Throughout what has seemed like an everlasting Bear market, VeChain has made sizeable retracements while holding on to its first, primary wave position. As the continual method to my madness, I've applied Elliott Wave Theory to VET's all-time market structure. Avoiding the intricacy of details that typically come with technical analysis, it clear to see that VeChain has completed 5 full waves up from its ATL (all-time low). Price action beyond this occurrence has also given clarity to the increased probability of a Wave 2/zig-zag being nearly completed.
Beyond the developments of primary Wave 1 + 2, my focus has now diverted to identifying the next macro target for VeChain and other original altcoins. Elliott Wave Theory allows us quickly identify minimal targets for primary Wave 3 (which is pending and yet to start in a few weeks). For those of us that have put any amount of time into learning Elliott Wave Theory, we know that Wave 3 generally pumps to 1.618 of Wave 1.
My $6.20 price target for VET is not based on any trend lines or lagging indicators however, manually counting waves and properly applying the Fibonacci team has given me insight, which I hope time proves to be highly valuable.
The only invalidation level one could consider would be directly below VeChain's ATL @ 0.00197. Without this level being breached, I totally expect massive upside swings. For continued chart analysis, timely updates and a chance at increased profitability, check out my profile and lets talk sometime!
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Thanks for sharing your work. I really really hope this comes to fruition. .71 is my first target
DigitalSurfTrading
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@erichill, my pleasure. VeChain will shine. Love the setup but will focus my investments on Solana!
mustafa-demirci95
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$6,20 would make me a multi millionaire and i can buy property and live off the rental income. BUT $6,20 means a 500 billion market cap for VeChain. That would put it in the top 10 valuable companies in the world. VeChain has potential yes, but top 10 company in the world? i don't think so
@gigabyte3d, generally, in macro terms no but for daily updates check out the link in my TV profile :)
hoquet
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I am a bit cautious because while alt coins do typically reach the 1.618, they also don't retrace as far down below the 88% level. Retracing so far down is a very weak signal, that it may not reach the previous all time high. Look at lite coin in the previous bull market.
DigitalSurfTrading
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@hoquet, this current Wave 2 drop is near 0.618, not sure where 88% comes in at but 1.618 is a minimum zone for Wave 3 - as for crypto, stocks, forex, etfs, etc.
Marderius
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Thanks for your analysis! Can you do a luna classic chart to see if it will revive?
.71 is my first target