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Monero: Clear Double Zig-Zag Corrrection Looks Completed

BITFINEX:XMRUSD   Monero/美元
Monero declined from 155 to 62 and lost exactly 60%! This is interesting sign, but to be more confident, 62 is really nice psychological support because wave (I) resistance became wave (IV) support. There is one more and the most important sign! We see a clear double zig-zag correction, which means that correction could be completed and we could expect Monero back to bullish trend . Keep in mind that bulls will be confirmed, when we see a broken channel resistance line.


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评论: Monero made nice double zig-zag correction and finally found support @ 61.8%.. now up to 120?
评论: Monero @116! 24% in 3 days .. it is close to 120 now, be careful around 61,8% Fibo. level..
评论: Monero hit 120 and also broke above! Because of so sharp and impulsive leg up, with broken 61,8% Fibo. level, we assume that Monero is in 3rd wave of 5th now and has room for new highs above 155 level, maybe even 200!
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Ok so, this bigger correction that unfolded within blue wave (IV) was a double zig-zag pattern. Meaning wave W has a zig-zag look and wave Y has a zig-zag look. A breach higher that followed above the upper channel line at around 90.0 region can be an indication of a completed wave (IV) correction and that final wave (V) can be in progress. Either way we expect a minimum three-wave reversal to follow to the upside. We can see red wave (I) or (a)*(a mistake is on the chart, where we labeled another wave (w)) as completed. And recently wave (b) or (II) was finished( again mistake; wave (x) on the chart).

--> We now expect wave c or (III) to follow to the upside.
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as far as I understood, you see we are in wave V. (End of wave IV is 62$) Altough we should expect for uptrend in wave V, downtrend still goes on. I'm a bit confused your count.
What do you think of this sir?
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ew-forecast feyzullahsari
@feyzullahsari, Looking at our Daily chart you can say that we are in an uptrend. Recent correction that wave blue wave IV at 62.0 may have been just a temporary setback, which means more upside can now again follow( if this wave IV setback really is completed).
Yes you see more upside, which I agree with.
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ew-forecast ew-forecast
@ew-forecast, that was*
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feyzullahsari ew-forecast
@ew-forecast, Thank you very much.
+1 回复
is still a little hard for me to recognize correction patterns in charts
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TomPower elahe_goli
@elahe_goli, it's downright bewildering to recognize all these Bitcoin companies. I thought there was only one or two this is just nuts! Methinks that maybe this is going to be a war against beta and VHS. Somebody's going to lose
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elahe_goli TomPower
@TomPower, i mean some corrective waves like zigzag, flats, triangles,double triple and .....no need to war ,,it needs practice that after a motive wave which kind of thease correction is gonna to form
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TomPower elahe_goli
@elahe_goli, this guy is a master keep following him,
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elahe_goli TomPower
@TomPower, yes ofcourse i do
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