SUMMARY
New Economy Movement (XEM/BTC) has been stolen! $400 Million worth of it from Coincheck! So how does news and events that like this effect the price? IF price is driven by news and events...shouldn't XEM be crashing? Hmm.
The below is a daily chart of XEM and it's patterning out a triangle. The MACD shows an oversold condition, compared to historicals.
The below chart shows a more detailed label of WXYXZ and IF this count is correct, the lower triangle line should stand as support to complete the Z wave of the triple.
While the 4 hr MACD can slope downwards to complete the final Z wave; price is expected to provide the early signs of an impulse; especially if the upper white line is breached.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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