SUMMARY
On March 10th, the below forward discerned pattern was used to analyze XEM. It clearly stated the left wall, basin phase and the right wall build projection of the rounded price formation. Forward discerning is a skill that can be acquired with practice. It requires one to be able to proficiently identify price patterns and project future price pathways using primary verse alternate scenarios. It can also be called discernment propagation.
Given the additional price data since March 10th, the pattern has not changed but only reinforced. The basin phase (blue box) borders have been updated. The impuluse blue waves show that after a brief wave 2 correction, the right wall build should take place in earnest. The MACD is quite supportive and its symmetrical pattern is quite bullish.
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Elliott Wave Counting Tutorial #1
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