TRX Year-Long Triangle Concluding (Elliott Wave/Neowave)
TRX has been trading in a relatively tight range since last year, that range is coming to a point now and it seems like, based on EW structure, that this triangle should break up within the next few weeks. If it doesn't break up in the next few weeks then we'll probably see it continue to consolidate into the tip of the triangle until the end of the year, before breaking up.
If this is the end of a pattern which began in 2018, as shown on my chart, we should see a explosive and near vertical move out of this range. Typically, when volatility reaches a very low point, it is often followed by a massive increase in volatility. This combined with USDD potentially burning a huge amount of the supply of TRX in the future could lead to prices in the double or even triple digits over the next year.
If this is the end of a pattern which began in 2018, as shown on my chart, we should see a explosive and near vertical move out of this range. Typically, when volatility reaches a very low point, it is often followed by a massive increase in volatility. This combined with USDD potentially burning a huge amount of the supply of TRX in the future could lead to prices in the double or even triple digits over the next year.
Triangle to end a triangle?