Over the last year, I have been introduced to Elliott Wave Theory and have learned to use it in trading cryptos. More recently, I have looked into the more specific "Fibonacci Pinball" method described by Avi Gilburt's group. I have never subscribed to any of their services, but they have an Education section of their website, which includes an introduction to their Fibonacci Pinball method as well as a more detailed presentation on the topic.
I have decided to practice their method and use this blog to document my analysis for my own purposes.
I am not a financial advisor. Do not consider this to be financial advice. I am posting it here for my own practice and future review only.
So, has Verge finally bottomed? Maybe...since it’s new low at the end of June, XVG has put in an impulse set of five waves followed by a higher low. With the subsequent impulse, it has broken out of a month + long channel.
Applying Fibonacci pinball methodology, we can project the subwaves of this third wave as follows.
So we are looking for a target in the range of $0.04 for this five wave impulse (circled numbers), before a correction for a higher order wave 2. The target and price pathway may be adjusted as price evolves.