Elliott Wave Analysis: OMGUSD In A Correction Before Higher
Hello traders!
Today we will talk about OmiseGO (OMGUSD) and its price action + wave structure from Elliott Wave perspective.
Some cryptocurrencies were in a massive and impulsive rise since March and one of them is also OMGUSD, in which we clearly see a five-wave bullish cycle into wave A/1 on the weekly chart. We know that after every five waves, a three-wave pullback follows, so an a-b-c correction in wave B/2 could be already in progress, which can send the price ideally back to 50%-61,8% Fibo. retracement before the uptrend for wave C/3 resumes.
If we take a look on a daily chart, we can see five-wave fall from the highs labeled as the first leg "a", so current recovery can be only temporarily, as part of a lower degree three-wave (a)-(b)-(c) corrective rise in wave "b" with ideal resistance around 5.0 - 7.0 area, from where we should be aware of another sell-off for wave "c" to complete a higher degree wave B/2. And ideal strong support, where bulls may show up again, would be around the previous wave "iv" swing low and 1.5 support area.
Be humble and trade smart!
If you like what we do, then please like and share the idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about OmiseGO (OMGUSD) and its price action + wave structure from Elliott Wave perspective.
Some cryptocurrencies were in a massive and impulsive rise since March and one of them is also OMGUSD, in which we clearly see a five-wave bullish cycle into wave A/1 on the weekly chart. We know that after every five waves, a three-wave pullback follows, so an a-b-c correction in wave B/2 could be already in progress, which can send the price ideally back to 50%-61,8% Fibo. retracement before the uptrend for wave C/3 resumes.
If we take a look on a daily chart, we can see five-wave fall from the highs labeled as the first leg "a", so current recovery can be only temporarily, as part of a lower degree three-wave (a)-(b)-(c) corrective rise in wave "b" with ideal resistance around 5.0 - 7.0 area, from where we should be aware of another sell-off for wave "c" to complete a higher degree wave B/2. And ideal strong support, where bulls may show up again, would be around the previous wave "iv" swing low and 1.5 support area.
Be humble and trade smart!
If you like what we do, then please like and share the idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comment:
After almost 2months, $OMGUSD is finally approaching projected resistance within a three-wave a-b-c corrective recovery in wave "b". Carefully with $Crypto at the end of the year!
Comment:
After a nice three-wave a-b-c corrective recovery in wave "b" and perfectly reaching projected resistance area, we can now see OMGUSD sharply down, possibly even back to 1.50 support level for wave "c" before the real bull-run shows up!
Comment:
OMGUSD is coming nicely lower as expected...
