Today I wanted to go over one of the large caps because they are the ones that lead the market. XMR is a great long term cycle because it has proven itself with Bitcoins bear cycles previously. I like this set up for a couple reasons...
First off, we have a very strong trend that went uber parabolic in the last cycle. This created a 1,3,5 Elliott Wave sequence, and with the breakout of major descending resistance we have now made the first indications that this bear cycle is over. From where were at now, I would expect us to continue higher to my target at $150.
I also noticed a pattern thats playing out compared to the last bear cycle that is almost exactly the same. These cycles often repeat the same cycles in different forms but the resemblance is near exact. Will history repeat itself? Only time will tell but, I am bullish.
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Here is the last bear cycle we had in this market. Notice how similar the cycles are?