Elliott Waves: EGLD Is In Higher Degree Wave IV Correction

BINANCE:EGLDUSD   EGLD / US Dollar (calculated by TradingView)
Hello Crypto traders!

Today we will talk about cryptocurrency EGLD , its price action from technical point of view and wave structure from Elliott Wave perspective.

Looking at the weekly logarithmic scale chart, we can clearly see a completed five-wave cycle within higher degree wave III and with broken channel support line, EGLD could be now trading in wave IV correction.

Corrections are made by three waves A-B-C and ideally back to the former wave 4 swing low, so current recovery looks to be just a three-wave corrective rally in wave B before we will see another decline for wave C.

What we want to say is that in the short-term, EGLD can see more gains towards 250 -350, maybe even 400 area for that wave (C) of B, but later then watch out for another decline towards strong 50 support level before real bulls for a higher degree wave V show up.

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