This will be quick! It looks like XVG is attempting to make a comeback after an Elliot Wave WXYXZ correction. It was brutal, but something can only go down for so long!
Quick Elliot Wave Rules:
Wave 2 Cannot retrace more than 100% of wave 1
Wave 3 must surpass wave 1 (i.e no double tops)
Wave 4 cannot retrace into wave 1 territory
So right now it looks like we completed wave 1 yesterday. It was a beautiful impulse wave up! It came out of nowhere and probably caught a lot of people by surprise. We are currently in the middle of wave 2. It looks like we are trying to fight the 0.5 fib region, but we may retrace to 0.618 (golden zone) or even 0.786. Depending on where wave 2 bottoms out, we can get a projection for wave 3. We know that it must extend at least further than the peak of wave 1, so at least to 874 satoshis, but we are looking for a strong wave three. At lease 1000 satoshis or more. Wave three will be the target for now! We will see what happens in wave 4 and see if we can get some bullish momentum on the long, lost XVG! Happy trading!
Other Key Points Beyond Elliot Wave:
We have officially broken the 55 EMA (Yellow Line) and have it on the bottom supporting the trend up (something that hasn't been done since the beginning of January!)
RSI: KEY RSI Resistance was finally broken. Since DECEMBER We have not been able to peak above 70 RSI. This was finally broken yesterday (Red Resistance Line) and it is looking like it wants to bounce off the green RSI support. (Green RSI Support was the Bullish Territory from its massive runup in December).
So this wasn't as short and concise as I wanted it to be, but I am super excited because I really do think this is the count! The wave count is valid so far, EMA Resistance has been broken, RSI resistance has been broken, and there is only so far down a coin can go! As always, be careful. If we do happen to retrace further than 100% of wave 1, that is a failed wave and XVG will only correct further, but I just think there are too many dominos falling into place!
REALLY great TA, thank you for your time and thoughts! Fully with you on your thoughts. I was lucky on XVG in Nov/Dec. However got caught out at the 1800 sats, mark, so lost some of my gains, but 10x was amazing!
Like you, I am back for from the 2, and hoping for an extending 3. I will take all out at that stage and wait for the next bull confirmation, to see if I go back in for the 5th.
Good luck with your trades!
matthewmorganjoh
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@espenespen, Thank you very much! I appreciate it. I have been attempting to learn TA, and I still feel a bit like a novice, but I do feel very confident with this one. BTC will be the key determinant of how XVG goes, of course, but there are just too many things falling into place right now. Good luck to you and happy trading!
espenespen
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@matthewmorganjoh, For someone learning you're doing great! Keep up the TA's. Trading View needs more of a quality flow of comprehensive TA's. Next couple days will be interesting. LTC and VEN are ones to watch before the 26th Feb.
Like you, I am back for from the 2, and hoping for an extending 3. I will take all out at that stage and wait for the next bull confirmation, to see if I go back in for the 5th.
Good luck with your trades!