SUMMARY
The most immediate attribute of the MonaCoin (MONA/USD) chart is the massively extended 5th wave. When you see such a degree of extension, it's an indication that the retracement is likely to be very deep. Wave 5 is over 3x that of wave 3 and that's quite a bit. On a daily chart, this type of 5th wave extension is quite common in Cryptos, very much unlike equities; hence, another personality trait. The blue abc is likely headed towards the zone between prior wave 2 and 4; probably more towards wae 2.
Subwave division shows the blue abc as a zigzag and quite often, for Cryptos, the A wave is the longer while in equities, the C wave is the longest; yet another personality trait. The five waves of blue C is showing that there are wave 3,4 and 5 subwaves yet to complete and so lower lows are expected towards wave 2 area.
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