HEX/USDC Elliot Wave Analysis Update correction time.
On July 23rd I made an Elliott Wave Analysis that called for a correction around the $0.50 - $0.70 cents range. This analysis is now being fulfilled and in this picture I will zoom out and show my analysis for the entire HEX Bull-run cycle. When studying charts it is never a good idea to use a linear chart view unless you are analyzing corrections. The logarithmic chart will show you a better view of whats happening.
Right now we are in a correction phase for wave 4 (blue) and this should be a zigzag correction. Wave 4 is normally a zigzag according to Elliot Wave theory especially since wave 2 was a flat. ZigZag's are normally sharp moves and they are 5 waves down 3 waves up, and then another 5 waves down an A-B-C We should be getting a relief rally soon for the 'B' wave here but then another sell-off will come finishing the 'C' wave before gaining support likely between $0.16 and $0.19c
After this we will be completing the 5th and final leg of Wave 3 (colored in white) during this time HEX will likely go viral and then there will be a bigger Wave 4 correction (in white) and the the final leg of the bull run is wave 5 (white) after this HEX should go into a correction for at least a year.
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I do not see the bull run ending as of now because there is no MACD divergence yet. MACD divergence (When the Price makes a new High but the MACD Oscillator makes a lower high) is a tall-tale sign that the trend is ending. The RSI is about to bottom-out so a relief rally should come soon.
Happy trading!
Right now we are in a correction phase for wave 4 (blue) and this should be a zigzag correction. Wave 4 is normally a zigzag according to Elliot Wave theory especially since wave 2 was a flat. ZigZag's are normally sharp moves and they are 5 waves down 3 waves up, and then another 5 waves down an A-B-C We should be getting a relief rally soon for the 'B' wave here but then another sell-off will come finishing the 'C' wave before gaining support likely between $0.16 and $0.19c
After this we will be completing the 5th and final leg of Wave 3 (colored in white) during this time HEX will likely go viral and then there will be a bigger Wave 4 correction (in white) and the the final leg of the bull run is wave 5 (white) after this HEX should go into a correction for at least a year.
-----
I do not see the bull run ending as of now because there is no MACD divergence yet. MACD divergence (When the Price makes a new High but the MACD Oscillator makes a lower high) is a tall-tale sign that the trend is ending. The RSI is about to bottom-out so a relief rally should come soon.
Happy trading!