If you are here for quite some time already, you remember how we predicted the decline of XMR from the last top. Then we left Monero to go through the correction. The long-term picture, however, was quite bullish and we even tried to catch the bottom once (failed attempt).
Now it is time to look into the XMR again..
And this is why:Pure Elliott Waves. We had 5 ways up on a way to the last all time high (ATH). And (as the author believes) we had recently 5 waves up on smaller scale too.
Let’s see the smaller scale in details:5 waves up, nice correction down. Please notice, the correction ended at exactly 0.618 of the 5 waves up. The only small problem – the rise thereafter isn’t that clear. It could be part of the extended move up or it can still be part of the correction to these 5 waves.
The author personally would like to see one more drop to little bit below 0.008. Will see if it happens.
But, generally, based on the long-term picture, XMR looks bullish.
ETH is also Ok, but we will come to it in the next update.
The Elliott Wave Principle describes the behaviour of the financial markets. This Principle is build on the mass psychology swings from pessimism to optimism and back in a natural sequence. When these swings happen, the specific Elliott wave patterns in price movements are created and become visible. Each pattern has implications regarding the position of the market within its overall progression, past, present and future.
The purpose of our blog posts is to outline the progress of markets in terms of the Elliott Wave Principle.
While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will my posts make specific recommendations for any specific person, and at no time may a reader or viewer be justified in inferring that any such advice is intended.
Very important. Investing carries risk of losses. You should be aware of all the risks associated with investing/trading financial instruments. Information provided in this blog is expressed in good faith, but it is not guaranteed.
The market service that never makes mistakes does not exist. Long-term success trading or investing in the markets demands recognition of the fact that error and uncertainty are part of any effort to assess future probabilities.
This blog and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.
In no event will we be liable for any loss or damage on your account in connection with the use of our publications.