My previous post for OmiseGo (OMGUSD) can be found here:
It was mentioned in the previous post that OmiseGo (OMGUSD) had a limited upside potential before bears pulled the plug on the bulls. Price swing from ~$12.76 on April 14, 2018 to a price close of ~$19.50 on April 26, 2018 is identified in this analysis as an ending diagonal (wedge) Elliott wave structure. The implication of this is a reversal in price to at least the origin of the wedge, which seems to be the case for OmiseGO (OMGUSD).
The best course of action based on this analysis is therefore to be patient to see how price action further unfolds for OmiseGo(OMGUSD). The reason for the previous statement is because there is a bullish or bearish scenario that could possibly play out for OmiseGo (OMGUSD).
Bearish scenario: (Price closing below ~$12.50)
If this is the case, this analysis favors OmiseGo (OMGUSD) targeting support as indicated by the horizontal red lines.
Bullish scenario is only been considered here because the price move $19.50 to ~$13.84 on May 11, 2018 is a 3 wave price swing which implies potential movement in price back to the $19.30 area or even finishing past it as either a minute wave ((b)) of a regular flat or expanded flat respectively.
It is therefore best to be patient in this case to see how price action transpires inorder to take the appropriate action for OmiseGo (OMGUSD).
It was mentioned in the previous post that OmiseGo (OMGUSD) had a limited upside potential before bears pulled the plug on the bulls. Price swing from ~$12.76 on April 14, 2018 to a price close of ~$19.50 on April 26, 2018 is identified in this analysis as an ending diagonal (wedge) Elliott wave structure. The implication of this is a reversal in price to at least the origin of the wedge, which seems to be the case for OmiseGO (OMGUSD).
The best course of action based on this analysis is therefore to be patient to see how price action further unfolds for OmiseGo(OMGUSD). The reason for the previous statement is because there is a bullish or bearish scenario that could possibly play out for OmiseGo (OMGUSD).
Bearish scenario: (Price closing below ~$12.50)
If this is the case, this analysis favors OmiseGo (OMGUSD) targeting support as indicated by the horizontal red lines.
Bullish scenario is only been considered here because the price move $19.50 to ~$13.84 on May 11, 2018 is a 3 wave price swing which implies potential movement in price back to the $19.30 area or even finishing past it as either a minute wave ((b)) of a regular flat or expanded flat respectively.
It is therefore best to be patient in this case to see how price action transpires inorder to take the appropriate action for OmiseGo (OMGUSD).