SUMMARY
Monero (XMR) has risen recently, just like all of Cryptosphere. However, the current correction is already shaping out to be a downward wedge. Looking at the preponderance of past fractals, it's not a surprise. I believe the current minor correction should pattern out a much smaller wedge (white) from which a breakout would resume the uptrend.
The overarching pattern is shown below with the purple lines. Check out the huge symmetrical triangle within which are embedded the ABCDE (blue) waves. Now, this really represents how an Altcoin corrects. It uses a scheme of patterns that allows the correction to be taken slowly and as long as possible! The declining volume is also supportive so that when blue E completes, the breakout in both price and volume should be a sight to behold.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
