the subwaves of the white c. This correction, for what it's worth, is either doen or is about to and provide at the ver least a sizable bounce breakout. Yes, sideways price action is something to keep aware of becuase this is an Altcoin.
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