Melon (MLNUSD) has broken out of the triangle pattern in the daily chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, Melon began a wave one advance on November 2, 2017. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on January 4 this year, and the red wave two (blue sub-waves a-b-c) correction ended on February 6. If this wave count is correct, Melon should be heading next towards the January 4 peak in the red wave three.
(Chart courtesy of Tradingview.com (log scale))
Looking at the weekly chart, I believe Melon is currently in the red wave three (blue sub-wave iii). The red wave three began on November 2, 2017.
(Chart courtesy of Tradingview.com (log scale))
Funnymentals
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(Sources: https://melonport.com/ and YouTube)
If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Melon will takeout the January 4 peak".
If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Melon will drop below the November 2, 2017 low".
If you think Melon is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Melon will stay in a trading range between the November 2, 2017 low and the January 4 peak until April 11".
You can upvote the comment until 3 PM EST March 9 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).
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